Montage Gold (MAU ) Q1 2025 earnings summary

Executive summary

• Koné project construction remains on budget and on schedule, targeting first gold pour in Q2-2027, with over 2.0 million hours worked without a Lost Time Injury and more than 2,100 employees and contractors on-site.

• Over $304 million of capital committed to date, representing 36% of total capital expenditure, with prices in line with expectations.

• 45,887 meters drilled in Q1-2025 as part of a 90,000-meter annual program, focusing on the Gbongogo-Koroutou and Sissédougou trends.

• Robust liquidity and available sources of financing totaling $833 million, exceeding remaining capital disbursements of $750 million.

Financial highlights

• Cash flows from financing activities dropped to $0.4 million in Q1-2025 from $75.5 million in Q4-2024, reflecting prior drawdown of the Zijin Stream.

• Cash flows used in investing activities decreased to $56.7 million in Q1-2025 from $78.1 million in Q4-2024.

• Cash and cash equivalents at March 31, 2025, were $42.7 million, down from $115.3 million at year-end 2024.

• Total liquidity and available financing stood at $832.9 million as of March 31, 2025.

Outlook and guidance

• First gold pour remains on track for Q2-2027, with a 27-month construction period for the process plant.

• Exploration target aims to discover over 1Moz of Measured and Indicated Resources at a grade 50% higher than the Koné deposit before production starts.

• Annual production is expected to exceed 300koz for more than 10 years, with a 16-year mine life projected.