Montage Gold Says Kone Project Ahead of Schedule, On Budget; Provides Other Q4 Updates

Montage hitting construction milestones tells us the supply side story. Miners are finally getting disciplined after years of cost overruns and delays. But here's what matters for stackers - new mine supply takes years to hit the market, and even when it does, it's already spoken for. Central banks bought 800+ tons last quarter alone. The Kone project might add 200k ounces annually starting 2025, but that's a drop against 4,000+ tons of annual CB demand. Physical premiums are holding steady despite spot weakness. Smart money knows the math doesn't work long-term.