Montage Gold reports on its Q2-2026 activities

Montage Gold Corp. (MAU) has completed construction of the oxide circuit infrastructure at its Koné project, with dry commissioning underway since July 2026. The company targets its first gold pour for the fourth quarter of 2026, maintaining its on-budget status. The hard-rock comminution circuit is scheduled for completion in the second quarter of 2027. Capital commitments stand at $714.4 million, representing 81% of the $885 million total, with $623.8 million disbursed. Mining operations have begun to build the run-of-mine (ROM) stockpile.

In a separate development, Montage entered a binding agreement to increase its ownership stake in the Didievi project from 80% to 95.5%. The transaction includes the repurchase of a 1.5% net smelter return (NSR) royalty on Didievi for approximately $57.7 million, payable in cash and 1.26 million shares. Additionally, the company obtained an option to repurchase a 0.75% NSR on certain other properties for $22.5 million. The deal is funded by a new $75 million unsecured term loan from Macquarie Bank, carrying an interest rate of SOFR plus 5.5%, which steps down to SOFR plus 4.5% in the second quarter of 2027.

Exploration activity continues with the 2026 group drilling budget raised to 224,000 meters. Updated Mineral Resource Estimates effective June 15, 2026, for Koné satellite deposits show an increase in measured and indicated resources by 1.1 million ounces to 1.7 million ounces at 1.51 grams per tonne of gold. The total Koné measured and indicated resources now stand at 6.3 million ounces at 0.80 grams per tonne of gold, an increase of 1.4 million ounces, while inferred resources total 2.0 million ounces at 0.68 grams per tonne of gold. High-grade intercepts were reported at Didievi and Wendé. In Mauritania, five greenfield permits have been secured, three more awarded, and reconnaissance is underway, with scout drilling planned for the fourth quarter of 2026.

As of June 30, 2026, Montage held $154.4 million in cash, with total liquidity and funding sources reaching $309 million. The remaining capital expenditure to complete the oxide circuit is $161.2 million, bringing total remaining disbursements to $261.2 million.

Montage Gold Corp. (MAU) announced the consolidation and royalty repurchase at its Didievi project, a transaction that increases the company’s ownership from 80% to 95.5% and permanently eliminates a 1.5% net smelter return (NSR). This move secures full control of the project’s high-grade resource, which totals 12.4 million tonnes at 2.5 grams per tonne of gold, without equity dilution. The deal was funded through a manageable new debt facility.

Regarding the Koné project, construction progress remains in line with recent guidance, with all milestones met on time and on budget. The company also issued a resource update that reiterates figures previously released on June 15, 2026, providing no new information as part of its quarterly report. Additionally, Montage secured a loan from Macquarie, providing non-dilutive capital at a moderate interest rate and demonstrating institutional support.

Montage Gold Corp. is a Canadian gold development company advancing the Koné project in Côte d’Ivoire, a large, long-life open-pit gold operation. The 2024 Updated Feasibility Study outlined a 16-year mine life producing an average of more than 300,000 ounces of gold per year. The company is currently completing construction and targeting its first gold pour through the oxide circuit in late Q4 2026, with the hard-rock comminution circuit to follow in Q2 2027.

Montage also owns the Didievi project, acquired via African Gold Limited, which is a high-grade resource-stage asset with an Inferred resource of 989,000 ounces at 2.5 grams per tonne of gold. The company also holds early-stage exploration properties at Wendé and Mauritania.