Montage Gold reports on its Q2-2026 activities

Process plant area overview GNW

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Koné construction on-budget and ahead of schedule for Q4-2026 • Continued resource expansion • Robust liquidity sources

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VANCOUVER, British Columbia, Aug. 11, 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 Q2-2026, with highlights provided in Table 1 below.

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The Company’s condensed interim consolidated Financial Statements and associated Management’s Discussion and Analysis for the three and six months ended June 30, 2026, have been filed under the Company’s profile on SEDAR+ (www.sedarplus.ca) and are available for download on the Company’s website.

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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 Q4-2026 through the oxide circuit, and remaining on-budget. A total of 2.7 million construction hours were worked in Q2-2026, with total hours worked now totalling over 12.9 million hours since the commencement of the project until today, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.08.

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Significant progress is being made on the key processing infrastructure ahead of an oxide start-up, with the successful completion of the oxide sizer, ball mill, classification areas, thickeners, carbon in leach (“CIL”) trains, reagents areas and water services. Construction of the 225kV power line and on-site 33kV substation has been completed, enabling the substation to be fully energized. Power has been reticulated throughout the processing plant and dry commissioning of discrete operable systems has begun. Construction of the hard-rock comminution circuit continues to advance on-schedule, with major concrete pours occurring across the primary and secondary crushers, screening areas and high-pressure grinding rollers (“HPGR”). Construction of the tailings storage facility (“TSF”) and the laydown of high-density polyethylene (“HDPE”) liners has been completed, whilst overland piping for the water storage facility (“WSF”) reclaim, tailings pumping and decant water return system continues to progress ahead of schedule. Mining activities are commencing to build a run-of-mine stockpile for the oxide-circuit ahead of wet commissioning and production ramp-up. A total of $686.0 million of capital had been committed as at quarter-end (inclusive of $623.8 million disbursed), which has further increased to approximately $714.4 million as at today, representing approximately 81% of the total $885.0 million capital expenditure, with prices in line with expectations.

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In parallel, the Company continues to be focused on unlocking value through its exploration programmes. At the Koné project, a total of 43,322 meters were drilled in Q2-2026, amounting to 90,576 meters for H1-2026, with exploration efforts continuing to focus on infill and extension drilling, advancing pre-resource targets toward maiden resource definition, and testing of new targets. Updated Mineral Resource Estimates for satellite deposits, including Gbongogo South, Koban North, ANV, Yeré North, Lokolo Main, Sena and Diouma North and maiden Mineral Resource Estimates for new discoveries such as Petit Yao and Soman were published on June 15, 2026. As a result, Measured and Indicated (“M&I”) Resources for higher-grade satellite deposits at the Koné project have increased by 1.1Moz to 1.7Moz at 1.51 g/t Au compared to 520koz at 1.48 g/t Au which was used as a basis for the 2024 Updated Feasibility Study (“UFS”) whilst Inferred Resources for satellite deposits have increased from nil to 0.8Moz at 1.34 g/t Au. At the Didievi project, high-grade drill intercepts, as published on July 14, 2026, have demonstrated the continuity of mineralization at the Blaffo Guetto deposit whilst highlighting its growth potential. A further 60,000-meter drill programme was launched during Q2-2026 at Didievi, amounting to approximately 85,000 meters for the year, which is expected to yield an updated resource estimate. At the Wendé advanced greenfield property, a 9,000-meter drill programme is underway, with initial results published on July 29, 2026, confirming the prospectivity of the property and increasing confidence in the ability to delineate a maiden resource following upcoming drill programmes.

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Following the completion of the acquisition of African Gold on April 29, 2026, the Company entered into a binding agreement with minority shareholders, for a total consideration of approximately $57.7 million, to increase its ownership interest by 15.5% to 95.5% in its Didievi project, in Côte d’Ivoire, and to repurchase a 1.5% royalty on the asset. In addition, as part of the agreement, Montage has also increased its interest by 15.5% to 95.5% in its Konahiri North, Konahiri South and Koyekro properties, in Côte d’Ivoire, and obtained an option to repurchase a 0.75% royalty on these properties in the future. To fund the transaction and to accelerate activities at the Didievi project, Montage obtained a $75 million unsecured loan with Macquarie Bank, with an interest rate of SOFR + 5.5%, reducing to SOFR + 4.5% next year, and a 2-year term.

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Martino De Ciccio, Chief Executive Officer of Montage, commented: “We have achieved significant construction milestones at our flagship Koné project, in Côte d’Ivoire, which are the culmination of nearly 13 million people hours worked on the project since its commencement. Construction of all major infrastructure and equipment necessary for the oxide circuit start-up has been completed including the oxide sizer, ball mill, classification areas, thickeners, CIL trains and services area. As such, we have started dry commissioning of the oxide circuit while mining activities are commencing. We are therefore well on track to pour first gold during Q4-2026, while remaining on budget. 

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On the exploration front, given the success of the programme at the Koné project, which continues to add higher grade satellite resources, we have increased this year’s programme by 40,000 meters to 130,000 meters for the year, with approximately 90,000 meters already completed by mid-year. At Didievi, which is poised to be our next development asset, we have launched a new 60,000-meter programme, which will bring total meters drilled this year to 85,000 meters and is expected to underpin an updated mineral resource estimate. At our Wendé advanced greenfield exploration property, we are very excited with the first drill results recently published which confirmed the prospectivity of the property and increased our confidence to rapidly delineate a maiden resource through upcoming drill programmes while leveraging approximately 60,000 meters of drilling conducted on the property by previous owners.

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We are very pleased with the momentum that we continue to generate across our business as we focus on executing our strategy of creating a premier, multi-asset African gold producer and delivering value for all our stakeholders.”

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KONÉ PROJECT UPDATE

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Construction continues to progress on-budget with rapid progress made across a number of key workstreams as summarized below:

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Figure 1: Process plant area overview

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Figure 2: Process plant key infrastructure

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Figure 3: Hard-rock comminution circuit stages

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Figure 4: Electrical substation, high-voltage grid connection and gensets

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Figure 5: TSF development and HDPE liner

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›   The water storage infrastructure was completed in Q3-2025 alongside the river abstraction, booster stations and water treatment plants, which were all successfully commissioned and are operational as of last year. Water accumulation in the WSF is progressing on-schedule ahead of wet commissioning, aided by strong river flows and pumping at the Marahoué river and seasonal rainfall.

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Figure 6: Water storage facility

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Figure 7: Koné mine services area

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Figure 8: Mining fleet assembly

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Figure
9:
Mining activities commencing at the Koné pit

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Figure 10: Mining
fleet operations training through on-site simulators

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Timeline to first gold pour

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Given the strong advancement of construction activities, the Company remains on-budget and is on track for first gold pour in Q4-2026 through the oxide circuit, whilst the hard-rock comminution circuit remains on-schedule for completion in Q2-2027. Key upcoming milestones are presented in Table 2 below.

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Table 2: Koné project timeline to first gold pour

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As previously published, the Company expects to publish an updated life of mine plan (“LOM”) for the Koné project along with year-end reserves and resources, to incorporate new data from the Koné, Gbongogo Main and additional higher-grade satellite deposits, as well as the initiatives currently underway to further unlock value including the oxide circuit, process plant design enhancements, and the shift to an owner-operated mining model.

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CASH FLOW, LIQUIDITY SOURCES AND CAPITAL REQUIREMENTS

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Cash flows used in investing activities totalled $128.0 million in Q2-2026, a $17.7 million increase from $110.3 million in Q1-2026. This variance was primarily driven by the timing of cash outflows related to construction expenditures at the Koné project, partially offset by $6.2 million of cash obtained through the acquisition of African Gold Limited (“African Gold”). Cash flows generated from financing activities in Q2-2026 was $212.8 million, representing a $212.9 million increase from $0.1 million of cash flow used in financing activities in Q1-2026. The increase was primarily driven by the $156.25 million drawdown under the Wheaton Stream Facility and the $55.7 million drawdown under AFG Loan during the quarter.

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As at June 30, 2026, the Company had a consolidated cash balance of $154.4 million, compared to $79.4 million as at March 31, 2026, an increase of $75.0 million primarily driven by the $156.25 million drawdown under the Wheaton Stream Facility and $55.7 million from AFG Loan drawdown, offset by $135.3 million mainly spent on Koné project development and exploration activities.

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As at June 30, 2026, the Company had total liquidity and Koné project funding sources of $309.0 million, comprised of $125.0 million of undrawn funding sources (composed of the $50.0 million Zijin Loan Facility, and the $75.0 million Wheaton Loan Facility), $154.4 million of cash on hand and $29.6 million of other liquid assets. In addition, the Company has $69.0 million of undrawn CAT Equipment Financing, of which $14.0 million was drawn subsequent to the end of reporting period.

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A total of $686.0 million of capital had been committed for construction of the Koné project as at June 30, 2026 (inclusive of amounts disbursed), which further increased to $714.4 million as of today, representing 81% of the total $885.0 million capital expenditure estimate, with costs in line with expectations. As at June 30, 2026, a total of $623.8 million has been disbursed for construction of the Koné project, of which $119.0 million in Q2-2026, with approximately $161.2 million remaining to be disbursed until first gold pour through the oxide circuit in Q4-2026, and a total of approximately $261.2 million remaining to be disbursed to completion of the hard-rock comminution circuit (inclusive of contingencies).

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EXPLORATION ACTIVITIES

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As shown in Table 3 below, a total of 224,000 meters of drilling is underway for 2026 across the Koné, Didievi and Wendé properties. Exploration expenditure, including amounts related to non-drilling exploration activities, across all assets is expected to amount to $35.5 million for 2026, in addition to $3.3 million spent by African Gold prior to the transaction close on April 29, 2026. During Q2-2026, a total of 63,020 meters were drilled across the assets, with exploration expenditure for Montage amounting to $9.7 million, in addition to $0.7 million incurred by African Gold to complete 4,820 meters on Didievi prior to the transaction close. During H1-2026, a total of 126,350 meters were drilled across the assets, with exploration expenditure for Montage amounting to $17.2 million, in addition to $3.3 million incurred by African Gold to complete 21,422 meters on Didievi prior to the transaction close. 

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Table 3: Group exploration drilling programme (pro forma post African Gold transaction close), in meters

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Koné Mine, Côte d’Ivoire

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Didievi project in Côte d’Ivoire

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Wendé advanced greenfield exploration property in Côte d’Ivoire

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Mauritanian exploration properties

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CORPORATE UPDATES

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Acquisition of minority stake and royalty on the Didievi project

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Montage is pleased to announce that it has entered into binding sale and purchase agreements (“SPAs” and together the “Transaction”) with certain minority shareholders (“Minority Shareholders”) of its 80%-owned Kouroufaba Gold Limited (“Kouroufaba Gold”) subsidiary, which holds a 100% interest in the Didievi project, as well as a 100% interest in the Konahiri North permit, and the Konahiri South and Koyekro exploration permits and applications (together the “Other Properties”).

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The Transaction increases Montage’s interest in Kouroufaba Gold (and therefore indirectly the Didievi project and the Other Properties) by 15.5% to 95.5%. As part of the transaction, Montage has also repurchased a 1.5% NSR royalty held by the Minority Shareholders over the Didievi project, reducing the overall third-party held royalties on the Didievi project to 0.5%. Additionally, the Company was granted an option to extinguish a 0.75% NSR royalty held by the Minority Shareholders on the Other Properties, thereby having the optionality to reduce the overall third-party held royalties on the Other Properties to 0.25% for a fixed exercise price of $22.5 million (“Exercise Price”). The option does not have an expiry date.

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The total consideration for the Transaction is approximately $57.7 million, representing approximately 1.1% of Montage’s basic market capitalization¹, consisting of approximately $44.5 million² as cash consideration and $13.2 million payable through the issuance of 1,257,885 shares in Montage³. Completion of the Transaction is expected in H2-2026, subject to customary conditions precedent.

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To finance the Transaction, and to accelerate exploration and development activities at the Didievi project, the Company signed a binding commitment letter with Macquarie Bank Limited for an unsecured term loan of $75.0 million (the “Macquarie Loan Facility”). The Macquarie Loan Facility has an interest rate based on the 3-Month Term Secured Overnight Financing Rate (“SOFR”) + 5.5% per annum, reducing to SOFR + 4.5% per annum upon commercial production of the hard-rock circuit at the Koné project, expected in Q2-2027. The Macquaire Loan facility has a 2-year tenor and repayment is a 100% bullet, with no penalty on early repayment. There is an upfront fee of 1.0% of the facility amount, payable half on the closing date and half on the earlier of the first anniversary of the closing date or the repayment in full of the facility. Use of proceeds of the Macquarie Loan facilities are (1) To fund the Transaction with the Minority Shareholders; (2) to fund exploration and development activities; and (3) general corporate purposes. The Company expects to close the Macquarie Loan Facility ahead of completion of the Transaction.

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Sustainability report publication

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In May 2026, Montage published its inaugural sustainability report, marking an important milestone in the Company’s sustainability journey and solidifying Montage’s commitment to transparency, accountability, and continuous improvement. The 2025 sustainability report outlines Montage’s key sustainability priorities, management systems, and performance indicators. Montage has adopted the GRI framework as the foundation for sustainability reporting with an intention to further enhance sustainability disclosures in future reports by incorporating additional internationally recognized standards along with third-party external assurance. The report is available on the Company’s website here.

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_{¹ Based on a Montage share price of C$18.27 and using a USD/CAD exchange rate of 1.4014 at the close of August 7, 2026.
² $44.5 million cash consideration includes a cash consideration paid in Australian Dollars of A$56.1 million (approximately $39.5 million using a USD/AUD exchange rate of 1.4218 as of August 7, 2026.
³ $13.2 million share consideration equal to 1,257,885 Montage shares is based on the SPA transaction price of C$14.69/share and USD/CAD exchange rate of 1.4013.}

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UPCOMING CATALYSTS

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Key upcoming catalysts by asset across the Company include:

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ABOUT MONTAGE GOLD

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Montage Gold Corp. (TSX:MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d’Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the “UFS”), the Koné project has an estimated 16-year mine life and sizeable annual production of +300koz of gold over the first 8 years and is expected to enter production in late Q4-2026.  The Company has also built a high-quality, multi-asset growth pipeline including the Didievi and Wendé properties in Côte d’Ivoire, and a portfolio of prospective exploration tenements in Mauritania.

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QUALIFIED PERSONS STATEMENT

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The scientific and technical contents of this press release have been verified and approved by Mr. Peder Olsen, a Qualified Person pursuant to NI 43-101. Mr. Olsen, President and Chief Development Officer of Montage, is a registered Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM).

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CONTACT INFORMATION

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FORWARD-LOOKING STATEMENTS

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This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, “Forward-looking Statements”). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as “will”, “intends”, “proposed” and “expects” or similar expressions are intended to identify Forward-looking Statements. Forward-looking Statements in this press release include statements related to the Company’s objectives of achieving first gold pour in late Q4-2026 through an oxide circuit startup, and remaining on-schedule for completion of the hard-rock comminution circuit in the second quarter of 2027; the items listed under the heading “Upcoming Catalysts”; the Company’s mineral reserve and resource estimates; results of ongoing and planned exploration and drill programmes, including results of the pre-production drilling programme; expected recoveries and grades of the Koné project; timing in respect of the commencement and completion of construction of various components of the Koné project, the length of construction and of the mining operations at the Koné project, including estimated construction costs; timing and amount of necessary financing related to the mining operations at the Koné project; the timing and amount of future production from the Koné project; anticipated mining and processing methods of the Koné project; anticipated mine life of the Koné project; anticipated operational efficiencies and flexibility and other benefits of the construction of the oxide circuit; the publication of new resource estimates and updated LOM plan in 2026; and further information related to exploration programmes, exploration results and timing thereof at the Didievi project, the Wendé property and the Company’s exploration properties in Mauritania.

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Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that any Forward-looking Statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, including that the returns from the Koné project will be lower than estimated, that additions to the mineral resources will not be achieved or that the remaining cost of construction of the Koné project will be higher than estimated, that the updated LOM plan will indicate lower financial returns or production, or that the acquisition of African Gold will not result in any benefits to Montage. Important factors that could cause actual results to differ materially from include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies, and in delineating new mineral reserve and resource estimates, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, decreases in the price of gold, unexpected variations in quantity of mineralized material, grade or recovery rates being lower than expected, unexpected adverse changes to geotechnical or hydrogeological considerations, or expectations in that regard not being met, unexpected failures of plant, equipment or processes (including construction equipment), delays in or increased costs for the delivery of construction equipment and services, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d’Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company’s Annual Information Form available at www.sedarplus.ca, under the heading “Risk Factors”. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

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Figures accompanying this announcement are available at:

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