08:37 AM EDT, 10/06/2025 (MT Newswires) -- Montage Gold ( MAUTF ) said Monday that work on the Kone project in Cote d'Ivoire is on-track with first gold pour scheduled for the second quarter of 2027.

Development work is on budget with over US418 million of capital committed, half the total upfront capital expenditure. Prices have been in-line with expectations, the company said.

Montage Gold ( MAUTF ) is also on track to achieve the previously published short-term objective of discovering more than 1 million ounces of measured & indicated (M&I) resources at a 50% higher grade compared with the Kone deposit. Further resource updates are expected in the fourth quarter of this year.

The company has entered into a $75 million equipment financing facility agreement with CAT Financial that will cover additional capital expenditure associated with equipment. The owner fleet will include haul trucks, excavators, and ancillary support equipment, with continuous deliveries scheduled to begin in the middle of next year.

"We are very pleased with the rapid progress being made to unlock value at our Kone project in Cote d'Ivoire, which is tracking well on-schedule for first gold in Q2-2027 and on-budget. The Kone project already ranks as one of the largest gold projects currently under construction globally and continues to demonstrate optionality to further improve in quality," said Martino De Ciccio, chief executive officer.