Montage Gold (MAU ) Q1 2026 earnings summary

Executive summary

• Construction at the Koné project is ahead of schedule and on budget, with first gold pour targeted for late Q4-2026 through the oxide circuit and hard-rock circuit completion expected in Q2-2027.

• Over 10.4 million hours worked to date, with a workforce exceeding 3,500 and a strong focus on local employment (>95%).

• Significant progress on process plant, infrastructure, and mine services, with major milestones such as the completion of the airstrip, permanent camp, and water storage infrastructure.

• Acquisition of African Gold Limited adds the Didievi project to the portfolio, strengthening the asset base in Côte d'Ivoire.

Financial highlights

• $606.9 million of capital committed for Koné construction as of March 31, 2026, increasing to $636.9 million (72% of total $885 million capex).

• Cash balance at March 31, 2026, was $79.4 million, down from $191.8 million at year-end 2025, mainly due to project investment.

• Total liquidity and project funding sources of $440.2 million, with $331.3 million undrawn and $72.3 million undrawn equipment financing.

• Q1-2026 investing cash outflows totaled $110.3 million, a decrease from Q4-2025 due to proceeds from asset sales.

Outlook and guidance

• First gold pour from the oxide circuit expected in late Q4-2026; hard-rock circuit completion targeted for Q2-2027.

• Updated life of mine plan for Koné to be published later in 2026, incorporating new resources and operational enhancements.

• Ongoing exploration and resource updates expected for satellite and new deposits throughout 2026.