MONTAGE GOLD CONTINUES TO RAPIDLY ADVANCE ITS KONÉ PROJECT ON-BUDGET AND WELL ON-SCHEDULE Oxide circuit creates potential for earlier start-up
Press
Release
All amounts in US dollar,
unless otherwise specified
montagegold.com 1
MONTAGE GOLD CONTINUES TO RAPIDLY ADVANCE ITS
KONÉ PROJECT ON-BUDGET AND WELL ON-SCHEDULE
Oxide circuit creates potential for earlier start-up • Owner mining with equipment finance • Further higher grade discoveries
HIGHLIGHTS:
› Well on-schedule for first gold pour in Q2-2027 and on-budget with more than $418m of capital committed, representing
approximately half of the total upfront capital expenditure, with prices in-line with expectations
› Rapid construction progress achieved with notably six CIL tanks already erected, mill foundations completed, water
supply infrastructure completed, and resettlement approaching completion
› Oxide circuit construction underway to provide increased operational flexibility and potential to advance first gold pour
› Shift to owner-mining operating model expected to provide greater operational flexibility while enhancing efficiencies
› Well on track to achieve the previously published short-term objective of discovering more than 1Moz of M&I resources
at a 50% higher grade compared to the Koné deposit, with further resource updates expected in Q4-2025
Abidjan, Côte d'Ivoire — October 6, 2025 — Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF)
is pleased to announce that rapid construction progress continues to be made at the Company’s flagship Koné project in Côte
d’Ivoire, which remains on-budget and well on-schedule for first gold pour in Q2-2027.
A total of 4.5 million construction hours have been worked since the commencement of the project with key milestones achieved
including the erection of six CIL tanks, completion of mill foundations and water supply infrastructure, while the resettlement is
nearly complete. These milestones were achieved approximately two months ahead of schedule , with the next key milestone
being the delivery of the ball mill on-site in Q1-2026. A total of approximately $418.3 million of capital has been committed to
date, representing approximately half of the total upfront capital expenditure, with prices in line with expectations.
In addition, several initiatives are currently underway to further unlock value at the Koné project , aimed at enhancing the
production profile from the onset, whilst providing strategic and operational flexibility over the life-of-mine, as detailed below:
› Integration of higher-grade material from the onset of production:
─ Recent discovery of higher-grade satellites positions the Company to achieve its previously published short -term
objective of discovering over 1Moz of M&I resources at a 50% higher grade compared to the Koné deposit 1 with the goal
of integrating new discoveries from the onset of production. Indicated Resources for satellite deposits have already grown
by 404koz to 924koz at 1.32 g/t Au, with an additional 140koz at 1.09 g/t Au of Inferred Resources, while further resource
updates are expected in the coming months given the 120,000 meter drill programme currently underway for 2025.
─ Identification of high-grade zones within the Koné and Gbongogo Main deposits following the completion of 56,000
meters of pre-production grade control drilling conducted in 2025, with full results on track for publication later this year.
› Strategic operational flexibility with improved efficiency:
─ Process plant design enhancements following the implementation of several key design changes compared to the
Updated Feasibility Study (“UFS”) published in January 2024, intended to enhance the crushing and milling circuit and
improve the efficiency of the overall operation, as detailed in the Company’s press release dated December 18, 2024.
─ Addition of an o xide circuit to allow processing of 100% oxide feed is expected to provide enhanced operational
flexibility, improve plant availability and utilisation, lower oxide pre-stripping and rehandling requirements thereby
reducing working capital outflows , and provide the potential to advance first gold pour and thereby reduce the peak
upfront capital requirement.
1 For further information on the discovery target please refer to the Company’s news release dated October 7, 2024, and for inf ormation regarding the Koné deposit please
refer to the Updated Feasibility Study available on Montage’s website and on SEDAR+.
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─ Shift to an owner -operated mining model, with equipment financing, is expected to improve operating efficiencies,
provide strategic mine planning flexibility to quickly integrate new satellite deposits into the mine plan concurrent to their
discovery, and align with Montage’s commitment to developing local talent through training programmes as evidenced
with more than 90% of construction tasks being self-performed.
Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are very pleased with the rapid progress being made to
unlock value at our Koné project in Côte d’Ivoire, which is tracking well on-schedule for first gold in Q2-2027 and on-budget. The
Koné project already ranks as one of the largest gold projects currently under construction globally and continues to demonstrate
optionality to further improve in quality . This is being achieved through a two -fold approach consisting of operational
enhancements to add strategic flexibility while improving efficiencies, along with the execution of our goal of integrating higher-
grade material from the onset by discovering higher -grade satellites and with advanced grade control drilling highlighting the
potential to delineate higher-grade zones within the Koné and Gbongogo Main deposits.
Given our ambition of creating a premier African gold producer , we are very pleased to implement an owner-operated mining
model, supported by equipment financing, as it is expected to improve operating efficiencies while providing strategic mine
planning flexibility to quickly integrate new satellite deposits into the mine plan. Moreover, as mining is a key function within our
business, we look forward to having full oversight while upholding Montage’s commitment to developing local talent through
training programmes as evidenced with more than 90% of construction tasks being self -performed.
Our continued success builds on the momentum generated thus far to advance our strategy of creating a premier African Gold
producer and delivering value for all our stakeholders.”
Peder Olsen, President and Chief Development Officer of Montage, commented: “Construction activities at our Koné project
continue to progress at a rapid pace, with more than 4.5 million hours worked to date and a number of key milestones achieved
several months early.
The erection of six CIL tanks, completion of the mill foundations, delivery of critical water supply infrastructure , and the near
finalization of the resettlement village are key notable achievements. The delivery of the ball mill to site in Q1-2026 will mark the
next significant milestone as we rapidly advance toward first gold pour. We have also commenced construction of the oxide circuit,
which is expected to improve plant availability, reduce pre-strip volumes and rehandling requirements, and provide the potential
to accelerate first gold production.
Together with the key design enhancements made last year, these initiatives provide opportunities to unlock significant value for
all stakeholders as we continue to deliver on our construction schedule.”
Figure 1: Koné process plant overview
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KONÉ PROJECT UPDATE
Construction activities at the Koné project continue to progress on-budget and well on-schedule for first gold pour in Q2-2027,
with key highlights summarized below:
› On-site workforce now exceeds 2,800 employees and contractors, with over 4.5 million hours worked, and with over 90% local
employment, demonstrating the Company’s commitment to local content with training programmes being conducted in
partnership with the government -accredited Lycée Technique de Mankono across the following professions: steel fixing,
building, electric al, masonry, carpentry, plumbing, firefighting, working at heights, environmental management, and heavy
equipment operation.
› Process plant construction continues to rapidly advance:
─ CIL tank construction ongoing and tracking two months ahead of schedule with all concrete now poured and erection of
six of the seven tanks on the first CIL train completed.
─ Major mill foundations and concrete works are complete.
─ The pre-leach and tails thickener concrete base pour has been completed, with final pedestal concrete pours on the
tailings thickener ongoing.
─ Reagent, cyanide and lime storage shed construction is progressing well, with steel-framing complete almost two months
ahead of schedule and joint sealing of buildings currently ongoing.
─ Elution train concrete pour for plinths and ramps has been completed, with earthworks preparation for circular plinths
commencing. Piperack installation to and from the elution train has commenced two months ahead of schedule.
─ Gold room rebar is complete on four ring beam s, concrete pours on two rings beams is complete, while formwork is
ongoing on the remaining two ring beams.
─ Construction of process and site buildings has rapidly progressed, with the main admin building and clinic complete and
being utilised by the construction team. Final construction works on the temporary workshop, CSR building, control room
and training buildings is nearing completion.
Figure 2: Process plant key infrastructure
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› Construction of an oxide circuit has commenced following the completion of engineering with earthworks largely complete
and the oxide run-of-mine (“ROM”) bin concrete pour well advanced. As demonstrated in Figure 3 below, the oxide circuit will
consist of a sizer and conveyor to directly feed the mill with oxide and transitional material, bypassing the hard rock
comminution and HPGR. The incremental upfront capital is approximately $25.0 million, which represents significant savings
compared to constructing the circuit at a later stage, when in production, due to synergies across mobilisation, earthworks,
concrete and civil works given ongoing construction activities. Given the recent discovery of higher-grade satellites with near-
surface oxide material, the oxide circuit is expected to provide several significant operational, financial and strategic benefits,
including:
─ Optionality to bring forward the first gold pour and reduce peak funding as the Company is investigating the
opportunity to commission the oxide circuit ahead of completing the hard rock comminution circuit, with further updates
expected to be provided as construction progresses.
─ Enhanced flexibility and efficienc y including the ability to bypass the hard rock comminution circuit enabling oxide
processing to continue during planned maintenance activities in the hard rock crushing circuit and improved mining and
rehandling costs due to the reduced oxide material pre-stripping requirements at both the Koné and Gbongogo Main
deposits, along with reduced oxide stockpiling requirements over the life-of-mine.
─ Ability to integrate higher grade oxide discoveries into the mine plan at the onset of production given the attractive
oxide content found near-surface in satellite deposits , rather than being constrained to the 10% maximum oxide feed
required in the primary crushing circuit. The capacity of the process plant based on a full oxide feed is expected to remain
the same as that of the hard rock comminution circuit at 11Mtpa, enabling the throughput to remain unchanged
regardless of mill ore feed blend.
Figure 3: Koné processing plant flowsheet with oxide circuit
› Engineering, design, and procurement is well advanced and continues to progress a longside site construction works.
Engineering for the oxide circuit has been completed supporting its construction decision.
› Fabrication of long-lead items such as the crushers, mill, thickeners, HPGR and structural steel are all progressing on schedule
with pricing in line with or below budget. The ball mill is anticipated to arrive on site in Q1-2026, which will mark an important
milestone.
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Figure 4: Fabrication of key processing equipment and steel
› Owner mining operating model adopted following a comprehensive review and competitive tender process of both owner -
operated and contractor mining models. The owner -operated mining model is underpinned by a long -term contractual
agreement with Neemba International Limited (“Neemba”), the Caterpillar dealership for 11 countries in West Africa, including
Côte d’Ivoire , with fleet acquisition and mobilisation costs financed through a $75.0 million Equipment Finance Facility ( as
detailed in the section below). The owner -operated mining model is expected to provide greater mine planning flexibility,
improve operating efficiencies, and aligns with Montage’s commitment to developing local talent through training programmes
as evidenced with a number of tasks being s elf-performed during the construction phase. Furthermore, the owner-operated
mining model is expected to enable the swift integration of higher -grade satellite deposits into the production schedule, with
mine planning frequently optimized to incorporate new expected higher-grade discoveries.
Neemba will ensure the delivery of a series of high-quality machines that have been tested across various West African mining
operations, ensuring high availability and reliability, supported by in -country distribution centres for spare parts. The
equipment to be delivered is summarised in Table 1 below.
Table 1: Koné project owner mining fleet
Quantity Model
6 6020 - 200t Dig Units
40 777-05 - 90t Haul Trucks
8 D9 - 50t Dozer
4 16 - 16ft Grader
2 992 - 12m3 Wheel Loader
4 777 – 70,000L Water Truck
3 773 – 30,000L Fuel & Lube Truck
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› Water supply infrastructure was completed following the commission ing of the river abstraction and booster stations in
August 2025, alongside completion of welding of the high -density polyethylene pipes which has allowed for water to be
pumped to the Water Storage Facility.
Figure 5: River abstraction site and pumping infrastructure
› Water Storage Facility was completed ahead of the rainy season with accumulation of water on track and estimated to now
hold over 1.5M cubic metres of water, out of a total capacity of 6.50M cubic meters.
Figure 6: Water storage facility
› Gbongogo haul road clearing has been completed between the Koné processing plant and the Marahoué river crossing.
Culverts have been emplaced, with erosion protection ongoing across the length of the haul road. The remaining haul road
north of the Marahoué river is scheduled to commence in Q4-2025, after the rainy season.
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› Grid connection civil works are ongoing on the 225kV to 33kV reticulation with transformer walls and exterior block wall
construction also ongoing. Excavation of the footings of 17 towers for the 225kV power line have been complete d, with
concrete and stub settings now complete on 11 of the towers. Underground conduits for high voltage electrical cables are well
advanced, connecting key processing and administrative buildings , while pole installations for the 33kV overhead line to key
infrastructure sites are also well progressed.
Figure 7: Electrical substation and high-voltage grid connection preparation
› Airstrip construction is largely complete with permitter fencing now being installed. Permanent riprap placement in the
permitter drains is ongoing. The airstrip is expected to be fully operational with all required permits in place by early 2026.
› Tailings Storage Facility (“TSF”) earthworks continue to progress approximately 3 months ahead of schedule with bush
clearing, topsoil stripping and stacking taking place. The TSF liner has arrived on site with installation scheduled to begin in Q4-
2025, after the rainy season.
Figure 8: TSF clearing and airstrip
› The permanent camp construction is advancing well with accommodation capacity currently amounting to in excess of 300
rooms. A further 50 permanent rooms are undergoing internal decorating alongside the construction of senior-level
accommodation. Camp facilities including the permanent restaurant, laundry house and gym are expected to be operational
in the coming weeks.
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Figure 9: Permanent camp construction
› Resettlement village construction is now over 95% complete and tracking over two months ahead of schedule, with 109 newly-
built homes in the final stages of construction. Final preparations for the formal handover of homes to affected families is
ongoing, with the first families expected to inhabit the newly constructed village in the coming weeks. Further progress
continues to be made on construction of the village school and on places of worship , as well as clinics, a market and a
community centre.
Figure 10: Resettlement village construction