On March 12, 2024, Montage Gold Corp closed the transaction. The company has issued 50,300,000 common shares at a price of CAD 0.70 per common share for gross proceeds of CAD 35,210,000. As part of the private placement, a trust controlled by the Lundin Family subscribed for approximately 50% of the Offering and certain directors and officers of Montage subscribed for an aggregate of 7.4% the Offering.

The Common Shares issued pursuant to the Offering are subject to a four-month hold period under applicable Canadian securities laws commencing on the date hereof and expiring on July 13, 2024. The Offering remains subject to the final acceptance of the TSX Venture Exchange.