The Council of Ministers of Côte d'Ivoire has awarded Montage Gold a mining permit for the Koné project, signifying a pivotal step in the project's development.

This permit is the final governmental authorisation required for the project to move forward.

In May, the company received an environmental permit for the Koné project.

Montage CEO Martino De Ciccio said: "We are delighted to be awarded our mining permit, which represents a significant milestone in the development of our Koné project and reflects the strong support received from our local stakeholders given our win-win approach focused on local content."

He emphasised the company's commitment to unlocking social and economic benefits for host communities and the government.

In addition to the Koné permit, Montage also secured a permit for the Gbongogo deposit. These permits, valid for 20 and eight years, respectively, cover a combined area of 357km², including several high-grade exploration targets.

Montage's permits offer the potential for extensions as further exploration adds to the mine's lifespan.

The company has already begun to capitalise on this momentum, with De Ciccio noting: "We look forward to rapidly continuing to unlock value for our stakeholders by progressing the Koné project towards an anticipated construction launch by Q1 2025, while continuing to progress our exploration strategy."

Montage aims to establish itself as a leading African gold producer, starting with the Koné project in Côte d'Ivoire.

Montage's exploration strategy is in full swing, with a 30,000m drill programme set to conclude in late July 2024.

The company has reported high-grade intercepts at several targets and plans to initiate a second, more extensive 60,000m drill programme in late Q3 2024. This drilling effort aims to delineate resources at top priority targets and continue testing other potential sites.