Montage Gold Reports on its Q3-2025 Activities

Core Insights - Montage Gold Corp. is progressing well on its flagship Koné project in Côte d'Ivoire, remaining on budget and on schedule for the first gold pour in Q2-2027, with significant construction and exploration activities reported [1][5][36] Construction Activities - A total of 5.7 million cumulative construction hours have been worked, with 2,051,952 hours in Q3-2025 alone, achieving an industry-leading Lost Time Injury Frequency Rate (LTIFR) of 0.20 [5][10] - As of September 30, 2025, the total capital committed for the Koné project construction reached $428.0 million, with $262.3 million disbursed, and this amount has increased to approximately $494.8 million as of now, representing 58% of the total estimated capital expenditure of $860 million [5][41] - Key construction milestones include the completion of all tanks on the first carbon in leach (CIL) train, concrete pours for the ball mill, pre-leach, and tailings thickeners, and the commissioning of site water infrastructure [5][10][18] Exploration Activities - The company has drilled a total of 85,784 meters in 2025, exceeding the total of 81,815 meters completed in 2024, with a focus on delineating higher-grade resources [6][10] - Recent updates to the Mineral Resource Estimate (MRE) for the ANV, Gbongogo South, and Koban North deposits indicate continued growth, with further resource updates expected for other targets by year-end [6][9][44] - The exploration program aims to discover over 1 million ounces of Measured and Indicated Resources at a grade 50% higher than the Koné deposit before production begins [42][44] Financial Position - As of September 30, 2025, the company reported total liquidity and funding sources of $712.8 million, which includes $159.0 million in cash and $487.5 million in undrawn funding sources [40][41] - Cash flows from financing activities increased to $156.8 million in Q3-2025, while cash flows used in investing activities rose to $92.1 million, reflecting ongoing construction activities [38][39] - The company signed a binding commitment letter for a $50.0 million Working Capital Facility, which is expected to enhance its financial flexibility [42]