Canadian miner Montage Gold is moving toward first gold production at its flagship Koné project in Côte d’Ivoire, while expanding exploration activities across West Africa. The company is also progressing construction and exploration work at Koné, where commercial production is expected later this year. Montage’s regional push follows its acquisition of African Gold, which enabled consolidation of ownership of the Didievi gold project. The company is backed by investors including the Lundin Group and Chinese miner Zijin Mining.
Koné feasibility metrics and production outlook
The Koné project is located about 470 kilometres northwest of Abidjan. An updated 2024 feasibility study estimates a net present value of $1.1 billion at a 5% discount rate and an internal rate of return of 31%. During the first three years, the mine is expected to produce approximately 349,000 ounces of gold annually. All-in sustaining costs are targeted to remain below $1,000 per ounce.
The project’s estimated payback period is 2.6 years, and the current mine life is estimated at 16 years. The large-scale property covers more than 2,259 square kilometres and hosts probable reserves of about 174.3 million tonnes grading 0.72 grams gold per tonne, containing nearly 4 million ounces of gold. Investor participation has included a $53 million investment by the Lundin Group in 2024 for a 19.9% stake in Montage Gold. Zijin Mining invested an additional $57.3 million for a 9.9% ownership position.
Drilling campaign targets satellite deposits around Koné
As construction at Koné approaches completion, Montage is running an extensive regional exploration program aimed at expanding resources and improving future mine economics. The company is conducting a 90,000-metre drilling program targeting several satellite deposits, including Yere North, Petit Yao, Soman 1, Soman 2, and Lokolo West. Updated resource estimates and new discoveries are expected in the coming months.
Montage says the broader Koné district includes multiple mineralized trends across the property, creating exploration potential within a single gold district. The drilling strategy focuses on identifying higher-grade satellite deposits that could feed directly into the Koné processing plant from the start of operations. The company’s permit area extends roughly 35 kilometres north of the processing facility and includes targets such as Petit Yao, Lokolo, and Diouma North.
Further north, Montage plans to pursue additional permits at sites including Sena, Soman 2, and Yere North. Management believes the area has potential to develop into a district-scale gold camp, with deposits located within practical trucking distance of central processing infrastructure.
Côte d’Ivoire contrasted with Sahel regulatory changes
Montage’s expansion is occurring as parts of West Africa experience regulatory and political shifts affecting mining operations. Military-led governments in countries including Mali, Burkina Faso, and Niger have introduced tougher mining regulations and increased state ownership requirements. In some cases, mining assets have been seized following political upheaval in recent years.
Despite these risks, West Africa remains one of the world’s richest undeveloped gold provinces and continues to attract international mining investment. Côte d’Ivoire has been described as comparatively stable and mining-friendly relative to neighbouring jurisdictions. The country has positioned itself as a destination for international gold developers seeking long-term investment opportunities.
Mauritania permits add to regional exploration portfolio
Montage’s growth strategy extends beyond Côte d’Ivoire into Mauritania. Earlier this year, the company secured five new greenfield exploration permits through a competitive government tender process. The permits are located several hundred kilometres northeast of Kinross Gold’s Tasiast mine.
The Mauritania expansion forms part of Montage’s broader regional consolidation approach that has accelerated over recent years. In 2022, Montage acquired the Mankono-Sissédougou joint venture from Barrick Mining and Endeavour Mining, adding further exploration upside to the Koné district. More recently, Montage entered a partnership with Sanu Gold by acquiring a 19.9% stake through a C$5.5 million share transaction tied to Sanu’s Guinea exploration portfolio.
Didievi drilling supports resource upgrade plans
The company’s long-term strategy also includes development work at the Didievi gold project in Côte d’Ivoire. Didievi is located approximately 300 kilometres southeast of Koné. Montage is nearing completion of a 40,000-metre drilling campaign intended to upgrade resource classification and improve geological confidence.
The project currently hosts an inferred resource of about 12.4 million tonnes grading 2.5 grams gold per tonne, containing nearly 989,000 ounces of gold. Montage plans to convert a substantial portion of the inferred resource into the indicated category. The company says this milestone could support future development decisions and economic studies.
Diversified gold development across West Africa
With first gold production at Koné approaching, Montage continues building its portfolio across Côte d’Ivoire while extending exploration opportunities into Mauritania and Guinea-related interests through its Sanu Gold partnership structure. Exploration success around Koné remains tied to ongoing work targeting satellite deposits intended to support early feed into the processing plant. In parallel, Didievi drilling is focused on upgrading resources through classification conversion plans.
The company’s expansion also reflects continued investor involvement from major backers including Lundin Group and Zijin Mining following their investments in Montage Gold during 2024.
