Montage Gold Reports on its Q3-2025 Activities

2025-11-12

TSX - Toronto Stock Exchange · Silver · Gold · Copper · Zinc · Lead · Canada

Koné project construction on-budget and well on-schedule • Strong continued exploration focus • Robust liquidity sources

CONSTRUCTION ACTIVITIES

Rapid progress achieved with already +5.7 million hours worked with more than 2,900 employees and contractors on-site Well on track for first gold pour in Q2-2027 and on budget with $494.8 million of capital committed as at today, representing approximately 58% of the total capital expenditure, with prices in line with expectations Key process plant achievements include completion of all tanks erected on the first CIL train, ball mill foundation concrete pour, pre-leach and tailings thickeners concrete pours, and oxide circuit earthworks with concrete pour Other key infrastructure is well advanced including the commissioning and full operation of the river abstraction facility, TSF earthworks ahead of schedule, relocation site completed, and several plant buildings already fully operational

EXPLORATION ACTIVITIES

85,784 meters drilled in 2025 focused on delineating higher grade resources with further results expected to be published in the coming weeks The Gbongogo South, Koban North and ANV deposits, for which intermediary resources were published over recent months, are expected to continue to grow Further resource updates also expected for the Yeré North, Lokolo Main, Sena and Diouma North deposits, for which starter resources were published in early 2025, in addition to maiden resources for new targets Pre-production drilling, comprised of 56,000 meters at the Koné and Gbongogo Main deposits, confirmed the grade and continuity of mineralized envelopes and identified high-grade zones, with full results to be published in the coming weeks

FINANCIAL POSITION

Robust liquidity and Koné project funding sources totalling $712.8 million compared to remaining capital disbursements of $597.7 million

VANCOUVER, British Columbia, Nov. 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 Q3-2025, with highlights provided in Table 1 below.

Table 1: Business and financial highlights

| | THREE MONTHS ENDED | NINE MONTHS ENDED | | | | | | | | | | | | All amounts in $ million unless otherwise specified | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | Sep 30, 2025 | Sep 30, 2024 | Δ Q3-2025 vs. Q2-2025 | | | | | | | | CONSTRUCTION ACTIVITIES | | | | | | | | | | | | | | Cumulative hours worked, million hrs | 4.8 | | 2.7 | | – | | 4.8 | | – | | +2.1 | | | Lost-Time Injuries Frequency Rate | 0.2 | | 0.0 | | 0.0 | | 0.2 | | 0.0 | | +0.2 | | | Total cumulative capital committed, inclusive of amount disbursed | 428.0 | | 339.2 | | – | | 428.0 | | – | | +88.8 | | | - Cumulative capital disbursed 1 | 262.3 | | 158.8 | | – | | 262.3 | | – | | +103.5 | | | - Cumulative capital committed and to be disbursed 1 | 165.7 | | 180.4 | | – | | 165.7 | | – | | (14.7 | ) | | EXPLORATION ACTIVITIES | | | | | | | | | | | | | | Meters drilled, meters | 2,504 | | 37,393 | | 9,627 | | 85,784 | | 30,170 | | (34,889 | ) | | Exploration expenditure | 2.4 | | 6.4 | | 6.8 | | 15.8 | | 12.6 | | (4.0 | ) | | CASH FLOW AND LIQUIDITY POSITION 1 | | | | | | | | | | | | | | Cash flows used in investing activities | (92.1 | ) | (88.3 | ) | (5.1 | ) | (237.2 | ) | (5.3 | ) | (3.8 | ) | | Cash flows generated from financing activities | 156.8 | | 150.5 | | 130.1 | | 307.7 | | 156.5 | | +6.3 | | | Cash and cash equivalents, end of period | 159.0 | | 99.9 | | 142.8 | | 159.0 | | 142.8 | | +59.1 | | | Total Liquidity and Koné Project funding sources | 712.8 | | 734.8 | | 142.8 | | 724.5 | | 142.8 | | (22.0 | ) | | 1 As referenced in the Company’s Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2025, available on SEDAR+ and on the Company’s website. | | | | | | | | | | | | |

The Company’s interim consolidated Financial Statements and associated Management’s Discussion and Analysis for the three and nine months ended September 30, 2025, and 2024, 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 which remains well on-schedule to pour gold in Q2-2027 and on-budget. A total of 2,051,952 construction hours were worked in Q3-2025, totalling over 5.7 million hours since the commencement of the project until today, with an industry-leading Lost Time Injury Frequency Rate (“LTIFR”) of 0.20. Significant progress is being made on the key processing infrastructure with notably the erection of all tanks on the first carbon in leach ("CIL") train complete and concrete pours completed for the ball mill, pre-leach and the tailings thickeners. The site water infrastructure was commissioned and is now fully operational while earthworks for the tailings storage facility (“TSF”) are progressing approximately three months ahead of schedule. Other key infrastructure including the construction of the 225kV electrical substation, preparation for grid connection, permanent camp and airstrip preparation also continue to advance ahead of schedule. The storage buildings, administrative and plant offices have all been completed and are now being occupied. The Gbongogo resettlement village has been completed with formal handover of homes to affected families to take place in the coming weeks. A total of $428.0 million of capital had been committed as at quarter-end (inclusive of $262.3 million disbursed), which has further increased to approximately $494.8 million as at today, representing approximately 58% of the total $860.0 million capital expenditure, with prices in line with expectations.

In parallel, the Company continues to be focused on unlocking value through its exploration programme. Since the start of the year, a total of 85,784 meters have been drilled, already exceeding the 81,815 meters completed during the full year of 2024. Exploration efforts are focussed on three parallel tracks: infill and extension drilling of previously delineated starter deposits, advancing pre-resource targets toward maiden resource definition, and testing new targets through regional scout drilling. The Company recently published an updated Mineral Resource Estimate ("MRE") for the ANV, Gbongogo South and Koban North deposits, all of which are expected to continue to grow as drilling remains ongoing. Furthermore, resource updates are expected for year-end for other targets such as Yeré North, Lokolo Main, Sena and Diouma North. Additionally, results from the Company's pre-production drilling programme at the Koné and Gbongogo Main deposits, where preliminary assay results received to date have confirmed both the grade and continuity of the mineralized envelopes and identified high-grade zones, are expected to be released in the coming weeks.

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 one of the largest gold projects currently under construction globally.

On the construction front, we remain on budget and well on schedule for first gold pour in Q2-2027, with some key work packages tracking up to three months ahead of schedule. In the processing plant area, we have completed all seven tanks on the first CIL train and all major foundation pours have been completed. Meanwhile, plant offices, storage buildings, and the permanent camp are already in use. We are also pleased with the progress being made on the oxide circuit construction as its early completion may allow us to bring forward our first gold pour.

On the exploration front, the delineation of resources, as recently published with a Mineral Resource update at the ANV deposit, provides significant confidence in achieving our short-term objective of discovering at least 1 million ounces of Measured and Indicated Resources at a 50% higher grade compared to the Koné deposit, to be achieved prior to production commencing in Q2-2027. We expect to provide further resource updates as we complete our upsized 120,000 meter drill programme for 2025, with over 80,000 meters drilled in the first half of the year and now ramping up again post the rainy season.

Our 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.”

KONÉ PROJECT UPDATE

Construction continues 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 2,900 employees and contractors, with over 5.7 million hours worked, and with over 90% local employment, demonstrating the Company’s commitment to local content. Process plant construction continues to rapidly advance: CIL tank construction is ongoing and tracking two months ahead of schedule with all concrete now poured and erection of all seven tanks on the first CIL train completed, while two of the seven tanks on the second CIL train have also recently been completed. Major mill foundations, concrete works and pre-leach and tailings thickener concrete base pours were completed two months ahead of schedule. Elution train concrete pours were completed on train 1 whilst one ring beam has been poured and a second is undergoing rebar installation on train 2. Piperack installation to and from the elution train has commenced two months ahead of schedule. Reagent, cyanide and lime storage shed construction has been complete, with all grouting and joint sealing also completed almost two months ahead of schedule. Gold room concrete pours were completed on all ring beams. Construction of process and site buildings has rapidly progressed, with the main admin building, plant office, control room, clinic, training center and temporary workshops complete and being utilised. Construction is ongoing on the light vehicle ("LV") and heavy vehicle ("HV") workshops, plant warehouse and corporate social responsibility ("CSR") buildings.

_Figure 1: Process plant area overview _

_Figure 2: Process plant key infrastructure _

Oxide circuit construction is rapidly advancing with earthworks and concrete work already underway. All engineering for the oxide circuit has been completed, and the oxide sizer and associated equipment have arrived on site. As highlighted in the Company's press release dated October 6, 2025, 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 efficiency 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.

Engineering, design, and procurement are well advanced and continue to progress alongside site construction works. Ongoing engineering of the hard rock comminution circuit, including the primary and secondary crushers, as well as the high pressure grinding rolls ("HPGR"), remain on schedule. 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.

_Figure 3: Pre-leach thickener fabrication _

Owner mining operating model was 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 financing agreement with CAT Financial. 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 self-performed during the construction phase. In anticipation, the first cohort of 15 trainees in the Heavy Machinery Equipment ("HME") training programme in Yamoussoukro have already completed their certification in September 2025. 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.

Water supply infrastructure was completed following the commissioning of the river abstraction and booster stations in August 2025, alongside completion of welding of the high-density polyethylene pipes. Pumping from the river to the Water Storage Facility is now operating 24/7.

_Figure 4: 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 2.4 million cubic meters of water, out of a total capacity of 6.5 million cubic meters.

_Figure 5: Water storage facility _

Grid connection civil works are ongoing on the 225kV to 33kV reticulation where transformer walls and exterior block wall construction is ongoing and tracking approximately two months ahead of schedule. Excavation of the footings of the 225kV towers are ongoing, with the erection of the first towers taking place. 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, including along the Gbongogo haul road, are also well progressed.

_Figure 6: Electrical substation and high-voltage grid connection preparation _

Gbongogo haul road clearing has been completed between the Koné processing plant and the Marahoué river. Culverts have been emplaced, with erosion protection ongoing across the length of the haul road. Earthworks have begun at the Marahoué river bridge location. Tailings Storage Facility (“TSF”) earthworks continue to progress approximately 3 months ahead of schedule with bush clearing, topsoil stripping and stacking taking place. TSF embankment and drainage footprint preparation has commenced. The TSF liner has arrived on site with installation set to begin in the coming weeks, following the end of the rainy season. Airstrip construction is largely complete with perimeter fencing now installed. Structural fill for the hanger pad is ongoing. The airstrip is expected to be fully operational with all required permits in place by early 2026.

_Figure 7: Airstrip and TSF clearing _

The permanent camp construction is advancing well with accommodation capacity currently amounting to in excess of 400 rooms. Internal fitting of senior level blocks are ongoing, alongside the installation of fiber optic cables which is 95% complete and undergoing testing and commissioning. The camp restaurant, gym, laundry facilities were completed and are now fully utilised.

_Figure 8: Permanent camp _

Resettlement village construction was completed over two months ahead of schedule, with 109 newly-built homes completed. Formal handover of homes to affected families is expected to take place 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 9: Resettlement village construction and pilot farming project _

Timeline to first gold pour

The Company remains on-budget and well on-schedule for first gold pour in Q2-2027 alongside the potential to bring forward first gold production by commissioning the oxide circuit ahead of hard rock comminution circuit, with further updates expected to be provided as construction progresses. The timeline to first gold pour, on the hard rock comminution circuit, is based on a 27-month construction period, with key upcoming milestones presented in Table 2 below.

| Table 2: Koné project timeline to first gold pour | | | | | | | | | | | | Work Stream | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | Q1-2026 | Q2-2026 | Q3-2026 | Q4-2026 | Q1-2027 | Q2-2027 | | Tailings Dam & Water Dams | | | | | | | | | | | | Tailings Dam | | | | | | * | | | | | | Water Storage & Dam | | | | | | | | | | | | Construction | | | | | | | | | | | | Power Supply | | | | | | * | | | | | | Site Infrastructure | | | | | | | * | | | | | Earth works & Concrete Works | | | | | | | | | | | | Structural, Mechanical, Piping | | | | | | | | | | | | Electrical | | | | | | | | | | | | Process Plant Commissioning | | | | | | | | | * | | | First Gold | | | | | | | | | | * |

CASH FLOW, LIQUIDITY SOURCES AND CAPITAL REQUIREMENTS

Cash flows generated from financing activities increased by $6.2 million from $150.5 million in Q2-2025 to $156.8 million in Q3-2025, as equal portions of the Wheaton Stream were drawn down during both Q3-2025 and Q2-2025, whereas payments related to deferred financing fees and capitalized contract costs took place during Q2-2025. Cash flows used in investing activities increased by $3.8 million from $88.3 million in Q2-2025 to $92.1 million in Q3-2025. This increase reflects the ongoing construction activities for the Koné project.

As at September 30, 2025, the Company had a consolidated cash balance of $159.0 million, compared to $99.9 million as at June 30, 2025, as the Company drew $156.25 million of the Wheaton Stream in Q3‑2025, partially offset by the investments in mineral property, plant and equipment (Koné Project construction), as well as operating cash outflows for general and administrative expenses and exploration activities.

As at September 30, 2025, the Company had total liquidity and Koné Project funding sources of $712.8 million, comprised of $487.5 million of undrawn funding sources (composed of the $312.5 million Wheaton Stream, $50.0 million Zijin Loan Facility, $75.0 million Wheaton Loan Facility, and $50.0 million local Working Capital Facility), $159.0 million of cash on hand and $66.3 million of other liquid assets. In addition, the Company has $75.0 million of undrawn CAT Equipment Financing.

A total of $428.0 million of capital had been committed for the Koné project construction as at September 30, 2025 (inclusive of amounts disbursed), which further increased to $494.8 million as of today, representing 58% of the total $860 million capital expenditure estimate, with prices in line with expectations. A total of $262.3 million has been disbursed for the Koné project construction, of which $103.5 million in Q3-2025, with approximately $597.7 million remaining to be disbursed (inclusive of contingencies).

In Q3-2025, the Company signed a binding commitment letter for a Working Capital Facility of $50.0 million (31.5 billion West African Franc) with a 5-year term. As at September 30, 2025, the final loan documentation was well advanced. Upon closing of the Working Capital Facility, it would rank pari-passu with existing creditors, benefiting from the Securities and Guarantees from the Financing Package, with details as outlined below: