Montage Gold (MAU ) Q3 2025 earnings summary

Executive summary

• Koné project construction is progressing on budget and ahead of schedule, with over 5.7 million hours worked and more than 2,900 employees and contractors on site, targeting first gold pour in Q2-2027.

• Key infrastructure, including process plant, water supply, tailings storage, and resettlement village, is advancing rapidly, with several components completed ahead of schedule.

• Exploration activities remain robust, with 85,784 meters drilled in 2025 and updated resource estimates published for multiple satellite deposits.

Financial highlights

• Total liquidity and Koné project funding sources stand at $712.8 million as of September 30, 2025, with $159.0 million in cash and $487.5 million in undrawn facilities.

• $428.0 million of capital committed for construction as of quarter-end, increasing to $494.8 million (58% of total $860 million capex) as of the report date.

• Cash flows from financing activities increased by $6.2 million quarter-over-quarter, while cash flows used in investing activities rose by $3.8 million due to ongoing construction.

Outlook and guidance

• First gold pour remains on track for Q2-2027, with potential to accelerate via early commissioning of the oxide circuit.

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

• Further resource updates and pre-production drilling results are expected in the coming weeks.