Montage Gold (MAU ) Q4 2025 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 via the oxide circuit and hard-rock circuit completion expected in Q2-2027.

• Over 9.0 million construction hours have been worked, with a workforce exceeding 3,000 and a strong focus on local employment (>90%).

• Key infrastructure milestones include completion of CIL tanks, ball mill shell installation, water storage, and permanent camp, with the airstrip and resettlement village fully operational.

• Exploration remains robust, with 114,699 meters drilled in 2025 and a $16 million, 99,000-meter drill program underway for 2026.

• Acquisition of African Gold Limited is expected to close in Q2-2026, adding the Didievi project to the portfolio.

Financial highlights

• Total capital committed for Koné project construction reached $572.8 million as of March 2026, about 65% of the $885 million total upfront capital expenditure.

• Cash and cash equivalents at year-end 2025 were $191.8 million, with total liquidity and project funding sources of $559.4 million.

• Cash flows used in investing activities increased to $113.9 million in Q4-2025, reflecting ongoing construction.

• Cash flows from financing activities rose slightly to $157.3 million in Q4-2025.

Outlook and guidance

• First gold pour is targeted for late Q4-2026 through the oxide circuit, with hard-rock circuit completion in Q2-2027.

• Updated life of mine plan and new resource estimates for Koné and Gbongogo Main deposits are expected in 2026.

• Ongoing exploration and integration of new discoveries aim to enhance the production profile from the onset.