Montage Gold Boosts Koné Resource Grades in Côte d’Ivoire as First Production Nears

As West Africa’s gold pipeline moves from planning to execution, Montage Gold is sharpening the fundamentals behind its Koné project in Côte d’Ivoire. The company says it has upgraded both the resource base and grade, strengthening expectations for early output as construction advances toward first production later this year.

The latest estimate raises measured and indicated resources at Koné by 142,000 ounces to 4.63 million ounces. Average grades have also improved to 0.69 grams per tonne, representing a 21% improvement. At the nearby Gbongogo Main deposit, indicated resources increased by roughly 40% to 783,000 ounces, while grades rose to 1.51 grams per tonne.

Montage attributes the gains to an extensive drilling campaign and improved geological modelling—changes that are designed to increase confidence in the project’s long-term production profile.

Construction ramps up alongside higher-grade definition

The resource upgrade arrives while Montage—part of the Lundin mining group—continues building Koné. The project is described as fully funded, with a feasibility study targeting annual production of approximately 300,000 ounces of gold over the first half of a projected 16-year mine life.

With gold prices hovering near record levels, investors are closely watching developments as producers seek to bring new supply online.

A 174,000-metre drilling push tightens spacing and refines structure

The improvements are supported by a 174,000-metre drilling programme completed in 2025. Montage says tighter drill spacing—reduced to 12.5 metres—helped define higher-grade zones more precisely and refine understanding of deposit structure.

The company also points to an earlier resource expansion announced in late 2025 for targets at the site, located about 350km northwest of Yamoussoukro. Montage said construction remains on budget and ahead of schedule, while exploration continues with an emphasis on identifying higher-grade satellite deposits. Those satellites could support early production.

Soon-to-follow updates across multiple nearby targets

Additional resource updates are expected in the coming weeks across several nearby targets: Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North.

The company also scheduled initial estimates for newer discoveries—Petit Yao and Soman One and Two—through 2026. In parallel with these workstreams, Montage is conducting another 90,000 metres of drilling, along with efforts on an updated life-of-mine plan due later this year.

$825 million financing package underpins development momentum

The operational progress is backed by significant capital commitments. In 2024, Montage raised $825 million in financing, against an estimated initial capital cost of $545 million.

A central element is a $625 million streaming agreement with Wheaton Precious Metals that will provide funding in exchange for a portion of future gold production. Development support also includes a $75 million secured debt facility.

Zijin MiningZijin Mining, which holds a 9.9% stake in Montage , has committed additional funding totaling $125 million through a mix of loans and a subordinated gold stream.

Toward fourth-quarter first gold production in Côte d’Ivoire

Montage expects to reach first gold production in the fourth quarter. For investors tracking new supply coming online from West Africa’s expanding sector, Koné’s improving geology—and its ability to translate that into build progress—positions the project as a potential contributor to regional output later this year.