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• Montage Gold secures key stakes in several West African gold projects, positioning itself as a leading contender ahead of its flagship mine’s launch in 2027.
• The company’s network of equity deals links it to major gold sites in Côte d’Ivoire, Guinea, and Mali, giving it dominant leverage in the region.
• Backing from the Lundin family, top institutional investors, and international partners gives Montage the capital muscle to drive ambitious growth.
Montage Gold is staking its claim as West Africa’s next major gold powerhouse. The Canadian miner plans to open Ivory Coast’s largest gold mine by 2027, but it has already started making bold strategic moves. The company has assembled a multi-million-dollar portfolio by acquiring key stakes in high-potential gold projects across the region.
This week, Montage became the largest shareholder in Australia-based Aurum Resources. The company now holds a 9.9% stake—equal to that of the influential Lundin family. Montage secured the position through a direct equity swap: Aurum issued 32.88 million shares at AUD 0.356 each in exchange for 2.88 million Montage shares priced at CAD 3.61 apiece. The deal ties both firms to three major Ivorian gold projects—Aurum’s Napié and Boundiali, and Montage’s flagship Koné gold mine.
Consolidation in Ivory Coast
Montage is leading a consolidation wave in Ivory Coast. According to a 2024 feasibility study, the Koné mine is projected to produce an average of 223,000 ounces of gold annually for 16 years. That figure rises to 301,000 ounces in the first eight years, peaking at 378,000 ounces in year three. Montage has already secured $825 million to fund construction. Under the new partnership, Aurum now shares exposure to Koné, while Montage gains indirect ownership in Napié and Boundiali. Napié holds an inferred 868,000 ounces, while Boundiali boasts 1.59 million ounces—both with strong upside potential as drilling progresses.
?: It was an honour for the Montage Gold team to be received by the President Alassane Ouattara of the Republic of Côte d’Ivoire.
Swipe ️ for full story pic.twitter.com/4n4pmGo0Bz
— Montage Gold (@montagegoldcorp) May 3, 2024
Spotlights to Shift to Guinea
Montage is also expanding its presence beyond Ivory Coast. Earlier this year, it became the largest shareholder—owning 17.5%—in African Gold, an Australian firm with operations in Mali and Ivory Coast. African Gold’s key asset is the Didievi project, which holds roughly 1 million ounces of inferred resources.
In Guinea, Montage has made further inroads. By the end of 2024, the company had acquired a 19.9% stake in Sanu Gold, which controls majority interests in three early-stage projects within the Siguiri gold belt—one of West Africa’s richest gold zones. Although these sites are still in early exploration, they mark a strategic foothold in a key territory.
An Unclear Path to Expansion
Montage’s growth model sets it apart. While industry majors typically pursue full control of mines, Montage has opted to accumulate strategic minority stakes. Its ambition is clear, but its roadmap remains deliberately flexible.
“Our strategic investment in African Gold follows a thorough review of potential partnerships in Côte d’Ivoire, based on a value-driven approach that considers risk-adjusted geological potential and is supported by technical due diligence,” said CEO Martino De Ciccio in March.
Industry analysts continue to speculate on Montage’s next steps. Its stake-building strategy could position it for future takeovers, similar to the route taken by Perseus Mining, which recently acquired OreCorp and took over a large-scale gold project. Should Montage follow a similar path, the support of the Lundin family—its largest shareholder—will be a key asset. The Lundins also hold positions in both Aurum and Sanu, further deepening their influence over the region’s gold landscape.
We have more news ️️ We’ve Upsized the Previously Announced Private Placement to $12 Million led by Montage Gold & the Lundin Family → $SANU.CN $SNGCF #gold → See the release for important disclosures and more information → https://t.co/psSAUhq1si pic.twitter.com/JO9HSelpKW
— Sanu Gold Corp (@SanuGoldCorp) March 26, 2025
These equity positions also give Montage flexibility. The company could liquidate stakes to raise capital, particularly if project success drives share prices higher. Perseus, for example, earned $45 million in 2024 by selling Montage shares obtained during its acquisition of Orca Gold.
Beyond the Lundin connection, Montage benefits from the backing of heavyweight investors, including U.S. funds Franklin Templeton and VanEck, as well as Chinese mining giant Zijin Mining. This broad institutional support gives the company deep financial leverage as it continues to expand.
Montage Gold is rewriting the playbook for Canadian miners in Africa—and the market is paying close attention.
This article was initially published in French by Emiliano Tossou
Edited in English by Ange Jason Quenum
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