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

Executive Summary

• Montage Gold reports that the Koné project remains on‑budget and ahead of schedule, targeting first gold pour in Q2 2027 with $418.3 M (≈50% of total capex) already committed.
• A $75 M equipment financing facility has been secured to fund 85 % of the owner‑mined fleet purchase, supporting an owner‑operated mining model and further operational flexibility.
• Resource updates show indicated resources in satellite deposits now at 924 koz @ 1.32 g/t Au (plus 140 koz inferred @ 1.09 g/t Au) and a 56,000 m grade‑control drill program that will feed higher‑grade oxide material via a newly constructed oxide processing circuit.

Key Details

• Construction Progress

• 4.5 M construction hours worked; workforce >2,800 with >90 % local employment.

• Six of seven CIL tanks erected, mill foundations and water supply infrastructure completed; resettlement village ~95 % finished.
• Ball mill delivery scheduled for Q1‑2026; oxide circuit earthworks largely complete.
• Oxide Circuit
• Added to allow 100 % oxide feed, improving plant availability, reducing pre‑strip volumes and working‑capital outflows.
• Incremental upfront capex $25 M (total project capex now $860 M).
• Potential to advance first gold pour by commissioning oxide circuit ahead of hard‑rock circuit.
• Owner‑Mining Model & Equipment Finance
• Long‑term agreement with Neemba International Ltd. for fleet acquisition.
• $75 M equipment finance facility (CAT Financial): 5‑year term loan, interest = SOFR + 3.45%, amortised over 20 quarterly instalments, availability until June 30 2027.
• Fleet includes 6×6020 excavators, 40×777‑05 haul trucks, 8×D9 dozers, etc.
• Resource Expansion
• Satellite indicated resources: 924 koz @ 1.32 g/t Au (up +404 koz); inferred 140 koz @ 1.09 g/t Au.
• Ongoing 120 k m drill program for 2025; pre‑production grade‑control drilling (56,000 m) completed – results to be published late 2025.
• Capital Commitment
• $418.3 M committed to date (~50 % of total upfront capex). Prices in line with expectations.
• Timeline to First Gold Pour
• Construction period 27 months; key milestones: ball mill Q1‑2026, oxide circuit commissioning (potentially earlier), first gold pour Q2‑2027.
• Infrastructure Highlights
• Water storage facility 1.5 M m³ (capacity 6.5 M m³).
• Grid connection civil works progressing; airstrip expected operational early 2026.
• Tailings Storage Facility earthworks three months ahead of schedule; liner arrival on site.

Notable Quotes

• Martino De Ciccio, CEO: “We are very pleased with the rapid progress…the owner‑operated mining model supported by equipment financing will improve operating efficiencies and provide strategic flexibility.”
• Peder Olsen, President & Chief Development Officer: “Construction activities continue at a rapid pace…the oxide circuit is expected to improve plant availability and potentially accelerate first gold production.”