Name of the Project
Koné gold project.

Location
About 350 km north-west of Yamoussoukro, Côte d’Ivoire.

Project Owner/s
TSX-listed Canadian gold producer Montage Gold (90%) and the government of Côte d’Ivoire (10% free-carried interest).

Project Description
The 2024 updated feasibility study is based on three openpits across the Koné and Gbongogo Main gold deposits feeding a central gold-processing facility. 

The study forecasts an average yearly mining rate of 42.4-million tonnes and average production of 223 000 oz/y of gold over a 16-year life-of-mine, for total gold production of 3.57-million ounces. These estimates predate the expanded resources and planned updated mine plan. 

There is upside potential through regional exploration and identification of satellite pits similar to Koné’s Gbongogo Main deposit that could be mined and trucked to a central processing facility. 

The 2024 study process plant has been designed with a nominal throughput of 11-million tonnes a year with a grind size of 80% passing (P₈₀) 75 µm.

The treatment plant design incorporates crushing, screening, high-pressure grinding rolls, grinding and classification, preleach and tailings thickening, a carbon-in-leach (CIL) circuit, carbon recovery and acid wash, carbon elution, electrowinning trains and smelting. An oxide circuit has been added to allow for early production ahead of completion of the hard-rock comminution circuit. 

Potential Job Creation
The project has generated more than 3 600 construction jobs, with more than 95% held by Ivorians. About 1 500 permanent operating roles are expected. 

Net Present Value/Internal Rate of Return
The 2024 updated feasibility study forecasts an after-tax net present value, at a 5% discount rate, of $1.09-billion and an internal rate of return of 31%, with a capital payback of 2.6 years. These historical economics predate subsequent capital and development changes; an updated mine plan is being prepared. 

Capital Expenditure
Total capital expenditure is estimated at $885-million. As at August 11, 2026, about $714.4-million had been committed, representing 81% of the budget. This includes expenditure already disbursed.

Planned Start/End Date
Construction started in December 2024. First gold was poured on September 26, 2026. Commercial production through the oxide circuit is expected in the fourth quarter of 2026, with completion of the hard-rock comminution circuit scheduled for the second quarter of 2027.

Latest Developments
Montage Gold announced the first gold pour at Koné on September 27, 2026. The pour produced 1 140 oz, following the introduction of oxide ore into the plant on September 8. More than 400 000 t had been processed by the announcement date.

The oxide circuit is ramping up towards commercial production. 

Koné ore is being fed directly to the plant. Mining at Gbongogo Main is expected to start late in the fourth quarter of 2026, with other satellite deposits expected to be mined from 2027.

The company plans 130 000 m of drilling at Koné in 2026. An updated life-of-mine plan is expected alongside the year-end mineral reserve and resource estimates, incorporating the oxide circuit, plant design enhancements, additional satellite deposits and owner-operated mining.

Key Contracts, Suppliers and Consultants
Lycopodium Minerals (2024 updated feasibility study and engineering, procurement and construction management).

Contact Details for Project Information
Montage Gold, corporate head office tel +1 604 689 7842 or email info@montagegold.com.