Montage Gold reports on its Q3-2026 activities
Montage pours first gold as its oxide plant exceeds nameplate capacity, with a hard-rock processing facility currently under construction.
Montage Gold Corp. (MAU) released its third-quarter 2026 operational and financial update on Nov. 11, 2026, marking a significant milestone with the first gold pour through the Koné oxide circuit on Sept. 26, 2026, ahead of the original Q2-2027 schedule. The company produced 1,284 ounces of gold in Q3-2026, though it sold zero ounces during the quarter. Since the initial pour, total production excluding gold-in-circuit inventory reached 24,746 ounces.
In October 2026, the oxide circuit processed 888 kilotonnes of ore, producing 23,462 ounces at a head grade of 0.82 g/t and a 95% recovery rate. The oxide plant averaged over 90% of its 11 Mtpa nameplate capacity for the month, achieving 104% utilization in the final week. Commercial production on the oxide circuit remains targeted for Q4-2026, while the hard-rock comminution circuit remains on schedule and on budget for Q2-2027 completion.
Financially, capital committed at the release date stood at $796.4 million, representing approximately 90% of the $885.0 million total capital expenditure estimate, with $159.8 million remaining to be disbursed. Cash on hand as of Sept. 30, 2026, was $106.6 million, bringing total available liquidity to $205.6 million, which included a $75.0 million Wheaton Loan Facility and $24.0 million in other liquid assets. Q3-2026 investing cash outflow was $137.3 million, while financing cash inflow was $105.3 million, including a $75.0 million drawdown on the Macquarie unsecured term loan.
Corporate structure changes included an increase in Didievi ownership by 15.5% to 95.5%, as Montage repurchased a 1.5% net smelter return (NSR), leaving 0.5% third-party royalties on the asset. Exploration activity year-to-date 2026 included 122,570 meters at Koné, 57,143 meters at Didievi, and 8,982 meters at Wendé, with reconnaissance drilling in Mauritania expected in early 2027.
The company’s operational timeline has evolved from late 2025 and early 2026 guidance targeting first gold for late Q4-2026, with the oxide circuit identified as a potential early-production route. Updates on Jan. 19, 2026, and March 25, 2026, confirmed the late Q4-2026 target, with capex commitments rising from approximately $545 million to $572.8 million. Resource growth was highlighted in March 30 and June 15, 2026, updates, where measured and indicated (M&I) resources rose to 5.88 million ounces, then 6.3 million ounces at 0.80 g/t, with higher-grade satellite M&I reaching 1.7 million ounces at 1.51 g/t.
The acquisition of African Gold closed on April 29, 2026, adding the Didievi asset and increasing shares outstanding to 402,875,311. A Q2-2026 update on Aug. 11, 2026, showed $714.4 million committed, or about 81% of the $885.0 million capex, with $309.0 million in liquidity. Subsequent releases on Sept. 27, 2026, and Nov. 3, 2026, announced the first gold pour of approximately 1,140 ounces and October production of approximately 23,460 ounces, respectively. The Nov. 11, 2026, release consolidates this previously disclosed data while adding formal Q3-2026 production and liquidity figures.
Montage Gold Corp. (MAU) released its third-quarter 2026 production figures, cash flow, and liquidity position, alongside an updated capital commitment of $796.4 million. This announcement follows the company’s first-pour declaration on September 27 and the release of October operating metrics on November 3.
The company reported that first gold was delivered ahead of the original second-quarter 2027 schedule. The oxide circuit ramped quickly, reaching over 90% of nameplate capacity in October and 104% in the final week of the month. October production totaled 23,462 ounces, marking a credible initial monthly run-rate.
Regarding financials, the remaining capital expenditure of $159.8 million is covered by $205.6 million in disclosed liquidity, leaving approximately $45.8 million of headroom before oxide cash flow begins. Cash holdings stood at $106.6 million against the $159.8 million in remaining capex, meaning the funding gap relies on the $75.0 million undrawn Wheaton Loan Facility and/or oxide-circuit cash flow. The hard-rock circuit remains on schedule for the second quarter of 2027, and total capital expenditure remains within the $885.0 million estimate.
Operational caveats remain significant. Third-quarter 2026 production was only 1,284 ounces, and no gold was sold during the quarter. Commercial production has not yet been declared; while the release states Montage is “well on track” for the fourth quarter of 2026, the formal declaration is still pending. October head grade was 0.82 g/t. The plan relies on higher-grade Gbongogo Main ore from late fourth-quarter 2026 and satellite deposits from 2027 to improve the grade profile. Additionally, Didievi’s updated resource and the Koné life-of-mine plan are still pending.
- First gold delivered ahead of original Q2-2027 schedule
- Oxide circuit reached over 90% of nameplate in October and 104% in the final week
- October production: 23,462 oz
- Remaining capex: $159.8 million
- Disclosed liquidity: $205.6 million
- Headroom before oxide cash flow: ~$45.8 million
- Hard-rock circuit on schedule for Q2-2027
- Total capex within $885.0 million estimate
- Q3-2026 production: 1,284 oz
- No gold sold in Q3-2026
- Commercial production not yet declared; target Q4-2026
- Cash holdings: $106.6 million
- Undrawn Wheaton Loan Facility: $75.0 million
- October head grade: 0.82 g/t
Montage Gold Corp. (MAU) is a Canadian-listed gold company focused on becoming a multi-asset African gold producer. Its flagship asset is the Koné mine in Côte d’Ivoire. Based on the 2024 Updated Feasibility Study, Koné has an estimated 16-year mine life and projected production of over 300 koz per year over the first eight years. The mine entered production in Q3-2026.
The development plan uses an oxide circuit first, which enabled first gold ahead of the original Q2-2027 schedule. The hard-rock comminution circuit is the remaining major construction component, targeted for Q2-2027. Montage has also built a growth pipeline including Didievi, Wendé, and early-stage exploration permits in Mauritania.
No investor presentation was provided. Management names disclosed in the releases include Martino De Ciccio as CEO, Peder Olsen as President and Chief Development Officer, and Silvia Bottero as EVP Exploration. No analyst coverage or target-price data was provided, so no target range or average can be stated.