TSX-listed Montage Gold is making rapid construction progress at its 90%-owned Koné project, in Côte d’Ivoire, with the first gold pour through the oxide circuit expected late in the fourth quarter this year.

The company says its hard-rock comminution circuit is also on track, with completion expected in the second quarter of 2027.

Some of the key construction milestones have included the installation of 14 carbon-in-leach tanks, piperack and grid mesh walkways and an oxide sizer, as well as the receipt of a ball mill on site.

The company has also made progress with a tailings storage facility and assembly of transmission line towers.

Montage has spent $545-million on the project to date, which represents 63% of the total upfront capital expenditure.

The company also continues to unlock value through its exploration programme, with 115 000 m having been drilled last year, including pre-production drilling at the Koné and Gbongogo Main deposits.

Montage aims to publish an updated mineral resource estimate before the end of March for these deposits, as well as several satellite targets.

This year, a $16-million drill programme is underway comprising 90 000 m of planned drilling at Koné and 9 000 m on the recently granted Wendé project, which is also in Côte d’Ivoire.

Looking ahead, Montage CEO Martino de Ciccio says the company will be consolidating a project pipeline through the acquisition of African Gold where recent drill results confirmed the prospectivity of the Didievi project, in Côte d’Ivoire.

The transaction is expected to close in April.

“We are also excited to start drilling at Wendé with the goal of sourcing the next project through our ability to stake prospective grounds and explore,” De Cicco adds.

Meanwhile, in response to Montage’s ahead-of-schedule first gold pour, which was originally anticipated for the second quarter of 2027, analyst firms Raymond James and Scotiabank have responded positively.

Both firms expect Montage’s shares to outperform the average 12-month total return of the analysts’ coverage universe or an index identified by the analysts.