• Montage secures Wendé permit, expanding Côte d’Ivoire exploration footprint
• Koné project advances toward 2027 commissioning as $800 million flagship asset
• Company pursues African Gold acquisition to add Didievi resources

Montage Gold is stepping up its exposure to Côte d’Ivoire’s gold sector as it advances development of the Koné project and pursues new growth avenues in the country.

On Tuesday, Dec. 16, the Canadian miner said it had secured the Wendé exploration permit from the Ivorian government, a move it considers central to its longer-term expansion strategy. The announcement comes as the company also accelerates targeted acquisitions, including a planned buyout of African Gold.

Looking beyond Koné

Estimated to cost more than $800 million, the Koné project is expected to become Montage’s flagship asset in Côte d’Ivoire. Commissioning is scheduled for 2027, with projected output of more than 300,000 ounces of gold a year over the first decade of production.

As development progresses at Koné, Montage plans to intensify work at Wendé, where it aims to launch an exploration campaign in 2026. The company sees the permit area as a potential cornerstone of its long-term growth pipeline.

In parallel, Montage is positioning African Gold as a medium-term growth lever. The Vancouver-based group already holds a 17.3% stake in the Australian junior, which operates the Didievi gold project in central Côte d’Ivoire. In late November, Montage signed a binding agreement to acquire the remaining shares in a transaction valued at $170 million.

If completed, the deal would add Didievi to Montage’s portfolio. The project currently hosts inferred mineral resources of 989,000 ounces of gold.

“We are delighted to be granted additional exploration permits in Côte d’Ivoire,” chief executive Martino De Ciccio said in a statement. These permits add “the highly prospective Wendé advanced greenfield exploration property. Moreover, it reflects the strong support we continue to receive from our local stakeholders as we strive to position Montage as the partner of choice through our win-win approach and strong focus on local content.”

Further consolidation potential

Montage’s growth strategy could also extend to Aurum Resources, in which it acquired a 9.9% stake in July. While there are currently no indications of a transaction similar to the African Gold deal, Aurum operates the Boundiali project in northern Côte d’Ivoire, where mineral resources were increased this year to 2.41 million ounces of gold.

These moves form part of Montage’s broader ambition to build a multi-asset gold platform in Africa. Côte d’Ivoire sits at the core of that strategy, although the company also has exposure to Guinea through its 19.9% stake in explorer Sanu Gold.

The focus on Côte d’Ivoire reflects the country’s standing as one of West Africa’s most attractive mining jurisdictions. After leading the sub-region in 2023, Côte d’Ivoire ranked third in 2024 in the Fraser Institute’s annual survey of mining investment attractiveness. Industry executives operating in the country have repeatedly cited its regulatory stability and operating environment as competitive advantages.

By expanding its footprint in Côte d’Ivoire, Montage is also aligning with the Ivorian government’s push to boost gold output in the coming years through new mine developments.

Challenges remain, however. The company will need disciplined execution as it manages multiple assets at different stages of development, particularly Wendé, which remains at an early exploration phase.

For Didievi, key milestones are still ahead. Montage expects to complete the African Gold acquisition by April 2026, subject to regulatory approvals.

With global gold prices remaining elevated, the coming months are likely to be critical in determining whether Montage can translate its expansion strategy into its first operational successes in the African gold sector.

Aurel Sèdjro Houenou