VANCOUVER - Montage Gold Corp. has released its third-quarter 2025 activities report, showcasing significant progress at its flagship Koné gold project in West Africa. The company remains confident in its timeline for first gold production in the second quarter of 2027, with construction activities advancing according to schedule and budget.
Construction Milestones Achieved
The Koné project has demonstrated remarkable construction momentum during the third quarter. More than 5.7 million hours have been worked to date, with over 2,900 employees and contractors actively engaged on-site. This substantial workforce has driven multiple critical achievements across the project's infrastructure.
Montage Gold has committed $494.8 million in capital expenditures, representing approximately 58% of the total projected budget. The company reports that all pricing remains in line with initial expectations, providing confidence in the project's financial management.
Key process plant accomplishments include the completion of all tanks erected on the first carbon-in-leach (CIL) train, concrete pours for the ball mill foundation, and concrete work for pre-leach and tailings thickeners. The oxide circuit earthworks have also progressed with concrete pouring completed.
Infrastructure and Exploration Advances
Beyond the processing facilities, other critical infrastructure elements are well advanced. The river abstraction facility has been commissioned and is fully operational, while tailings storage facility (TSF) earthworks are progressing ahead of schedule. The relocation site has been completed, and several plant buildings are already fully operational.
Exploration activities maintained strong momentum with 85,784 meters drilled throughout 2025. The focus has been on delineating higher-grade resources, with additional results expected to be published in the coming weeks. The company anticipates continued growth at the Gbongogo South, Koban North, and ANV deposits, where intermediary resources were recently published.
Further resource updates are expected for the Yeré North, Lokolo Main, Sena, and Diouma North deposits, which received starter resources in early 2025. The company also plans to release maiden resources for new targets identified through the extensive exploration program.
Financial Position and Safety Performance
Montage Gold maintains a robust financial position with liquidity and project funding sources totaling $712.8 million. This substantial financial backing compares favorably against remaining capital disbursements of $597.7 million, providing significant cushion for project completion.
The company reported a lost-time injuries frequency rate of 0.2 for the quarter, reflecting its ongoing commitment to workplace safety amid the intensive construction activities. Cash flows from financing activities reached $156.8 million for the quarter, while cash and cash equivalents stood at $159.0 million at period end.
Pre-production drilling, comprising 56,000 meters at the Koné and Gbongogo Main deposits, has confirmed grade and continuity of mineralized envelopes while identifying high-grade zones. Full results from this drilling campaign will be published in the coming weeks, providing additional insight into the project's resource potential.
