LUXEMBOURG, June 28, 2022 /CNW/ - Lorito Holdings S.à.r.l. ("Lorito"), a company controlled by a trust settled by the late Adolf H. Lundin, incorporated under the laws of Luxembourg, 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, announced today that on June 24, 2022 it had acquired ownership and control of 8,571,429 subscription receipts ("SRs") of Montage Gold Corp. ("Montage" or the "Company") (TSX-V: MAU) (OTCPK: MAUTF). The SRs were acquired on a non-brokered basis directly from the Company pursuant to a brokered private placement (the "Offering") of an aggregate 28,571,429 SRs for gross proceeds to Montage of Cdn$20,000,000.30 as described in the press releases issued by the Company on June 8, 2022. Each SR was purchased at a price of Cdn$0.70 per SR for a total consideration of Cdn$6,000,000.30. Upon satisfaction of certain escrow release conditions, the holder thereof is entitled to receive one common share of Montage without further payment or action on the part of the holder.