Montage Gold Raises $35.2 Million for Koné Gold Project in Côte d’Ivoire

This substantial infusion of capital marks a pivotal moment for Montage Gold as it propels forward with its flagship Koné gold project located in Côte d’Ivoire.

Koné Gold Project

In a significant move bolstering its prospects in the gold mining sector, Montage Gold (TSXV: MAU; OTCQX: MAUTF) recently concluded a successful private placement, surpassing its initial fundraising target. Originally aiming to secure $20 million, the company raised an impressive $35.2 million through the sale of 50.3 million shares at $0.70 per share. This substantial infusion of capital marks a pivotal moment for Montage Gold as it propels forward with its flagship Koné gold project located in Côte d’Ivoire.

Exceeding Expectations: Montage Gold Surpasses Funding Target

The overwhelming investor demand for Montage Gold’s private placement underscores growing confidence in the company’s vision and potential. Led by a significant investment from the Lundin family, alongside notable contributions from directors and officers of Montage, the successful fundraising effort reflects a strong vote of confidence in the company’s strategic direction and the promising prospects of the Koné gold project.

Strategic Advancements: Funds Allocated for Koné Gold Project

With the net proceeds of the private placement earmarked for advancing the Koné gold project, Montage Gold is poised to accelerate its development initiatives. A portion of the funds will be allocated towards exploring nearby targets, enhancing working capital, and facilitating general corporate operations. The infusion of capital sets the stage for Montage Gold to make significant strides towards realizing its goal of becoming a premier multi-asset African gold producer.

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Investor Confidence: Lundin Family Leads Significant Investment

Montage Gold CEO Martino De Ciccio expressed delight at the robust investor interest in the company’s private placement, emphasizing the significance of the Lundin family’s substantial investment. The collective support from key stakeholders underscores a shared belief in Montage Gold’s ability to deliver value and drive sustainable growth in the gold mining sector.

Feasibility Study Highlights Potential of Koné Project

Earlier this year, Montage Gold unveiled a comprehensive feasibility study outlining the potential of the Koné gold project. With a projected mine life of 16 years, the feasibility study anticipates an annual gold production of 378,000 ounces during the initial three years of operation. The study also highlights compelling financial metrics, including an after-tax net present value of $1.09 billion and a 31% internal rate of return, reaffirming the economic viability of the project.

Resource Riches: Significant Gold Reserves Unveiled

The Koné gold project boasts substantial gold reserves, further enhancing its appeal to investors and stakeholders. With total probable reserves comprising oxide, transition, and fresh ore totaling 11.3 million tonnes, the project presents a lucrative opportunity for Montage Gold to capitalize on its mineral wealth. Additionally, the indicated resource estimates for the Koné and Gbongogo Main deposits underscore the project’s vast potential, with nearly 4.9 million ounces of gold contained within.

Operational Plan: Mining Strategy and Processing Methods Unveiled

Montage Gold’s operational plan for the Koné gold project includes a strategic mining strategy and advanced processing methods. Ore extraction will be conducted from three pits across the Koné and Gbongogo Main deposits, with a processing plant featuring high-pressure grinding rolls and ball mills. The adoption of cutting-edge processing technologies reflects Montage Gold’s commitment to maximizing operational efficiency and optimizing gold recovery rates.

In conclusion, Montage Gold’s successful fundraising effort and strategic allocation of funds underscore its commitment to advancing the Koné gold project and unlocking its full potential. With robust investor support, a compelling feasibility study, and significant gold reserves at its disposal, Montage Gold is poised for sustained growth and success in the dynamic gold mining landscape.

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