Koné project construction on-budget and ahead of schedule • Continued exploration success • Robust liquidity sources
KONÉ CONSTRUCTION ACTIVITIES
- Rapid progress achieved with +10.4 million hours worked to date, with +3,500 employees and contractors on-site
- Ahead of schedule with first gold pour targeted in late Q4-2026 through the oxide circuit and on budget with $636.9 million of capital committed as at today, representing approximately 72% of the total upfront capital expenditure
- Key process plant achievements include successful installation of all major mill components, erection of all reagent tanks, installation of agitation and gearboxes ongoing on CIL tanks, completion of the oxide sizer, and the rapid advancement of civil works on the hard-rock comminution circuit
- Other key infrastructure workstreams are also advancing ahead of schedule, including grid connectivity, water services, mine service areas, and the HDPE lining of the TSF which is over 90% complete
EXPLORATION ACTIVITIES
- The 90,000-meter drill programme at the Koné project is well underway with a total of 47,254 meters drilled in Q1-2026
- Resource updates for previously delineated satellite deposits, along with maiden resources estimates for new discoveries such as Petit Yao and Soman, are expected to be published in Q2-2026
- The 9,000-meter drilling programme at the Wendé advanced greenfield exploration property is underway while early exploration works commenced at the greenfield exploration tenements recently secured in Mauritania
FINANCIAL POSITION
- Robust liquidity and Koné project funding sources totalling $440.2 million compared to remaining capital disbursements of $380.1 million
VANCOUVER, British Columbia, May 14, 2026 (GLOBE NEWSWIRE) — Montage Gold Corp. (“Montage” or the “Company”) (TSX:MAU, OTCQX:MAUTF) is pleased to report on its construction and exploration activities for Q1-2026, with highlights provided in Table 1 below.
Table 1: Business and financial highlights
| THREE MONTHS ENDED | ||||||||
| All amounts in millions of USD unless otherwise specified | Mar 31, 2026 |
Dec 31, 2025 |
Mar 31, 2025 |
Δ Q1-2026 vs. Q4-2025 |
||||
| KONÉ CONSTRUCTION ACTIVITIES | ||||||||
| Cumulative hours worked, million hrs | 9.3 | 7.0 | 1.0 | +2.3 | ||||
| Lost-Time Injuries Frequency Rate | 0.11 | 0.20 | – | (0.09 | ) | |||
| Total cumulative capital committed, inclusive of amount disbursed | 606.9 | 540.6 | 217.5 | +66.3 | ||||
| – Cumulative capital disbursed1 | 504.9 | 367.0 | 84.6 | +137.9 | ||||
| – Cumulative capital committed and to be disbursed1 | 99.3 | 173.6 | 132.9 | (74.3 | ) | |||
| KONÉ EXPLORATION ACTIVITIES | ||||||||
| Meters drilled, meters | 47,254 | 28,915 | 45,887 | +18,339 | ||||
| Exploration expenditure1 | 7.5 | 5.8 | 6.9 | +1.7 | ||||
| CASH FLOW AND LIQUIDITY POSITION1 | ||||||||
| Cash flows used in investing activities | (110.3 | ) | (113.9 | ) | (56.7 | ) | +3.5 | |
| Cash flows (used in) generated from financing activities | (0.1 | ) | 157.3 | 0.4 | (157.4 | ) | ||
| Cash and cash equivalents, end of period | 79.4 | 191.8 | 42.7 | (112.4 | ) | |||
| Total liquidity and Koné project funding sources | 440.2 | 559.4 | 832.9 | (119.3 | ) | |||
| 1As referenced in the Company’s Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2026, available on SEDAR+ and on the Company’s website. | ||||||||
The Company’s condensed interim consolidated Financial Statements and associated Management’s Discussion and Analysis for the three months ended March 31, 2026, have been filed under the Company’s profile on SEDAR+ (www.sedarplus.ca) and are available for download on the Company’s website.
Rapid construction progress continues to be made at the Company’s flagship Koné project, in Côte d’Ivoire, with first gold pour targeted ahead of schedule in late Q4-2026 through the oxide circuit, and remaining on-budget. A total of 2.3 million construction hours were worked in Q1-2026, with total hours worked now totalling +10.4 million hours from the commencement of the project until today, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.11.
Significant progress is being made on the key processing infrastructure ahead of an oxide start-up, with the successful installation of all major components in the mill, completion of the oxide sizer, erection of all reagent tanks and installation of the pre-leach thickener shell. Following successful hydro-testing of all the tanks on the carbon in leach (“CIL”) trains, installation of agitators, gearboxes, inter-tank screens and launder systems are now ongoing, and tracking ahead of schedule. Construction of the hard rock circuit continues to advance on schedule, with civil works now progressing across the primary crusher, secondary crusher and high-pressure grinding rollers (“HPGR”). Construction of the tailings storage facility (“TSF”) is nearing completion with the laydown of high-density polyethylene (“HDPE”) liners over 90% complete. Other key infrastructure including the construction of the 225kV electrical substation and preparation for grid connection continues to progress on schedule with all towers erected and power line stringing well underway. A total of $606.9 million of capital had been committed as at quarter-end (inclusive of $504.9 million disbursed), which has further increased to approximately $636.9 million as at today, representing approximately 72% of the total $885.0 million capital expenditure, with prices in …