Montage Gold Future Growth

Future criteria checks 6/6

Montage Gold is forecast to grow earnings and revenue by 58.4% and 54.2% per annum respectively. EPS is expected to grow by 92.4% per annum. Return on equity is forecast to be 82% in 3 years.

Key information

58.4%

Earnings growth rate

92.39%

EPS growth rate

Metals and Mining earnings growth	17.8%
Revenue growth rate	54.2%
Future return on equity	82.01%
Analyst coverage	Low
Last updated	22 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 25

Valuation Update (June 2026)

FCF Multiple Model at US$6,000/oz and US$7,000/oz Gold This is a simplified upside model. It is not company guidance.

Analysis Article • Jun 16

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

Montage Gold (TSX:MAU) is back in focus after reporting a major update on its Koné gold project in Côte d’Ivoire, with higher grade satellite deposits and construction progress ahead of schedule attracting investor attention. See our latest analysis for Montage Gold. The Koné update comes after a powerful run for Montage Gold, with a 1-year total shareholder return of 282.39% and a year-to-date share price return of 78.22%. This signals strong positive momentum around the project’s progress...

Analysis Article • Jan 20

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

We can readily understand why investors are attracted to unprofitable companies. By way of example, Montage Gold...

Earnings and Revenue Growth Forecasts

TSX:MAU - Analysts future estimates and past financials data (USD Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2028	1,483	640	708	741	3
12/31/2027	1,391	630	727	793	3
12/31/2026	4	-56	-385	-27	2
3/31/2026	N/A	-33	-440	-22	N/A
12/31/2025	N/A	-50	-392	-38	N/A
9/30/2025	N/A	-69	-312	-45	N/A
6/30/2025	N/A	-77	-228	-48	N/A
3/31/2025	N/A	-70	-137	-47	N/A
12/31/2024	N/A	-49	-66	-33	N/A
9/30/2024	N/A	-31	-23	-17	N/A
6/30/2024	N/A	-22	-13	-12	N/A
3/31/2024	N/A	-18	-12	-12	N/A
12/31/2023	N/A	-18	-13	-13	N/A
9/30/2023	N/A	-13	-23	-12	N/A
6/30/2023	N/A	-13	-22	-10	N/A
3/31/2023	N/A	-10	-19	-7	N/A
12/31/2022	N/A	-7	-17	-6	N/A
9/30/2022	N/A	-7	-6	-5	N/A
6/30/2022	N/A	-8	-9	-9	N/A
3/31/2022	N/A	-14	-16	-16	N/A
12/31/2021	N/A	-19	-18	-18	N/A
9/30/2021	N/A	-20	-20	-19	N/A
6/30/2021	N/A	-19	-17	-17	N/A
3/31/2021	N/A	-13	-10	-10	N/A
12/31/2020	N/A	-8	-7	-7	N/A
9/30/2020	N/A	-5	-5	-5	N/A
6/30/2020	N/A	-4	-4	-4	N/A
3/31/2020	N/A	-4	-3	-3	N/A
12/31/2019	N/A	-4	N/A	-3	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAU is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3%).

Earnings vs Market: MAU is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: MAU is expected to become profitable in the next 3 years.

Revenue vs Market: MAU's revenue (54.2% per year) is forecast to grow faster than the Canadian market (4.8% per year).

High Growth Revenue: MAU's revenue (54.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MAU's Return on Equity is forecast to be very high in 3 years time (82%).

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/07/06 03:35
End of Day Share Price	2026/07/03 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

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

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Montage Gold Corp. is covered by 17 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

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

Montage Gold Future Growth

Future criteria checks 6/6

Key information

Recent future growth updates

Price target increased by 12% to CA$16.93

Price target increased by 8.7% to CA$14.05

Price target increased by 12% to CA$10.98

Price target increased by 8.6% to CA$9.50

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

Recent updates

High number of new directors

Montage Gold Corp Announces Board and Committee Appointments

Valuation Update (June 2026)

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

Price target increased by 9.5% to CA$2.30

Montage Gold Corp. Report an Updated Mineral Resource Estimate for the Koné Gold Project in Côte D'ivoire

New major risk - Financial position

CEO & Director recently bought CA$204k worth of stock

Montage Gold Corp. Releases First Results from Satellite Drill Program including 78m of 2.70g/t Gold at Gbongogo and 20m of 7.22g/t Gold at Lokolo Main

President & Non-Independent Director exercised options to buy CA$186k worth of stock.

Chief Financial Officer exercised options and sold CA$180b worth of stock

Montage Gold Corp. Announces Government Approval of Mankono Exploration Permits and Provides Corporate Updates