Montage Gold expects further resource growth at its Koné mine where the plant is already operating above nameplate

Montage Gold ramps up Koné mine production and expands exploration with strong initial results.

What the company is saying

Montage Gold Corp. positions the Koné mine as its flagship asset, highlighting the achievement of the first gold pour on September 26, 2026, and rapid ramp-up toward commercial production targeted for Q4-2026. The company emphasizes operational momentum, citing 880,000 tonnes processed in October at over 90% of the 11Mtpa nameplate capacity, peaking at 104% in the last week, with a 0.82 g/t Au head grade and 95% recovery yielding 23,460 ounces of gold. CEO Martino De Ciccio frames the narrative around unlocking value through aggressive exploration, noting over 375,000 meters drilled since the 2024 Feasibility Study, the delineation of 12 deposits (up from 2), and mineralization confirmed at all 25 targets drilled in 2026. The company stresses the $18.0 million, 130,000-meter 2026 exploration program as a driver for both near-term and long-term production enhancement. Chief Exploration Officer Silvia Bottero underscores the scale of exploration, with 120,000 meters drilled year-to-date and resource growth across seven mineralized trends. Messaging is confident, focusing on operational milestones, resource expansion, and the pipeline of catalysts, while omitting updated resource/reserve figures and detailed economic analysis for new discoveries.

What the data suggests

The operational data confirm that Montage Gold has transitioned the Koné mine into production, with 880,000 tonnes processed in October and 23,460 ounces of gold produced at a 0.82 g/t head grade and 95% recovery. The plant is running above design capacity, averaging over 90% and reaching 104% of its 11Mtpa nameplate in late October. Drilling activity is extensive, with 4,245 holes and 122,651 meters completed in the first nine months of 2026, distributed across seven mineralized trends. Since the 2024 Feasibility Study, over 375,000 meters have been drilled, resulting in the delineation of 12 deposits and mineralization confirmed at all 25 targets tested this year. The $18.0 million exploration budget for 2026 supports a 130,000-meter campaign, with a focus on both in-fill and step-out drilling. While these figures demonstrate significant operational and exploration progress, the absence of updated resource/reserve estimates or detailed grades for new discoveries means the magnitude of value creation from these efforts remains unquantified. The evidence supports a narrative of rapid operational ramp-up and broad exploration success, but the impact on long-term production and economics is not yet defined.

Analysis

The announcement provides substantial realised operational data, including the first gold pour, plant throughput, head grade, recovery, and gold output for October 2026, as well as extensive drilling and deposit delineation metrics. However, a significant portion of the narrative is forward-looking, emphasizing upcoming milestones (commercial production in Q4-2026, ramp-up at Gbongogo Main, future exploration results, and completion of the hard-rock comminution circuit in Q2-2027). While the $18M exploration budget and 130,000-meter drilling campaign are concrete, the benefits from these investments (resource upgrades, production profile enhancement) are not yet realised and are described in aspirational terms. The language around 'increasing confidence,' 'potential to enhance production,' and 'encouraging results' inflates the signal relative to the absence of new resource/reserve figures or economic analysis for the newly identified deposits. The capital intensity is high, with much of the value creation still contingent on future exploration and development milestones.

Risk flags

• ●The absence of updated resource or reserve estimates for the newly delineated deposits means the scale and economic impact of recent exploration success are not yet validated, creating uncertainty around the true uplift to production and mine life.
• ●Operational ramp-up to commercial production is ongoing, with full declaration targeted for Q4-2026; any delays or underperformance in achieving commercial status could impact near-term cash flow and investor confidence.
• ●The capital intensity of the 2026 exploration program, with a $18.0 million budget and 130,000 meters planned, increases financial exposure if exploration results do not translate into economically viable resources or reserves.
• ●While the company reports positive mineralization at all 25 targets drilled in 2026, the lack of detailed assay results, grades, or widths for these intersections limits independent assessment of their quality and potential economic contribution.
• ●Future production enhancements are contingent on successful conversion of Inferred to Indicated resources, especially at satellite deposits like Petit Yao, and on the timely ramp-up of higher-grade zones such as Gbongogo Main; delays or disappointing results in these areas would affect the projected production profile.

Bottom line

Montage Gold has delivered a credible operational update, with the Koné mine achieving its first gold pour and ramping up production ahead of commercial declaration in Q4-2026. The company is executing an aggressive $18.0 million exploration program, having drilled over 375,000 meters since 2024 and expanded its deposit base from 2 to 12, with positive mineralization at all 25 targets tested this year. Plant performance metrics—880,000 tonnes processed in October, 0.82 g/t head grade, 95% recovery, and 23,460 ounces produced—demonstrate strong operational momentum. However, the lack of updated resource/reserve figures or detailed economic data for new discoveries means the full value of these exploration successes is not yet clear. Near-term catalysts include the declaration of commercial production and further exploration results, but investors should watch for concrete resource upgrades and economic studies to confirm the scale of value creation. The most important takeaway is that Montage is moving rapidly from development to production, but the long-term upside from exploration will only be validated with future resource and economic disclosures.

Announcement summary

(TSX:MAU, OTCQX:MAUTF) Montage Gold Corp. announced drill results from its 2026 exploration program at the Koné mine, Côte d’Ivoire, indicating increased confidence in expanding resources at higher-grade satellite deposits and discovering new deposits. The first gold pour at the Koné mine was achieved on September 26, 2026, and ramp-up activities have led to processing approximately 880,000 tonnes from the oxide circuit in October, with the plant operating at over 90% of its 11Mtpa nameplate capacity and reaching 104% during the last week of October. The average processed head grade for October was 0.82 g/t Au, with an average gold recovery of approximately 95%, resulting in about 23,460 ounces of gold produced in the month. Mining is currently focused on the Koné deposit, with mining at the higher-grade Gbongogo Main deposit expected to ramp up in late Q4-2026. Since the 2024 Feasibility Study, over 375,000 meters have been drilled at the Koné mine, identifying 10 new higher-grade satellite deposits, now totaling 12 deposits compared to 2 in the Feasibility Study, and intersecting mineralization at over 50 targets across 7 mineralized trends. The 2026 exploration program includes a 130,000-meter drilling campaign with a budget of $18.0 million, focusing on in-fill and extension drilling at Koné and Gbongogo Main, advancing pre-resource targets such as ANV North and ANIII, and testing new targets across the mine’s land package. In the first nine months of 2026, 4,245 holes were drilled at Koné, totaling 122,651 meters, including 747 RC holes (86,076 meters), 64 DD holes (11,064 meters), and 3,434 auger holes (25,511 meters). Drilling was distributed across trends: Koné (32%, 39,856 meters), Gbongogo-Koroutou (43%, 52,569 meters), Bafretou-Niondjé (4%, 5,296 meters), Sissédougou (11%, 13,987 meters), Yeré (6%, 6,963 meters), and TZ (3%, 3,979 meters). Positive mineralization was confirmed at all 25 exploration targets drilled in 2026. The Gbongogo-Koroutou trend remains a key focus, with more than 20 targets identified and 6 deposits delineated, supported by existing infrastructure. At Petit Yao, exploration aims to convert Inferred Resources to Indicated and test extensions, with confirmed mineralized extensions outside the current pit shell. On the Sissédougou trend, drilling at ANV and ANV North continues to yield encouraging results, with a large gold-in-saprolite anomaly (approx. 3.0km strike) at ANV North showing thick, high-grade intercepts. Regional auger programs in 2026 targeted multiple gold-in-soil anomalies across several trends and the Gbatosso permit, with results supporting further target generation. Upcoming catalysts include regular exploration updates on the 130,000-meter Koné drill program, updated life of mine plan and year-end reserves/resources, ramp-up to commercial production in Q4-2026, completion of the hard-rock comminution circuit in Q2-2027, and exploration results from the 85,000-meter Didievi and 9,000-meter Wendé programs. Montage Gold also holds a portfolio of exploration tenements in Mauritania, where early-stage activities are ongoing.

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