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2022 Feasibility Study

Please note that in February 2022, Montage released the results of a Definitive Feasibility Study on the Koné deposit on a standalone basis. The DFS was completed prior to the acquisition of the Mankono-Sissédougou Joint Venture from Barrick and Endeavour and does not include the Gbongogo Main satellite deposit.

As of H2 2023, an updated DFS is being prepared that will incorporate material from the Gbongogo Main deposit which is planned to be mined and trucked approximately 35km to the mill which will be located adjacent to the Koné deposit. The addition of higher-grade material from Gbongogo Main is expected to have a significant positive impact on production levels and economics of the KGP.

Summary financial and operating metrics from the 2022 DFS are presented below.

Gold Price ($/oz)
Metric Units $1,400 $1,500 $1,600 $1,650* $1,700 $1,800 $2,000
NPV5% $M $417 $582 $746 $799 $881 $1,043 $1,367
IRR % 21.8% 28.3% 34.8% 37.0% 40.3% 47.0% 60.9%
Total Cash Cost1 $/payable
$825 $831 $838 $858 $861 $869 $884
AISC1                                $/payable
$920 $927 $933 $953 $957 $964 $979
Payback years 3.8 3.1 2.7 2.5 2.4 2.1 1.8
Metrics Units DFS
Pit Optimization Gold Price Assumption $/oz $1,250
Financial Model Base Case Gold Price $/oz $1,600
Life of Mine years 14.8
Total Mineralized Material Mined Mt 161.1
Contained Gold Moz 3.42
Strip Ratio w:o 0.90:1
Annual Mining Rate Mtpa 35.0
Annual Milling Rate (Mill Throughput) Mtpa 11.0
Average Head Grade, first 3 years Au g/t 0.93
Average Head Grade, first 9 Years Au g/t 0.82
Average Head Grade, LOM Au g/t 0.66
Processing Recovery, first 3 Years % 91.1%
Processing Recovery, first 9 Years % 90.2%
Processing Recovery, LOM % 89.3%
Total Gold Production, LOM Moz 3.06
Average Gold Production, first 3 years koz/yr 285
Average Gold Production, first 9 years koz/yr 257
Average Gold Production, LOM koz/yr 207
Mining Cost Per Tonne Mined, LOM $/t, mined $2.73
Processing Cost, LOM (including rehandle) $/t, processed $8.04
G&A, LOM $/t, processed $0.93
Royalties, LOM $/t, processed $1.97
Total Cash Costs1, LOM $/t, processed $15.89
Average AISC1, LOM $/payable oz $933
Initial Capital Expenditure (including contingency) $M $543.9
Sustaining Capital (incl. Closure) $M $291.7
NPV5%, pre-tax (100%) $M $991.7
Pre-tax IRR % 39.6%
NPV5%, after-tax (100%) $M $746.2
After-tax IRR % 34.8%
Payback Period years 2.7


1. Cash costs per payable ounce of gold and per tonne processed, AISC per payable ounce of gold sold and per tonne processed are non-GAAP financial measures. Please see “Cautionary Note Regarding Non-GAAP Measures”. AISC per payable ounce includes all mining costs, processing costs, mine level G&A, royalties, sustaining capital and closure costs and is adjusted to reflect movements in stockpiles. Cash costs per payable ounce includes all mining costs, processing costs, mine level G&A, and royalties.

2022 DFS Presentation

Watch Hugh Stuart, President and Director of Montage discuss the results of the 2022 Definitive Feasibility Study on the Koné Gold Project

Watch Now