Montage Gold (MAU ) Q3 2026 earnings summary

Executive summary

• First gold poured from the Koné oxide circuit on September 26, 2026, ahead of the initial Q2-2027 schedule; commercial production is targeted for Q4-2026.

• The oxide plant averaged over 90% of its 11 Mtpa nameplate capacity in October and reached 104% in the final week; hard-rock circuit completion remains scheduled for Q2-2027.

Financial highlights

• Q3-2026 investing cash outflows were $137.3 million, up $9.3 million QoQ, primarily reflecting Koné construction timing and $24.8 million paid for the Didievi minority transaction.

• Q3-2026 financing cash inflows were $105.3 million, down $107.5 million QoQ; the quarter included drawdown of a $75.0 million unsecured term loan.

• September 30 cash was $106.6 million; total available liquidity was $205.6 million, including cash, a $75.0 million Wheaton Loan Facility and $24.0 million of other liquid assets.

Outlook and guidance

• Oxide circuit commercial production is targeted for Q4-2026; the hard-rock comminution circuit remains on schedule for completion in Q2-2027.

• Koné 2026 drilling totals 130,000 metres, with expected exploration expenditure of $22 million; an updated mine plan and year-end reserves and resources are expected in late Q1-2027.

• Expected 2026 exploration spend: $17 million at Didievi, $2 million at Wendé and $4 million in Mauritania; Mauritania reconnaissance drilling is expected to begin in early 2027.