Koné project construction on-budget and well on-schedule • Strong continued exploration focus • Robust liquidity sources
CONSTRUCTION ACTIVITIES
- Over 3.0 million hours worked without a Lost Time Injury, with more than 2,500 employees and contractors on-site
- Well on track for first gold pour in Q2-2027 and on budget with over $370 million of capital committed as at today, representing approximately 44% of the total capital expenditure, with prices in line with expectations
- Rapid progress achieved on key process plant activities including the ball mill foundations, pre-leach and tailings thickeners, with notably the start of CIL tank erection occurring 2 months ahead of schedule which marks a key milestone
- Other key infrastructure is well advanced including the river abstraction facility, TSF, relocation site, and plant buildings, while the water storage facility was completed and is already holding water
EXPLORATION ACTIVITIES
- 2025 exploration programme increased from 90,000 to 120,000 meters, with 83,280 meters already drilled in H1-2025, focused on delineating higher-grade resources with the goal of supplementing production from the onset
- Step-out and in-fill drilling is underway at all 7 new higher-grade satellite deposits for which starter maiden resources were published in early 2025, whilst drilling progressed on the 6 targets which were advanced to pre-resource stage
- Maiden resources for new discoveries and updated resources for the recently made discoveries are expected to be published throughout the year
FINANCIAL POSITION
- Robust liquidity and available sources of financing totalling $735 million compared to remaining capital disbursements of $676 million
VANCOUVER, Canada, Aug. 12, 2025 (GLOBE NEWSWIRE) — Montage Gold Corp. (“Montage” or the “Company”) (TSX:MAU, OTCQX:MAUTF) is pleased to report on its construction and exploration activities for Q2-2025, with highlights provided in Table 1 below.
| Table 1: Business and financial highlights | ||||||||||||
| THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||
| All amounts in $ million unless otherwise specified | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
Δ Q2-2025 vs. Q1-2025 |
||||||
| CONSTRUCTION ACTIVITIES | ||||||||||||
| Cumulative hours worked, million hrs | 2.7 | 1.0 | – | 2.7 | – | +1.7 | ||||||
| Lost-Time Injuries Frequency Rate, % | 0.0 | 0.0 | – | 0.0 | – | 0.0 | ||||||
| Total cumulative capital committed, inclusive of amount disbursed | 339.2 | 217.5 | – | 339.2 | – | +121.7 | ||||||
| – Cumulative capital disbursed | 158.8 | 84.6 | – | 158.8 | – | +74.2 | ||||||
| – Cumulative capital committed and to be disbursed | 180.4 | 132.9 | – | 180.4 | – | +47.5 | ||||||
| EXPLORATION ACTIVITIES | ||||||||||||
| Meters drilled, meters | 37,393 | 45,887 | 20,543 | 83,280 | 20,543 | (8,494 | ) | |||||
| Exploration expenditure | 6.4 | 6.9 | 3.9 | 13.3 | 5.8 | (0.5 | ) | |||||
| CASH FLOW AND LIQUIDITY POSITION1 | ||||||||||||
| Cash flows used in investing activities | (88.3 | ) | (56.7 | ) | (0.3 | ) | (145.0 | ) | (0.3 | ) | (31.6 | ) |
| Cash flows generated from financing activities | 150.5 | 0.4 | 0.3 | 151.0 | 26.4 | |||||||