Montage Gold Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d'Ivoire, at the forefront. Based on the Feasibility Study published in 2024, the Koné project has an estimated 16-year mine life, low AISC (All-In Sustaining Cost) of $998/oz over its life of mine, and sizeable annual production of +300koz of gold over the first 8 years. Over the course of 2024, the Montage management team will be leveraging their extensive track record in developing projects in Africa to progress the Koné project towards a construction launch, thereby unlocking significant value for all its stakeholders.

Montage's Strategy

Focused on creating a premier African gold producer

• New management team appointed in early 2024
• Strong shareholder backing with Lundin Group, Zijin, and Barrick
• Koné project is a sizeable, long-life, low AISC, fully permitted asset
• Well positioned to unlock value in Africa for all stakeholders

Koné Project

Provides a foundation upon which to build a major gold company

• Koné will rank as a high quality West African mine once in production with a long mine life, low AISC and production of scale
• Koné benefits from soft ore and a very low strip ratio, which results in an above average strip-adjusted grade

FLAGSHIP PROJECT

Koné Gold Project, Côte d'Ivoire

The Koné Gold Project is located approximately 350 kilometres north-west of Yamoussoukro, the political capital of Côte d'Ivoire, and approximately 600 kilometres north-west of Abidjan, the commercial capital of the country. The Project is ideally situated near existing infrastructure and is accessible year-round via asphalt road and has access to ample water resources.

The Koné project ranks as one of the highest quality gold projects in Africa given its sizeable low-cost production and long mine life.

Significant Exploration Potential

One of the largest gold projects by land area in West Africa

• 2,259 sq. km Land Package, representing one of the largest gold projects by land area in West Africa
• Over 150km of mineralized structures identified
• 15 targets out of the 35 identified are being drill tested, in addition to further reconnaissance exploration to identify more targets
• Low process cost is key advantage to making discoveries within a 75km radius
• A first 30,000m drill program of $6M is underway with the goal of delineating resources at top priority targets
• A second 60,000m drill programme was launched in September 2024 with the goal of delineating resources by year-end at several targets, in addition to further drill testing of other targets
• Targeting the discovery of more than 1Moz of M&I resources, at a grade 50% higher than the Koné deposit, to be achieved before the commencement of production (See news release dated Oct. 7, 2024)
• Goal is to replicate success of Gbongogo Main: added $350M in pre-tax cash flow from 428koz of production, for only $1M to define ore body

Diouma North Target

• New discovery by Montage in early 2023
• 2km south of Gbongogo Main; on trend
• <500m from haul road
• 200m x 100m quartz diorite intrusive, similar to Gbongogo Main
• Follow-up core program planned on high grade target

Petit Yao Target

• 7km east of Koné deposit
• <3km southeast of haul road
• Interpreted strike of 900m
• Majority not yet drill tested
• High grade intercepts returned at several holes
• Drill program to continue in H2-2024

Lokolo Target

• Lokolo Main is the more advanced target of Lokolo trend
• 15km north-east of Koné deposit
• Majority not yet drill tested
• High-grade intercept of 12m at 6.6 g/t Au returned
• Drill program to continue in H2-2024

Sissédougou Target

• Sissédougou returns multiple high-grade intercepts at depth near historic resource area
• 17km north-east of Gbongogo deposit
• Drilled between 2012 and 2017 by La Mancha and Endeavour Mining, so Montage is currently in the process of compiling and verifying the historic data
• Sissédougou has the potential to be a satellite to Koné
• Majority not yet drill tested
• Drill program to continue in H2-2024

Yeré North Target

• Marked by a 2km-long gold consistent trend
• Located 4km Northeast of the Yeré Main target
• First phase of RC drilling intersected 23 meters at 12.91g/t Au (including 13 meters at 21.03 g/t Au) in oxides
• Recent follow-up core drilling intersected 14 meters grading 1.62 g/t Au (Hole SDDDH003) and 4.4 meters grading 2.08 g/t Au (Hole SDDDH001)
• Further work is ongoing and the prospect will be followed up with drilling in due course given the shallow and high grade nature of the mineralization

Koné Project Latest Development:

• Environmental and mining permits awarded
• Agreement on land compensation completed
• Near mine exploration underway
• C$180M private placement closed

Koné Project Next Steps:

• Delineation of satellite targets
• Financing discussions well advanced
• Land compensation and relocation activities
• Order of long-lead items and launch of construction

Attractive Investment Proposition

Strong re-rating potential as the Montage strategy is executed

Short-Term Value Creation:

Unlocking the Koné Project

• Secure project financing on attractive terms
• Deliver construction on-time and on-budget
• Deleverage company with quick payback following production start-up
• Unlock significant exploration value

Long-Term Value Creation:

• Build a greenfield exploration portfolio
• Create a project development pipeline

Management

Leadership Team & Directors

Martino De Ciccio, CFA, Chief Executive Officer

Over 15 years experience in mining industry with extensive understanding of African mining landscape

Former Deputy CFO and Head of Investor Relations for Endeavour Mining

Peder Olsen, President & Chief Development Officer

Over 15 years experience in project development, operational and technical roles

Formerly held senior positions with Endeavour Mining

Played key leadership role in Construction of Houndé, Ity, Agbaou and Nzema

Constant Tia, CPA, M.Sc, Chief Financial Officer

Over 18 years in Finance

Ivorian national with profound understanding of West African region

14-year career at Kinross Gold

Formerly Regional CFO for Africa and Chile Regions for Kinross

Silvia Bottero, M.Sc, Geo, MBA, Executive Vice President of Exploration

Over 20 years in exploration

Most recently SVP Exploration at Endeavour Mining

Has made over 15Moz of gold discoveries in Côte d'Ivoire

Extensive permitting, public affairs and ESG experience

Pierre N'Guessan, Mining Eng., Senior Advisor, Government Relations

38 years in mining industry

Former head of mining permits department within Ministry of Mines, Côte d'Ivoire for 10 years

Former technical and site manager at Ity gold mine

Former public affairs manager at Endeavour Mining

Board of Directors

Ron Hochstein, Independent Chairman

Alessandro Bitelli, Independent Director

David Field, Independent Director

Anu Dhir, Independent Director

Richard P. Clark, Non-Independent Director

Martino De Ciccio, Non-Independent Director

News Update

On May 02, 2025, The Globe and Mail reports in its Friday, May 2, edition that Ventum Capital Markets analyst Connor MacKay has reiterated his "buy" ranking for Montage Gold. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacKay gave his share target a 35-cent boost to $5.25. Mr. MacKay says in a note: "Our new, fully financed NAV estimate benefits from the early exploration success Montage has demonstrated in its aim to quickly define new high-grade satellite deposits. We see these additions filling out and extending the elevated production profile over the first several years of Kone's mine life. The company is in a unique position to simultaneously deliver a construction-fuelled rerate as Kone is built while demonstrating continuous improvement in the project through aggressive exploration programs. Ultimately, we see Kone becoming a cash cow for Montage which, as the company's recent corporate moves may hint at, could allow it to become a consolidator in one of West Africa's safest, yet relatively untapped—mining jurisdictions." The Globe reported on March 20 that Stifel analyst Cole McGill had reaffirmed his "buy" ranking for Montage Gold when it could be had for $2.97.

On April 28, 2025, Montage Gold Corp. has received final approval from the Toronto Stock Exchange (TSX) for the listing of its common shares on the TSX. The common shares will begin trading on the TSX at market open on April 29, 2025, and will continue to trade under its current stock symbol, MAU.

In conjunction with the listing on the TSX, Montage's common shares will be voluntarily delisted from the TSX Venture Exchange, effective prior to the commencement of trading on the TSX. Shareholders are not required to exchange their share certificates or take any other action in connection with the graduation, as there will be no change in the trading symbol or the Cusip number for the common shares.

Martino De Ciccio, chief executive officer of Montage, commented: "Graduating to the TSX represents a significant milestone towards executing our strategy of becoming a premier African gold producer, as it is expected to enhance visibility, broaden our investor base, increase liquidity and provide potential index inclusion. This milestone reflects the rapid progress made to advance our flagship Kone gold project in Cote d'Ivoire, which is one of the largest gold projects currently under construction globally, and remains on budget and well on track for first gold pour in Q2 2027."

On April 25, 2025, The TSX Venture Exchange has accepted for filing documentation pertaining to a non-arm's-length investment agreement between Montage Gold Corp. and Sanu Gold Corp. Pursuant to the agreement, the company has exercised its participation right (forming part of an existing investor rights agreement) to maintain its equity interest in Sanu, by acquiring an additional 7,664,294 common shares of Sanu, resulting in a 19.5-per-cent ownership in Sanu.

As consideration for the acquisition, the company issued 848,222 common shares to Sanu.

On April 23, 2025, The TSX Venture Exchange has accepted for filing documentation pertaining to an arm's-length subscription agreement between Montage Gold Corp. and African Gold Ltd. Pursuant to the agreement, the company may acquire up to a 19.9-per-cent ownership interest in African Gold.

As consideration for the acquisition, the company will issue up to an aggregate of 2,026,388 common shares to African Gold.

On April 15, 2025, Montage Gold Corp. has received conditional approval from the Toronto Stock Exchange (TSX) to graduate from the TSX Venture Exchange to the TSX. The company anticipates completing the graduation in the coming weeks.

Martino De Ciccio, chief executive officer of Montage, commented: "Building on the momentum generated over the last year to progress our strategy of creating a premier African gold producer, we are eager to graduate to the TSX, as it is expected to continue to enhance our visibility, broaden our investor base, increase liquidity and provide eligibility for potential index inclusion. This upcoming capital markets milestone reflects the rapid progress made to derisk our business and the high quality of our flagship Kone gold project in Cote d'Ivoire, where construction continues to rapidly advance on budget, with first gold pour well on track for Q2 2027."

On April 14, 2025, Montage Gold Corp. has exercised its participation right to maintain its equity interest in Sanu Gold Corp. following Sanu's non-brokered private placement as announced on March 25, 2025.

AngloGold Ashanti PLC and the Lundin family and their associates have also participated in the placement to largely maintain each of their respective pro rata equity interests in the company, of approximately 10.0 per cent and 10.0 per cent, respectively.

The net proceeds from the placement will be allocated by Sanu to further exploration efforts, including ground geophysics and the expansion of drilling programs on Sanu's Daina and Diguifara gold exploration permits in Guinea, West Africa, as well as the Bantabaye exploration permit. Additionally, funds may support the acquisition of potential new exploration permits and will provide general working capital for Sanu.

On April 08, 2025, Montage Gold Corp. announced that the results of its 2024 Koné project exploration programme, in Côte d’Ivoire, provide significant confidence in achieving its previously published short-term exploration target of discovering more than 1Moz of Measured and Indicated Resources, at a grade 50% higher than the Koné deposit, with the goal of further improving the production profile from the commencement of production in Q2-2027.

A total of 81,815 meters were drilled in 2024, amounting to US$13 million, under the leadership of the new management team, with the goal of delineating resources at selected advanced targets, in addition to continuing to drill test and progress other targets. Given the extensive 2,138km2 land package encompassing over 52 identified targets, the approach undertaken is to systematically drill test best selected targets to confirm their potential and define starter resources to validate their high-grade content before undertaking larger step-out drilling campaigns. Consequently, 18 targets were drill tested last year, which successfully delineated starter resources for 7 higher grade satellite deposits, while another 6 targets have advanced to the pre-resource definition stage and are currently being followed up.

As a result, the Koné project now hosts 8 satellite deposits, inclusive of the Gbongogo Main deposit. Efforts on the new satellite deposits have added 160koz at 1.16 g/t Au and 270koz at 1.0 g/t Au of Indicated and Inferred Resources, respectively, at grades ranging between 0.9 and 1.6 g/t Au, or between approximately 60% and 180% higher than the Koné deposit, as summarised in Tables 1 and 2 below. All deposits delineated remain open as the focus was to delineate only a small portion of the orebodies to assess the grade profiles in order to prioritize 2025 drill efforts.

Martino De Ciccio, CEO of Montage, commented: “We are very pleased with the progress being made to unlock value at our Koné project in Côte d’Ivoire by aggressively exploring while construction continues to rapidly advance.

Today’s published updated resource estimate demonstrates the project's large scale and confirms our belief in the potential for numerous high-grade satellite deposits, with eight already identified. Moreover, it provides significant confidence in achieving our previously published short-term objective of discovering at least 1 million ounces of Measured and Indicated Resources for satellite deposits at a 50% higher grade compared to the Koné deposit, to be achieved prior to production commencing in Q2-2027. This would represent significant returns on our exploration investment and aligns with our strategic objective of boosting production from the onset while maintaining an annual production of at least 300koz for more than 10 years.

I would like to thank our exploration team for their strong efforts and congratulate them on the rapid success achieved, especially considering most of the drilling took place in the latter part of the year, following the end of the rainy season and the ramp-up of the exploration team, which now totals more than 150 people.

The success achieved thus far positions us well to continue unlocking exploration value and further build on the momentum generated to advance our strategy of creating a premier African gold producer and delivering value for all our stakeholders.”

On April 7, 2025, Montage Gold Corp. has closed the first tranche of its previously announced strategic investment in African Gold Ltd.

The strategic partnership transaction consists of a share exchange transaction between Montage and African Gold, including the issuance to Montage of 92,377,787 fully paid ordinary shares of African Gold, at deemed issue price of seven Australian cents per African Gold ordinary share, and the issuance to African Gold of 2,026,388 common shares of Montage, at a deemed issue price of $2.87 (Canadian) per Montage common share. Montage and African Gold have closed tranche 1 of the share exchange transaction, resulting in the issuance of 46,019,641 African Gold ordinary shares to Montage and the issuance to African Gold of 1,009,481 Montage common shares. The Montage common shares issued to African Gold are subject to a four-month hold period that expires on Aug. 8, 2025.

In connection with the share exchange transaction, Montage and African Gold have entered into a share subscription agreement, through which Montage is entitled to certain investor rights provided that Montage maintains a 9-per-cent ownership in African Gold until the completion of tranche 2 and 10 per cent thereafter. Furthermore, Montage and African Gold have entered into a project rights agreement, through which Montage is entitled to certain project-related rights as stated in the news release dated March 24, 2025.

The second tranche of the share exchange transaction is expected to close in Q2 (second quarter) 2025 as it is subject to an African Gold shareholder vote.

On March 26, 2025, The Globe and Mail reports in its Wednesday, March 26, edition that Cormark Securities analyst Nicolas Dion has reaffirmed his "buy" recommendation for Montage Gold. The Globe's David Leeder writes that Mr. Dion gave his share target a $1.50 boost to $4.50. Analysts on average target the shares at $3.96. Mr. Dion issued his share price upgrade in response to Monday's construction update on Montage Gold's Kone project in Cote d'Ivoire. The miner broke ground in mid-December. Mr. Dion says in a note: "Montage appears to be off to a strong start, making the most of the dry season and tracking slightly ahead of schedule (though it is still early days). Once built, Kone will be among the largest and lowest cost gold mines in West Africa. We model a 17-year mine life producing over 300,000 oz/yr in the first eight years (Montage Gold targeting over 300,000 oz/yr for 10-plus years through exploration) at $1,250/oz AISC [all-in sustaining cost] mine-level." The Globe reported on Sept. 27 that Ventum Capital rated Montage Gold "buy" in new coverage. It was then worth $1.93. The Globe reported on March 20 that Stifel analyst Cole McGill had reaffirmed his "buy" ranking for Montage Gold when it could had for $2.97.

On March 25, 2025, Sanu Gold Corp.'s non-brokered private placement previously announced on March 25, 2025, has been increased to up to 42,857,143 common shares at a price of 28 cents per common share for aggregate gross proceeds to the company of up to $12-million. The oversubscribed book has closed.

Both Montage Gold Corp. and the Lundin family and associates have indicated their intention to maintain each of their respective pro rata equity interests in the company that would result in them holding ownership interests in Sanu of 19.9 per cent and 10 per cent, respectively, following the completion of the placement.

The net proceeds from the placement will be allocated to further exploration efforts, including ground geophysics and the expansion of drilling programs on the company's Daina and Diguifara gold exploration permits in Guinea, West Africa, as well as the Bantabaye exploration permit. Additionally, funds may support the acquisition of potential new exploration permits and will provide general working capital for the company.

On March 20, 2025, The Globe and Mail reports in its Thursday edition that Stifel analyst Cole McGill has reaffirmed his "buy" ranking and $4.60 share target for Montage Gold. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $3.66. Mr. McGill says in a note: "As we see it, Montage's Kone project is well on its way to becoming a more than 300koz/yr producer with very attractive economics. This is driven by its top-third 'strip adjusted grade' globally paired with a West African cost structure. We expect the stock to rerate through to the start of production as management rapidly pushes the project forward. The project sits on a massive land package hosting multiple mineralized faults in a greenstone setting, with a full pipeline of excellent high-grade exploration targets that can be quickly advanced and will provide NAV growth as they are pulled into the mine plan. The management team led by Martino De Ciccio has extensive experience in discovery, advancing and building mining assets in Africa and strong capital market expertise."

On March 12, 2025, Montage Gold Corp. has provided an update on its 2024 achievements, compared with the previously published milestones for the period, and provided the 2025 targets linked to its executive incentive plan.

Ron Hochstein, chair of the board of Montage, commented: "On behalf of the board of directors and all our stakeholders, I would like to congratulate the management team for the significant success achieved in 2024, culminating in the launch of construction at our Kone project in Cote d'Ivoire. The board is excited to continue to support management as they rapidly progress on delivering our strategy of creating a premier African gold producer."

The compensation committee designed the executive incentive program with the goal of aligning compensation with corporate achievements that will drive stakeholder value creation. In line with the company's commitment to transparency and accountability, the performance-based objectives provide clear, measurable and transparent targets.

On January 08, 2025, The TSX Venture Exchange has accepted for filing documentation pertaining to an arm's-length investment agreement, between Montage Gold Corp. and an arm's-length party, Sanu Gold Corp. Pursuant to the agreement, the company acquired a 19.9-per-cent ownership interest in Sanu.

As consideration for the acquisition, the company issued 2,337,921 common shares to Sanu.

Further, the company entered into an investor rights agreement (IRA) with Sanu, which includes certain participation rights, board nomination rights and right of first refusal over certain assets. The IRA will persist so long as the company holds at least 10 per cent of the issued and outstanding common shares of Sanu, with the right of first refusal expiring when the company holds no common shares of Sanu.

For further details, please refer to the company's news releases dated Dec. 2, 2024, and Dec. 31, 2024.

On December 31, 2024, Montage Gold Corp. has closed its previously announced strategic partnership with Sanu Gold Corp., obtaining a 19.9-per-cent interest in Sanu.

The strategic partnership transaction consists of a share exchange transaction between Montage and Sanu consisting of the issuance to Montage of 76,307,155 common shares of Sanu at price of 7.2 cents per Sanu common share, and the issuance to Sanu of 2,337,921 common shares of Montage at a price per share of $2.35 per Montage common share. Concurrently, Sanu completed a non-brokered private placement of 63,351,344 Sanu common shares (including pursuant to participation rights of AngloGold Ashanti PLC) for gross proceeds of $4,561,297. The Montage common shares issued to Sanu and the Sanu common shares issued to Montage in the exchange transaction are subject to a four-month hold period that expires on May 1, 2025.

Sanu expects to use the net proceeds of the offering to advance exploration, including geophysics and drilling on Sanu's Daina, Diguifara and Bantabaye gold exploration permits in Guinea, West Africa, and for general and administrative purposes.

On December 27, 2024, Montage Gold Corp. has closed and subsequently drawn the $75-million (U.S.) fully redeemable subordinated gold stream with Zijin Mining Group Co. Ltd. (through its subsidiary and non-operating division).

The Zijin stream forms part of the $825-million (U.S.) financing package announced on Oct. 23, 2024. The Zijin stream proceeds will be allocated toward the construction of Montage's Kone project in Ivory Coast, for which the construction launch was announced on Dec. 18, 2024. The first gold production is scheduled for Q2 2027, with significant progress already being made as early works are well under way and major construction works are set to commence in the coming weeks, once further construction equipment arrives to site.

On December 18, 2024, Montage Gold Corp. announced that it has launched the construction of its Koné project in Côte d’Ivoire (“Koné” or the “Project”) with first gold production scheduled for Q2-2027. To mark this significant milestone, a groundbreaking ceremony was held at Koné today with a strong presence from government officials and local communities, demonstrating their support for the project given its significant social and economic benefits.

Significant progress is being made to rapidly advance and derisk the project as early works are well underway and major construction works are set to commence in the coming weeks, once further construction equipment arrives to site. The engineering, procurement and construction management (“EPCM”) contract has been awarded to Lycopodium Minerals Pty Ltd (“Lycopodium”), with a number of tasks to be self-performed by Montage’s experienced in-house construction team which already totals approximately 350 people. Montage, together with Lycopodium, have completed a comprehensive engineering review of Montage’s Updated Feasibility Study (“UFS”) published in January 2024 which has resulted in the optimization of several key design parameters to enhance the crushing and milling circuit and improve the efficiency of the overall operation. The project is fully funded with significant headroom with upfront capex expected to be US$835 million while Montage has in excess of US$900 million in liquidity sources.

Martino De Ciccio, CEO of Montage, commented: “We are very pleased to announce the commencement of construction at the Koné project in Côte d'Ivoire, marking a significant milestone in our journey to becoming a premier African gold producer and the culmination of this year’s efforts.

Our ability to rapidly advance the project is driven by the strong partnerships we have built, based on a win-win approach, with local stakeholders, strategic investors, financiers, suppliers, and contractors. We are also grateful for the dedication of our experienced management team, and we thank everyone involved for their commitment.

Looking ahead, we are excited to continue unlocking value for all our stakeholders by advancing our construction efforts, while also creating value through exploration and by expanding our focus on social, health, education, and economic programmes for our local communities.”

On December 02, 2024, Montage Gold Corp. has entered into a strategic partnership with Sanu Gold Corp. given its highly attractive exploration properties in Guinea, obtaining a 19.9-per-cent interest in Sanu through the issuance of 2.3 million basic shares of Montage equating to $5.5-million, joining existing strategic investor AngloGold Ashanti PLC, which acquired a 14.0-per-cent stake in Sanu in September, 2024.

Montage will be investing alongside the Lundin family and their associates who will obtain a 10.0-per-cent interest in Sanu by participating in the non-brokered private placement with an investment of $2.7-million. Through the offering, Sanu will obtain aggregate gross proceeds of approximately $10.0-million based on a share issuance price of 7.2 cents. Montage management and certain insiders also intend to participate in the offering.

Martino De Ciccio, chief executive officer of Montage, commented: "We are very pleased to form a strategic partnership with Sanu Gold, owner of a highly prospective exploration portfolio in Guinea's Siguiri basin, which will allow Montage to leverage Sanu's established presence in the country to accelerate its greenfield exploration strategy. Furthermore, we are pleased to invest alongside the Lundin family and existing shareholders such as AngloGold Ashanti. Based on our prudent capital allocation framework, our strategic investment follows a thorough review of potential partnerships in West Africa in addition to technical due diligence. We look forward to working alongside the Sanu team to rapidly unlock exploration value for the benefit of all stakeholders.

"We continue to be pleased with the strong momentum generated across our business and look forward to unlocking significant exploration value at our flagship Kone project, in addition to sourcing future growth through greenfield exploration success. In line with this objective and further to evaluating strategic partnerships, we have also made considerable progress to stake highly prospective exploration grounds in Cote d'Ivoire to reinforce our presence in the country and leverage the expertise of our well-established exploration team."

On November 05, 2024, Montage Gold Corp. has implemented a revenue protection program with the goal of securing significant margins to enhance its financial flexibility and achieve its strategic objectives at the onset of production from its Kone project.

Martino De Ciccio, chief executive officer of Montage, commented: "We are pleased to complement our recently secured financing package with the successful execution of our revenue protection program which takes advantage of unprecedented put option pricing. By entering into put options, we have secured a minimum gold price of $2,500 (U.S.) on 400,000 ounces over the 2027-2028 period while retaining full upside to the gold price. As prudent allocators of capital, this program positions us well to generate significant margins and deliver on our strategic objectives for the benefit of all stakeholders."

The voluntary revenue protection program consists of the purchase of 400,000 ounces of put options at a strike price of $2,500 (U.S.), for a total cash consideration of $52.7-million (U.S.), equally spread every month across the January, 2027, to September, 2028, period, which can be cash or physically settled.

On October 23, 2024, Montage Gold Corp. has entered into final documentation with both Wheaton Precious Metals International Ltd. (a wholly owned subsidiary of Wheaton Precious Metals Corp.) and Zijin Mining Group Co. Ltd. (through its subsidiary and non-operating division) with respect to an aggregate $825-million (U.S.) financing package to finance the development of its flagship Kone project in Ivory Coast, which is set to become West Africa's next sizable, long-life, low production-cost gold mine.

The financing package is well aligned with Montage's goal of obtaining significant financial and strategic flexibility while minimizing equity dilution.

Martino De Ciccio, chief executive officer of Montage, commented: "Today's announced $825-million (U.S.) funding package for the construction of our flagship Kone project in Cote d'Ivoire provides significant funding headroom, ahead of launching our construction, as it increases our liquidity sources to approximately $970-million (U.S.). Moreover, it is the culmination of an exhaustive financing process which generated strong interest given the high-quality nature of our project coupled with management's proven construction track record.

"This funding package is well aligned with our goal of pursuing the optimal financing solution, which maximizes key valuation per share metrics, by considering both the cost of capital and equity dilution, alongside other important considerations such as retaining exploration upside and maintaining significant strategic, financial and operating flexibility.

"Furthermore, we are extremely pleased to have concluded our financing through the formation of strategic partnerships with both Wheaton and Zijin, who share our vision of creating a premier African gold producer. With the financing milestone now achieved, we look forward to soon launching the construction of our Kone project, which is set to become West Africa's next sizable, long-life, low-production-cost gold mine, and poised to unlock value for all stakeholders."

October 7, 2024, Montage Gold Sets Short-Term Discovery Target of More Than 1 Million Ounces of Higher-Grade M&I Resources

https://www.montagegold.com/_resources/news/2024/nr-20241007.pdf?v=0.1

August 14, 2024, Montage Gold closes C$180-million private placement

https://www.montagegold.com/_resources/news/2024/2024-08-14.pdf

July 17, 2024, Montage Gold Upsizes Brokered Private Placement to C$180M

https://www.montagegold.com/news/montage-gold-upsizes-brokered-private-placement-to-c180m

  Disclaimer

Copyright (c) 2000 - 2025 Chinese Investment Club Inc.
All Right Reserved. Do not duplicate or redistributed in any form.
版權所有, 未經同意, 不得以任何形式轉載或翻印