Montage Gold, Aurum Resources partner to boost Côte d’Ivoire’s Boundiali greenstone belt

Montage Gold has entered into a strategic alliance with Aurum Resources to strengthen its position in Côte d’Ivoire’s Boundiali greenstone belt, a region known for its significant gold potential and home to Montage’s flagship Koné Gold Project. This move is part of Montage’s broader strategy to consolidate and expand its footprint in one of West Africa’s most prospective gold regions.

As part of the agreement, Montage will acquire a 9.9% equity stake in Aurum Resources by issuing approximately 2.89 million of its own common shares, valued at around CAD 10.4 million (USD 7.5 million). This investment forms part of a larger private placement, which also includes contributions from Zhaojin Mining and the Lundin Family, both of whom will also acquire 9.9% stakes in Aurum. In total, Aurum expects to raise around AUD 35.6 million, boosting its pre-placement valuation of AUD 82.7 million (USD 53.5 million).

Koné Project

Aurum’s two primary projects Boundiali and Napié lie adjacent to the Koné Project, positioning the companies for potential regional collaboration. The Boundiali Project already hosts an inferred resource of 50 million tonnes at an average grade of 1 gram per tonne, containing approximately 1.59 million ounces of gold. Aurum is currently engaged in a 100,000-metre drilling campaign targeting the high-grade Nyangboue deposit, with an updated mineral resource estimate and a preliminary feasibility study expected before the end of 2025.

The partnership also includes a share exchange component, whereby Aurum will receive Montage shares equivalent to a 0.8% ownership stake in Montage, reinforcing mutual alignment and collaboration. The completion of the transaction is subject to approval by Aurum’s shareholders and the Toronto Stock Exchange, with finalization anticipated by late June 2025.

Funds raised through this partnership will support ongoing drilling at Boundiali, early-stage exploration at Napié, and the advancement of technical assessments and permitting processes. This partnership builds on Montage Gold’s previous capital raise of CAD 170 million in July 2024, which included support from Zijin Mining Group and the Lundin Family Trusts, and is focused on developing the Koné Gold Project, which has already secured a mining license from the Ivorian government.