• Company sells Montage Gold shares to fund exploration at Didievi.
• Cash position now about A$16 million to support new drilling programs.
• Project hosts 989,000 inferred ounces, with expansion drilling underway.

African Gold has raised 13.62 million Canadian dollars ($9.7 million) to advance its Didievi gold exploration project in Côte d’Ivoire. The funds come from the sale of ordinary shares in Canadian company Montage Gold, which became a 17.5% shareholder in African Gold in March.

At that time, African Gold received 2,026,388 Montage Gold shares in exchange for the equity stake. The company has now sold those shares at an average price of C$6.72, bringing its total cash holdings to about 16 million Australian dollars to finance further work at Didievi.

“With around 16 million Australian dollars in cash, African Gold is well funded to advance the Didievi Gold Project, particularly by expanding resources at Blaffo Guetto through preliminary drilling that could quickly move priority targets toward potential deposits,” the company said.

According to a June update, the Didievi project hosts 989,000 ounces of inferred mineral resources. African Gold launched a 40,000-meter drilling campaign in July focused mainly on Blaffo Guetto, the only discovered deposit so far, while also targeting priority prospects such as Pranoi and Poku.

The company aims to make Didievi a multi-million-ounce gold project, which could pave the way for developing a future mine if advanced studies confirm its economic viability. Côte d’Ivoire, which expects gold output to exceed 100 tons by 2030, hosts several other similar projects, including Aurum Resources’ Boundiali asset.