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Montage Gold

Gold developer, with a project stated to be in Ivory Coast, Guinea, and Kivvoir.

NoneIvory Coast — as stated on the recordings

developer gold NoneIvory Coast
Sep 2025 → Jan 2026Covered
7 of 10Topics on record
3Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 2 interviews with the company · 6 independent recordings
Stage
Developer
Primary commodity
Gold
Jurisdiction
Ivory Coast, Guinea, and Kivvoir
Deposit
open pit with a low strip ratio of 1 to 1
Latest appearance
06 Jan 2026
On record
2 interviews · 30 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
1 million ounces at 2 and a half grams
Management-stated Martino De Ciccio Jan 2026
Grade
seven new deposits were all between 60 and 180% higher grade versus our con deposit
Management-stated Martino De Ciccio Sep 2025
Money on hand
950 million secured, 625 million from Wheaton
Stated capital need: Over 60% of capital committed at Kone project
Management-stated Martino De Ciccio Sep 2025
What happens next
Q2 2027 based on the hard circuit, but potentially late 2026 on an oxide startup
Management-stated Martino De Ciccio Jan 2026
The main open question
The oxide startup path and revised timeline (late 2026 vs Q2 2027) depend on unproven throughput assumptions of 11 million tons per year matching the hard circuit.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
11 independent voices on record — 15 constructive, 2 neutral
Hayden Locke, Don Durett, Jamie Keech, Randy Smallwood…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Resource size ● Higher 3 statements on record
12 Sep 2025
5 to 6 million ounces
“we went from 5 to 6 million ounces already and we see potential for a lot more”
06 Jan 2026
between 350 and 400,000 ounces per year run rate
“And, you know, that run rate is is quite meaningful between 350 and 400,000 ounces per year and potentially higher given the higher grade deposits that we've been discovering uh in the last 18 months …”
First production ● Restated Same year, new wording 2 statements on record
12 Sep 2025
Q2 2027
“well on track for Q2 2027 first gold pour”
06 Jan 2026
Q2 2027 based on the hard circuit, but potentially late 2026 on an oxide startup
“uh we've been uh announcing that the first go should be Q2 2027 uh based on the hard circuit. Uh but most recently in September, we've launched the construction of an oxide circuit and that gives us t…”
Capital needed 120,000 metersover 60% ≠ Different measure Stated in length, then in percent — not the same quantity 3 statements on record
12 Sep 2025
120,000 meters of drilling this year
“rather than doing 90,000 mters of drilling we're doing 120,000 mters uh this year”
06 Jan 2026
Over 60% of capital committed at Kone project
“Uh, we're uh we've committed over 60% of the capital, so on budget and well ahead of schedule.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Montage Gold's own claims across 2 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 17 mentions.

15 constructive 2 neutral
  • Hayden Locke “Referenced as a gold construction-stage peer that trades above NAV — used for cross-commodity valuation comparison, not as a direc…”
  • Don Durett “Under construction and likely to grow, though already much larger than before.”
  • Jamie Keech “Cited as a successful advanced-stage exploration investment.”
  • Randy Smallwood “Used as an example of a company whose shares have performed well after a stream announcement.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the Kone project has doubled its resource to 1 million ounces at 2.5 grams with seven new deposits found 60–180% higher grade than the core, positioned to deliver 350–400,000 ounces per year by early 2027.

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says the Kone project has doubled its resource to 1 million ounces at 2.5 grams with seven new deposits found 60–180% higher grade than the core, positioned to deliver 350–400,000 ounces per year by early 2027. Construction is 60% funded by Wheaton, on budget and ahead of schedule, with first gold targeted Q2 2027.

▼ Bear case

The oxide startup path and revised timeline (late 2026 vs Q2 2027) depend on unproven throughput assumptions of 11 million tons per year matching the hard circuit.

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

The oxide startup path and revised timeline (late 2026 vs Q2 2027) depend on unproven throughput assumptions of 11 million tons per year matching the hard circuit. The Wheaton stream covers only the two original study deposits, not the nine new resource-stage deposits, leaving upside exposed and financing for growth unclear.

◆ Watch next

Ball mill arrival Q1 next year signals construction acceleration.

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Ball mill arrival Q1 next year signals construction acceleration. Pratei Yao resource publication by Q1 and updated resources in coming weeks will test whether the seven high-grade deposits can sustain or exceed the 350–400,000 ounce run rate; full run rate expected by early 2027.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 13 statements

The deposit 10

Key takeaway. Management describes a growing deposit picture at Montage Gold.

Read the full summary

The company reports 5 to 6 million ounces of resources (Sep 2025) and notes that seven new deposits discovered since then carry grades 60 to 180% higher than the Koné deposit (Sep 2025). The deposit is open pit with a low strip ratio of 1 to 1 (Sep 2025). By January 2026, management cited 1 million ounces at 2.5 grams and a potential production run rate of 350,000 to 400,000 ounces per year, while highlighting exploration upside including the Diana property (50 m at three grams with continuity confirmed), the Pratei Yao discovery 7 km from the Koné plant, and the African Gold DDV project as a potential standalone operation.

What was actually said
exploration upside
Diana property hit 50 m at three grams with continuity confirmed
“The most exciting one is Diana uh where they hit 50 m at three grams earlier this year. We've drilled up the continuity.”
Martino De Ciccio· 06 Jan 2026·
exploration upside
African Gold DDV project has potential for standalone operation
“We see potential here for a standalone operation. Uh so we're quite excited to be able to uh shift our construction team.”
Martino De Ciccio· 06 Jan 2026·
exploration upside
higher grade deposits discovered in the last 18 months
“And, you know, that run rate is is quite meaningful between 350 and 400,000 ounces per year and potentially higher given the higher grade deposits that we've been discovering uh in the last 18 months or so.”
Martino De Ciccio· 06 Jan 2026·
Show the other 7 statements
exploration upside
Pratei Yao discovery 7 kilometers from Kone plant, potential closest satellite deposit with higher grade
“Uh it's only 7 kilometers away from uh from the Coney plant, so has the potential to be the uh closest satellite deposit, but most importantly, one of the higher grade ones as well.”
Martino De Ciccio· 06 Jan 2026·
resource size
1 million ounces at 2 and a half grams
“The resource already doubled between March and June uh to a million ounces at 2 and a half grams.”
Martino De Ciccio· 06 Jan 2026·
resource size
between 350 and 400,000 ounces per year run rate
“And, you know, that run rate is is quite meaningful between 350 and 400,000 ounces per year and potentially higher given the higher grade deposits that we've been discovering uh in the last 18 months or so.”
Martino De Ciccio· 06 Jan 2026·
deposit type
open pit with a low strip ratio of 1 to 1
“The KA project is open pit. >> Open pitable. Yes. With a low strip ratio of 1 one.”
Martino De Ciccio· 12 Sep 2025·
exploration upside
nine deposits at resource stage and six more deposits were advanced to pre-resource stage
“we went from two deposits delineated in the study to nine deposits at resource stage and six more deposits were advanced to pre-resource stage”
Martino De Ciccio· 12 Sep 2025·
grade
seven new deposits were all between 60 and 180% higher grade versus our con deposit
“the seven new deposits that were found were all between 60 and 180% higher grade versus our con deposit”
Martino De Ciccio· 12 Sep 2025·
resource size
5 to 6 million ounces
“we went from 5 to 6 million ounces already and we see potential for a lot more”
Martino De Ciccio· 12 Sep 2025·

Jurisdiction 1

What was actually said
region
Ivory Coast, Guinea, and Kivvoir
“we've been awarded more grounds in Kivvoir uh both on the K belt uh so we've increased our land positioning by about 30%. Uh but also we've been awarded a new project”
Martino De Ciccio· 06 Jan 2026·

Technical risk 2

Key takeaway. Management has flagged two key assumptions underpinning their project.

Read the full summary

First, the company assumes an 11-million-ton-per-year throughput for the oxide circuit, matching the hard-rock circuit, according to a January 2026 statement. Second, the CEO said in September 2025 that the stream agreement with Wheaton applies only to the two deposits included in the study, with no stream on any new deposits.

What was actually said
key assumption
11 million tons per year throughput for oxide circuit, same as hard circuit
“the oxide circuit for us has the same throughput as the hard circuit. So over 11 million tons per year”
Martino De Ciccio· 06 Jan 2026·
key assumption
stream on Wheaton is just on the two deposits in the study with no stream on new deposits
“the stream that we put in place is just on the two deposits that were in the study”
Martino De Ciccio· 12 Sep 2025·

Economics 6 statements

Economics 2

Key takeaway. Regarding project economics, management states the project's operating cost is "350 plus thousand ounces" and also describes it as "300,000 ounces per year" — these two claims were both made in September 2025 but appear to refer to…

Read the full summary

different metrics or reflect an inconsistency in management's own language.

What was actually said
operating cost
350 plus thousand ounces
“the first years we expect to do 350 plus thousand ounces”
Martino De Ciccio· 12 Sep 2025·
operating cost
300,000 ounces per year
“the first eight years on average is 300,000 ounces per year”
Martino De Ciccio· 12 Sep 2025·

Financing 4

Key takeaway. Montage Gold management says the company has secured $950 million in funding for its Kone project, including $625 million from Wheaton, with over 60% of the needed capital now committed as of January 2026.

Read the full summary

Separately, management noted in September 2025 that the company planned 120,000 meters of drilling that year.

What was actually said
capital needed
Over 60% of capital committed at Kone project
“Uh, we're uh we've committed over 60% of the capital, so on budget and well ahead of schedule.”
Martino De Ciccio· 06 Jan 2026·
capital needed
120,000 meters of drilling this year
“rather than doing 90,000 mters of drilling we're doing 120,000 mters uh this year”
Martino De Ciccio· 12 Sep 2025·
capital needed
950 million of funding
“we've secured 950 million of funding to be able to launch construction November of last year”
Martino De Ciccio· 12 Sep 2025·
Show the other 1 statement
financing status
950 million secured, 625 million from Wheaton
“we financed oursel with Weaten who's a partner into this as they provided 625 million of capital”
Martino De Ciccio· 12 Sep 2025·

Timeline 10 statements

Timeline 10

Key takeaway. Management has outlined a project timeline with construction beginning in November 2024 and first production targeted for Q2 2027 based on the hard circuit, though they noted that an oxide startup could potentially bring that forward to…

Read the full summary

late 2026. Key near-term milestones include a Pratei Yao resource publication by Q1 2026, a 120,000-meter drill program on track or exceeding target, a 40,000-meter drill program at the African Gold DDV project already halfway through, and a ball mill arriving on site in Q1 2026, with full run rate capacity expected by the beginning of 2027.

What was actually said
first production
Q2 2027 based on the hard circuit, but potentially late 2026 on an oxide startup
“uh we've been uh announcing that the first go should be Q2 2027 uh based on the hard circuit. Uh but most recently in September, we've launched the construction of an oxide circuit and that gives us the possibility to bring forward production. Uh so we could be in production as early as uh late uh late late next year on on an oxide startup.”
Martino De Ciccio· 06 Jan 2026·
milestone
Full run rate capacity expected by beginning of 2027
“So, you know, a safe assumption is that by, you know, beginning of 2027, we have full run rate capacity.”
Martino De Ciccio· 06 Jan 2026·
milestone
120,000 meter drill program on track or exceeding target
“So the last time we saw each other uh was uh was in September. So most of the drilling was done in the first half of the year. Uh and things take a little bit of a pause with the rainy season and ramp back up end of uh end of September. So we're well on track if not maybe more than the 120,000 meters.”
Martino De Ciccio· 06 Jan 2026·
Show the other 7 statements
milestone
Pratei Yao resource to be published by Q1 next year
“We now have several drill rigs uh going on on Patio uh with the goal of having the resource published by uh Q1 next year.”
Martino De Ciccio· 06 Jan 2026·
milestone
40,000 meter drill program at African Gold DDV project halfway through
“we've uh we've launched a 40,000 meter drill program. We're currently halfway through uh and that's looking very, you know, very exciting.”
Martino De Ciccio· 06 Jan 2026·
construction start
November of last year
“to be able to launch construction November of last year”
Martino De Ciccio· 12 Sep 2025·
first production
Q2 2027
“well on track for Q2 2027 first gold pour”
Martino De Ciccio· 12 Sep 2025·
milestone
TSX listing several months ago with MSCI indexation in August
“We listed on the TSX several months ago. We're now starting to see indexation. We got the first indexation with MSCI in August.”
Martino De Ciccio· 12 Sep 2025·
milestone
ball mill arriving on site in Q1 of next year
“the key milestone being the ball mill arriving on site in Q1 uh of next year”
Martino De Ciccio· 12 Sep 2025·
milestone
updated resources in the next weeks and months
“we expect to publish uh updated resources in the next weeks and months going into next year”
Martino De Ciccio· 12 Sep 2025·

Corporate 1 statement

Management 1

What was actually said
insider ownership
Londines at 20% and Zing at just under 10%
“between the Londines at 20% and we have Zing at just under 10%”
Martino De Ciccio· 12 Sep 2025·

Outside views 17 mentions

17 mentions by people who do not speak for the company — 15 constructive, 0 cautious, 2 neutral. These are their views, not the company's.

Hayden Locke
neutral
Referenced as a gold construction-stage peer that trades above NAV — used for cross-commodity valuation comparison, not as a direct investment call
Crux Investor· 17 Jul 2026·
Don Durett
bullish
Under construction and likely to grow, though already much larger than before.
The Silver Market· 29 Apr 2026·
Jamie Keech
bullish
Cited as a successful advanced-stage exploration investment.
MiningStockEducation.com· 09 Apr 2026·
Randy Smallwood
bullish
Used as an example of a company whose shares have performed well after a stream announcement.
Kitco NEWS· 02 Mar 2026·
Show the other 13 mentions
David Erfle
bullish
He calls it his biggest gainer and says it is moving into production earlier than expected.
MiningStockEducation.com· 22 Jan 2026·
Kone project is progressing toward first production in 2027.
Jimmy Connor· 06 Jan 2026·
David Erfle
bullish
He identifies it as his biggest gainer and says it is a 12-bagger.
MiningStockEducation.com· 16 Dec 2025·
Samuel Pelaez
neutral
Mentioned as operating in Côte d'Ivoire, a better West African jurisdiction than Mali/Burkina Faso.
Crux Investor· 28 Nov 2025·
David Erfle
bullish
Cited as a portfolio winner that keeps rising despite sector corrections.
Soar Financially· 26 Sep 2025·
David Erfle
bullish
Cited as a major portfolio winner, up over 600%, used in his position-sizing discussion.
MiningStockEducation.com· 22 Jul 2025·
David Erfle
bullish
He cites it as his biggest gainer this year and says it has gone from discovery to construction.
MiningStockEducation.com· 24 Jun 2025·
Randy Smallwood
bullish
He cites a recent financing transaction with Montage Gold as an example of capital deployment.
Investing News· 20 Mar 2025·
Brian Leni
bullish
~300% return; Lendin backing made public catalyzed re-rating.
Investing News· 12 Mar 2025·
Garrett Goggin
bullish
Project worth $2 billion in profits at $2,900 gold trades at ~$400 million market cap. Recently completed a shareholder-friendly financing deal with Wheaton.
Investing News· 09 Mar 2025·
Brian Leni
bullish
Leni cites Montage as another successful investment — decent project, top-notch people (the Lundin family involvement), took profits last year.
MiningStockEducation.com· 06 Mar 2025·
Bill Powers
bullish
Leni cites Montage as another successful investment — decent project, top-notch people (the Lundin family involvement), took profits last year.
MiningStockEducation.com· 06 Mar 2025·
Luc Ten Have
bullish
Lundin family involvement was a clear catalyst signal; Arndt identifies it as 'the easiest bet this year' — the Lundin-backed team change at a company trading sideways for years made downside unlikely and upside probable.
Resource Talks· 07 Jan 2025·

Sources 2 interviews

Every interview 2

DateChannelInterviewStatements
06 Jan 2026 The Deep Dive Why Gold Is Being Treated Differently This Time | Martino De Ciccio - Montage Gold 14
12 Sep 2025 The Deep Dive It’s a Great Time to Be Building a Gold Project | Martino De Ciccio - Montage Gold 16

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

african gold 2
gold 2
kivvoir 1
koné 1
lundin 1
zijin mining 1
oram 1
pratei yao 1

Questions people ask

What is Montage Gold's project and where is it?

Montage Gold is a developer gold company, with a project stated to be in Ivory Coast. Everything here is drawn from its executives' own interviews.

Which interviews mention Montage Gold?

We track 2 interviews mentioning Montage Gold, across 1 channel (The Deep Dive).

What are investors saying about Montage Gold?

17 independent voices — people who do not speak for the company — are on record discussing it (15 bullish, 2 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Montage Gold cover?

The most-discussed topics on record are the deposit, timeline, financing, economics — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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