Montage achieves first gold pour at Cote d’Ivoire mine
Montage Gold Corp. [MAU-TSX, MAUTF-OTCQX] said it has achieved the first gold pour a its Kone mine in Cote d’Ivoire on budget and ahead of schedule.
The first pour yielded 1,140 ounces of gold. More than 400,000 tonnes of ore has been processed since the first ore was introduced to the oxide circuit on September 8, 2026. The oxide circuit is expected to reach commercial production in the fourth quarter of 2026, while the construction of the hard-rock comminution circuit remains on budget and on track for completion in the second quarter of 2027.
The company said construction of the Kone mine has created approximately 3,600 jobs with over 95% national employment and will create approximately 1,300 permanent roles while the mine is in operation.
The company said 130,000 metres of drilling is underway at the Kone mine for 2026, which will total 380,000 metres drilled since the 2024 updated feasibility study was published.
On Monday, Montage shares were virtually unchanged on the news, easing 0.65% or 13 cents to $19.77. The shares trade in a 52-week range of $20.43 and $6.25.
Kone is now the nineth operating gold mine in Cote d’Ivoire.
Montage is a Canadian precious metal exploration and development company with a focus on the Cote d’Ivoire. Kone is the company’s flagship property and is located in northwest Cote d’Ivoire. The project is estimated to host a probable reserve of 174.3 million tonnes of grade 0.72 g/t or 4.01 million ounces.
Back in January 16, 2024, the company released the results of an updated feasibility study at Kone, outlining a 16-year gold project, producing 3.57 million ounces of gold at an all-in-sustaining cost of US$998 per ounce over the life of the mine. Average production is forecast at 223,000 ounces, reaching a peak of 378,000 ounces. Average annual production in the first eight years is expected to average more than 300,000 ounces of gold.
The project is fully funded with significant headroom with upfront capex expected to be US$835 million while Montage has in excess of US$900 million in liquidity sources.
Meanwhile, the company has said exploration will remain a focus throughout the construction, to achieve prior to commencing production the published target of discovering more than 1.0 million ounces of measured and indicated resources at a grade of 50% higher than the Kone deposit.
The company has also said the recent discovery of higher-grade satellites has positioned it to achieve that goal. The aim is to integrate new discoveries from the onset of production. Montage said indicated resources for satellite deposits have already grown by 404,000 ounces to 924,000 ounces at 1.32 g/t, with an additional 140,000 ounces at 1.09 g/t of inferred resources. Further resource updates are expected in the coming months.