Montage Gold’s mill installation at its flagship Koné project finished three months ahead of schedule. So did the classification area. The company says 81% of an $885 million construction budget is already committed, and first gold is still on track for the fourth quarter.
Koné Construction Runs Ahead of Schedule as Montage Nears First Gold Pour
Montage Gold Corp. (TSX: MAU; OTCQX: MAUTF) reported its second-quarter 2026 results on August 11, showing construction of its flagship Koné project in Côte d’Ivoire remains on budget and running ahead of schedule in several areas ahead of a targeted first gold pour in the fourth quarter of 2026. Mill installation, including structural, mechanical and piping work and the installation of the ring-gear and mill motors, was completed approximately three months ahead of schedule. The classification area, its cyclones and sizing screens, finished on the same accelerated timeline. The 225kV powerline and on-site substation have been completed and energized, and dry commissioning of the oxide circuit began in July.
Total capital committed for the Koné build reached $714.4 million as of the report date, representing 81% of the $885.0 million total capital expenditure estimate, with costs described as in line with expectations. The workforce on site now exceeds 3,600 employees and contractors, with more than 12.9 million cumulative hours worked and a Lost Time Injury Frequency Rate of 0.08. The larger and more expensive hard-rock comminution circuit, a separate build phase, remains on schedule for completion in the second quarter of 2027, a full six quarters after the oxide circuit’s first gold pour.
Satellite Deposits Add 1.4 Million Ounces to Koné’s Resource Base
Montage increased its 2026 exploration program at Koné to 130,000 meters, up from an original 90,000-meter budget, with 90,576 meters drilled in the first half of the year. An updated Mineral Resource Estimate published June 15, 2026 added 1.1 million ounces of Measured and Indicated resources at higher-grade satellite deposits, bringing that total to 1.7 million ounces at 1.51 g/t gold, up from 520,000 ounces at 1.48 g/t used in the project’s 2024 Updated Feasibility Study. Inferred resources at those same satellite deposits rose from nil to 0.8 million ounces at 1.34 g/t gold. Combined with the core Koné deposit, overall Measured and Indicated resources increased by 1.4 million ounces to 6.3 million ounces, with grade up 27% to 0.80 g/t gold. A maiden resource at the Petit Yao deposit added 102,000 ounces Measured and Indicated at 1.51 g/t, plus 391,000 ounces Inferred at 1.28 g/t.
At the Didievi project, positioned as Montage’s next development asset, a new 60,000-meter drill program launched during the quarter, and high-grade intercepts published July 14 extended mineralization at the Blaffo Guetto deposit along a strike of more than 1.3 kilometers. At the Wendé greenfield property, initial drill results published July 29 confirmed the prospectivity of the ground and identified eight exploration targets beyond the initial Bobosso zone. The company says it has already exceeded the short-term discovery target it set in October 2024, which called for more than 1 million ounces of Measured and Indicated resources at a grade over 50% higher than Koné’s own deposit-wide grade.
A $75 Million Loan Funds Montage’s Push to Buy Out Didievi’s Minority Stake
Montage’s cash position rose to $154.4 million as of June 30, up from $79.4 million at the end of the first quarter, driven mainly by a $156.25 million drawdown under a Wheaton stream facility and a $55.7 million drawdown under an AFG loan. Total liquidity and Koné project funding sources stood at $309.0 million at quarter-end, down from $440.2 million in the first quarter and $734.8 million a year earlier, as construction spending continues to draw the balance down.
The company also entered a binding agreement to increase its ownership of the Didievi project from 80% to 95.5%, buying out minority shareholders and repurchasing a 1.5% net smelter return royalty, for total consideration of approximately $57.7 million, split between roughly $44.5 million in cash and $13.2 million in Montage shares. The transaction is expected to close in the second half of 2026, subject to customary conditions. To fund it and accelerate work at Didievi, Montage signed a $75 million unsecured loan with Macquarie Bank, priced at three-month SOFR plus 5.5%, stepping down to SOFR plus 4.5% once the Koné hard-rock circuit reaches commercial production, with a two-year term and no penalty for early repayment.
First Gold Pour in Q4-2026, the Hard-Rock Circuit in Q2-2027, and Year-End Reserves to Watch
Montage is targeting first gold pour through the Koné oxide circuit in the fourth quarter of 2026, with the larger hard-rock comminution circuit slated for completion in the second quarter of 2027. The company expects to publish an updated life-of-mine plan alongside year-end reserves and resources later this year, incorporating the satellite deposit growth reported this quarter. The Didievi minority-stake and royalty transaction is targeted to close in the second half of 2026, and an initial 15,000-meter scout drill campaign is planned for Montage’s Mauritania exploration permits in the fourth quarter.
Sources
- GlobeNewswire: Montage Gold Reports on its Q2-2026 Activities, August 11, 2026
- GlobeNewswire: Montage Gold Provides Exploration Update at its Didievi Project in Côte d’Ivoire, July 14, 2026
- GlobeNewswire: Montage Gold Confirms the Prospectivity of its Wendé Advanced Greenfield Exploration Property in Côte d’Ivoire, July 29, 2026
Editorial Disclosure
This article is based entirely on publicly available information, primarily Montage Gold Corp.’s own second-quarter 2026 press release and two supporting exploration updates, all filed on SEDAR+ and distributed via GlobeNewswire. The only security discussed is Montage Gold Corp. (TSX: MAU; OTCQX: MAUTF). aktiego.com has not received any compensation from Montage Gold, its management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in this security at the time of publication. Statements regarding first gold pour timing in Q4-2026, hard-rock circuit completion in Q2-2027, construction costs, and future exploration and financing plans are forward-looking statements made by the company and are not guarantees; actual results could differ materially, including due to construction delays, cost overruns, commodity price changes, or financing conditions, as detailed in the company’s own forward-looking statement disclaimers. “Measured and Indicated” and “Inferred” are defined categories of mineral resources under National Instrument 43-101 (“NI 43-101”), the Canadian securities disclosure standard for mineral projects; Inferred resources carry a higher level of geological uncertainty than Measured and Indicated resources and should not be assumed to convert to a higher-confidence category or to be economically mineable. The qualified person named in the underlying release, Peder Olsen, is Montage’s own President and Chief Development Officer, a related-party relationship worth noting when weighing the technical disclosures. The Didievi minority-stake and royalty transaction described in this article had not closed as of this article’s publication date and remains subject to customary closing conditions, targeted for the second half of 2026. Feasibility economics referenced from the project’s 2024 Updated Feasibility Study may not reflect current costs, gold prices, or project parameters; Montage has said an updated life-of-mine plan and year-end resource and reserve estimates are expected later in 2026 and could change the current economic picture. This is a speculative investment carrying significant risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information, please see our full DISCLAIMER.
