Montage Gold has expanded its exploration campaign at the Koné gold project in Côte d’Ivoire after reporting a string of successful drill results that have propelled it past its 2024 drilling totals just halfway through the year.

The Canadian-listed explorer confirmed on Monday that it had already drilled 83 280 m in 2025, surpassing the 81 815 m completed in the entire previous year. The company has now increased its exploration budget from $14-million to $18-million and plans to complete 120 000 m of drilling this year.

The exploration drive forms a critical part of Montage’s push to meet its short-term goal of delineating more than one-million ounces of measured and indicated resources at a grade at least 50% higher than the main Koné deposit, ahead of production targeted for the second quarter of 2027.

CEO Martino De Ciccio said the company was unlocking value through a dual-track strategy of exploration and construction, both progressing on time and on budget. “We are very pleased with the progress being made to unlock value at our Koné project in Côte d’Ivoire through aggressive exploration, while construction continues to rapidly advance on-budget and well on-schedule," he said.

“Today’s exploration results, together with the continued delineation of indicated resources, reinforce the large-scale potential of the Koné project, with all 23 of the 52 identified targets drilled to date returning positive mineralised intercepts.”

He added that achieving the short-term goal of discovering more than one-million-ounces of higher-grade resources would support the company’s strategy of boosting initial production levels and sustaining yearly output of more than 300 000 oz over a decade.

MULTIPLE DEPOSITS, STRONG GROWTH
Since the beginning of 2025, Montage has tested 23 separate targets. Mineralisation has now been confirmed at every one of them – an impressive success rate, especially in a region still relatively underexplored.

The company’s strategy is to first identify and define “starter” resources in high-grade zones before committing to broader step-out drilling. It tested 18 targets in 2024, delineating seven higher-grade deposits. This year’s work is advancing previously defined resources and pushing new prospects closer to maiden resource status.

The Gbongogo South and Koban North deposits, both near an existing haulage road, have been prioritised for in-fill and extension drilling. Together, they now host 273 000 oz of indicated resources at 1.16 g/t gold, up by 207 000 oz since last year. They also contain a further 74 000 oz of inferred resources at 1.10 g/t gold. Both are expected to grow further as new drill results are incorporated.

The ANV deposit is also undergoing step-out drilling, with an updated indicated resource estimate expected in the third quarter. Year-end resource updates are also planned for Yere North, Lokolo Main, Sena and Diouma North.

“To support this goal, we are actively conducting step-out and in-fill drilling at several deposits where starter resources were delineated in 2024 – starting with Gbongogo South and Koban North due to their proximity to the planned haulage road, with the aim of rapidly advancing them to reserve status ahead of production commencing,” De Ciccio said.

“The progress achieved thus far well positions us to continue unlocking value and further building on the momentum generated to advance our strategy of creating a premier African gold producer and delivering value for all our stakeholders.”

RAPID RESOURCE GROWTH SINCE 2024
In under a year, Montage has lifted indicated resources across its high-grade satellite deposits by 404 000 oz to 924 000 oz at an average grade of 1.32 g/t gold. A further 140 000 oz of inferred resources at 1.09 g/t gold adds to the inventory.

That compares favourably to the main Koné deposit, which has a lower average grade and serves as the cornerstone for the project’s development.

Executive VP exploration Silvia Bottero attributed the rapid growth to the company’s structured and targeted approach.

“We continue to be very excited about the exploration potential at our Koné project in Côte d’Ivoire given the ongoing success of the exploration programme,” Bottero said.

“Our 2025 programme is advancing along three parallel tracks: infill and extension drilling of previously delineated deposits, progressing pre-resource targets toward maiden resource status, and drill testing new targets.”

“We are particularly pleased with the progress at the Gbongogo South and Koban North deposits, which have shown a high conversion rate from inferred to indicated resources while continuing to grow in size. This success validates our strategy of systematically drill testing the most prospective zones to confirm higher-grade potential and define starter resources before launching broader step-out campaigns.”

She added that similar work will soon resume across other starter zones defined in 2024.

“Within less than a year since our exploration efforts began, we’re proud to have increased indicated resources for our higher-grade satellite deposits by 404 000 oz to 924 000 oz at 1.32 g/t gold, with an additional 140 000 oz at 1.09 g/t gold in inferred resources – and we expect further growth as additional deposits are drilled. This underscores both the quality of our land package and the effectiveness of our exploration approach.”

The Koné project covers a vast 1 318 km² land package in northern Côte d’Ivoire and includes 52 identified targets across seven mineralised trends. A further 458 km² of adjacent ground is under permit application, which could lift the total landholding to nearly 1 800 km².

Of the 52 targets, half are located near infrastructure within the permitted mining area and are now the subject of focused exploration and development activity.