Montage Gold's Strategic Investment in Aurum Resources
Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF) has successfully concluded a strategic investment in Aurum Resources Limited (“Aurum”). This partnership reflects Montage's commitment to expanding its footprint in the gold sector.
Details of the Investment
The strategic investment primarily involves a share exchange transaction through which Montage received 32,887,521 fully paid ordinary shares of Aurum at a deemed issue price of A$0.356 per share. Conversely, Aurum has acquired 2,887,496 common shares of Montage at a deemed issue price of C$3.61 per share. This transaction enables Montage to secure a 9.9% interest in Aurum, bringing together resources from both companies.
Collaborating with Notable Investors
Through this investment, Montage joins a consortium of strategic investors, including the well-regarded Lundin Family and Zhaojin Mining Industry Company Limited, which underscores the confidence of key players in the potential of Aurum and its projects.
Benefits for Aurum Resources
Aurum plans to utilize the capital raised to enhance its resource definition drilling at the Boundiali gold project and to advance exploration efforts at the Napié gold project in Côte d’Ivoire. These efforts are crucial as the company seeks to progress its technical studies and acquire necessary permits.
About Montage Gold Corp.
Montage Gold Corp. is dedicated to becoming a leading multi-asset gold producer in Africa. The company's flagship Koné project, strategically located in Côte d'Ivoire, is set to play a pivotal role in achieving its goals. Based on the Updated Feasibility Study released in 2024, the Koné project boasts an estimated mine life of 16 years, with production targets exceeding 300koz of gold in the first eight years.
Focused on Sustainable Development
With sustainability at the forefront, Montage Gold is committed to adhering to best practices in mining and environmental stewardship, ensuring a responsible approach to resource extraction that benefits both the local economy and the broader community.
Contact Information for Investors and Media
For investors looking for more information about Montage Gold Corp., Jake Cain, the Strategy & Investor Relations Manager, can be reached at jcain@montagegold.com or +44-7788-687-567. Additionally, for media inquiries, please contact John Vincic at john@oakstrom.com or +1-647-402-6375.
Frequently Asked Questions
What was the nature of the investment made by Montage Gold?
Montage Gold entered into a share exchange transaction with Aurum Resources, securing a 9.9% stake in the company.
What will Aurum do with the proceeds from the investment?
Aurum plans to accelerate drilling activities at its Boundiali and Napié gold projects in Côte d’Ivoire.
When is the Koné project expected to begin production?
The Koné project is anticipated to enter production by the second quarter of 2027, according to the latest feasibility study.
Who are the notable investors involved with Aurum?
Notable investors alongside Montage include the Lundin Family and Zhaojin Mining Industry Company Limited.
What makes Montage Gold Corp. a significant player in the gold sector?
Montage Gold is focused on establishing a multi-asset gold production presence in Africa, with substantial projects and growth potential in Côte d’Ivoire.
