Montage Gold has announced a significant upgrade to the resource estimates and grades at its Koné gold project in Côte d’Ivoire, solidifying its position as one of West Africa’s most promising undeveloped gold assets. With first production anticipated later this year, the project is gaining traction as a critical contributor to the region’s mining landscape.
The latest resource assessment reveals an increase of 142,000 ounces, bringing the total measured and indicated resources to 4.63 million ounces, with average grades improving to 0.69 grams per tonne—an enhancement of 21%. Additionally, the nearby Gbongogo Main deposit has seen its indicated resources rise by approximately 40% to 783,000 ounces, with grades reaching 1.51 grams per tonne. These advancements are attributed to an extensive drilling campaign and refined geological modeling that bolster the project’s long-term production outlook.
As Montage progresses with construction at Koné, which is fully funded, the company aims for an annual output of around 300,000 ounces of gold during the initial phase of its projected 16-year mine life. This ambitious target aligns with the current high gold prices, attracting investor interest as producers look to enhance supply.
The resource upgrades stem from a comprehensive drilling program that covered 174,000 meters and was completed in 2025. By reducing drill spacing to 12.5 meters, Montage has been able to delineate higher-grade zones more accurately and improve its understanding of the deposit’s structure. This drilling initiative also facilitated a recent resource expansion announcement for the site, located approximately 350 kilometers northwest of Yamoussoukro.
Construction at Koné is reportedly on budget and ahead of schedule, while exploration efforts are ongoing to identify higher-grade satellite deposits that could boost early production capabilities. Anticipated resource updates from several nearby targets, including Gbongogo South and Koban North, are expected in the coming weeks. Initial estimates for new discoveries such as Petit Yao and Soman One and Two are also slated for release through 2026.
Montage Gold has secured robust financial backing to support its development efforts. In 2024, the company raised $825 million against an estimated initial capital cost of $545 million. A significant aspect of this financing includes a $625 million streaming agreement with Wheaton Precious Metals, which will receive a portion of future gold production. Additionally, a $75 million secured debt facility will further bolster project development efforts. Zijin Mining holds a 9.9% stake in Montage and has committed $125 million through loans and a subordinated gold stream.
With first gold production projected for the fourth quarter of this year, Montage Gold is poised to make a substantial impact on Côte d’Ivoire’s burgeoning gold sector. As confidence in resource estimates grows and financial support remains strong, Koné is set to emerge as a vital new source of gold supply in West Africa, highlighting the region’s increasing significance within the global mining industry.
