• Montage Gold signed a binding deal to acquire all remaining shares of African Gold in a $170 million transaction.
• The deal includes a 54% premium for African Gold shareholders, who will own 7.8% of Montage after completion.
• The acquisition strengthens Montage’s footprint in Côte d’Ivoire, where it already develops Koné, expected to become the country’s largest gold mine by 2028.

Montage Gold Ltd. announced a binding agreement to acquire all shares it does not already own in Australian miner African Gold Ltd. in a deal valued at $170 million, the company said Friday. The transaction aims to expand the Canadian company’s presence in Côte d’Ivoire’s growing gold sector.

Montage became African Gold’s largest shareholder earlier this year after securing a 17.3% stake. African Gold controls the Didievi gold project, which hosts inferred resources of 12.4 million tonnes at 2.5 g/t, totaling 989,000 ounces of gold. Montage simultaneously advances the Koné project, expected by 2028 to become Côte d’Ivoire’s largest gold mine.

Executives said the acquisition will align the company’s expansion strategy in the country.

“We identified Didievi’s potential to become a high-quality standalone operation. This value-accretive transaction builds on our momentum to advance our strategy of creating a leading African gold producer,” CEO Martino De Ciccio said.

Montage will acquire each African Gold ordinary share in exchange for 0.0628 Montage share, representing a 54% premium on African Gold’s 10-day volume-weighted average price. Once the merger closes, African Gold shareholders will hold 7.8% of the combined company.

African Gold’s board unanimously supports the deal. The transaction, however, remains subject to approval by a qualified majority of the Australian firm’s remaining shareholders, along with regulatory clearances in Canada and Australia. Montage expects to complete the transaction by April 2026.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange Jason Quenum