Montage Gold acquires African Gold

In a transaction valued at US$170 million, Montage Gold has acquired all of the issued share capital of African Gold that it does not already own

This means Montage Gold can add the Didievi project in Côte d’Ivoire to its portfolio to strengthen its footprint in that country. It has a presence there through its ongoing build of Koné project, which remains on-budget and well on schedule.

Martino De Ciccio, Chief Executive Officer of Montage, commented: “As operator of the Didievi project, we have been able to derisk this transaction by conducting further drilling which has resulted in an increase in the Blaffo Guetto deposit resource while confirming mineralization at new targets, in parallel to conducting metallurgical testwork. We have seen the potential for the Didievi project to become a high-quality standalone operation and we look forward to leveraging our highly experienced team to rapidly unlock its full potential. This accretive transaction builds on the momentum generated thus far to advance our strategy of creating a premier African gold producer and delivering value for both Montage and African Gold stakeholders.”

Adam Oehlman, Chief Executive Officer of African Gold, commented: “Through the partnership with Montage announced earlier this year, we have had the opportunity to work closely with the Montage team and have strong confidence in their ability to rapidly unlock value at the Didievi project. This transaction positions our shareholders to benefit from Montage’s exploration and construction expertise while gaining exposure to the near-term production of the Koné project. I would like to thank our employees and broader stakeholders for their commitment and support over recent years, and I look forward to ensuring a smooth and seamless transition.”