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

Zijin Mining Group Co. Ltd. ("Zijin") agreed to subscribe for 33,280,543 common shares, contributing $58.2 million and securing a 9.9% ownership interest in Montage post-transaction. Trusts controlled by the Lundin family also committed to subscribing for additional shares to achieve a 19.9% ownership interest in Montage upon completion.

The closing of the offering was anticipated during the week of August 12, 2024, contingent on necessary regulatory and other approvals, including acceptance from the TSX Venture Exchange. The net proceeds were earmarked for development expenditures at Montage's Koné gold project, exploration activities, working capital, and general corporate purposes.