Montage Gold Expands Côte d’Ivoire Footprint With $170M African Gold Acquisition

Montage Gold has taken a significant step toward cementing its position as a leading West African gold developer with the 170 million dollar acquisition of African Gold. The transaction, completed through an Australian court approved scheme, expands Montage’s project pipeline in Côte d’Ivoire and accelerates its transition toward near term producer status. The market responded strongly, with Montage’s share price reaching a record high as investors recognised the strategic value of integrating African Gold’s assets into the company’s growth strategy.

Under the terms of the agreement, Montage will acquire all remaining African Gold shares through a share exchange ratio of 0.0628 Montage shares per African Gold share. This reflects an implied acquisition price of 50 Australian cents per share, representing a 54 percent premium to African Gold’s ten day volume weighted average price. With the transaction valued at approximately 170 million dollars, African Gold shareholders will collectively receive around 27.7 million Montage shares, giving them a 7.1 percent stake in the enlarged company. The acquisition adds immediate scale to Montage’s resource base, particularly through the Didievi project, which hosts 989,000 ounces of inferred gold resources at an average grade of 2.5 grams per tonne.

The addition of Didievi complements and enhances the development trajectory of Montage’s flagship Koné project, which remains on schedule and within budget for its projected 2027 production start. Koné is expected to deliver more than 300,000 ounces of gold annually during its first eight years, positioning it among the next generation of large scale African gold mines. Recent updates have increased the project’s indicated resources to 5.5 million ounces, marking a 13 percent rise from the previous year and demonstrating continued geological upside. Analysts at BMO Capital Markets view the African Gold acquisition positively, citing its accretive impact on Koné and the broader exploration potential it introduces.

This acquisition deepens Montage’s footprint in Côte d’Ivoire, a jurisdiction increasingly recognised for its stable regulatory environment and prolific gold belts. The company’s earlier partnership with African Gold, established in March, provided early access to geological data and strategic insight into the Didievi project’s potential, supporting a smooth integration process. With the enlarged portfolio, Montage is better positioned to sequence future developments, optimise capital allocation and build a multi asset production pipeline capable of delivering sustained growth.

For Côte d’Ivoire and the wider African mining sector, Montage’s expansion underscores the region’s rising prominence as a destination for large scale, long life gold investment. The consolidation of high quality exploration and development assets strengthens local value creation, supports employment and can attract additional capital into untapped districts. As Montage advances toward first production within the next 12 to 18 months, its growing presence is poised to contribute meaningfully to the country’s mining economy and reinforce West Africa’s status as a global gold growth corridor.

Mini Glossary

• VWAP (Volume Weighted Average Price): A trading benchmark that calculates the average price of a security over a set period based on both price and volume.
• Accretive: A transaction that increases the value or per share metrics of the acquiring company.
• Inferred resource: A Mineral Resource category with limited geological certainty requiring more drilling to upgrade confidence.
• Share exchange ratio: The number of acquiring company shares offered for each share of the company being acquired.
• Pipeline: A sequence of development stage projects planned to support future production.

Editor: Vural Burç ÇAKIR