Montage Gold (MAU ) Q4 2024 earnings summary

Executive summary

• Advanced development of the flagship Koné Project in Côte d'Ivoire, with mining permits secured and construction underway; first gold pour targeted for Q2-2027.

• Significant expansion of mineral resources, with Indicated Resources at 5.21Moz and Inferred Resources at 780koz as of early 2025.

• Strengthened leadership and board, with key appointments and strategic partnerships in Guinea and Côte d'Ivoire.

• Secured major financing, including a US$825M package from Wheaton and Zijin, and raised over C$215M in equity during 2024.

Financial highlights

• Net loss for 2024 was $67.8M, up from $24.4M in 2023, driven by increased exploration, project investigation, and administration costs.

• Exploration and project investigation costs rose to $44.2M (2023: $13.2M); administration costs increased to $14.9M (2023: $4.2M).

• Cash and cash equivalents at year-end 2024 were $165.5M, up from $6.7M in 2023, reflecting equity raises and stream financing.

• Total assets grew to $368.4M (2023: $45.7M); total liabilities increased to $163.0M (2023: $1.3M), mainly due to deferred revenue from stream financing.

• Share-based compensation rose to $9.6M (2023: $1.2M) due to new awards and executive appointments.

Outlook and guidance

• On track for first gold pour in Q2-2027, with a 27-month construction period and 25% of the US$835M capex committed by March 2025.

• 2025 exploration program targets 90,000 meters of drilling and US$14M spend to delineate higher-grade satellite deposits.

• Remaining financing from Wheaton and Zijin to be drawn as construction progresses.