Montage Gold Corp has successfully closed the second tranche of its strategic share exchange transaction with African Gold Limited,reinforcing its position in West Africa’s gold development landscape.
Under the agreement, Montage received an additional 46.36 million fully paid ordinary shares of African Gold at a deemed issue price of A$0.07 per share. In exchange, African Gold received 1.02 million Montage common shares at a deemed price of C$2.87 per share. These shares are subject to a four-month statutory hold, expiring on October 13, 2025.
This tranche follows the initial closing announced earlier this year and forms part of a broader strategic partnership between the two companies. The full agreement provides for Montage to receive a total of 92.38 million African Gold shares, while African Gold will receive 2.03 million Montage shares.
As part of the strategic alignment, Montage has also entered into a technical services agreement to manage African Gold’s Didievi Project in Côte d’Ivoire. Additionally, Montage has secured a right of first refusal over African Gold’s interests in both the Didievi Project and the adjacent Angoda Permit, including any minority interests that may become available in the future.
Montage Gold is a Canadian-based gold developer focused on building a multi-asset gold platform in Africa, anchored by its flagship Koné Gold Project in Côte d’Ivoire. According to the company’s 2024 Updated Feasibility Study, Koné is expected to produce over 300,000 ounces of gold annually during its first eight years, with a 16-year mine life and production targeted for Q2 2027.
The scientific and technical content of this release has been reviewed and approved by Peder Olsen, President and Chief Development Officer of Montage, a Fellow of the Australasian Institute of Mining and Metallurgy and a Qualified Person under NI 43-101.
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