Montage Gold Satellite Grade Hits 1.51 g/t, Blows Past 1Moz Target

Montage Gold said its Koné project satellite deposits now hold 1.66 million ounces of measured and indicated resources at 1.51 grams per tonne. That is up from 520,000 ounces at 1.48 g/t in the 2024 feasibility study. Inferred resources at the satellites jumped from zero to 766,000 ounces at 1.34 g/t.

The company set an October target of delineating more than 1 million ounces at a grade at least 50% higher than the main Koné deposit's 0.59 g/t. It has now blown past that mark.

First gold pour is still on track for late Q4-2026, CEO Martino De Ciccio said in a statement. Construction remains on budget and ahead of schedule. The company has drilled roughly 330,000 metres since the feasibility study, on top of 118,525 metres before it, focused on finding higher-grade satellite zones that can lift production from the start of operations.

The grade story

The satellite deposits matter because they sit at more than double the grade of the main Koné resource. The overall project M&I grade improved 27% to 0.80 g/t, and inferred grade rose 36% to 0.68 g/t. Total M&I ounces at Koné now stand at 6.29 million, up 1.42 million from the feasibility study baseline. Inferred ounces increased by 1.62 million to 2.03 million.

EVP Exploration Silvia Bottero described a systematic approach: drill test the highest-priority targets first, confirm potential with starter resources, validate grade profiles, then move to larger infill and step-out campaigns. The current 90,000-metre drill program is running across three workstreams – infill and step-out at already-defined deposits, advancing targets toward maiden resource status, and regional scout drilling on new targets.

What the market should watch

The simple read is that Montage is adding higher-grade ounces that could improve early mine economics. The better read is that these satellite deposits reduce the risk of a low-grade startup and could let the company self-fund expansion or reduce debt. The project still needs roughly $380 million in capex, as flagged in an earlier update. That number has not changed. The drill program will keep feeding resource updates through the year. The real test comes when those ounces get converted into a mine plan and the first truck hits the pit.

Confirming factors

Continued drill results that maintain or improve satellite grades. Successful conversion of inferred ounces to M&I. Construction milestones that stay on budget. A gold price that holds above $2,000 an ounce.

Invalidating factors

Grade reconciliation that disappoints once mining starts. Capex overruns that force dilution or debt. A sharp drop in gold that makes the higher-grade ounces less valuable. Any delay in first pour beyond late Q4-2026.

Montage's Alpha Score sits at 65 out of 100, a Moderate label in the Basic Materials sector. The stock page is here. For context on the broader gold market, the gold profile covers the macro setup. The earlier article on Montage's first pour timeline and capex needs is here.

Bottero said the company is also excited about exploration at its other Côte d'Ivoire properties, Didievi and Wendé. Those are earlier stage. The next catalyst for Koné is the next resource update, which will come from the ongoing 90,000-metre drill program. No date has been set.