Montage Gold Stock Price, News & Analysis

Montage Gold Corp. (OTCQX: MAUTF) is a gold exploration and development company whose shares trade in the United States on the OTCQX market under the symbol MAUTF and on the Toronto Stock Exchange under the symbol MAU. The company is focused on gold ore mining and project development in Côte d’Ivoire, with a stated goal of becoming a premier African gold producer. Its flagship asset is the Koné project in Côte d’Ivoire, which is supported by an Updated Feasibility Study and is described as one of the largest gold projects currently under construction globally.

Core business focus and flagship Koné project

According to multiple company news releases, Montage Gold’s business is centred on developing the Koné project and building a pipeline of additional gold projects in Côte d’Ivoire. The Updated Feasibility Study for Koné outlines an estimated 16-year mine life and a production profile targeting sizeable annual output of more than 300,000 ounces of gold over the first eight years of operation, with production expected to begin in the second quarter of 2027 based on current plans. The company reports that construction of the processing plant and associated infrastructure is progressing on-budget and on-schedule, with key milestones such as carbon-in-leach (CIL) tank erection, mill foundations, water storage facilities, tailings storage facility earthworks, power infrastructure, and camp construction advancing ahead of or in line with internal schedules.

Montage describes the Koné project as comprising a large land package in Côte d’Ivoire with extensive exploration potential. Across this land package, the company has identified 7 mineralised trends and more than 50 exploration targets, with mineralization confirmed at all of the targets that have been drill-tested so far. The project includes the main Koné deposit and a growing suite of higher-grade satellite deposits and targets that are being advanced through systematic drilling and resource definition.

Exploration strategy and satellite deposits

Montage Gold’s exploration strategy at Koné is based on a structured, multi-track programme. Company disclosures describe three main workstreams:

• Infill and step-out drilling of previously delineated deposits to grow and upgrade Mineral Resources.
• Advancing pre-resource targets toward maiden resource status.
• Testing new regional targets through scout drilling, auger drilling, aircore drilling and reverse circulation drilling.

The company reports that its 2025 exploration programme was increased from 90,000 metres to 120,000 metres in response to successful results, with tens of thousands of metres drilled in the first half of the year alone. As part of this work, Montage has delineated and is expanding a group of higher-grade satellite deposits around the main Koné deposit, including Gbongogo Main, Gbongogo South, Koban North, Diouma North, Sena, Yeré North and ANV. Company updates state that Indicated Resources for these satellite deposits have grown to hundreds of thousands of ounces at grades higher than the Koné deposit, with additional Inferred Resources and further growth expected as drilling continues.

Montage also highlights the Sissédougou trend and the Gbongogo–Koroutou trend as particularly prospective corridors within the Koné project. On the Sissédougou trend, the ANV deposit has seen both Indicated and Inferred Resources more than double following additional drilling, and high-grade intercepts have been reported at targets such as Kagon Main, Kagon NE, ANIII and ANV West. On the Gbongogo–Koroutou trend, multiple satellite deposits have been delineated and a large number of additional targets have been identified and partially drill-tested.

Petit Yao and higher-grade satellite potential

Within the Koné mining permit area, Montage has reported encouraging results from the Petit Yao target, located approximately 7 kilometres from the Koné processing plant and adjacent to the Gbongogo haul road. Drill results released by the company describe multiple high-grade gold intercepts over a strike length of more than 1.1 kilometres and to depths of about 150 metres, with mineralization open in all directions. Montage states that Petit Yao has the potential to be delineated into one of the highest-grade satellite deposits of scale at the Koné project, and has prioritised additional drilling at this target with the aim of defining a maiden starter resource.

Technical disclosure for Petit Yao describes mineralization hosted in shear-related quartz–sulphide veining within Birimian sedimentary and volcanic rocks, and notes that preliminary metallurgical bottle-roll testwork indicates high cyanide recoveries for oxide, transition and fresh material. These details are presented by the company as part of its broader effort to integrate higher-grade satellite material into the Koné mine plan from the onset of production.

Construction progress and project infrastructure

Montage’s news releases provide extensive detail on construction activities at Koné. The company reports millions of construction hours worked with a large on-site workforce and a high proportion of local employment. Key process plant infrastructure under construction includes:

• Two CIL trains with multiple tanks, with several tanks erected ahead of schedule.
• Mill foundations and concrete works for the grinding circuit.
• Pre-leach and tailings thickeners.
• Reagent, cyanide and lime storage facilities.
• Gold room, plant offices, control room, clinic and training facilities.

The company also describes substantial progress on supporting infrastructure, including a water storage facility, river abstraction and pumping systems, a tailings storage facility, a 225 kV electrical substation and grid connection works, an airstrip, permanent camp, haul roads and a resettlement village. Montage states that these elements are advancing on-budget and in some cases ahead of schedule, and that engineering, procurement and fabrication of long-lead items such as crushers, mills, high-pressure grinding rolls and structural steel are progressing in line with expectations.

An additional feature of the project is an oxide circuit being constructed alongside the main hard rock comminution circuit. According to company disclosures, this circuit is intended to allow processing of 100% oxide feed, bypassing the hard rock crushing and HPGR stages. Montage indicates that this is expected to provide operational flexibility, potential to advance first gold production, and the ability to integrate near-surface higher-grade oxide material from satellite deposits earlier in the mine life.

Owner-operated mining model and local content

Montage reports that it has adopted an owner-operated mining model for the Koné project following a review of owner versus contractor mining options. The company has entered into a long-term agreement with Neemba International Limited, a Caterpillar dealership in West Africa, for the supply of a mining fleet financed through an equipment finance facility. Montage states that this model is expected to provide mine planning flexibility and support the rapid integration of new satellite deposits into the production schedule.

Company updates emphasise a strong focus on local employment and training. Montage notes that more than 90% of its on-site workforce is local and that it is running vocational training programmes in partnership with a government-accredited technical institution in Côte d’Ivoire. Training covers areas such as steel fixing, building, electrical work, masonry, carpentry, plumbing, firefighting, working at heights, environmental management and heavy equipment operation. The company also describes livelihood restoration and literacy programmes for communities affected by the project, as well as the construction of a resettlement village, schools and other community infrastructure.

Project pipeline and corporate transactions

Beyond Koné, Montage is building a broader project pipeline in Côte d’Ivoire. The company has announced a binding agreement to acquire African Gold Limited, an Australian-listed exploration company, through a court-approved scheme of arrangement. This transaction is intended to add the resource-stage Didievi gold project in Côte d’Ivoire to Montage’s portfolio. Company disclosures state that the Didievi project hosts an Inferred Resource for the Blaffo Guetto trend and is considered by African Gold to have multi-million ounce potential. Montage has been the operator of Didievi and a significant shareholder in African Gold, and reports that its drilling and metallurgical work have increased the resource at Blaffo Guetto and confirmed mineralization at additional targets.

Montage has also completed a strategic share exchange with Aurum Resources Limited, an Australian-listed company, resulting in Montage holding a 9.9% interest in Aurum. Aurum intends to use the proceeds to advance its Boundiali and Napié gold projects in Côte d’Ivoire. Montage presents this investment as part of its strategy to participate in additional exploration opportunities in the country alongside other strategic investors.

Land package and exploration permits

Company materials describe the Koné project as covering a substantial land package in Côte d’Ivoire, with existing permits and additional permit applications. Montage reports that the project area encompasses more than a thousand square kilometres under existing permits, with several hundred additional square kilometres under application. Within this area, the company has mapped multiple mineralised trends and identified dozens of targets using lithostructural mapping, geophysics, soil and saprolite geochemistry, auger drilling and scout drilling.

Recent news highlights the granting of new exploration permits by the Ministry of Mines, Petroleum and Energy and other government ministries in Côte d’Ivoire. These include the Gbatosso permit, which extends the Koné project land package along known mineralised trends such as Lokolo and Yeré and lies within trucking distance of the Koné processing plant, and the Wendé permit, described as an advanced greenfield exploration property along the Ouango-Fitini shear zone. Historical work at Wendé has identified a significant gold-in-soil anomaly and multiple soil and geophysical anomalies, and Montage plans to commence geochemical, geophysical and drilling campaigns there.

Position within the gold mining sector

Montage Gold operates within the gold ore mining segment of the broader mining, quarrying, and oil and gas extraction sector. Its activities, as described in company communications, span the full project development cycle for gold assets: exploration, resource definition, feasibility studies, project financing, construction and preparation for production. The company’s focus on Côte d’Ivoire situates it within a group of gold developers and producers active across West Africa, a region that has seen increasing exploration and mine development activity.

Montage’s stated strategy is to create a multi-asset African gold producer by bringing the Koné project into production, delineating and integrating higher-grade satellite deposits, and advancing additional projects such as Didievi and exploration properties like Wendé. Its news releases emphasise both the scale of the Koné project and the potential for further resource growth across its land package.

Risk disclosures and technical reporting

Company news releases include detailed technical disclosure prepared under Canadian securities regulations, including National Instrument 43-101 for mineral projects. Qualified Persons are identified for the verification and approval of scientific and technical information, and references are made to the Koné Gold Project Updated Feasibility Study technical report filed on SEDAR+. The releases also contain extensive forward-looking statements and risk factors related to resource estimates, construction schedules, exploration results, permitting, financing, metallurgical performance and other uncertainties inherent in mineral project development.

Investors reviewing Montage Gold and the MAUTF stock typically examine these technical reports and risk disclosures alongside the company’s exploration and construction updates to understand the assumptions and limitations underlying its project plans.

FAQs about Montage Gold Corp. (MAUTF)

• What does Montage Gold Corp. do?
  Montage Gold Corp. is a gold exploration and development company focused on advancing the Koné gold project and associated satellite deposits in Côte d’Ivoire, with the objective of becoming a multi-asset African gold producer.
• Where are Montage Gold’s main projects located?
  According to company disclosures, Montage’s flagship Koné project and its key exploration targets and satellite deposits are located in Côte d’Ivoire. The company is also adding the Didievi project in Côte d’Ivoire through the proposed acquisition of African Gold Limited and has exposure to other Ivorian projects through its investment in Aurum Resources.
• What is notable about the Koné project?
  The Koné project is described by Montage as one of the largest gold projects currently under construction globally, with an Updated Feasibility Study outlining an estimated 16-year mine life and a production profile targeting more than 300,000 ounces of gold per year over the first eight years, subject to the assumptions and risks detailed in the technical report.
• How advanced is construction at Koné?
  Company news releases state that construction at Koné is progressing on-budget and on-schedule toward a targeted first gold pour in the second quarter of 2027. Key infrastructure such as CIL tanks, mill foundations, water storage, tailings storage, power infrastructure, camp facilities and process plant buildings are reported to be well advanced, with some work packages ahead of schedule.
• What is Montage’s exploration strategy around Koné?
  Montage describes a three-track exploration strategy involving infill and step-out drilling of existing deposits, advancing pre-resource targets to maiden resource status, and testing new targets. The company has identified more than 50 targets across seven mineralised trends and reports that all targets drilled to date have returned mineralized intercepts.
• What are higher-grade satellite deposits and why are they important?
  Higher-grade satellite deposits are separate deposits near the main Koné deposit, such as Gbongogo South, Koban North, ANV and others, that have grades higher than the Koné deposit. Montage’s goal is to integrate material from these satellites into the mine plan to enhance the production profile, particularly in the early years of operation.
• What is the significance of the Petit Yao target?
  The Petit Yao target, located within about 7 kilometres of the Koné processing plant, has delivered multiple high-grade drill intercepts over a strike length exceeding 1.1 kilometres. Montage states that Petit Yao has the potential to become one of the highest-grade satellite deposits of scale at the project, and is prioritising drilling there to define a maiden resource.
• How is Montage expanding its project pipeline beyond Koné?
  Montage is expanding its pipeline by acquiring African Gold Limited, which owns the Didievi project in Côte d’Ivoire, and by investing in Aurum Resources, which is advancing the Boundiali and Napié projects in Côte d’Ivoire. The company has also obtained new exploration permits such as Gbatosso and Wendé that extend its land position around Koné and along regional mineralised structures.
• What role do technical reports and Qualified Persons play in Montage’s disclosures?
  Montage’s scientific and technical information is prepared and reviewed by Qualified Persons under NI 43-101, and key project details are documented in technical reports such as the Koné Updated Feasibility Study. These reports provide the basis for the company’s statements about Mineral Resources, Mineral Reserves, mine life, production profiles and other technical parameters.
• Is Montage Gold currently producing gold?
  Based on the company’s public statements, Montage is in the construction and advanced exploration phase at Koné and is targeting first gold production in the future. Its disclosures focus on construction progress, exploration results and project financing rather than current operating mine production.