Montage Fast-Tracks First Gold at Koné Project in Côte d’Ivoire

Montage Gold has significantly strengthened its growth narrative by accelerating the timeline to first gold production at its flagship Koné gold project in Côte d’Ivoire. The company has confirmed that first gold is now expected in the fourth quarter of this year, six months earlier than previously scheduled. This acceleration is largely attributed to faster-than-anticipated construction progress and disciplined project execution, positioning the company ahead of market expectations and reinforcing confidence among investors and stakeholders.

Construction activities at Koné continue to advance steadily while remaining firmly within budget. More than 63 percent of the project’s total capital expenditure, equivalent to over $545 million, has already been committed. The site currently hosts more than 3,000 workers, reflecting the scale and intensity of ongoing development. Key processing and infrastructure components are nearing completion, including carbon-in-leach tanks, the oxide sizer, and preparations for ball mill installation. Supporting infrastructure such as the permanent camp, airstrip, and access facilities are largely finished, providing a solid operational backbone as the project approaches commissioning.

Power and logistics infrastructure are also progressing according to plan. Grid power connection works and construction of the 225 kilovolt substation are advancing on schedule, which is critical for ensuring reliable and cost-effective energy supply during operations. In parallel, social infrastructure commitments have been delivered, with the resettlement village now fully occupied. The village includes modern housing as well as healthcare, education, and community facilities, underscoring the company’s emphasis on social responsibility and long-term community integration.

From a production and resource standpoint, Koné is shaping up to be one of the most significant gold operations in West Africa. The project targets average annual production of approximately 300,000 ounces of gold, supported by indicated mineral resources estimated at 5.49 million ounces and inferred resources of an additional 704,000 ounces. An updated resource estimate is expected in the first quarter of next year, incorporating results from recent drilling and newly identified satellite targets. To further enhance the resource base, Montage Gold has outlined a $16 million exploration program for this year, comprising around 99,000 metres of drilling.

The project’s strong economics further enhance its strategic appeal. The feasibility study outlines a mine life of 16 years and an after-tax net present value of approximately $3.1 billion, based on a gold price assumption of $3,000 per ounce. Following the announcement of the accelerated production schedule, Montage Gold’s shares surged by 12 percent to a new record high, lifting the company’s market valuation to roughly $4.1 billion. This market reaction highlights growing investor confidence in both the project’s delivery timeline and its long-term profitability.

Looking ahead, the accelerated development of Koné is likely to have broader implications for the mining industry in Côte d’Ivoire and the wider West African region. Early cash flow generation improves financial flexibility for further exploration and potential regional expansion, while also enhancing the country’s profile as a stable and attractive destination for large-scale mining investment. As Koné moves closer to production, it is set to become a cornerstone asset that contributes meaningfully to employment, infrastructure development, and export revenues, reinforcing the role of gold mining as a key driver of economic growth in West Africa.

Mini-Glossary

• Carbon-in-leach (CIL), a gold processing method where gold is dissolved and absorbed onto activated carbon during leaching.
• Indicated and inferred resources, classifications that describe different levels of geological confidence in mineral estimates.
• Net present value (NPV), a financial metric used to assess the profitability of a project by discounting future cash flows.
• Feasibility study, a detailed technical and economic assessment used to determine whether a mining project is viable.
• Kilovolt (kV) substation, electrical infrastructure used to step down high-voltage power for industrial use.

Editor: Vural Burç ÇAKIR

Image Credit: Official Website of Montage Gold