Mauritania: Montage Gold secures five licences and consolidates its mining empire.

Montage Gold, a rapidly expanding mining company, has announced the acquisition of five greenfield exploration licences covering more than 2,100 km² in two highly prospective regions in northern Mauritania. This latest development marks the gold producer’s official entry into this strategically important mining country and significantly strengthens its West African portfolio.

The licences were awarded following a competitive tender process. Four of these relate to the Sfariat exploration block and were awarded directly to Montage Gold. The fifth, located in the Zednes block, is 80% owned by the company. These two areas, which remain largely unexplored, show strong geological potential according to the geophysical, geochemical and mapping data already analysed by the Montage team.

“Receiving these licences marks a further step in the implementation of our strategy to become a leading multi-asset gold producer in Africa,” said Martino De Ciccio, Chief Executive Officer of Montage Gold.

Silvia Bottero, Executive Vice-President of Exploration, added: “We are delighted to expand our exploration portfolio into Mauritania, where the geological setting is particularly promising. We secured our priority tenements following a thorough review of existing geophysical, geochemical and mapping data.”

Strategic diversification in West Africa

To date, Montage Gold has focused most of its efforts on the Koné project in Côte d’Ivoire, where the first gold pour is expected before the end of the year. This project is expected to produce over 300,000 ounces of gold during its first eight years of operation. The company also holds several other assets in Côte d’Ivoire, including the Didievi project acquired in late 2025, which is the next most advanced asset in terms of production readiness.

The move into Mauritania is part of a clear strategy of regional diversification. The country is already home to several major gold operations, including Kinross’s Tasiast mine and First Quantum Minerals’ Guelb Moghrein project, confirming the potential of Mauritania’s mineral resources.

Positive market reaction

The announcement was well received by investors. Montage Gold’s share price rose by as much as 3.3% to reach C$16.83, a level close to its all-time high of C$17.02. The company’s market capitalisation currently stands at around C$6.1 billion (US$4.4 billion).

With this acquisition, Montage Gold is strengthening its position as a major player in gold exploration and production in West Africa, a region that is attracting an increasing share of international mining investment. The exploration teams are expected to begin fieldwork shortly to assess the potential of the new licences.