National Bank Marathon Gold Corp. (MOZ.TO) said Monday that construction of the Valentine gold project in Newfoundland was 50% complete as of the end of the third quarter.
The company said the project's overall budget and schedule remain in line with previous guidance, with first gold on track for the first quarter of 2025.
Marathon noted that the project has marked one full year of construction since early works started in October 2022.
The company said over 800,000 hours of site work have been completed without a lost time incident.
"Our cost and schedule-to-complete estimates remain consistent with our previous reporting, and our procurement and detailed engineering are approaching completion," President and CEO Matt Manson said.
"Most importantly, we are able to report a consistently safe and environmentally protected work site after one full year of construction."
Meanwhile, National Bank of Canada ascribed a neutral bias as the project remains on-schedule and the total project capex was largely unchanged.
According to the bank, spending eased quarter over quarter and is expected to rebound in the fourth quarter.
The bank maintained Marathon's outperform rating and $1.50 price target.