Announcement • Jun 15

Montage Gold Corp Reports Updated Mineral Resource Estimate For Koné Project Satellite Deposits

Montage Gold Corp. has continued to make higher grade satellite discoveries at its Koné project, in Côte d’Ivoire, where construction remains on-budget and ahead of schedule with first gold pour targeted in late Fourth Quarter 2026. M&I Resources for higher-grade satellite deposits at the Koné project have increased by 1.1Moz to 1.7Moz at 1.51 g/t Au compared to 520koz at 1.48 g/t Au which was used as a basis for the 2024 Updated Feasibility Study whilst Inferred Resources for satellite deposits have increased from nil to 0.8Moz at 1.34 g/t Au. Koné project overall M&I Resource increased by 1.4Moz to 6.3Moz, with grade up 27% to 0.80 g/t Au and Inferred Resources increased by 1.6Moz to 2.0Moz with grade up 36% to 0.68 g/t Au, compared to the basis used for the Updated Feasibility Study. Mineralization intercepted at 25 targets with a growing pipeline of +20 targets still to be drill tested, while 12 deposits have now been delineated compared to 2 in the 2024 Updated Feasibility Study based on a disciplined exploration approach consisting of outlining starter resources to assess grade and size of targets to prioritize subsequent infill and step-out drilling efforts. M&I Resource grades of new discoveries range between 1.3 to 2.0 g/t Au for notable deposits such as Petit Yao (1.51 g/t Au), Gbongogo South (1.47 g/t Au), Soman (1.42 g/t Au), Koban North (1.29 g/t Au), Sena (2.06 g/t Au), Diouma North (1.33 g/t Au), ANV (1.83 g/t Au), Yeré North (2.03 g/t Au), and Lokolo Main (1.92 g/t Au). Step-out and infill drilling has mainly focused on growing M&I Resources at the Gbongogo Main, Gbongogo South, Koban North and ANV deposits with M&I Resources standing at respectively 783koz at 1.51 g/t Au, 230koz at 1.47 g/t Au, 167koz at 1.29 g/t Au and 168koz at 1.83 g/t Au, with further exploration underway. Maiden M&I Resource achieved for Petit Yao of 102koz at 1.51 g/t Au with maiden Inferred Resource of 391koz at 1.28 g/t Au, while drilling is ongoing and mineralised extensions have been identified. Further resource updates are expected throughout the year with a 90,000-meter programme for the year well underway. Construction of the Koné project remains on-budget and ahead of schedule with first gold pour targeted in late Fourth Quarter 2026. Since the publication of the 2024 Updated Feasibility Study, a total of approximately 330,000 metres has been drilled in addition to the 118,525 metres completed prior, focused on discovering higher-grade satellite deposits with the objective of enhancing the production profile of the operation from the commencement of production. M&I Resources for higher grade satellite deposits have increased by 1.14Moz to 1.66Moz at 1.51 g/t Au compared to 520koz at 1.48 g/t Au, which was used as a basis for the 2024 Updated Feasibility Study whilst Inferred Resources for satellite deposits have increased from nil to 766koz at 1.34 g/t Au. As a result, the overall Koné project M&I Resource has now increased by 1.42Moz to 6.29Moz, with grade improving by 27% to 0.80 g/t Au, and Inferred Resources have increased by 1.62Moz to 2.03Moz, with grade increasing by 36% to 0.68 g/t Au, compare to the basis used for the 2024 Updated Feasibility Study. 12 deposits have now been delineated compared to 2 in the 2024 Updated Feasibility Study, while mineralization has been intercepted at 25 targets with a growing pipeline of over 20 exploration targets remaining to be drill tested, across 7 mineralized trends. The ongoing exploration programme continues to focus across three parallel tracks: infill and extension drilling of previously delineated starter deposits, including the more advanced Gbongogo South, Koban North, Soman, Petit Yao and ANV deposits, as well as other previously delineated deposits with starter resources; advancing pre-resource targets toward maiden resource definition, such as at ANIII; and testing new targets across the project’s extensive land package, based on systematic drilling of best selected targets to confirm their potential and define starter resources to validate their grade profiles before undertaking larger step-out drilling campaigns. Gbongogo South deposit on the Gbongogo-Koroutou trend: A total of 6,478 meters of reverse circulation drilling has been completed at Gbongogo South since July 2025, across 35 holes, with the objective of improving resource confidence, extending mineralized envelope extensions and validating the continuity of geological data. Notable drilling intercepts over this period include: 8 meters at 5.09 g/t Au (incl. 1 meter at 12.31 g/t Au and 1 meter at 17.36 g/t Au); 13 meters at 3.50 g/t Au (incl. 1 meter at 25.99 g/t Au); 2 meters at 3.01 g/t Au; 3 meters at 3.86 g/t Au; 3 meters at 1.80 g/t Au; and 3 meters at 1.51 g/t Au; 7 meters at 1.50 g/t Au; 3 meters at 1.19 g/t Au; 2 meters at 2.89 g/t Au; 8 meters at 4.23 g/t Au (incl. 1 meter at 14.81 g/t Au); 4 meters at 1.05 g/t Au; and 5 meters at 0.81 g/t Au; and 5 meters at 2.65 g/t Au; 2 meters at 3.96 g/t Au; 12 meters at 1.55 g/t Au. Koban North deposit on the Gbongogo-Koroutou trend: A total of 3,603 meters of diamond drillhole, reverse circulation and RC-DD drilling has been completed at Koban North since July 2025, across 31 holes, successfully improving resource confidence and extending mineralized envelopes. Notable drilling intercepts over this period include: 6 meters at 1.74 g/t Au; 2 meters at 2.25 g/t Au; and 14.5 meters at 1.65 g/t Au; 6 meters at 1.14 g/t Au; 2 meters at 2.00 g/t Au; 5 meters at 1.86 g/t Au; and 4 meters at 1.81 g/t Au; 10 meters at 5.42 g/t Au (incl. 1 meter at 17.68 g/t Au; and incl. 1 meter at 14.94 g/t Au); and 12 meters at 1.45 g/t Au. Soman deposit on the Gbongogo-Koroutou trend: A total of 21,648 meters of auger, Air Core, reverse circulation and diamond drilling have been drilled at the Soman deposit to date, culminating in the reporting of maiden resources in the Mineral Resource Estimate. Notable intercepts from recent drilling include: 22 meters at 3.52 g/t Au (incl. 1 meter at 16.71 g/t Au; 1 meter at 11.47 g/t Au; 1 meter at 16.75 g/t Au; 1 meter at 11.93 g/t Au); 3 meters at 5.08 g/t Au; and 2 meters at 2.17 g/t Au; 9 meters at 7.03 g/t Au (incl. 1 meter at 47.74 g/t Au); 2 meters at 1.28 g/t Au; and 2 meters at 1.42 g/t Au; 3 meters at 1.25 g/t Au; 10 meters at 2.99 g/t Au; 2 meters at 1.97 g/t Au; 4 meters at 1.21 g/t Au. Petit Yao deposit: Since January 2025, the Company completed 22,434 meters of infill and step-out drilling at the Petit Yao deposit, across 378 holes. Notable intercepts from the recent drilling programme include: 16 meters at 1.24 g/t Au; 12 meters at 2.57 g/t Au (incl. 1 meter at 18.47 g/t Au); and 4 meters at 6.72 g/t Au.

Announcement • Mar 30

Montage Gold Corp Announces Grade Control Results And Resource Increase For Koné And Gbongogo Main Deposits

Montage Gold Corp. reported an updated Mineral Resource Estimate for its Koné and Gbongogo Main deposits, at the Company’s flagship Koné project, located in Côte d’Ivoire, where construction continues to rapidly advance on-budget and ahead of schedule with first gold pour anticipated through the oxide circuit in late Fourth Quarter 2026. A total of 174,000 meters of exploration, advance grade control and grade control drilling were conducted in 2025, with 36% directed towards the Koné and Gbongogo Main deposits, in addition to delineating new higher-grade satellite deposits. A total of 59,873 meters of grade control and exploration drilling was completed on the Koné deposit in 2025, increasing the cumulative drilling to 171,050 meters, compared to 100,249 meters prior to the 2024 Updated Feasibility Study. At the Gbongogo Main deposit, 7,292 meters of grade control and exploration drilling have been completed since the beginning of 2025, bringing total drilling to 32,002 meters, compared to 18,276 prior to the 2024 Updated Feasibility Study. The Koné deposit Measured and Indicated Resources increased by 142,000 ounces to 4,630,000 ounces, with grade increasing by 21% to 0.69 g/t Au, while Inferred Resources increased by 749,000 ounces to 1,260,000 ounces, with grade increasing by 21% to 0.52 g/t Au, compared to last year. The Koné deposit maiden Measured Resource of 229,000 ounces at 0.83 g/t Au demonstrates a higher level of resource confidence. At the Gbongogo Main deposit, Indicated Resources increased by 223,000 ounces to 783,000 ounces, with grade increasing by 3% to 1.51 g/t Au, while Inferred Resources increased by 39,000 ounces to 41,000 ounces, with grade increasing by 21% to 1.08 g/t Au, compared to last year. The updated Mineral Resource Estimate for the Koné project’s overall Measured and Indicated Resources increased by 671,000 ounces to 5,880,000 ounces, with grade increasing by 24% to 0.77 g/t Au, while Inferred Resources increased by 782,000 ounces to 1,560,000 ounces, with grade increasing by 7% to 0.58 g/t Au, compared to last year, inclusive of resources for additional satellite deposits published last year. Indicated and Inferred Resources for higher-grade satellite deposits now stand at 1,250,000 ounces at 1.34 g/t Au and 303,000 ounces at 1.07 g/t Au, respectively, highlighting the effectiveness of the exploration programme. Updated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North are expected to be published in the coming weeks, while maiden resources for new discoveries, such as Petit Yao and Soman 1 & 2, are expected to be published over the course of 2026. Exploration remains a strong focus at the Koné project with a 90,000-meter drill programme launched in early 2026. Koné project construction continues to rapidly advance on-budget and ahead of schedule with a first gold pour through the oxide circuit anticipated in late Fourth Quarter 2026. The life of mine plan is expected to reflect other value enhancement initiatives such as the addition of the oxide circuit, the process plant design enhancements previously announced, and the previously announced shift to an owner-operated mining model. The updated Mineral Resource Estimate published for the Koné and Gbongogo Main deposits further enhances the quality of the project. The extensive 56,000-meter grade control programme, which represents approximately the first 18 months of production from the Koné deposit and covers a significant portion of oxide mineralisation, further derisks production start-up. The grade control programme, with tighter drill spacing, has delivered significant improvements in the definition of higher-grade shoots, including structures not evident in the broader resource drilling dataset. This has enhanced understanding of grade continuity and will support more accurate production forecasting with improved control over mining dilution. The assayed results have significantly increased confidence in the grade distribution and structural controls of the Koné deposit. The gold mineralisation continuity informs an improved understanding of the mineralisation to support mining activities, whilst also demonstrating the extension potential of the deposit to the southwest, southeast and at depth. Downdip and along strike extensions of the Koné deposit to the southwest, as well as recently identified at-surface oxide mineralisation extensions to the southeast were a focus of further evaluation in 2025. Four diamond drill holes totalling 1,987 meters were drilled in 2025 at a 100-meter spaced grid down to an approximate vertical depth of 300 meters. The purpose was to confirm the downdip continuity of the mineralization to the southwest of the Koné deposit within the diorite. All four diamond drill holes reveal high mineralization potential associated with increased deformation intensity through refolded veins within footwall volcanoclastic units and folded veinlets in diorite. Pervasive hydrothermal breccia zones, characterized by broken textures and strong feldspar and silica alteration, was consistently logged across all holes, indicating robust hydrothermal fluid flows. Observed zones demonstrating higher gold intercepts plot in the continuity of known higher-grade ore shoots controlled by folding axial planes, which are associated with ductile deformation and fluid pathways. The results of the Gbongogo Main Drill Programme have significantly enhanced the grade distribution resolution compared to the Updated Feasibility Study resource data. The transition from a Multiple Indicator Kriging resource estimation model to Ordinary Kriging modelling has improved local estimation accuracy, ensuring accurate geological continuity of individually modelled veins sets. The enhanced geological and resource model will improve controls on mine dilution whilst supporting stronger predictability for production planning. The updated model incorporates a refined interpretation of the ore body geometry, resulting in a resource model that better defines higher grade mineralised zones expecting to improve mine planning, ore selectivity and dilution controls. Updated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North are expected to be published in the coming weeks. Maiden Mineral Resource Estimates for new discoveries, such as Petit Yao and Soman 1 & 2, are expected to be published over the course of 2026. Further results of the ongoing 2026 exploration programme, comprising 90,000 meters of drilling across the Koné project. Updated life of mine plan for the Koné project in late 2026. First gold pour in late Fourth Quarter 2026 through the oxide circuit start up.

Snowflake Score
Valuation	2/6
Future Growth	5/6
Past Performance	0/6
Financial Health	2/6
Dividends	0/6

Historical stock prices
Current Share Price	CA$16.60
52 Week High	CA$17.60
52 Week Low	CA$4.24
Beta	2.14
1 Month Change	15.92%
3 Month Change	29.89%
1 Year Change	276.42%
3 Year Change	2,534.92%
5 Year Change	1,900.00%
Change since IPO	1,356.14%

	MAU	CA Metals and Mining	CA Market
7D	-5.6%	-3.4%	-1.0%
1Y	276.4%	70.2%	31.1%

MAU volatility
MAU Average Weekly Movement	9.8%
Metals and Mining Industry Average Movement	11.3%
Market Average Movement	9.9%
10% most volatile stocks in CA Market	17.1%
10% least volatile stocks in CA Market	3.8%

MAU fundamental statistics
Market cap	CA$6.70b
Earnings (TTM)	-CA$46.88m
Revenue (TTM)	n/a

MAU income statement (TTM)
Revenue	US$0
Cost of Revenue	US$0
Gross Profit	US$0
Other Expenses	US$33.09m
Earnings	-US$33.09m

Earnings per share (EPS)	-0.082
Gross Margin	0.00%
Net Profit Margin	0.00%
Debt/Equity Ratio	5.8%

Data	Last Updated (UTC time)
Company Analysis	2026/06/22 02:24
End of Day Share Price	2026/06/22 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Bereket Berhe	Beacon Securities Limited
Matthew Murphy	BMO Capital Markets Equity Research
Brian Quast	BMO Capital Markets Equity Research

Montage Gold (MAU) Stock Overview

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Price History & Performance

Recent News & Updates

Montage Gold (TSX:MAU) Stock Could Be 60% Below Fair Value After Koné Resource Update

Montage Gold Reports 58% Larger Koné Resources With Construction Ahead of Schedule

Montage Gold Corp Reports Updated Mineral Resource Estimate For Koné Project Satellite Deposits

Price target increased by 12% to CA$16.93

Independent Non-Executive Director recently bought CA$430k worth of stock

Montage Gold Corp. (TSX:MAU) completed the acquisition of remaining 82.70% stake in African Gold Limited (ASX:A1G) for AUD 443.6 million.

Recent updates

Montage Gold (TSX:MAU) Stock Could Be 60% Below Fair Value After Koné Resource Update

Montage Gold Reports 58% Larger Koné Resources With Construction Ahead of Schedule

Montage Gold Corp Reports Updated Mineral Resource Estimate For Koné Project Satellite Deposits

Price target increased by 12% to CA$16.93

Independent Non-Executive Director recently bought CA$430k worth of stock

Montage Gold Corp. (TSX:MAU) completed the acquisition of remaining 82.70% stake in African Gold Limited (ASX:A1G) for AUD 443.6 million.

Executive Vice President of Exploration exercised options to buy CA$27m worth of stock.

Non-Executive Director recently sold CA$4.7m worth of stock

Montage Gold Corp Announces Grade Control Results And Resource Increase For Koné And Gbongogo Main Deposits

Now 27% overvalued after recent price rise

Montage Gold Corp., Annual General Meeting, Jun 03, 2026

Price target increased by 8.7% to CA$14.05

Price target increased by 12% to CA$10.98

We Think Montage Gold (TSE:MAU) Needs To Drive Business Growth Carefully

Montage Gold Corp. Announces Rapid Construction Progress Continues to Be Made At Its Kone Project, in Cote D'ivoire

Price target increased by 8.6% to CA$9.50

Montage Gold Corp. (TSX:MAU) entered into a binding Scheme Implementation Deed to acquire remaining 82.70% stake in African Gold Limited (ASX:A1G) for approximately AUD 260 million.

Montage Gold Corp. Reports the Ongoing Exploration Programme at its Kone Project in Cote D'Ivoire

Montage Gold Corp. Provides Exploration Update on the Sissedougou Trend At Its Kone Project in Cote D'ivoire

Montage Gold Corp. Continues to Rapidly Advance Its Kone Project On-B Budget and Well On-Schedule

Montage Gold Announces That Construction Activities Were Paused Due to Accident At Its Koné Project in Côte D’Ivoire

New minor risk - Profitability

No longer forecast to breakeven

Price target increased by 7.0% to CA$5.72

Montage Gold Corp. Provides Mid-Year Exploration Update for Its Kone Project Where Constuction Continues to Rapidly Advance

Montage Gold Corp. Announces Appointment of Jeremy Langford to the Board of Directors, Effective July 7, 2025

Independent Director exercised options and sold CA$363k worth of stock

Independent Director recently sold CA$3.1m worth of stock

Montage Gold Corp. Announces Results of Its 2024 Kone Project Exploration Programme, in Cote d'Ivoire

Montage Gold Corp., Annual General Meeting, Jun 05, 2025

Price target increased by 8.5% to CA$4.29

Price target increased by 7.2% to CA$4.14

Montage Gold Corp. Achieves Key Construction Milestone At Its Kone Project as Process Plant Concrete Works Commenced

Now 22% undervalued

Forecast to breakeven in 2027

New major risk - Financial position

New minor risk - Profitability

Price target increased by 9.0% to CA$3.19

Price target increased by 7.6% to CA$2.93

Price target increased by 9.0% to CA$2.82

Montage Gold Corp. Sets Short-Term Discovery Target of More Than 1 Million Ounces of Higher-Grade M&I Resources

BMO Nesbitt Burns Inc. acquired 9.5768% stake in Montage Gold Corp. (TSXV:MAU) from Perseus CDI No 2 Pty Ltd for CAD 61.4 million.

New major risk - Shareholder dilution

Montage Gold Corp. announced that it has received CAD 180 million in funding from Lundin Family Trusts, Zijin Mining Group Company Limited

Chief Financial Officer recently bought CA$51k worth of stock

New major risk - Financial position

Montage Gold Corp. announced that it expects to receive CAD 170 million in funding from Lundin Family Trusts, Zijin Mining Group Company Limited

New major risk - Revenue and earnings growth

Price target increased by 7.3% to CA$2.05

Independent Director recently sold CA$50k worth of stock

Independent Director exercised options to buy CA$447k worth of stock.

New major risk - Financial position

Montage Gold Corp. Receives Environmental Permit for the Development of its Koné Project

Montage Gold Corp., Annual General Meeting, Jun 07, 2024

Montage Gold Announces Chief Financial Officer Changes

Montage Gold Corp. announced that it has received CAD 35.21 million in funding from Lundin Group and other investors

Montage Gold Corp. announced that it expects to receive CAD 20 million in funding from Lundin Group

Price target decreased by 18% to CA$1.88

Montage Gold Corp. Announces Results of the Updated Definitive Feasibility Study for the Kone Gold Project Located in Cote d'Ivoire