Montage Gold Achieves Key Construction Milestone at Its Koné Project as Process Plant Concrete Works Commenced
Montage Gold Corp (TSXV: MAU, OTCQX: MAUTF) has announced significant progress in the construction of its Koné project in Côte d'Ivoire. The project has reached a key milestone with the commencement of process plant concrete works, including ahead-of-schedule pouring of Carbon-in-Leach tank foundations.
Since mid-December 2024, the on-site workforce has grown from 350 to 1,700 employees and contractors, with over 90% being Ivorian nationals. The project remains on track for first gold pour in Q2-2027 and on budget, with approximately 25% of the US$835 million capital spend committed.
Key construction highlights include:
- Process plant earthworks more than 30% complete
- Water Storage Facility over 35% complete and ahead of schedule
- Strong safety record with 730,000 man-hours worked without lost-time injury
- Engineering and procurement is 30% complete, exceeding the 17% target
- Permanent camp construction advancing with 80 rooms complete and 160 under assembly
Montage Gold Corp (TSXV: MAU, OTCQX: MAUTF) ha annunciato progressi significativi nella costruzione del suo progetto Koné in Costa d'Avorio. Il progetto ha raggiunto una tappa fondamentale con l'inizio dei lavori in cemento per l'impianto di processo, inclusa la gettata anticipata delle fondamenta dei serbatoi Carbon-in-Leach.
Da metà dicembre 2024, la forza lavoro in loco è aumentata da 350 a 1.700 dipendenti e appaltatori, con oltre il 90% di nazionalità ivoriana. Il progetto rimane in linea per la prima fusione d'oro nel secondo trimestre del 2027 e rispettando il budget, con circa il 25% della spesa di capitale di 835 milioni di dollari impegnato.
I principali punti salienti della costruzione includono:
- Lavori di terra per l'impianto di processo completati per oltre il 30%
- Struttura di stoccaggio dell'acqua completata per oltre il 35% e in anticipo rispetto ai tempi
- Ottimo record di sicurezza con 730.000 ore uomo lavorate senza infortuni
- Ingegneria e approvvigionamento completati al 30%, superando l'obiettivo del 17%
- Costruzione del campo permanente in avanzamento con 80 stanze completate e 160 in assemblaggio
Montage Gold Corp (TSXV: MAU, OTCQX: MAUTF) ha anunciado avances significativos en la construcción de su proyecto Koné en Costa de Marfil. El proyecto ha alcanzado un hito clave con el inicio de los trabajos de concreto para la planta de procesamiento, incluyendo el vertido anticipado de las fundaciones de los tanques Carbon-in-Leach.
Desde mediados de diciembre de 2024, la fuerza laboral en el sitio ha crecido de 350 a 1,700 empleados y contratistas, con más del 90% de nacionalidad marfileña. El proyecto sigue en camino para la primera fundición de oro en el segundo trimestre de 2027 y dentro del presupuesto, con aproximadamente el 25% del gasto de capital de 835 millones de dólares comprometido.
Los aspectos destacados de la construcción incluyen:
- Obras de tierra de la planta de procesamiento completadas en más del 30%
- Instalación de almacenamiento de agua completada en más del 35% y adelantada al cronograma
- Fuerte récord de seguridad con 730,000 horas-hombre trabajadas sin lesiones con tiempo perdido
- Ingeniería y adquisiciones completadas al 30%, superando el objetivo del 17%
- Construcción del campamento permanente avanzando con 80 habitaciones completadas y 160 en ensamblaje
Montage Gold Corp (TSXV: MAU, OTCQX: MAUTF)는 코트디부아르에 있는 코네 프로젝트의 건설에서 중요한 진전을 발표했습니다. 이 프로젝트는 Carbon-in-Leach 탱크 기초의 콘크리트 작업이 예정보다 일찍 시작됨에 따라 중요한 이정표에 도달했습니다.
2024년 12월 중순 이후, 현장 인력은 350명에서 1,700명으로 증가했으며, 90% 이상이 코트디부아르 국적입니다. 이 프로젝트는 2027년 2분기에 첫 금 주조를 목표로 하고 있으며 예산 내에서 진행되고 있으며, 8억 3천 5백만 달러의 자본 지출 중 약 25%가 확정되었습니다.
주요 건설 하이라이트는 다음과 같습니다:
- 처리 공장 토공 작업이 30% 이상 완료됨
- 물 저장 시설이 35% 이상 완료되고 일정보다 앞서 진행 중
- 사고 없이 730,000 인시가 작업된 강력한 안전 기록
- 엔지니어링 및 조달이 30% 완료되어 17% 목표를 초과 달성
- 영구 캠프 건설이 진행 중이며 80개의 객실이 완료되고 160개의 객실이 조립 중
Montage Gold Corp (TSXV: MAU, OTCQX: MAUTF) a annoncé des progrès significatifs dans la construction de son projet Koné en Côte d'Ivoire. Le projet a atteint une étape clé avec le début des travaux en béton pour l'usine de traitement, y compris le coulage anticipé des fondations des réservoirs Carbon-in-Leach.
Depuis la mi-décembre 2024, la main-d'œuvre sur site est passée de 350 à 1 700 employés et sous-traitants, avec plus de 90 % de nationaux ivoiriens. Le projet reste sur la bonne voie pour la première coulée d'or au deuxième trimestre 2027 et dans le budget, avec environ 25 % des 835 millions de dollars de dépenses en capital engagées.
Les principaux points forts de la construction incluent:
- Les travaux de terrassement de l'usine de traitement sont terminés à plus de 30%
- Installation de stockage d'eau terminée à plus de 35% et en avance sur le calendrier
- Excellente sécurité avec 730 000 heures-homme travaillées sans blessure avec perte de temps
- Ingénierie et approvisionnement terminés à 30%, dépassant l'objectif de 17%
- Construction du camp permanent en cours avec 80 chambres terminées et 160 en assemblage
Montage Gold Corp (TSXV: MAU, OTCQX: MAUTF) hat bedeutende Fortschritte beim Bau seines Koné-Projekts in der Elfenbeinküste bekannt gegeben. Das Projekt hat einen wichtigen Meilenstein erreicht, da die Betonarbeiten für die Prozessanlage begonnen haben, einschließlich der vorzeitigen Betonierung der Fundamente der Carbon-in-Leach-Tanks.
Seit Mitte Dezember 2024 ist die Belegschaft vor Ort von 350 auf 1.700 Mitarbeiter und Auftragnehmer gewachsen, wobei über 90% Ivorer sind. Das Projekt bleibt auf Kurs für die erste Goldschmelze im 2. Quartal 2027 und im Budgetrahmen, wobei etwa 25% der Investitionssumme von 835 Millionen US-Dollar zugesagt sind.
Wichtige Bauhöhepunkte sind:
- Erdbauarbeiten für die Prozessanlage sind zu über 30% abgeschlossen
- Wasserlageranlage ist zu über 35% abgeschlossen und liegt im Zeitplan
- Starker Sicherheitsrekord mit 730.000 Arbeitsstunden ohne Arbeitsunfälle
- Ingenieurwesen und Beschaffung sind zu 30% abgeschlossen und übertreffen das Ziel von 17%
- Bau des permanentes Camps schreitet voran, 80 Zimmer sind fertiggestellt und 160 im Aufbau
- Project remains on schedule and on budget with 25% of US$835M capital committed
- Strong safety record with 730,000 man-hours worked without lost-time injury
- Engineering and procurement ahead of schedule at 30% vs 17% target
- Significant workforce expansion from 350 to 1,700 employees
- Construction milestones achieved ahead of schedule
- Substantial remaining capital expenditure of US$626.25M still needs to be secured
- Long timeline to revenue generation with first gold pour not until Q2-2027
ABIDJAN, Côte d’Ivoire, March 24, 2025 (GLOBE NEWSWIRE) -- Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is pleased to announce that rapid construction progress is being achieved at its Koné project in Côte d’Ivoire, where process plant concrete works, including the ahead-of-schedule pouring of Carbon-in-Leach tank foundations, have commenced, marking an important milestone.
Since the mid-December 2024 groundbreaking ceremony, construction activities at the Koné project have significantly ramped up, with the on-site workforce increasing from approximately 350 to 1,700 employees and contractors. Strong progress has been made to take advantage of the dry season, with process plant earthworks and foundations preparation, water storage facility preparation, camp construction and process plant engineering, all advancing at a rapid pace. The project remains on track to pour gold in Q2-2027 and on budget with approximately
Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are very pleased with the rapid construction progress being made at our Koné project in Côte d’Ivoire which builds on the momentum generated over recent quarters to progress our strategy of creating a premier African gold producer and delivering value for all our stakeholders.
We are equally pleased with our ongoing exploration success and look forward to publishing maiden resources in the coming weeks as we deliver against our previously published target of discovering at least 1 million ounces of Measured and Indicated Resources at a grade which is
Peder Olsen, President and Chief Development Officer of Montage, commented: “We are extremely pleased with the ramp-up of our construction activities as it positions us to take full advantage of the dry season. We are benefiting from last year’s rapid success achieved in securing our mining permit and financing, while commencing training programmes, conducting land compensation, and ordering long-lead items.
Given this planning, we now have more than 100 machines on-site and our construction team has grown from 350 to 1,700 people over the last three months, resulting in 730,000 hours worked without a lost-time injury, reflecting our strong focus on health and safety. We are equally pleased with the advancement of the fabrication of long lead time items and in particular the mill.
I would like to thank our team for their strong efforts and dedication thus far, which places us in a strong position as construction progresses.”
KONÉ PROJECT CONSTRUCTION UPDATE
Construction is progressing on-budget and on-schedule for first gold pour in Q2-2027, with key highlights summarized below:
- On-site workforce now comprises approximately 1,200 Montage employees and 500 contractors, both of which comprise over
90% Ivorian nationals. Demonstrating its commitment to local content, Montage partnered with the government-accredited Lycée Technique de Mankono to provide practical vocational training programs tailored to the Koné project. Training encompasses steel fixing, building, electricity, masonry, carpentry, plumbing, firefighting, working at heights, environmental management, and heavy equipment operation. - Strong continued safety record with no Lost Time Injury (“LTI”) with more than 730,000 man-hours worked.
- Treatment plant earthworks are more than
30% complete and progressing well as the concrete pouring for the ring beams of the Carbon-in-Leach tanks commenced 3-weeks ahead of schedule, as shown in Figure 1 below.
Figure 1: Process plant area overview and CIL ring beams
- Long-lead items are all ordered and fabrication commenced, including the ball mill, gyratory crusher, cone crushers, HPGR, thickeners, CIL bolted tanks, and reagent storage building.
Figure 2: Mill gear casting and shell being fabricated
- Engineering, design, and procurement is being conducted by Lycopodium Minerals Pty Ltd (“Lycopodium”), along with Montage’s in-house construction team, following the award of the engineering, procurement and construction management (“EPCM”) contract given their involvement in the project since 2018 and their strong track record in West Africa. Infrastructure detailed design is scheduled to be completed in Q2-2025, and process plant engineering and procurement is
30% complete compared to the17% target within the baseline schedule. Key civil design areas such as that for the CIL ring beams, the mill raft, and the reagent foundation have been issued for construction. Detailed design of the steel work for the CIL trains, main pipe racks, thickeners and the elution building are nearing completion, while the steel and platework fabrication contracts have been awarded. - Earthworks equipment has been received, comprising 35 dump trucks, eight 20-tonne vibrating compactors, 10 excavators, 4 bulldozers, 3 graders, 8 concrete trucks, 5 telehandlers, 2 container loaders, and 4 90-tonne rough terrain cranes, as shown in Figure 3 below.
Figure 3: Major earthworks and construction equipment on-site
- Water Storage Facility is more than
35% complete and ahead of schedule, with trench excavation and backfilling preparation for final lining and dam wall construction underway, as shown in Figure 4 below.
Figure 4: Water Storage Facility preparation
- Access roads and laydown yard is more than
60% complete, with key drainage infrastructure installed. - Tailings Storage Facility (“TSF”) key equipment is on schedule to be delivered in Q3-2025, while the TSF haul road is more than
35% complete. - Power will be drawn from the national grid operator, Compagnie Ivoirienne d’Electricite (“CIE”), via a new 225kV transmission line connecting to existing power lines located approximately 20km from the processing plant area. The CIE has confirmed capacity to meet the demand requirements for the Koné project and Montage has conducted a power system study with CIE which supports the delivery of high-quality power. A project management agreement has been executed with CIE and works commenced on-site with clearing for the sub-station.
- Permanent camp construction is well advanced with 80 rooms now complete, with a further 160 prefabricated rooms under assembly, as shown in Figure 5 below.
Figure 5: Permanent camp construction progress
- Gbongogo haul road construction is nearing completion with final grading and windrow installations underway to ensure efficient access to mining zones.
Figure 6: Gbongogo haul road nearing completion
- Resettlement Action Plan is progressing well, with compensation agreements signed with landowners in priority construction areas.
Figure 7: Resettlement area preparation and early works
- Livelihood Restoration Plan is underway with projects launched focusing on agricultural development and financial literacy programs. A total of 130 individuals from affected villages were also trained in civil construction works at accredited institutions, enhancing employability and aligning with our local employment policy. In addition, over 450 individuals from impacted communities received free literacy training providing empowerment and employment opportunities.
Timeline to first gold pour
The Company remains on track for first gold pour in Q2-2027, based on a 27-month construction period for the process plant, with key upcoming milestones presented in Table 1 below. As noted above, major construction works for the water storage dam, site infrastructure, and earth and concrete works are well underway. Approximately
Table 1: Koné project timeline to first gold pour
| Work Stream | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | Q1-2026 | Q2-2026 | Q3-2026 | Q4-2026 | Q1-2027 | Q2-2027 |
| Tailings Dam & Water Dams | ||||||||||
| Tailings Dam | * | * | * | |||||||
| Water Storage & Dam | * | * | ||||||||
| Construction | ||||||||||
| Power Supply | * | * | * | * | * | |||||
| Site Infrastructure | * | * | * | * | * | * | * | |||
| Earth works & Concrete Works | * | * | * | * | * | * | ||||
| Structural, Mechanical, Piping | * | * | * | * | * | * | ||||
| Electrical | * | * | * | * | ||||||
| Process Plant Commissioning | * | * | ||||||||
| First Gold | * |
Exploration activities
Montage remains on track to achieving its short-term exploration target, as published on October 7, 2024, of discovering more than 1Moz of Measured and Indicated Resources, at a grade
The 2024 drilling campaign comprised a total of over 81,000 meters across the Koné project for a total expenditure of approximately US
The 2025 drilling campaign is well underway, comprising 90,000 meters of drilling at an approximate cost of US
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
ABOUT MONTAGE
Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d’Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the “UFS”), the Koné project has an estimated 16-year mine life and sizeable annual production of +300koz of gold over the first 8 years and is expected to enter production in Q2-2027.
TECHNICAL DISCLOSURE
Mineral Resource and Reserve Estimates
The Koné and Gbongogo Main Mineral Resource Estimates were carried out by Mr. Jonathon Abbott of Matrix Resource Consultants of Perth, Western Australia, who is considered to be independent of Montage. Mr. Abbott is a member in good standing of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under NI 43–101.
The Mineral Reserve Estimate was carried out by Ms. Joeline McGrath of Carci Mining Consultants Ltd., who is considered to be independent of Montage. Ms. McGrath is a member in good standing of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the work which she is undertaking to qualify as a Qualified Person under NI 43–101.
QUALIFIED PERSONS STATEMENT
The scientific and technical contents of this press release have been verified and approved by Mr. Peder Olsen, a Qualified Person pursuant to NI 43-101. Mr. Olsen, President and Chief Development Officer of Montage, is a registered Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM).
CONTACT INFORMATION
| For Investor Relations Inquiries: Jake Cain Strategy & Investor Relations Manager jcain@montagegold.com +44-7788-687-567 | For Media Inquiries: John Vincic Oakstrom Advisors john@oakstrom.com +1-647-402-6375 | For Regulatory Inquiries: Kathy Love Corporate Secretary klove@montagegold.com +1-604-512-2959 |
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, “Forward-looking Statements”). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as “will”, “intends”, “proposed” and “expects” or similar expressions are intended to identify Forward-looking Statements. Forward-looking Statements in this press release include statements related to the Company’s objectives of achieving first gold pour in the second quarter of 2027; timing for various parts of the construction at the Koné Project; the Company’s mineral reserve and resource estimates; timing for various parts of the construction at the Koné Project; the timing and amount of future production from the Koné Project; anticipated mining and processing methods of the Koné Project; anticipated mine life of the Koné Project.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There is no assurance that any economic satellite deposits will be discovered, and if discovered ever developed or mined. There can be no assurance that any Forward-looking Statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. In particular, there is no assurance that any economic satellite deposits containing additional resources will be discovered, and if discovered ever developed or mined. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the Mineral Reserve Estimate and the UFS, and in delineating new mineral reserve and resource estimates, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates being lower than expected, unexpected adverse changes to geotechnical or hydrogeological considerations, or expectations in that regard not being met, unexpected failures of plant, equipment or processes (including construction equipment), delays in or increased costs for the delivery of construction equipment and services, or supplies for operation of the mine, labour shortages or disruptions, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d’Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company’s 2023 Annual Information form available at www.sedarplus.ca, under the heading “Risk Factors”. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
1For further information on the discovery target please refer to the Company’s news release dated October 7, 2024, and for information regarding the Koné deposit please refer to the Updated Feasibility Study press release dated January 16, 2024 available on Montage’s website and on SEDAR+.
Photos accompanying this announcement are available at:
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FAQ
When is the expected first gold pour date for Montage Gold's (MAUTF) Koné project?
What is the total capital expenditure for MAUTF's Koné project and how much has been committed?
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What is the current construction progress of MAUTF's Koné project process plant?
What is Montage Gold's (MAUTF) exploration target for the Koné project?
