Ivory Coast: the Koné mine is cementing its status as a future mining flagship

The Koné gold project, one of the largest ongoing mining developments in West Africa, continues to grow in scale. Montage Gold, a Canadian mining company listed on the Toronto Stock Exchange, announced on 30 March 2026 a further increase in its mineral resources, bringing the project’s measured and indicated (M&I) resources to 5.88 million ounces of gold, an increase of 671,000 ounces compared with the previous estimate.

This update, based on an exploration and grade verification drilling programme totalling over 174,000 metres carried out in 2025, primarily concerns the Koné and Gbongogo Main deposits. It is accompanied by a significant improvement in grades: a 24% increase in M&I resources, which now stand at 0.77 g/t Au. Inferred resources, meanwhile, stand at 1.56 million ounces at an average grade of 0.58 g/t Au.

Located in north-central Côte d’Ivoire, the Koné project is currently at an advanced stage of construction. With a total estimated cost of $800 million, it is progressing within budget and ahead of the initial schedule. The first gold pour via the oxide circuit is now expected at the end of the fourth quarter of 2026, several months earlier than originally planned.

Montage Gold expects annual production of over 300,000 ounces of gold during the first ten years of operation, a level that would place Koné among the country’s largest gold mines, comparable to the Ity mine. An Updated Mine Plan is scheduled for completion by the end of 2026. It will incorporate the new resources, discoveries of high-grade satellite deposits and optimisations to the processing plant, with the aim of increasing production, extending the mine’s life and improving the project’s overall economics.

“We are pleased with the steady progress we are making in unlocking the exploration value of the Koné project, where construction remains within budget and ahead of schedule, with the first gold pour expected at the end of the fourth quarter of 2026 via the oxide circuit. We are also delighted to be making progress towards our goal of discovering high-grade satellite deposits to complement production from the outset,” said Martino De Ciccio, Chief Executive Officer of Montage Gold.

An exploration budget of $14 million has been allocated for the current financial year, with the aim of identifying new satellite deposits within the concession area. More than 50 exploration targets have already been identified.

This positive momentum comes against a favourable backdrop marked by a sharp rise in gold prices (+60% over the last twelve months), which enhances the project’s appeal and profitability. For Côte d’Ivoire, Koné represents a major strategic asset. The country, which produced 58 tonnes of gold in 2024, aims to reach 100 tonnes per year by the end of the next decade. The project joins other developments such as Doropo (Resolute Mining) and Assafou (Endeavour Mining), helping to consolidate Côte d’Ivoire’s position as one of West Africa’s leading gold producers.

With this update to the resource estimate and the rapid progress of the work, Koné is cementing its status as a future major gold mine in Côte d’Ivoire and bolstering investor confidence in the country’s mining potential. A new technical report (NI 43-101) detailing the updated estimate will be published shortly.