Australian exploration company African Gold has sold its entire shareholding in Canada-listed Montage Gold, unlocking nearly A$15-million in proceeds to support an expanded exploration push at its Didievi gold project in Côte d’Ivoire.

The explorer said it sold nearly 2.03-million Montage shares at an average price of C$6.72 each, for gross proceeds of about C$13.62-million, equivalent to A$14.96-million using an exchange rate of A$1.00/C$0.91. The company originally received the shares at C$2.87 apiece as part of Montage’s 17.5% strategic investment announced in March 2025.

The sale represents a 134% gain on that reference price, which African Gold said reflected “Montage’s excellent delivery at its projects in Côte d’Ivoire, supportive gold fundamentals, and clear market confidence in Côte d’Ivoire’s gold sector".

Following the transaction, African Gold's cash balance stands at about A$16-million, leaving it well funded to advance exploration and resource growth at Didievi.

The company is running an intensive drilling programme at the project’s cornerstone Blaffo Guetto deposit, which currently hosts an inferred resource of 989 000 oz at 2.5 g/t gold within 12.4-million tonnes. Two diamond rigs are currently active on site, with an external structural review guiding the programme. Two reverse-circulation rigs are set to mobilise in November to target near-surface ounces and high-priority regional anomalies.

Recent results from Blaffo Guetto have included standout intercepts such as 16 m at 13.2 g/t gold from 197 m, 13 m at 2.8 g/t gold from 257 m, 10 m at 2.9 g/t gold from 351 m and 10 m at 2.8 g/t gold from 407 m.

African Gold said the results demonstrated “consistency, continuity, and growth", with down-dip extensions to the east clearly emerging. Drilling activity will ramp up through November and December.

Beyond Blaffo Guetto, African Gold has confirmed over 600 m of continuous mineralisation at the Pranoi prospect along a potential 1.5 km strike, while early drilling on the 9 km Poku trend has delivered significant intercepts. Together with eight additional drill-ready targets, the company believes Didievi could host a multimillion-ounce gold inventory.

Located within trucking distance of about eight-million tonnes of existing processing capacity, the project offers “rare development flexibility” and potential pathways to near-term production alongside future standalone development.