Montage Gold Continues to Rapidly Advance Its Koné Project On-Budget and Well On-Schedule

Core Insights - Montage Gold Corp. is making rapid construction progress at its flagship Koné project in Côte d'Ivoire, remaining on-budget and on-schedule for the first gold pour in Q2-2027 [2][4][45] - The project has achieved significant milestones, including the erection of six CIL tanks and completion of mill foundations, approximately two months ahead of schedule [3][10] - The company is implementing an owner-mining model, which is expected to enhance operational efficiencies and provide strategic flexibility [4][22] Construction Progress - A total of 4.5 million construction hours have been worked, with key milestones achieved ahead of schedule [3][9] - Approximately $418.3 million of capital has been committed to date, representing about half of the total upfront capital expenditure of $860 million [3][48] - The construction of an oxide circuit is underway, which is expected to improve operational flexibility and potentially advance the first gold pour [4][17] Resource Development - The company is on track to discover over 1 million ounces of Measured and Indicated resources at a grade 50% higher than the Koné deposit, with recent discoveries of higher-grade satellite deposits [5][49] - Indicated Resources for satellite deposits have increased by 404,000 ounces to 924,000 ounces at a grade of 1.32 g/t Au, with additional Inferred Resources of 140,000 ounces at 1.09 g/t Au [5][49] - A 120,000-meter exploration drilling program is currently underway to delineate higher-grade satellite resources [50] Operational Enhancements - The addition of an oxide circuit is expected to allow for processing of 100% oxide feed, enhancing plant availability and reducing working capital outflows [4][20] - The owner-operated mining model is supported by a $75 million Equipment Finance Facility, which will finance the acquisition of a mining fleet [42][22] - The company is committed to developing local talent, with over 90% of construction tasks being self-performed [6][8] Timeline and Future Outlook - The timeline for the first gold pour remains on track for Q2-2027, with potential to accelerate production by commissioning the oxide circuit earlier [45][48] - Key upcoming milestones include the delivery of the ball mill in Q1-2026 and continued progress on various construction components [10][21] - The company aims to maintain an annual production of at least 300,000 ounces for over 10 years, aligning with its strategic objectives [49][53]