Montage Gold has upgraded both the resource base and grade at its Koné project in Côte d’Ivoire, reinforcing the asset’s status as one of West Africa’s largest undeveloped gold deposits ahead of first production later this year.
Measured and indicated resources at Koné have increased by 142,000 ounces to 4.63 million ounces, with average grades rising to 0.69 grams per tonne, marking a 21% improvement. At the nearby Gbongogo Main deposit, indicated resources climbed roughly 40% to 783,000 ounces, with grades improving to 1.51 grams per tonne. The update reflects an extensive drilling campaign and improved geological modelling, enhancing confidence in the project’s long-term production profile.
Construction Progress and Production Outlook
The resource upgrade comes as Montage, part of the Lundin mining group, advances construction at Koné. The fully funded project is targeting annual production of approximately 300,000 ounces of gold over the first half of a projected 16-year mine life, according to its feasibility study.
With gold prices hovering near record levels, investors are closely watching developments as producers seek to bring new supply online.
Drilling Campaign Drives Higher Grades
The improvements are underpinned by a 174,000-metre drilling programme completed in 2025. Tighter drill spacing—reduced to 12.5 metres—enabled the company to better define higher-grade zones and refine the structural understanding of the deposit.
The drilling campaign also supported a resource expansion announced in late 2025 at the site, located around 350km northwest of Yamoussoukro. Montage said construction remains on budget and ahead of schedule, while exploration continues to focus on identifying higher-grade satellite deposits that could enhance early production.
Pipeline of Satellite Discoveries
Further resource updates are expected in the coming weeks across several nearby targets, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North.
Initial estimates for newer discoveries—Petit Yao and Soman One and Two—are scheduled through 2026. The company is currently conducting an additional 90,000 metres of drilling, alongside work on an updated life-of-mine plan due later this year.
Strong Financing Backing
Montage has secured substantial financial backing to advance the project. In 2024, the company raised $825 million in financing, against an estimated initial capital cost of $545 million.
A key component is a $625 million streaming agreement with Wheaton Precious Metals, which will receive a portion of future gold production. The deal is complemented by a $75 million secured debt facility to support project development. Chinese miner Zijin Mining, which holds a 9.9% stake in Montage, has also committed $125 million through a mix of loans and a subordinated gold stream.
Montage expects to achieve first gold production in the fourth quarter, marking a major milestone for the project and for Côte d’Ivoire’s expanding gold sector. As resource confidence improves and financing remains firmly in place, Koné is positioning itself as a key new source of gold supply in West Africa—underscoring the region’s growing importance in the global mining landscape.
