Montage Gold Expands Resources at Côte d’Ivoire’s Koné Project

Montage Gold Corp. (TSX: MAU, OTCQX: MAUTF) has announced a substantial resource upgrade for its flagship Koné Gold Project in Côte d’Ivoire, highlighting the project’s accelerating growth and strong economic potential ahead of its planned production start in 2027. The updated mineral resource estimate reveals significant increases in both indicated and inferred categories, the result of an aggressive exploration program that continues to expand the project’s footprint across multiple mineralized trends. This milestone positions Koné as one of West Africa’s largest undeveloped gold assets and a cornerstone of Côte d’Ivoire’s growing mining industry.

The updated figures show indicated resources of 269 million tonnes grading 0.63 grams per tonne (g/t) gold for a total of 5.49 million ounces, representing a 13 percent increase from the 2024 feasibility study. Inferred resources have risen even more sharply, up 76 percent to 43 million tonnes at 0.51 g/t gold for 704,000 ounces. These gains were driven by new drilling across the Gbongogo–Koroutou and Sissédougou trends, particularly at the ANV deposit, which has yielded encouraging results and demonstrated the potential for further resource extensions. To date, Montage has completed 87,595 metres of drilling out of a planned 120,000 metres, with an $18 million exploration budget earmarked for 2025 to sustain this momentum.

The company’s growing portfolio now includes nine gold deposits spread across a vast 1,318-square-kilometre license area encompassing seven major mineralized trends. Within this corridor, 52 exploration targets have been identified, including several higher-grade satellite deposits that have collectively added nearly one million ounces of indicated gold. According to the latest mine plan, Koné is expected to operate for 16 years, producing an average of 301,000 ounces of gold annually during its first eight years. Based on a gold price of $3,000 per ounce, the project’s after-tax net present value (NPV) stands at an impressive $3.1 billion, further reinforcing its attractiveness to investors and strategic partners.

Development at the site is already well advanced, with construction now 50 percent complete and approximately $428 million spent to date. Montage has confirmed that progress remains on schedule and within budget, underscoring its disciplined project execution. The company’s shares gained 1.3 percent to close at C$6.84, giving Montage a market capitalization of roughly C$2.5 billion (US$1.8 billion). Management expects that continued drilling, combined with efficient development and strong gold prices, will further enhance both resource size and project valuation.

Montage’s rapid progress at Koné not only highlights the company’s technical capability but also strengthens Côte d’Ivoire’s reputation as one of West Africa’s leading gold mining destinations. With expanding resources, a robust project pipeline, and an improving regional investment climate, Koné is set to become a flagship operation contributing meaningfully to the country’s economy and the continent’s gold output.

Mini-Glossary

• Indicated Resources: A mineral resource category with sufficient geological confidence to support mine planning and economic evaluation.
• Inferred Resources: A lower-confidence resource estimate based on limited sampling, indicating potential for future conversion to higher categories.
• Grams per tonne (g/t): A measure of gold concentration, expressing the amount of gold contained per tonne of ore.
• Net Present Value (NPV): The current value of future cash flows from a project, discounted to account for time and risk.
• Mineralized Trend: A linear geological zone along which mineral deposits are concentrated.
• Feasibility Study: A comprehensive technical and economic analysis determining whether a mining project is financially and operationally viable.