VANCOUVER, BC, July 2, 2024
/CNW/ - Montage Gold Corp. ("Montage" or the "Company")
(TSXV: MAU) (OTCQX: MAUTF) is pleased to announce the
milestones linked to its 2024 Executive Short-Term Incentive Plan
("STIP") and Long-Term Incentive Plan ("LTIP").
Following the Annual General and Special Meeting of Shareholders
held in June 2024, the newly formed
Compensation Committee designed the incentive programme with the
goal of aligning executive compensation with corporate achievements
that will drive stakeholder value creation.
The 2024 STIP corporate objectives focus on achieving the
critical milestones necessary to launch the construction of
Montage's flagship Koné project by Q1-2025, in addition to further
enhancing the project's economics through exploration success, as
summarized below:
- Project Development (35%): Completion of the Front-End
Engineering Design (FEED) study and all other necessary works to
allow for a construction launch for Q1-2025;
- Permitting (25%): Obtaining environmental and mining
permits;
- Financing (20%): Securing funding for the launch of the
Koné project;
- Exploration (20%): Advancing exploration on higher grade
satellite deposits with the goal of delineating resources by
year-end;
- In line with Montage's focus on Health and Safety, a reduction
of 25% will be applied in the event of a serious incident resulting
in multiple injuries or a fatality.
The 2024 performance-based objectives provide clear, measurable,
and transparent targets, which will be further detailed in next
year's Management Information Circular. The potential payout
multiplier ranges from 0% to 200% of the targeted bonus based on
achievement.
As part of the 2024 LTIP programme, senior executives will
receive Performance Share Units ("PSUs") which strongly aligns
management's interests with those of shareholders and rewards for
good performance against the Company's peers. A sliding scale
determines the payout factor for vested PSUs based on Total
Shareholder Return ("TSR") performance relative to its peer group,
with a maximum payout of 200% and a minimum of 0%, over four
weighted performance periods, as follows:
- Years 1, 2, and 3: 10% of PSUs vest annually based on
the relative TSR performance in each year.
- Cumulative Three Years: 70% of PSUs vest based on
cumulative TSR performance over the entire three-year period.
- Regardless of performance against the peer group, if the
Company has a negative TSR in any performance period, the
multiplier for that period is capped at 100%.
In line with the 2024 LTIP programme stated above, the Company
has granted a total of 1,636,200 PSUs to senior executive, based on
their pro-rata involvement with the Company for 2024. The PSUs are
subject to a three-year vesting period and are subject to the
performance-based achievements as stated above.
While senior executives will receive PSUs, the Company has also
granted an aggregate 983,680 incentive stock options to certain
employees and other eligible persons of the Company. The options
are exercisable, subject to a three-year vesting period, over a
period of five years at a price of C$1.32 per share. The PSUs and options granted
are in accordance with the Company's omnibus equity incentive
plan.
Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
ABOUT MONTAGE GOLD CORP.
Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company
focused on becoming a premier multi-asset African gold producer,
with its flagship Koné project, located in Côte d'Ivoire, at the
forefront. Based on the Feasibility Study published in 2024, the
Koné project ranks as one of the highest quality gold projects in
Africa with a long 16-year mine
life, low AISC of $998/oz over its
life of mine, and sizeable annual production of +300koz of gold
over the first 8 years. Over the course of 2024, the Montage
management team will be leveraging their extensive track record in
developing projects in Africa to
progress the Koné project towards a construction launch, thereby
unlocking significant value for all its stakeholders.
QUALIFIED PERSONS STATEMENT
The scientific and technical contents of this press release have
been approved by Silvia Bottero,
BSc, MSc, a Qualified Person pursuant to NI 43-101. Mrs.
Bottero is a registered Professional Natural Scientist with the
South African Council for Natural Scientific Professions (SACNASP),
a member of the Geological Society of South Africa and a Member of AusIMM.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking information
and forward-looking statements within the meaning of Canadian
securities legislation (collectively, "Forward-looking
Statements"). All statements, other than statements of historical
fact, constitute Forward-looking Statements. Words such as "will",
"intends", "proposed" and "expects" or similar expressions are
intended to identify Forward-looking Statements. Forward looking
Statements in this press release include statements related to the
Company's stated milestones and objectives including project
development, permitting, financing and exploration results; the
timing and amount of future production from the Koné Gold Project;
expectations with respect to the costs of the Koné Gold Project;
anticipated mine life of the Koné Gold Project; and timing for
permits and concessions. Forward-looking Statements involve various
risks and uncertainties and are based on certain factors and
assumptions. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include uncertainties
inherent in the preparation of mineral reserve and resource
estimates and definitive feasibility studies such as the MRE and
the UFS, including but not limited to, assumptions underlying the
production estimates not being realized, incorrect cost
assumptions, unexpected variations in quantity of mineralized
material, grade or recovery rates, unexpected changes to
geotechnical or hydrogeological considerations, unexpected failures
of plant, equipment or processes, unexpected changes to
availability of power or the power rates, failure to maintain
permits and licenses, higher than expected interest or tax rates,
adverse changes in project parameters, unanticipated delays and
costs of consulting and accommodating rights of local communities,
environmental risks inherent in the Côte d'Ivoire, title risks,
including failure to renew concessions, unanticipated commodity
price and exchange rate fluctuations, delays in or failure to
receive access agreements or amended permits, the ability to secure
financing, political issues and other risk factors set forth in the
Company's final prospectus under the heading "Risk Factors". The
Company undertakes no obligation to update or revise any
Forward-looking Statements, whether as a result of new information,
future events or otherwise, except as may be required by law. New
factors emerge from time to time, and it is not possible for
Montage to predict all of them, or assess the impact of each such
factor or the extent to which any factor, or combination of
factors, may cause results to differ materially from those
contained in any Forward-looking Statement. Any Forward-looking
Statements contained in this press release are expressly qualified
in their entirety by this cautionary statement.
NON-GAAP MEASURES
This press release includes certain terms or performance
measures commonly used in the mining industry that are not defined
under International Financial Reporting Standards ("IFRS"),
including cash costs and AISC per payable ounce of gold sold and
per tonne processed. Non-GAAP measures do not have any standardized
meaning prescribed under IFRS and, therefore, they may not be
comparable to similar measures employed by other companies. The
Company discloses "all-in sustaining costs" (ASIC)
because it understands that certain investors use this information
to determine the Company's ability to generate earnings and cash
flows for use in investing and other activities. The Company
believes that conventional measures of performance prepared in
accordance with IFRS, do not fully illustrate the ability of mines
to generate cash flows. The measures, as determined under IFRS, are
not necessarily indicative of operating profit or cash flows from
operating activities. The measures cash costs and all-in sustaining
costs are considered to be key indicators of a project's ability to
generate operating earnings and cash flows. Non-GAAP financial
measures should not be considered in isolation as a substitute for
measures of performance prepared in accordance with IFRS and are
not necessarily indicative of operating costs, operating profit or
cash flows presented under IFRS. Readers should also refer to our
management's discussion and analysis, available under our corporate
profile at www.sedar.com for a more detailed discussion of how we
calculate such measures.
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SOURCE Montage Gold Corp.