At a Glance
- African Gold sells a $9.7 million Montage stake to fund the Côte d’Ivoire gold project.
- Cash reserves rose to $10.4 million, boosting exploration at Didievi deposit.
- Drilling ramps up with strong early results across Côte d’Ivoire’s gold belt.
African Gold Ltd has sold its entire $9.7 million stake in Montage Gold Corp., a Canadian-listed exploration company, to raise funds for its key gold project in Côte d’Ivoire.
The Australian miner said it divested 2.03 million Montage shares at an average price of C$6.72 ($4.37) each, generating gross proceeds of about C$13.6 million (A$15 million), ($9.7 million).
The move represents a 134% gain on its entry price of C$2.87 per share from March 2025, when Montage became a 17.5% strategic investor in African Gold.
With this sale, African Gold’s cash position rises to roughly A$16 million ($10.4 million), giving it financial flexibility to expand exploration at its Didievi gold project, located in the heart of Côte d’Ivoire’s mineral-rich belt.
“Montage’s successful development work and Côte d’Ivoire’s stable investment climate reaffirm our confidence in the region’s gold sector,” the company said in a statement.
Aggressive drilling push at Didievi
African Gold is stepping up drilling at its Blaffo Guetto deposit, which hosts an inferred resource of nearly 989,000 ounces of gold at 2.5 grams per tonne across 12.4 million tonnes of ore.
Two diamond rigs are currently active, supported by a structural review from external consultants. Two additional reverse-circulation rigs will be deployed in November to test near-surface and regional targets.
Early results show consistent mineralization with promising extensions to the east. Drilling is expected to intensify through the year’s end as part of efforts to grow the resource base.
At the nearby Pranoi prospect, the company has confirmed 600 meters of continuous mineralization, along with high-grade hits across the nine-kilometer Poku trend.
Eight more drill-ready sites have been mapped, highlighting Didievi’s potential to evolve into a major gold district.
Strong regional footprint
The project sits within trucking distance of processing plants with a combined capacity of nearly eight million tonnes, offering rare logistical advantages in West Africa’s crowded mining field.
African Gold said it remains committed to responsible mining practices and transparent operations, maintaining its reputation as a trusted exploration partner in Africa’s growing gold economy.
“Our approach is simple, develop quality projects that benefit local communities while delivering long-term value to shareholders,” the company said.
