Montage Gold expects further resource growth at its Kone mine where the plant is already operating above nameplate
Montage’s ramp-up exceeded nameplate capacity while satellite assays added resource optionality to its operations.
Montage Gold Corp. (MAU) released operational metrics for October 2026 alongside selected exploration assay results from its Koné mine. The company processed approximately 880,000 tonnes in October, producing about 23,460 ounces of gold from a head grade of 0.82 g/t Au with a recovery rate of approximately 95%. Average throughput exceeded 90% of the 11 Mtpa nameplate capacity, reaching 104% of nameplate in the final week of the month. Commercial production is targeted for the fourth quarter of 2026.
The exploration update details selected intervals from step-out and infill drilling across the Gbongogo Main, Gbongogo South, ANV, ANV North, Petit Yao, Soman, and Sena deposits. All reported widths are apparent widths, with true thickness estimated at 70-90% of the downhole width. Key reported intervals include:
- Gbongogo Main GBMDD0102: 19.5 m @ 3.59 g/t Au from 401.3 m, incl. 0.8 m @ 45.45 g/t from 414 m.
- Gbongogo Main GBMRD0077: 21.1 m @ 1.95 g/t Au from 441 m, incl. 1.1 m @ 16.31 g/t from 447 m; GBMRD0075: 49.8 m @ 1.22 g/t from 432.8 m.
- Gbongogo South GBSRD0519: 12.0 m @ 5.38 g/t Au from 177 m, incl. 1 m @ 13.04 g/t from 183 m and 1 m @ 34.33 g/t from 184 m.
- Gbongogo South GBSRD0543: 3.0 m @ 16.62 g/t from 292.5 m, incl. 1 m @ 41.10 g/t from 294.5 m; also 6.0 m @ 4.18 g/t from 236 m.
- ANV North SDRC0351: 19.0 m @ 4.10 g/t from 106 m, incl. 1 m @ 22.09 g/t from 112 m and 1 m @ 20.98 g/t from 115 m.
- ANV North SDRC0325: 36.0 m @ 1.41 g/t from 27 m, incl. 1 m @ 10.21 g/t from 40 m.
- ANV SDRC0348: 15.0 m @ 2.64 g/t from 40 m; SDRC0281: 5.2 m @ 2.70 g/t from 134.2 m.
- Petit Yao PYRC0137: 5.0 m @ 8.82 g/t from 18 m, incl. 1 m @ 34.85 g/t from 20 m; PYRC0203: 30.0 m @ 1.18 g/t from 50 m.
- Soman 1 SORC0218: 9.0 m @ 4.88 g/t from 89 m, incl. 1 m @ 14.10 g/t from 89 m and 1 m @ 16.69 g/t from 90 m.
Montage Gold Corp. (MAU) has transitioned from a pre-resource explorer to a producer currently in its ramp-up phase. The company’s October operating update serves as a key near-term indicator, confirming that the oxide circuit is ramping faster than nameplate capacity and that commercial production remains on track for the fourth quarter of 2026. While this timeline supports cash-flow projections, the update represents a monthly operational confirmation rather than new guidance or a change in reserves.
Drill results further support the company’s strategy for satellite resource growth. The market currently values the company as a ramping producer with a large resource base and optionality derived from higher-grade satellite deposits. With a market capitalization of approximately C$5.8 billion, 6.3 million ounces of measured and indicated resources, and 4.0 million ounces of probable reserves, even a satellite addition of 0.1 to 0.3 million ounces would be modest relative to the company’s total size. The release does not provide a new resource estimate, mine plan, or reserve number, serving instead as an incremental confirmation of existing growth narratives.
Montage Gold Corp. (TSX: MAU) is a gold producer focused on operations in Côte d'Ivoire and West Africa. Its flagship Koné mine achieved its first gold pour on September 26, 2026, and is currently ramping the oxide circuit toward commercial production in the fourth quarter of 2026. A 2024 Updated Feasibility Study outlined a 16-year mine life with production exceeding 300,000 ounces per year over the first eight years.
As of the resource update on June 15, 2026, the Koné deposit contained 6.29 million ounces of measured and indicated resources at a grade of 0.80 grams per tonne of gold, along with 2.03 million ounces of inferred resources at 0.68 grams per tonne. Satellite deposits held 1.66 million ounces of measured and indicated resources at 1.51 grams per tonne and 0.766 million ounces of inferred resources at 1.34 grams per tonne. Probable reserves from the 2024 feasibility study stood at 4.01 million ounces at 0.72 grams per tonne.
The company’s growth pipeline includes the Didievi project, acquired via African Gold, which holds an inferred resource of 12.4 million tonnes at 2.5 grams per tonne for 989,000 ounces. Additional assets include Wendé, an advanced greenfield property in Côte d'Ivoire, and approximately 2,702 square kilometers of early-stage permits in Mauritania. Prior-period financial context indicates that cash on hand was $79.4 million in the first quarter of 2026 and $191.8 million for the fiscal year 2025. Total liquidity and funding sources were reported at $309.0 million as of June 30, 2026.