Montage Koné gold grade uplift: resource, drilling and capex notes for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Montage Gold has increased measured and indicated resources at the Koné deposit in Côte d’Ivoire to 4.63 million oz grading 0.69 g/t, a 21% grade uplift, while Gbongogo Main now holds 783,000 oz indicated at 1.51 g/t after a 174,000-metre, 12.5-metre–spaced drilling campaign refined higher-grade shoots and structural controls. The fully funded project, with initial capex of $545 million and targeting c.300,000 oz/year over the first eight years of a 16-year life, remains on-budget and ahead of schedule for first gold in Q4. Financing includes a $625 million Wheaton Precious Metals gold stream (up to 19.5% of payable production, then stepping down) plus $125 million in Zijin-backed debt and subordinated streaming.
Technical Brief
- 174,000 metres of 2025 drilling at 12.5-metre spacing refined higher-grade shoots and structures.
- Gbongogo Main indicated resources rose ~40% to 783,000 oz at 1.51 g/t from this infill programme.
- A further 90,000 metres of drilling is underway to support an updated life-of-mine plan in 2026.
- Satellite resource updates are pending for Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North.
- Initial resource estimates for newer discoveries Petit Yao and Soman One and Two are targeted through 2026.
- Wheaton’s $625 million stream covers 19.5% of payable gold to 400,000 oz, then steps down.
- After 400,000 oz, the stream reduces to 10.8% for 130,000 oz, then 5.4% life-of-mine.
- Wheaton’s funding includes four equal construction-stage instalments plus a separate $75 million secured debt facility.
- Zijin’s $125 million package comprises a $50 million nine-year loan and a $75 million subordinated gold stream.
Our Take
Montage Gold’s Koné project has already locked in US$545 million of construction commitments and brought first gold forward to Q4 2026 in our recent coverage, so the 21% grade uplift at the Koné deposit likely drops straight into stronger early cash flow and debt-service capacity on the US$825 million financing stack.
The Metso contract award for feeders and grinding at Koné reported earlier this year means process plant design is largely fixed, so higher grades at both Koné and Gbongogo Main will more likely be optimised through mine scheduling and stockpiling strategies rather than major flowsheet changes.
Montage’s pending US$170 million acquisition of African Gold and the Didievi project, combined with the multi-asset resource base around Koné (including Gbongogo South and Koban North), signals a deliberate regional hub strategy in Côte d’Ivoire that could support satellite pit trucking and shared infrastructure over the 16‑year mine life.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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