Montage Gold reports on its Q1-2026 activities

• The most recent release (May 14, 2026) confirms Q1-2026 operational activities for Montage Gold.
• Koné Project Construction: Remains on budget and ahead of schedule; first gold pour through oxide circuit targeted for late Q4-2026. Hard-rock comminution completion targeted for Q2-2027.
• Acquisition Status: Acquisition of African Gold Limited closed April 29, 2026, adding the Didievi project to the portfolio.
• Liquidity Position: Total funding sources and liquidity stand at $440.2 million; cash on hand is $79.4 million.
• Exploration: 47,254 meters drilled at Koné in Q1-2026; maiden resource estimates for Petit Yao expected in Q2-2026.
• Workforce: Exceeds 3,500 employees and contractors with a Lost Time Injury Frequency Rate (LTIFR) of 0.11.

• Confirmation of Guidance: The news reiterates previous guidance regarding construction timelines and the oxide circuit start-up date established in late 2025 and early 2026 updates. There are no material deviations from expectations.
• Acquisition Completion: The closing of the African Gold acquisition was anticipated following shareholder approval in April 2026; this removes execution risk regarding the deal but adds integration complexity.
• Liquidity Sufficiency: Total liquidity ($440.2M) covers remaining capital requirements to completion (~$380M based on $885M total capex minus $504.9M disbursed). However, cash on hand is only $79.4M, indicating reliance on undrawn facilities (Wheaton Stream, Zijin loan) for near-term funding.
• Stock Price Context: The stock has rallied significantly from ~$3.72 in May 2025 to a high of $17.00 in February 2026. This news is priced into the current valuation as it confirms milestones already anticipated by the market.
• Risk Mitigation: The LTIFR of 0.11 addresses safety concerns raised after the fatal accident reported in August 2025, though this remains a latent risk factor for future operations.

• Company: Montage Gold Corp. (TSX: MAU).
• Flagship Project: Koné Project, Côte d'Ivoire.
• Project Type: Open-pit gold mine with oxide and hard-rock circuits.
• Development Stage: Construction phase; targeting first gold pour late Q4-2026 via oxide circuit.
• Resource Base: Measured & Indicated resources increased to 5.88 Moz at 0.77 g/t Au (as of March 2026 update). Satellite deposits add significant high-grade potential (~1.2 g/t Au average).
• Royalties: Project carries a 5% royalty obligation on production.