Zijin Mining acquisition of indirect 9.9% interest in Koné Gold Project

On July 16, 2024, Montage Gold Corp. ("Montage") announced the launch of a brokered private placement of up to 97,142,857 of its common shares, at a price of C$1.75 per share, for aggregate gross proceeds of up to C$170 million. The offering was upsized to 102,857,143 common shares on July 17, 2024,  for aggregate gross proceeds of approximately C$180 million.

As part of the offering, Zijin Mining Group Co. Ltd. (together with its affiliates, "Zijin") agreed to subscribe for 33,280,543 common shares for aggregate gross proceeds of $58.2 million, which will result in Zijin holding an ownership interest in Montage of 9.9% following completion of the offering. Trusts controlled by the Lundin family have also agreed to subscribe for such number of common shares as would result in them holding ownership interests in Montage of 19.9% following completion of the offering.

Closing of the offering was announced on August 14, 2024.

Net proceeds will be used for development expenditures at Montage's Koné gold project, exploration, and for working capital and general corporate purposes.

Further information can be found on Canada Newswire’s website.

Montage is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné gold project, located in Côte d'Ivoire.

Zijin is a large multinational mining group engaged in the global exploration and development of copper, gold, zinc and lithium, as well as engineering and technological research.