By: Mining.com

Montage Gold (TSX: MAU) shares climbed on Monday after confirming that construction of its flagship Koné project in Côte d’Ivoire remains on schedule and on budget, with key milestones completed ahead of expectations.

Montage said that $418 million—about half of its total upfront capital expenditure—has already been committed, with costs remaining in line with projections. First gold pour is slated for the second quarter of 2027, as it closes in on becoming one of West Africa’s next significant gold producers.

Key infrastructure components, including site earthworks and process plant foundations, have been completed roughly two months ahead of schedule, the company noted, adding that the the next major milestone will be the delivery of the ball mill on-site in the first quarter of 2026.

Operational flexibility

Montage also announced the addition of an oxide processing circuit, a move expected to improve operational flexibility and potentially accelerate the project’s first gold pour. The company emphasized that the inclusion of this circuit could provide early cash flow benefits and optimize plant performance during ramp-up.

Following the update, Montage Gold’s share price rose 4.2%, giving the company a market capitalization of approximately C$2.51 billion ($1.80 billion).

Alongside construction progress, Montage reaffirmed its short-term exploration objective of discovering over 1 million oz. of measured and indicated resources at grades roughly 50% higher than the main Koné deposit.

The company has already increased the indicated resources at satellite deposits by 404,000 oz., bringing the total to 924,000 oz. at a grade of 1.32 grams gold per tonne, with an additional 140,000 oz. of inferred resources at 1.09 grams per tonne.

A 120,000-metre drill program is currently underway, aimed at further resource growth and integration of new discoveries into the mine plan from the outset of production.