Montage Gold continues to rapidly advance its Kone Project with first gold pour expected in late Q4-2026

The most recent news release (January 19, 2026) provides a major construction and exploration update for the flagship Koné Gold Project in Côte d'Ivoire. The company has officially accelerated its timeline, targeting the first gold pour through an oxide circuit start-up in late Q4-2026, ahead of the full plant commissioning previously slated for Q2-2027. Key milestones achieved include the erection of all 14 CIL tanks, completion of the oxide sizer, and the delivery of the ball mill shell. Notably, the Tailings Storage Facility (TSF) embankment is three months ahead of schedule. Financially, the project remains on-budget with $545 million (63% of upfront capex) now committed. On the exploration front, a massive 99,000-meter drilling program for 2026 has been launched with a $16 million budget to continue delineating higher-grade satellite deposits.

The acceleration of the first gold pour by approximately six months is a material positive for the company's Net Present Value (NPV), as it brings forward cash flow and reduces the "peak funding" requirement by utilizing an oxide-only circuit early. - Execution De-risking: Completing 63% of capital commitments helps insulate the project from further inflationary pressures, though 37% of costs remain exposed. - Operational Flexibility: The transition to an owner-mining model (noted in previous updates) and the focus on an early oxide circuit allow the company to bypass the more complex hard-rock comminution circuit for the initial production phase. - Resource Growth: The continuous discovery of higher-grade satellites (Petit Yao, ANV, etc.) supports the strategic goal of maintaining +300koz annual production. However, the market has likely priced in much of this success given the stock's 360% rise over the last 52 weeks.

Montage Gold is developing the Koné Gold Project in Côte d'Ivoire. The project is characterized by its massive scale and long mine life (16 years). - Koné Deposit: Large-scale, lower-grade (0.72 g/t Au reserves) open pit. - Satellites: High-grade deposits (Gbongogo, Petit Yao) are being integrated to "sweeten" the mill feed and boost early-year production to over 300,000 ounces per year. - Infrastructure: Advantageously located near grid power and existing roads.