Montage Gold releases Cote d’Ivoire Mine Construction Update

Montage Gold Corp. [MAU-TSX, MAUTF-OTCQX] said it continues to rapidly advance construction at its Kone mine in Cote d’Ivoire, with first production scheduled for the second quarter of 2027.

The company said a total of 4.5 million construction hours have been worked since the commencement of the project with key milestones achieved, including the erection of six CIL tanks, completion of mill foundations and water supply infrastructure, while resettlement is nearly complete. “These milestones were achieved approximately two months ahead of schedule, with the next key milestone being the delivery of the ball mill on-site in the first quarter of 2026,’’ the company said in a press release.

Montage said approximately $418.3 million capital has been committed to date, representing approximately half of the total upfront capital expenditure, with prices in line with expectations.

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.

On Monday, Montage shares advanced on the news, rising 1.5% or 10 cents to $6.79. The shares trade in a 52-week range of $7.15 and $1.90.

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.

In its latest press release, the company 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 given the 120,000 metre-drill program currently underway for 2025.

The company said it has also identified high-grade zones within the Kone and Gbongogo Main deposits following completion of 56,000 metres of pre-production grade control drilling conducted in 2025, with full results on track for publication later this year.