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2024 Feasibility Study

2024 Updated Feasibility Study

In January 2024, Montage released the results of an Updated Definitive Feasibility Study (the “UFS”) on the Koné Gold Project, which included the Gbongogo Main satellite deposit in the mine plan for the first time. The press release announcing UFS results is available at the link below.

The 43-101 technical report for the UFS will be filed on SEDAR and available on the Montage website no later than March 1, 2024.

A summary of operating and financial metrics from the UFS are presented in below along with a comparison to the 2022 DFS.

Gold Price ($/oz)
Metric Units $1,650 $1,750 $1,850 $1950 $2,050
NPV5% $M 721 905 1,089 1,273 1,456
IRR % 22.6% 26.9% 31.0% 35.2% 39.3%
Total Cash Cost1 $/payable oz 954 962 969 977 984
AISC1                                $/payable oz 983 991 998 1,006 1,013
Payback years 3.2 2.8 2.6 2.3 2.2
Metrics Units UFS DFS
Pit Optimization Gold Price $/oz $1,550 $1,250
Financial Model Base Case Gold Price $/oz $1,850 $1,600
Life of Mine years 16.0 14.8
Total Material Processed Mt 174.3 161.1
Contained Gold (Probable Reserves) Moz 4.01 3.42
Strip Ratio w:o  1.18:1 0.90:1
Average Annual Mining Rate Mtpa 42.4 35.0
Mill Throughput Mtpa 11.0 11.0
Average Head Grade, first 3 years Au g/t 1.15 0.93
Average Head Grade, first 8 Years Au g/t 0.96 0.81
Average Head Grade, LOM Au g/t 0.72 0.66
Processing Recovery, first 3 Years % 89.6% 91.1%
Processing Recovery, first 8 Years % 90.0% 90.3%
Processing Recovery, LOM % 89.0% 89.3%
Total Gold Production, LOM Moz 3.57 3.06
Average Gold Production, first 3 years koz/yr 349 285
Average Gold Production, first 8 years koz/yr 301 255
Average Gold Production, LOM koz/yr 223 207
Mining Cost Per Tonne Mined, LOM $/t, mined $3.22 $2.73
Mining Cost Per Tonne Processed, LOM $/t, processed $6.68 $5.20
Processing Cost, LOM (incl. rehandle) $/t, processed $8.94 $8.04
G&A, LOM $/t, processed $0.98 $0.93
Royalties, LOM $/t, processed $2.84 $1.97
Total Operating Costs, LOM $/t, processed $19.83 $15.89
Average AISC, first 3 years $/oz $899 $824
Average AISC, LOM $/oz $998 $933
Initial Capital Expenditure $M $712 $544
Sustaining Capital (incl. Closure) $M $165 $292
Total LOM Capital (incl. Closure) $M $877 $836
NPV5%, pre-tax (100%) $M $1,437 $992
Pre-tax IRR % 34.6% 39.6%
NPV5%, after-tax (100%) $M $1,089 $746
After-tax IRR % 31.0% 34.8%
Payback Period years 2.6 2.7

 

Notes:
1. Cash costs per payable ounce of gold and per tonne processed, AISC per payable ounce of gold sold and per tonne processed are non-GAAP financial measures. Please see “Cautionary Note Regarding Non-GAAP Measures”. AISC per payable ounce includes all mining costs, processing costs, mine level G&A, royalties, and sustaining capital and is adjusted to reflect movements in stockpiles. Cash costs per payable ounce includes all mining costs, processing costs, mine level G&A, and royalties and is adjusted to reflect movements in stockpiles.

 

UFS News Release

2024 UFS Webcast Archive

Watch and Listen to the Montage Executive Team present the results of the 2024 UFS on the Koné Gold Project.

Coming Soon  

https://www.youtube.com/embed/ULq58ykiNPs?si=96HsyUpHTF5gDsEp