Montage Gold Expands West African Presence as Koné Mine Nears First Gold Pour

Montage Gold CEO Martino De Ciccio. Credit: Blair McBride

Montage Gold is accelerating its expansion strategy across West Africa as construction advances at its flagship Koné gold project in Côte d’Ivoire, with first gold production expected later this year.

The Toronto-listed miner is simultaneously intensifying regional exploration and consolidating strategic assets, positioning itself as an emerging multi-asset African gold producer amid a shifting geopolitical landscape in the Sahel region.

Speaking in Toronto, Montage Gold CEO Martino De Ciccio said the company’s long-term ambition extends beyond a single flagship operation.

“The goal for us is to build a multi-asset company focused on Africa,” De Ciccio said, highlighting increasing interest from junior explorers seeking partnerships with Montage rather than larger established producers operating in the region.

Koné Positioned as Tier-One West African Gold Project

Located approximately 470 kilometres northwest of Abidjan, the Koné project is rapidly advancing toward production and has become one of West Africa’s most closely watched new gold developments.

According to the company’s updated feasibility study released in 2024, Koné carries an after-tax net present value of approximately $1.1 billion at a 5% discount rate and an internal rate of return of 31%.

The mine is expected to produce an average of 349,000 ounces of gold annually during its first three years of operation, with all-in sustaining costs projected below $1,000 per ounce. The operation is forecast to achieve payback within 2.6 years and sustain a mine life of roughly 16 years.

The broader Koné property spans 2,259 square kilometres and hosts probable reserves of 174.3 million tonnes grading 0.72 grams per tonne gold, containing approximately 4 million ounces of gold.

Investor confidence in the project has been reinforced by major strategic investments, including a $53 million investment by the Lundin Group for a 19.9% stake and a further $57.3 million investment by China’s Zijin Mining for a 9.9% interest in the company.

Exploration Growth and Production Upside

As construction nears completion, Montage is advancing an aggressive exploration campaign across several satellite deposits surrounding the Koné complex, including Yere North, Petit Yao, Soman 1 and 2, and Lokolo West.

The company is currently undertaking approximately 90,000 metres of drilling, with updated and maiden resource estimates expected in the coming weeks.

De Ciccio noted that the company sees significant upside beyond the current production profile, with the potential to increase annual output toward 400,000 ounces once the mine reaches full nameplate capacity in 2027.

“What we’re trying to achieve is to find deposits that can come into the mine plan from day one, to displace lower-grade ounces,” he explained.

Montage believes the district-scale potential of the region remains underexplored, with multiple mineralized trends converging across the company’s land package.

Regional Expansion Beyond Côte d’Ivoire

Beyond Côte d’Ivoire, Montage Gold is steadily broadening its footprint across West Africa.

Earlier this year, the company secured five highly prospective greenfield exploration permits in Mauritania through a competitive government tender process. The permits are located northeast of Kinross Gold’s producing Tasiast gold mine.

The Mauritanian expansion follows several strategic regional transactions completed in recent years, including the acquisition of the Mankono-Sissédougou joint venture from Barrick Mining and Endeavour Mining in 2022.

Montage also strengthened its regional exploration pipeline through a partnership with Sanu Gold in Guinea, acquiring a 19.9% stake via a C$5.5 million share swap.

According to De Ciccio, the company’s success in Côte d’Ivoire is attracting growing interest from neighbouring governments seeking new mining investment and development partners.

Didievi Resource Upgrade Underway

Montage is also advancing its Didievi gold project, located roughly 300 kilometres southeast of Koné.

A 40,000-metre drilling program is nearing completion, with the company targeting an upgrade of the current inferred resource to the indicated category.

Didievi currently hosts an inferred resource of 12.4 million tonnes grading 2.5 grams gold per tonne, containing nearly 989,000 ounces of gold.

“We’re looking to continue to build a multi-asset business with Didievi coming in one day,” De Ciccio said.

Shares of Montage Gold traded slightly lower on Wednesday afternoon in Toronto at C$15.82, giving the company a market capitalization of approximately C$6.3 billion.