Montage Gold Koné project on track for Q4 2026 gold pour

Montage Gold Corp. said its Koné gold project in Côte d’Ivoire remains on budget and ahead of schedule for a first gold pour in the fourth quarter of 2026. The company reported 2.7 million construction hours worked in the second quarter, bringing the total to 12.9 million hours since the project began. The lost-time injury frequency rate stood at 0.08.

Key processing infrastructure for the oxide circuit is largely complete. The oxide sizer, ball mill, classification areas, thickeners, carbon-in-leach trains, reagents areas, and water services are finished. A 225 kV power line and on-site 33 kV substation were energized, allowing power to reach the processing plant. Dry commissioning of discrete operable systems has started. The hard-rock comminution circuit remains on schedule for completion in the second quarter of 2027.

Construction of the tailings storage facility and placement of high-density polyethylene liners are done. Overland piping for the water storage facility, tailings pumping, and decant water return continues ahead of schedule. Mining has begun to build a run-of-mine stockpile for the oxide circuit ahead of wet commissioning. As of quarter-end, $686 million of capital had been committed, including $623.8 million disbursed. That figure has since risen to about $714.4 million, or 81% of the total $885 million budget. Prices are in line with expectations, the company said.

Exploration work accelerated in the quarter. Montage drilled 43,322 meters at Koné in Q2, for a first-half total of 90,576 meters. The programme targets infill and extension drilling, advancing pre-resource targets toward maiden resource estimates, and testing new targets. On June 15, the company published updated mineral resource estimates for satellite deposits including Gbongogo South, Koban North, ANV, Yeré North, Lokolo Main, Sena, and Diouma North. Maiden estimates were published for new discoveries Petit Yao and Soman.

Measured and indicated resources for higher-grade satellite deposits at Koné rose to 1.7 million ounces at 1.51 grams per tonne gold, compared with 520,000 ounces at 1.48 g/t used in the 2024 updated feasibility study. Inferred resources for satellite deposits went from nil to 800,000 ounces at 1.34 g/t. At the Didievi project, high-grade drill intercepts published July 14 showed continuity of mineralization at the Blaffo Guetto deposit. A 60,000-meter drill programme launched in Q2, bringing the year’s total to about 85,000 meters, is expected to support an updated resource estimate. At the Wendé advanced greenfield property, a 9,000-meter programme is underway; initial results published July 29 confirmed the property’s prospectivity.

On the corporate front, Montage completed its acquisition of African Gold on April 29. It then entered a binding agreement with minority shareholders to increase its ownership interest in the Didievi project by 15.5%, to 95.5%, for about $57.7 million. The deal also included repurchase of a 1.5% royalty on the asset. Montage similarly boosted its interest to 95.5% in the Konahiri North, Konahiri South, and Koyekro properties. The company obtained a $75 million unsecured loan from Macquarie Bank with a two-year term. The interest rate is SOFR plus 5.5%, dropping to SOFR plus 4.5% next year.

CEO Martino De Ciccio said the construction milestones are the result of nearly 13 million people hours worked on the project. “We have started dry commissioning of the oxide circuit while mining activities are commencing,” he said. “We are therefore well on track to pour first gold during Q4-2026, while remaining on budget.”

On exploration, he noted the Koné programme has been increased by 40,000 meters to 130,000 meters for the year, with about 90,000 meters already completed by mid-year. At Didievi, the new 60,000-meter programme is expected to underpin an updated resource estimate. At Wendé, initial drill results increased confidence to delineate a maiden resource through upcoming programmes, leveraging about 60,000 meters of previous drilling by former owners.

AlphaScala rates MAUTF at 77 out of 100, a Strong rating. The score reflects the company’s progress on a major African gold project, its expanding resource base, and its access to liquidity.

Next milestones include the first gold pour in Q4 2026 and completion of the hard-rock comminution circuit in Q2 2027.