Montage Gold


Primary ticker: TSXV:MAU
Stage of development: Exploration, Development
Primary mineral: Gold
Project to promote: Koné Gold Project
Project location: Côte d’Ivoire
Corporate presentation: Click here

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 Koné Gold Project (“KGP”), located in northwest Côte d’Ivoire, covering a total area of 2,258 sq. km and which now hosts an Indicated Mineral Resource of 4.83M ounces of gold, plus an Inferred Mineral Resource of 0.32M ounces. The Company released the results of a Definitive Feasibility Study on the KGP on February 14, 2022, which included a Probable Mineral Reserve of 161.1Mt grading 0.66g/t for 3.42M ounces of gold, supporting a 15-year gold project producing an estimated 3.06M ounces of gold over life of mine, with average annual production of 207koz, and estimated peak production of 320koz. The Company is looking to deliver an Updated Definitive Feasibility Study by year end 2023 which will incorporate the new Indicated Mineral Resource from Gbongogo Main.

In addition to the growing resource and reserve base at the KGP, the Company has an extensive exploration target pipeline all sitting within trucking distance of the planned central milling facility that positions the KGP for significant long-term upside. Montage is progressing the KGP towards a development decision in early 2024 with permitting and project financing activities commencing in Q4 2023.

Montage has a management team and Board with significant experience in discovering and developing gold deposits in Africa, including the successful sale of Red Back Mining Inc. and Orca Gold Inc.


Cash: CAD$12M
Debt: NIL

Major shareholders:
Perseus Mining – 17.8%
Lundin Family Trusts – 9.7%
Barrick Gold – 8.4%
Sandstorm Gold – 5.2%
Endeavour Mining – 3.6%
Management Ownership – 6.1%

Map of Projects

Management Profile

Rick Clark – CEO
Mr. Clark has a long and highly successful track record in the mining industry including Red Back Mining Inc. where as President and CEO he led Red Back to become an intermediate gold producer. Mr. Clark successfully guided Red Back through all facets of growth including discovery, feasibility, financing and production coupled with successful corporate acquisitions culminating in the sale of Red Back to Kinross Gold Corporation in late 2010 for US$7.1 billion. In addition to his success at Red Back, Mr. Clark has been instrumental in the discovery and feasibility of the Block 14 Gold Project in Sudan through Orca Gold, which was acquired by Perseus Mining in 2022, where Mr. Clark is a Special Advisor to the Board. In addition to Orca Gold, Mr. Clark is also a director of MAG Silver Corp. Mr. Clark has a geological background and was formerly a lawyer and is a CGIC / ICSA Accredited Director.


Hugh Stuart, President

Mr. Stuart is the President and a Director of Montage. He is one of the founders of Montage and is a professional geologist with over 25 years of international experience in mineral exploration. During his career, Mr. Stuart has been instrumental in the grassroots discovery of three gold deposits and the significant growth of two pre-existing gold deposits in Africa. From 1994 to 2001, Mr. Stuart worked for Ashanti Goldfields Inc. and led the team responsible for the discovery of the multi-million ounce Geita gold deposit in Tanzania. The Geita gold deposit entered production in 2000 and is currently owned by Anglogold Ashanti and is one of its flagship mines today. In 2003, Mr. Stuart joined Red Back Mining and for 7 years he led the exploration teams responsible for significant growth in Mineral Resources at the Chirano gold deposit in Ghana and the Tasiast gold deposit in Mauritania, both of which are significant multi-million ounce gold deposits that are currently in production. While with Orca Gold, Mr. Stuart was responsible for the grassroots discovery of the multi-million ounce Block 14 Gold Project located in Sudan and the Koné deposit at the Koné Gold Project.


Adam Spencer – EVP Corp Dev
Mr. Spencer is the Executive Vice President, Corporate Development of Montage and brings over 15 years experience in all aspects of mining capital markets. Mr. Spencer is a former Senior Vice President of Corporate Development at Sandstorm Gold Royalties, a position he held until November 2020. Prior to Sandstorm, Mr. Spencer was a Director of Investment Banking at Cormark Securities Inc. Mr. Spencer has extensive experience in capital raising, advisory, complex structuring and corporate development.

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 and equity).

What recent news would you like to highlight to investors attending?

September 7, 2023: Montage Successfully Upgrades Mineral Resources at Gbongogo Main; Total Indicated Mineral Resources at Koné Gold Project Approach 5 Million Ounces

May 11, 2023: Montage Intersects Higher-Grade Mineralization at Gbongogo Main and Confirms High Grade Potential at Yeré North

April 12, 2023: Montage Closes $17M Private Placement of Common Shares

March 27, 2023: Montage Discovers New High-Grade Targets at Koné Gold Project, including 27m at 8.97g/t at Yeré North and 36m at 2.45g/t at Gbongogo South; Continues to Confirm Resource at Gbongogo Main and Expands Drill Program

What are your key goals for the next 3, 6 and 12 months?

3 Months:
1. Formal commencement of the permitting process for the Koné Gold Project
2. Completion of an updated Definitive Feasibility Study for the Koné Gold Project

6 Months:
1. Selection of parties for project financing for the Koné Gold Project.
2. Compeltion of the permitting activities for the Koné Gold Project (6-9 months).

12 Months:
1. Completion of project financing.
2. Development decision for the Koné Gold Project.
3. Commencement of construction activities for the Koné Gold Project.

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 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.