Montage Gold Corp.

MAU · TSX MAUTF · OTC

montagegoldcorp

$4.3B

USD

Market cap · 2026–07 · week 29

🇨🇦 Canada, Vancouver

Country

Precious Metals

Sector

Developer · Junior / Minor · Gold · Africa

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Montage Gold Corp. is a precious metals development company headquartered in Vancouver, Canada, operating primarily in Côte d'Ivoire, with the stated ambition of becoming a premier multi-asset African gold producer. The company's portfolio consists of 12 projects, comprising 3 construction-stage assets (the flagship Koné project with its Koné and Gbongogo Main deposits) and 9 exploration projects spanning 7 higher-grade satellite deposits, the Wendé greenfield permit and the operated Didievi project of African Gold. Key assets include the Koné deposit, Gbongogo Main, Gbongogo South, Koban North and ANV, all within a 1,766 km² land package straddling the Worodougou and Savanes regions. The business model centres on developing a large, low-cost open-pit gold operation: the Koné project hosts a 16-year mine plan feeding a central 11.0 Mtpa processing facility with primary and secondary crushing, a single large HPGR, a 22 MW ball mill and twin seven-tank carbon-in-leach trains producing gold-silver doré, supplemented by a newly added oxide circuit that permits 100% oxide feed at unchanged nameplate throughput. First gold is targeted for late Q4-2026 through the oxide circuit start-up, with the hard-rock comminution circuit scheduled for completion in Q2-2027. The on-site workforce exceeds 3,000 employees and contractors with over 90% local employment, and power will be drawn from the national grid via a new 225kV transmission line backed by 42 MW of diesel generator capacity. Model-linked risks include single-project and single-jurisdiction concentration in an emerging market, reliance on stream and loan financing with delivery obligations to Wheaton and Zijin, gold price cycles, and political and security conditions in West Africa.

Strategy: Strategic direction centres on building Koné into the foundation of a premier multi-asset African gold producer while systematically unlocking exploration value across the district. The 2024 Updated Feasibility Study outlines a 16-year operation producing 3.57 million ounces of gold at an all-in sustaining cost of $998/oz, with average annual production of 223 koz and more than 300 koz per year over the first 8 years, generating an after-tax NPV5% of $1,089 million and a 31% IRR at a $1,850/oz base case. Capital allocation was re-based in March 2026 to an updated pre-production estimate of $884 million (up 19% from the UFS $742 million) reflecting an accelerated oxide circuit ($25 million), 32 MW of additional back-up Gensets ($25 million), a livelihood restoration programme and higher contingency. Two October 2025 initiatives reshape the operating model: construction of the oxide circuit to enable an earlier first gold pour and full oxide-feed flexibility, and a shift to owner-operated mining underpinned by a long-term agreement with Neemba, the Caterpillar dealer for West Africa, financed through a $75 million equipment facility. Growth drivers include a 120,000-metre 2025 drilling programme targeting delineation of over 1 Moz of measured and indicated satellite resources at roughly 50% higher grades than the Koné deposit, with 7 maiden satellite resources already delineated and mineralization confirmed at 23 of 52 identified targets. An updated life-of-mine plan incorporating the enlarged resource base, the oxide circuit and owner mining is expected later in 2026. A core objective is portfolio expansion through strategic equity partnerships, including the pending court-approved Scheme of Arrangement to acquire 100% of African Gold and its resource-stage Didievi project, complementing the Sanu Gold partnership in Guinea and the December 2025 grant of the Gbatosso and Wendé exploration permits.

Management: Executive leadership is headed by Chief Executive Officer Martino De Ciccio, appointed in February 2024, who has over 16 years of mining industry experience and previously served as Deputy CFO and Head of Investor Relations at Endeavour Mining. The Board is chaired by Non-Executive Chairman Ron Hochstein, Chief Executive Officer of Vicuña Corp. and former President and CEO of Lundin Gold, where he led the Fruta del Norte mine from acquisition through on-time, on-budget construction to first gold in November 2019. The executive team comprises 4 officers: President and Chief Development Officer Peder Olsen, with over 16 years of project development experience in West Africa; Chief Financial Officer Constant Tia, based in Abidjan, formerly Regional CFO at Kinross Gold overseeing the Africa and Chile regions; and Executive Vice President of Exploration Silvia Bottero, previously Senior Vice President of Exploration at Endeavour Mining overseeing all of its African exploration. The 7-member Board also includes co-founder and former CEO Richard P. Clark, former Lundin Gold CFO Alessandro Bitelli, Anu Dhir, David Field and Jeremy Langford, President of Artemis Gold and former COO of Centamin who earlier led development of the Agbaou and Ity mines in Côte d'Ivoire. Board oversight operates through 4 standing committees: the Audit Committee chaired by Alessandro Bitelli with David Field and Ron Hochstein, all independent and financially literate under NI 52-110; the Compensation Committee chaired by Ron Hochstein; the Corporate Governance and Nominating Committee chaired by Anu Dhir; and the Technical and ESG Committee chaired by Ron Hochstein with David Field and Jeremy Langford. Directors and executive officers as a group own approximately 5.42% of the shares, and governance is supported by an annually reviewed Code of Conduct, Anti-Bribery and Anti-Corruption Policy, Black-Out Period Policy and Internal Employee Alert Policy under the Business Corporations Act (British Columbia).

Sustainability: Environmental and social stewardship at the Koné project is anchored in the Environmental and Social Impact Assessment approved in March 2024 and the Ministerial environmental permit received in May 2024, which included approval for in-pit tailings disposal, making Koné the first mine in Côte d'Ivoire to receive this best-practice authorization. The resettlement village was completed in November 2025 and officially inaugurated before more than 1,000 attendees, delivering new houses, a school, a pharmacy, a maternity hospital, a market, a community centre and religious buildings, with construction enabling 18 local businesses to create more than 490 community jobs; all households have been resettled and formal handover is complete. The company is the largest employer in an area whose 5 directly impacted villages (Fadiadougou, Batogo, Gbongogo, Dolorougo-Kaha and Manabri) are home to over 10,000 inhabitants, and the construction workforce exceeds 3,000 people with over 90% local employment and more than 9.0 million hours worked. The updated capital programme incorporates a dedicated livelihood restoration programme within a $22 million compensation and resettlement budget. Mining of the Koné North Pit will affect 9% of the Toudian Forest Reserve, for which the UFS provides backfilling and rehabilitation of all but 14 hectares during operations alongside a forest management plan with the relevant government agency. Côte d'Ivoire has been an EITI member since 2008, and the Mining Code requires adherence to Equator Principles and EITI principles plus a funded escrow account for environmental management and mine closure. Board-level oversight is provided by the Technical and ESG Committee, and following a workforce fatality during earthworks in August 2025 the company completed a coordinated investigation, shared lessons across the organization and implemented additional preventive measures and access controls.

Structure: Operations are held through wholly owned subsidiaries with the Koné mining permits vested in K1 Mining SA (permit PE0062, 20-year term) and 3G Mining SA (Gbongogo permit PE0061, 8-year term), in which the State of Côte d'Ivoire holds a 10% free carried interest, leaving Montage with a 90% project stake; exploration permits are held through Shark Mining, Orca CDI and Mankono Exploration S.A. The asset base traces to the July 2019 transfer of Orca Gold's Ivorian assets and the November 2022 Mankono Acquisition from Barrick and Endeavour, under which Barrick and Endeavour retain 0.7% and 0.3% NSR royalties respectively after Montage's November 2024 exercise of a 50% royalty buyback for $10 million; Triple Flag holds a 2.0% NSR on the Koné exploitation permit. Development is funded by the $825 million October 2024 Financing Package: a $625 million Wheaton gold stream covering 19.5% of payable gold stepping down to 10.8% and then 5.4% after 400,000 and 530,000 cumulative ounces ($468.75 million drawn at December 31, 2025); a $75 million Wheaton loan at SOFR plus 7.75%; a $75 million fully redeemable subordinated Zijin stream (3.1% of payable gold dropping to 1.3% after 54,000 ounces, with staged buyback options); and a $50 million Zijin loan at SOFR (floored at 2.50%) plus 4.00%. Strategic shareholders Nemesia S.à.r.l. and Zijin Mining held 19.9% and 9.9% following the August 2024 C$180 million placement. Supplementary facilities comprise a $75 million CAT Financial equipment facility supporting the Neemba-backed owner-mining fleet and a $50 million 5-year Working Capital Facility. Portfolio investments include a 19.5% stake in Sanu Gold with board, technical committee and ROFR rights, a 17.3% stake in African Gold subject to a binding November 2025 Scheme Implementation Deed to acquire the remainder at a 0.0628 exchange ratio (leaving African Gold shareholders approximately 7.56% of Montage), and a 9.9% Aurum Resources stake acquired July 2025 and divested for A$14.9 million by February 2026. The common shares graduated from the TSXV to the TSX on April 29, 2025 under the symbol MAU, with an OTCQX quotation as MAUTF.

Hedge: The treasury posture combines a voluntary downside-protection programme with full upside retention: in November 2024 the company implemented a revenue protection programme through the purchase of put options on 400,000 ounces of gold at a strike price of US$2,500/oz for total cash consideration of US$52.7 million, spread equally every month across the January 2027 to September 2028 period and settleable in cash or physically, designed to secure margins at the onset of production from the Koné project. No forward sales or price-capping instruments are disclosed, leaving full participation in gold price appreciation outside the streamed ounces. Commodity price exposure is further shaped by the Wheaton and Zijin streams, under which ongoing payments equal 20% of the gold spot price (subject to a defined price-adjustment grid between US$1,800/oz and US$3,000/oz for the first five years of the Wheaton agreement), so proceeds on streamed ounces capture only a portion of prevailing prices. Interest-rate exposure arises on floating-rate facilities, including the US$75 million Wheaton loan at 3-month CME Term SOFR plus 7.75%, the US$50 million Zijin loan at SOFR floored at 2.50% plus 4.00%, the US$75 million CAT equipment financing and the US$50 million working capital facility; no interest-rate swaps are disclosed. Foreign-exchange exposure spans the US dollar, Canadian dollar, West African CFA franc and capital-equipment currencies, with UFS capital estimates struck at 1.08 USD:EUR, 0.053 USD:ZAR, 1.56 USD:AUD and 1.26 USD:GBP; no currency hedge book is disclosed.

Source: Montage Gold Corp. - Annual Information Form - 2025

Construction · 1 project

Koné Project

District · Construction · Ownership 90%

Cote Divoire, Worodougou and Savanes, Birimian Greenstone Belt

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Mining

Type

Construction

Status

🇨🇮 Cote dIvoire, Worodougou and Savanes (Birimian Greenstone Belt)

Country

Project information

Aggregation level: District / complex

Report standard: Ni 43 101

Ownership %: 90

Operator: Yes

Extraction: Open Pit

Facility kind: -

Licensed capacity: 11

Capacity unit: mt

Capacity period: Per Year

Capacity kind: Nameplate

Description

Flagship open-pit gold development complex ~350 km northwest of Yamoussoukro, comprising the Koné and Gbongogo exploitation permits (PE0062, 20 years; PE0061, 8 years), five exploration permits covering 1,699 km2 and one application for a 1,766 km2 total package; the State holds a 10% free carried interest. The 2024 UFS outlines a 16-year mine plan from the Koné South, Koné North and Gbongogo Main pits feeding a central 11.0 Mtpa HPGR/ball-mill CIL plant, with first gold targeted late Q4-2026 via a new oxide circuit and the hard-rock comminution circuit completing in Q2-2027. Construction launched December 2024 is on budget against an updated $884M capital estimate (UFS $742M) including a $25M oxide circuit and $25M of back-up Gensets; an owner-operated mining model with Neemba (Caterpillar) was adopted October 2025. The project hosts 8 satellite deposits plus Koné; an updated LOM plan is expected in 2026. Royalties: Triple Flag 2.0% NSR on PE0062; Barrick 0.7% and Endeavour 0.3% NSR on former Mankono ground. Development funded by the $825M Wheaton/Zijin streams and loans package.

Mining metrics

Multiple effective dates · exclusive

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Reserves & resources — detail

Multiple effective dates

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Exploration · 2 projects

Wendé

Asset · Exploration

Cote Divoire, Savanes

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Mining

Type

Exploration

Status

🇨🇮 Cote dIvoire, Savanes

Country

Project information

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 100

Operator: Yes

Extraction: -

Description

Advanced greenfield exploration property covering approximately 107 km2 under exploration permit PR1044, granted to Montage in December 2025 by the Ministry of Mines, Petroleum and Energy of Côte d'Ivoire. The property is located along the Ouango-Fitini shear zone in close proximity to several significant gold mining operations and deposits. Historical workings on the property highlight a significant 7 km2 gold-in-soil anomaly with assays grading over 100 ppb. Exploration activities began in early 2026 with geochemical and geophysical surveys in addition to exploration drilling on prospective targets. The Wendé permit, together with the Dabakala exploration permit application, comprises the Wendé properties held outside the Koné project package. No mineral resource estimate is disclosed for the property in this AIF.

Mining metrics

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Didievi Project (African Gold)

Asset · Exploration · Ownership 17.3%

Cote Divoire

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Mining

Type

Exploration

Status

🇨🇮 Cote dIvoire

Country

Project information

As at 22 June 2025

Aggregation level: Asset

Report standard: Ni 43 101

Ownership %: 17.3

Operator: Yes

Extraction: -

Description

As at 22 June 2025

Resource-stage exploration project owned by African Gold Limited (ASX:A1G), in which Montage holds a 17.3% equity stake and acts as operator under a Technical Services Agreement (to December 31, 2026, extendable). Located close to established gold operations including Allied Gold's Bonikro and Agbaou mines and Perseus' Yaouré project. Under the March 2025 strategic partnership Montage holds pre-emptive rights to acquire a 20% project-level shareholding, a right of first refusal on the project and on the adjacent Angoda Permit (PR-585). On November 28, 2025, Montage entered a binding Scheme Implementation Deed to acquire all African Gold shares it does not own at a 0.0628 exchange ratio, which would add Didievi outright to the portfolio (subject to Australian court approval and conditions). In 2025 a 40,000 m drilling programme was underway with preliminary gold recovery tests performed; the Inferred Resource at the Blaffo Guetto deposit grew from 4.93 Mt at 2.9 g/t (452,000 oz) to 12.4 Mt at 2.5 g/t (989,000 oz).

Mining metrics

As at 22 June 2025

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Reserves & resources — detail

As at 22 June 2025

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Precious metals

Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Gold

Score

Production

Resource base

Grade

1 / 5

0–50 koz Au

0–1 Moz Au

0–1 g/t Au

2 / 5

50–125 koz Au

1–2.5 Moz Au

1–2 g/t Au

3 / 5

125–250 koz Au

2.5–5 Moz Au

2–5 g/t Au

4 / 5

250–500 koz Au

5–10 Moz Au

5–8 g/t Au

5 / 5

≥ 500 koz Au

≥ 10 Moz Au

≥ 8 g/t Au

Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.