Montage Gold Achieves First Gold Pour at Kone Mine Ahead of Schedule

Montage Gold has achieved a significant milestone with the successful first gold pour at its Koné Gold Mine in Côte d’Ivoire, marking the company's transition from a mining developer to an emerging gold producer. The inaugural pour, completed on September 26, 2026, yielded approximately 1,140 ounces of gold, several months ahead of the original production schedule of the second quarter of 2027. This achievement comes just 21 months after construction began in December 2024, demonstrating the rapid development of one of West Africa's major gold mining projects.

The first gold pour followed the processing of more than 400,000 tonnes of ore, representing an important step in the commissioning and operational ramp-up of the Koné processing facilities.

Achieving first gold ahead of schedule represents a major advancement in Montage Gold's development strategy. The company is now focused on progressively increasing throughput and optimizing its oxide processing circuit, which is expected to achieve commercial production by the end of 2026.

Commercial production will mark the transition from initial commissioning activities to sustained mining and processing operations. During this phase, Montage will concentrate on improving operational efficiency, stabilizing recovery rates and establishing consistent gold output.

The accelerated production timeline could also allow the company to begin generating revenue earlier than originally anticipated, although the financial benefits will depend on production volumes, operating costs and prevailing gold prices.

Koné is designed to become a significant contributor to Côte d’Ivoire's gold production, with projected annual output exceeding 300,000 ounces during its first eight years of operation.

The mine has an estimated operational life of 16 years, providing a long-term production horizon that could support sustained economic activity and investment in the surrounding region.

An important component of the development strategy is the construction of the hard-rock processing circuit, which is scheduled for completion by mid-2027.

While the oxide circuit enables the initial processing of more readily treatable ore, the hard-rock circuit will expand the mine's processing capabilities and support the exploitation of additional mineral resources.

The integration of both processing circuits is expected to strengthen Koné's operational flexibility and support the company's long-term production objectives.

Beyond its production achievements, the Koné project has already generated substantial employment opportunities in Côte d’Ivoire.

During construction, approximately 3,600 jobs were created, with Ivorian nationals accounting for more than 95% of the workforce. This level of local participation highlights the project's contribution to domestic employment and workforce development.

Once the mine reaches full production, Montage Gold expects to support approximately 1,500 permanent positions.

These employment opportunities could provide long-term economic benefits to surrounding communities through household income, technical training and the development of specialized mining skills.

The project's economic contribution may also extend to local contractors, transportation providers, equipment suppliers and other businesses supporting mining operations.

As production increases, continued investment in local procurement and workforce development could strengthen the integration of the mining industry into Côte d’Ivoire's broader economy.

Montage Gold is also pursuing an extensive exploration strategy aimed at expanding its mineral resource base and identifying additional production opportunities.

The company's measured and indicated gold resources have increased to 6.29 million ounces, with an average grade of 0.80 grams of gold per tonne.

This expanded resource base provides additional geological information to support future mine planning and evaluate potential opportunities to extend the project's operational life.

For 2026, Montage has established an exploration program comprising approximately 130,000 metres of drilling, with particular emphasis on identifying higher-grade satellite deposits.

These satellite deposits could potentially provide supplementary ore sources for the Koné processing facilities, improving the flexibility of future mining operations.

Successful exploration could also support higher-grade ore blending, resource expansion and additional development opportunities. However, the economic viability of newly identified mineralization will depend on further drilling, technical evaluation and mine planning.

Alongside the development of Koné, Montage Gold is advancing its Didievi project as a potential future development asset.

The project forms part of the company's broader strategy to establish a diversified gold production portfolio in Côte d’Ivoire.

As Koné progresses toward commercial production, continued exploration and technical development at Didievi could create additional opportunities for resource growth and future investment.

The advancement of multiple assets would also provide Montage with opportunities to build on its existing operational experience and strengthen its long-term presence in the country's gold mining sector.

The successful first gold pour at Koné represents an important development for Côte d’Ivoire, with the project becoming the country's ninth operating gold mine. Its early production milestone, substantial resource base and long-term production outlook reinforce the country's expanding role in West Africa's gold mining industry.

Koné's development could contribute to increased national gold output, export earnings, government revenue and employment as the operation progresses toward its full production capacity. The project's high level of local workforce participation also demonstrates the potential for large-scale mining investments to support domestic skills development and regional economic activity.

For Montage Gold, the transition to production creates an opportunity to establish operating cash flow, advance its exploration portfolio and support future developments, including Didievi. The completion of the hard-rock processing circuit and the successful ramp-up to commercial production will be important factors in determining the project's longer-term performance.

More broadly, Koné's progress illustrates the continuing importance of large-scale gold investments in Côte d’Ivoire's mining sector. Its eventual economic contribution will depend on operational performance, exploration results, gold market conditions and the extent to which mining revenues and procurement opportunities benefit the wider economy.

Mini-Glossary

• First Gold Pour: The initial production of gold at a mine, typically marking the beginning of its transition toward operational production.
• Commercial Production: The stage at which a mine achieves sufficiently stable and sustained operations to meet its established production criteria.
• Oxide Processing Circuit: A processing facility designed to recover gold from oxidized ore, which is often easier to process than fresh hard-rock material.
• Hard-Rock Processing Circuit: Equipment and processing systems designed to extract gold from harder, less-weathered rock.
• Ore Throughput: The quantity of ore processed by a mining facility during a specified period.
• Operational Ramp-Up: The gradual increase in mining and processing activities toward planned production capacity.
• Measured and Indicated Resources: Mineral resource categories supported by geological evidence and sampling, with measured resources having a higher level of geological confidence.
• Gold Grade (g/t Au): The concentration of gold in ore, expressed in grams of gold per tonne of material.
• Satellite Deposits: Smaller mineral deposits located near a principal mining operation that may provide additional ore.
• Ore Blending: The combination of different ore types or grades to optimize processing efficiency and production performance.
• Mine Life: The estimated period during which a mining operation is expected to remain economically productive.

Editor: Vural Burç ÇAKIR