08:22 AM EDT, 03/24/2025 (MT Newswires) -- Montage Gold ( MAUTF ) said Monday that it achieved a key construction milestone at the Kone project in Cote d'Ivoire.

The company commenced process plant concrete works, including the pouring of carbon-in-leach tank foundations. Montage said it has ramped up construction activities at project since the mid-December 2024 groundbreaking ceremony. The on-site workforce has increased to 1,700 employees and contractors from 350 previously. The project remains on track to pour gold in the second quarter of 2027 and is on budget with about 25% of the US$835 million capital spend committed thus far, the company said.

"We are very pleased with the rapid construction progress being made at our Kone project in Cote 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," CEO Martino De Ciccio said.

The company's share price closed 3.4% lower to $2.87 from near 52-week highs last Friday on the TSXV.