Montage Gold
Primary ticker: TSXV:MAU
Stage of development: Exploration, Development
Primary minerals: Gold
Project to promote: Koné Gold Project
Project location: Côte d’Ivoire
Website: www.montagegoldcorp.com
Montage is a Canadian-based precious metals exploration and development company focused on opportunities in Côte d’Ivoire. The Company’s flagship property is the fully permitted Koné Gold Project, located in northwest Côte d’Ivoire, covering a total area of 2,258 sq km, and which currently hosts a Probable Mineral Reserve of 174.3Mt grading 0.72g/t for 4.01Moz.
The Koné project ranks as one of the highest quality gold projects in Africa given its sizeable low-cost production and long mine life. The Company released the results of an updated DFS on the Koné Gold Project in January 2024, outlining a 16 year mine life producing an estimated 3.57M ounces of gold over life of mine, with average annual production of 301koz, and estimated peak production of 378koz.
Led by a team recognized for discovering, building, operating, and growing major gold deposits in West Africa. Over the course of 2024, the team will be leveraging their extensive track record in developing projects in Africa to progress the Koné project towards a construction launch, thereby unlocking significant value for all its stakeholders.
Cash: CAD$12M
Debt: /
Major shareholders:
Perseus Mining – 17.8%
Lundin Family Trusts – 10.4%
Barrick Gold – 8.4%
Sandstorm Gold – 5.2%
Endeavour Mining – 3.6%
Management ownership – 6.10%
Financials
Management Profile
Martino De Ciccio, Chief Executive Officer
Martino De Ciccio has over 15 years of experience in the mining industry with a strong value creation track record and significant knowledge across strategy, capital markets, corporate finance, and ESG, coupled with a profound understanding of the African mining landscape.
Martino most recently served as Deputy CFO and Head of Investor Relations at Endeavour Mining (LSE: EDV, TSX: EDV), a position he assumed in January 2023. He joined Endeavour Mining in 2015 as Vice President, Strategy and Investor Relations. He played a pivotal role in Endeavour’s transformation from a $250 million market cap company to a FTSE100 listed company and one of the largest gold producers in the world. During this time, he garnered more than 25 investor relations achievement nominations, including numerous awards for best-in-class investor relations in the gold industry and across all sectors.
Prior to joining Endeavour, Martino played a key role in growing La Mancha Resources from a $20 million market cap which culminated in a $500 million take-private offer. As Strategy and Business Development Manager, he then helped lead the private company’s transformation from an emerging gold producer into one of the largest gold investment funds with cornerstone holdings in Evolution Mining and Endeavour, which was recognized with an Emerging Leader Award. Martino currently serves on the Board of Directors of Northisle Copper and Gold (NCX: TSXV) and Bluestone Resources (BSR: TSXV).
Martino earned a B.Com in Finance from McGill University in Montreal, Canada and is a CFA charterholder.
Jake Cain, Strategy & Investor Relations Manager
Jake Cain has over 10 years of experience in the mining industry with a strong track record in a number of areas including investor relations, capital markets, mergers and acquisitions, as well as mining operations and exploration across Africa. Prior to joining Montage Gold, Jake held numerous roles with Deloitte LLP, Sibanye-Stillwater and Gemfields Plc. Jake holds an M.Sc in Metals and Energy Finance from Imperial College Business School and the Royal School of Mines, and a B.Sc in Geology from the University of St Andrews.
What is your rationale for taking part in 121 Mining Investment?
We are looking for new investors to buy Montage shares in the open market, as well as targeting investors for project financing (debt, royalty/streaming and equity).
What recent news would you like to highlight to investors attending?
Oct 7, 2024: Montage Gold Sets Short-Term Discovery Target Of More Than 1 Million Ounces Of Higher-Grade M&I Resources
Aug 14, 2024: Montage Gold Closes C$180 Million Private Placement
July 16, 2024: Montage Gold Announces Strategic Investment by Zijin Mining; C$170M Equity Raise Launched to Advance the Koné Project
July 10, 2024: Montage Gold is Awarded its Mining Permit for its Flagship Koné Project in Cote D’Ivoire
May 9, 2024: Montage Gold Receives Environmental Permit for the Development of its Koné Project
Mar 12, 2024: Montage Gold Closes C$35 Million Private Placement
Feb 23, 2024: Montage Gold Upsizes Non-Brokered Financing to C$35 Million
Feb 22, 2024: Montage Gold Expands Leadership Team and Announces C$20 Million Non-Brokered Financing Backed by Lundin Trusts
What are your key goals for the next 3, 6 and 12 months?
3 Months:
1. Completion of an updated Definitive Feasibility Study for the Koné Gold Project
2. Selection of parties for project financing for the Koné Gold Project.
6 Months:
1. Completion of the permitting activities for the Koné Gold Project.
2. Completion of project financing (6-9 months)
3. Development decision for the Koné project (6-9 months)
12 Months:
1. Ramp-up for full construction activities.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Overall challenging market conditions for junior gold stocks. We are staying focused on executing to our plan and managing our cash balance.
What do you think makes your company such a compelling investment?
1. Over 5Moz in Total Resources for the Koné Gold Project
2. Advanced project with production potential over >300,000 ounces per year
3. Control of a 2,258 sq.km district in a prolific gold producing region of West Africa
4. Lack of available projects of this size and quality for producers to acquire.
5. Led by Rick Clark and Hugh Stuart, both experts in Africa with strong track records of significant value creation
6. Exceptional shareholder base including: Perseus, Barrick, Lundin, Endeavour and Sandstorm
What are the top 3 key investor takeaways?
1. Very simple open pit project with scale and significant land package for exploration.
2. Expected long mine life at low cost producing +300koz for +10 years.
3. Led by one of the most successful management teams in West African gold.