Montage Gold achieves first gold pour at its Kone mine on budget and ahead of schedule

Montage Gold Corp. (MAU) reported the first gold pour at its flagship Koné mine in Côte d'Ivoire on September 26, 2026, yielding approximately 1,140 ounces of gold. The company stated the milestone was delivered on-budget and ahead of schedule. Construction began in December 2024, and the company says first gold arrived ahead of the initial Q2-2027 schedule, enabled by the addition and early completion of the oxide circuit.

More than 400,000 tonnes of ore have been processed since ore was first introduced into the oxide circuit on September 8, 2026. The oxide circuit is expected to reach commercial production in Q4-2026, while the hard-rock comminution circuit remains on budget and on schedule for completion in Q2-2027.

Social and operational details indicate that approximately 3,600 jobs have been created, with over 95% being nationals. There have been 14.1 million hours worked to date, and approximately 1,500 permanent roles are expected. Mining is directly feeding the mill with low working capital requirements.

Mining of the higher-grade Gbongogo Main deposit is expected to begin late Q4-2026, with other recently discovered higher-grade satellite deposits commencing over 2027. Restated resource figures from the 2024 Feasibility Study include Probable Reserves of 4.01 moz at 0.72 g/t Au, comprising 3.52 moz at 0.67 g/t Au from Koné and 0.49 moz at 1.43 g/t Au from Gbongogo Main. As of June 15, 2026, Measured and Indicated Resources stood at 6.29 moz at 0.80 g/t Au, with Inferred Resources of 2.03 moz at 0.68 g/t Au.

Exploration efforts included 130,000 m of drilling underway in 2026, taking total drilling since the 2024 UFS to over 380,000 m. Potential catalysts include the LOM plan and 2026 year-end reserves and resources, the oxide ramp-up in Q4-2026, the hard-rock circuit completion in Q2-2027, Didievi resource work, Wendé results in Q4-2026, and Mauritania scout drilling in Q4-2026.

Montage Gold Corp. (MAU) has achieved its first gold production, an operational milestone that marks the company’s transition from developer to producer. The first gold pour occurred on September 26, 2026, via the oxide circuit, processing more than 400,000 tonnes to yield 1,140 ounces of gold. The company stated that production came in on budget and slightly ahead of schedule.

Management had consistently guided for a first gold pour via the oxide circuit in "late Q4-2026" since at least January 2026. Previous releases on January 19, March 25, March 30, May 14, June 15, July 14, and August 11, 2026, all repeated this target. The acceleration from the original Q2-2027 plan to Q4-2026 was disclosed and explained months ago. The actual pour date lands modestly ahead of the guided window.

The release confirms execution but adds no new financials, reserves, or economics. Reserves are restated from the 2024 UFS, and details regarding the "hard-rock circuit Q2-2027" and LOM-update are repeats of prior information. No quantity, grade, or recovery reconciliation is provided for the oxide start-up, meaning early ramp performance cannot yet be judged.

Prior-period context indicates that the June 30, 2026, MD&A reported total liquidity and Koné project funding sources of $309.0M against approximately $161.2M of remaining construction to complete, with Q2-2026 cash at $154.4M. Today’s release does not address funding adequacy or costs.

The stock closed at $19.90 the day before, approximately 6% below its all-time high.

Montage Gold Corp. (TSX: MAU, OTCQX: MAUTF) is a Canadian-listed gold company pursuing a "premier multi-asset African gold producer" strategy. Its flagship asset is the Koné mine in Côte d'Ivoire, which has just poured first gold.

Per the 2024 Updated Feasibility Study (restated in this release), Koné has an estimated 16-year mine life and +300 koz/yr of gold over the first 8 years. The growth pipeline includes the Didievi project (acquired via African Gold Limited) and the Wendé property in Côte d'Ivoire, plus a portfolio of greenfield tenements in Mauritania.

The Koné land package has been expanded to ~1,699 km² (per the Dec 16, 2025 release), with 12 deposits delineated and mineralization intercepted at 25 targets.