Montage Gold (MAU ) Q2 2025 earnings summary

Executive summary

• Construction at the Koné project is progressing on budget and ahead of schedule, with over 3.0 million hours worked without a lost time injury and more than 2,500 employees and contractors on site.

• First gold pour is targeted for Q2-2027, with key milestones such as CIL tank erection and water storage facility completion achieved ahead of schedule.

• Exploration activities have been expanded, with 83,280 meters drilled in H1-2025 and the annual program increased to 120,000 meters to delineate higher-grade resources.

• Strategic partnerships were formed with African Gold and Aurum Resources, enhancing regional presence.

• The company graduated to the TSX, increasing visibility and potential investor base.

Financial highlights

• $339.2 million of capital committed as of June 30, 2025, increasing to $369.6 million, representing 44% of the total $835 million capital expenditure.

• Cash balance at June 30, 2025, was $99.9 million, up from $42.7 million at March 31, 2025, due to a $156.3 million drawdown from the Wheaton Stream.

• Total liquidity and available financing stood at $734.8 million, with $593.8 million undrawn.

• Cash flows from financing activities rose by $150.1 million in Q2-2025, while investing activities used $88.3 million.

Outlook and guidance

• On track for first gold pour in Q2-2027, with construction and exploration milestones progressing ahead of schedule.

• Exploration target to discover over 1Moz of Measured and Indicated Resources at 50% higher grade 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.

• Owner mining with vendor equipment financing is being evaluated for greater flexibility and cost savings.