Montage Gold grows Kone higher grade satellite resources to 1.7Moz at 1.5 g/t Au Indicated and 0.8Moz at 1.3 g/t Au Inferred

Montage Gold Corp. released an updated Mineral Resource Estimate for the Koné project (June 15, 2026) showing a substantial increase in Measured & Indicated and Inferred resources. Key facts:

• Overall M&I resources rose by 1.4 Moz to 6.3 Moz at 0.80 g/t Au (grade up 27% vs. the 2024 UFS basis). Inferred resources grew by 1.6 Moz to 2.0 Moz at 0.68 g/t Au.
• Higher‑grade satellite deposits now contain 1.7 Moz M&I at 1.51 g/t Au and 0.8 Moz Inferred at 1.3 g/t Au, exceeding the October 2024 target of >1 Moz at a grade ≥50% higher than the main Koné deposit.
• Notable new maiden resources were declared for Petit Yao (102 koz M&I at 1.51 g/t) and other satellites; a total of 12 deposits have now been delineated (up from 2 in the 2024 UFS).
• Construction remains on‑budget and ahead of schedule; first gold pour through the oxide circuit is on track for late Q4‑2026, with the hard‑rock comminution circuit to follow in Q2‑2027.
• Ongoing 90,000‑meter drill program for 2026 will provide further resource updates through the year.

This resource update is a clear material positive for the company, but not a transformative game‑changer, as the market had broadly expected satellite‑resource growth from the aggressive drill programs that have been running since 2025.

• The scale and grade of the satellite ounces exceeded management’s own publicly stated target, upgrading the project’s optionality. The 1.7 Moz M&I at 1.51 g/t Au represents a higher‑quality feed that can be blended early in the mine plan, potentially improving head grades and cash flow in the first years of production.
• The resource growth de‑risks the satellite‑oxide strategy, which had been highlighted in earlier releases (e.g., oxide circuit accelerated first gold pour). The presence of multiple deposits within trucking distance of the plant enhances operational flexibility and mine‑life visibility.
• However, the update is in line with the company’s repeated guidance that “updated Mineral Resource Estimates are expected in Q2 2026” (see releases from March 2026 and May 2026). It is therefore an execution of a promised catalyst rather than a surprise discovery. Investors who followed the story would have priced in part of this growth.
• The market reaction (not observable here) may be muted relative to the headline ounces, given the stock’s already steep valuation (market cap ~$6.4 bn for a developer still several months from first pour). The resource increase enhances value but does not alter the immediate production timeline or financing needs, as the project remains fully funded.

Montage Gold Corp. is a Canadian‑domiciled gold development company focused on advancing its Koné project in Côte d’Ivoire toward production. The project is a large‑scale open‑pit operation with a dominant “Koné Main” deposit (lower grade) and numerous higher‑grade satellite deposits discovered over the past two years.

• The 2024 Feasibility Study outlined an 16‑year mine life producing >300 koz gold per year for the first 8 years, with an upfront capital cost estimated at $885 million (later revised to $860 M with oxide circuit addition, then back to $885 M in 2026 construction updates).
• Construction commenced in late 2024, has accumulated >10 million work hours, and is ahead of schedule. The oxide circuit will allow first gold pour in late Q4‑2026; full hard‑rock processing follows in Q2‑2027.
• The project benefits from strong infrastructure (on‑site power, water, camp, airstrip) and a large, low‑cost mining operation with owner‑operated fleet backed by CAT equipment finance.

Montage has also expanded its portfolio with the acquisition of African Gold (Didievi project) in Côte d’Ivoire, a high‑grade Inferred resource of 989 koz at 2.5 g/t, and holds greenfield exploration permits in Côte d’Ivoire (Wendé) and Mauritania (Sfariat/Zednes). A strategic investment in Aurum Resources gives exposure to additional Ivorian projects.