Montage Gold (TSX: MAU) has poured first gold at its Koné mine in Côte d’Ivoire, a milestone that formally moves the company out of the developer category and into the ranks of gold producers.
The pour took place on September 26 and yielded approximately 1,140 ounces of gold. It arrived on budget and well ahead of the original Q2 2027 target, roughly 21 months after construction began in December 2024.
The early start stems from an oxide circuit that was added to the build and completed ahead of the rest of the plant. Ore was first fed into that circuit on September 8, and more than 400,000 tonnes have been processed since. Most of the ore mined from surface is going directly to the plant, which keeps rehandling and working capital requirements low.
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Montage expects the oxide circuit to reach commercial production during the fourth quarter. The hard-rock comminution circuit, which will handle Koné’s fresh ore, remains on budget and on schedule for completion in Q2 2027.
CEO Martino De Ciccio said the company was “thrilled to have achieved first production at our Koné mine safely,” adding that the milestone advances Montage’s strategy of building a multi-asset African gold producer. He pointed to the Didievi project, also in Côte d’Ivoire, as the next asset in the development pipeline.
Koné is now the ninth operating gold mine in the country.
President and Chief Development Officer Peder Olsen credited the company’s decision to self-perform construction with reducing capital costs and compressing the timeline. Mining at the higher grade Gbongogo Main satellite deposit is slated to begin in late Q4, with other recently discovered satellite deposits to follow over the course of 2027.
The build logged more than 14.1 million hours worked and created approximately 3,600 jobs, over 95% of them held by nationals. Operations are expected to support around 1,500 permanent roles.
Under the 2024 Updated Feasibility Study, Koné carries a 16 year mine life with annual production above 300,000 ounces over the first 8 years. Probable reserves stand at 4.01 million ounces grading 0.72 g/t gold, while measured and indicated resources have since grown to 6.29 million ounces at 0.80 g/t gold.
A 130,000 metre drill program is underway at the mine this year, and Montage plans to publish an updated life of mine plan alongside year-end reserves and resources.
Montage Gold last traded at $19.90 on the TSX.
