• African Gold shareholders to receive 0.0628 Montage shares per African Gold share, representing a ~54% premium
• Montage to acquire 100% of African Gold shares it does not already own
• Transaction will provide scale, balance sheet strength and development expertise to advance African Gold's Didievi Gold Project

African Gold Limited (ASX: A1G) has entered into a binding Scheme Implementation Deed with Montage Gold Corp. (TSX: MAU) under which Montage will acquire 100% of the shares in African Gold that it does not already hold. Under the terms of the Share Scheme, African Gold shareholders will receive 0.0628 new Montage shares for every 1 African Gold share held, representing a significant premium of ~54% to African Gold's 10-day VWAP prior to the announcement. The transaction will also see African Gold optionholders receive new Montage options based on the same exchange ratio. The Independent African Gold Directors unanimously recommend that African Gold shareholders and optionholders vote in favour of the Schemes, in the absence of a superior proposal and subject to the Independent Expert concluding that the Schemes are in the best interests of securityholders. The transaction will provide African Gold securityholders with continued exposure to the Didievi Gold Project through ownership in a larger, well-capitalized Côte d'Ivoire-focused gold company with enhanced development expertise and financial resources to advance the project.

The transaction is expected to strengthen the development strategy and de-risk the Didievi Gold Project, providing African Gold shareholders with ongoing exposure to the project's upside potential as part of a larger, well-capitalized gold company focused on Côte d'Ivoire.