Montage Gold Nears African Gold Takeover in Major Consolidation Play

VANCOUVER, BC – April 13, 2026 – Montage Gold Corp. is on the cusp of a significant expansion in West Africa after securityholders of African Gold Limited voted overwhelmingly in favour of a proposed acquisition. The vote, announced today, marks a critical milestone in Montage’s strategic plan to acquire 100% of African Gold, a deal valued at approximately US$170 million that promises to create a formidable new force in Côte d’Ivoire’s burgeoning gold sector.

The approval clears a major hurdle for the transaction, which now only awaits a final sign-off from the Supreme Court of Western Australia. This acquisition is not just a line item on a balance sheet; it represents a bold move by Montage to consolidate its regional presence while simultaneously advancing its flagship Koné project toward production, signaling the company's ambition to become a premier African gold producer.

A Strategic Consolidation in Côte d'Ivoire

The transaction, first announced on November 28, 2025, will see Montage acquire all outstanding shares of African Gold through a court-approved Scheme of Arrangement. Under the terms, each African Gold share will be exchanged for 0.0628 of a Montage common share. This implies an offer price of A$0.50 per share, a substantial 54% premium based on the 10-day volume-weighted average price before the deal was announced.

At the heart of this acquisition lies African Gold's primary asset: the Didievi Gold Project, also located in Côte d’Ivoire. Didievi boasts an inferred resource of nearly one million ounces of gold (12.4 million tonnes grading 2.5 g/t for 989,000 ounces) and is considered a high-quality, resource-stage project with significant upside. For Montage, the strategic fit is undeniable. The deal is not just about adding ounces; it’s about deepening its roots in a favorable mining jurisdiction and leveraging its operational expertise to unlock value.

This was not a blind date for Montage. The company had already established a strategic partnership in March 2025, acquiring a 17.3% stake in African Gold and taking over as the operator of the Didievi project. This early involvement allowed Montage to conduct its due diligence from the inside, gaining an intimate understanding of the asset’s geology and potential while effectively de-risking the eventual full takeover. This hands-on approach has already borne fruit, with Montage’s involvement contributing to a significant expansion of Didievi's resource base.

Upon completion, which is anticipated around April 29, 2026, pending court approval, existing African Gold shareholders will hold between 7.1% and 7.8% of the combined entity. They gain exposure to Montage’s advanced-stage Koné project and its seasoned construction and development team, transforming their investment from a single-asset explorer into a stake in a near-term producer with a robust growth pipeline.

The Dual-Track Ambition: Balancing Acquisition and Production

What makes Montage's current strategy particularly noteworthy is its execution of a complex dual-track plan: finalizing a major corporate acquisition while simultaneously managing the construction of one of West Africa's largest gold mines. The company’s flagship Koné project is a behemoth in its own right, with an updated 2024 feasibility study outlining a 16-year mine life and projected annual production exceeding 300,000 ounces of gold for its first eight years. With production slated to commence in the fourth quarter of 2026, Montage is racing against the clock on two major fronts.

Successfully managing the integration of African Gold and its assets while keeping the multi-billion-dollar Koné construction on schedule and on budget requires immense operational discipline and management expertise. The synergy, however, is clear. The Didievi project, while having standalone potential, could ultimately serve as a satellite operation or a sequential development project that extends the company's production profile well into the next decade, leveraging the infrastructure and expertise established at Koné.

This parallel pursuit highlights a company that is not just growing, but aggressively accelerating its path to senior producer status. By the time Koné pours its first gold, Montage aims to have a consolidated and expanded resource base, a clear pipeline for future growth, and a dominant operational footprint in Côte d’Ivoire.

Riding a Broader Wave of Gold M&A

The Montage-African Gold deal is a textbook example of the consolidation wave sweeping across the global gold mining industry. In an era of high but volatile gold prices, major and mid-tier producers are increasingly turning to mergers and acquisitions to achieve scale, replenish depleting reserves, and de-risk their project pipelines.

With new, large-scale gold discoveries becoming rarer and more expensive to develop from scratch, acquiring existing resources is a more capital-efficient path to growth. Well-valued companies like Montage are leveraging their appreciated stock as currency to make all-share deals, preserving cash for critical development and operational needs. This trend is particularly pronounced in the fragmented gold sector, where numerous junior explorers with promising assets lack the capital to advance them to production, making them attractive takeover targets.

West Africa, in particular, has become a hotbed for M&A activity, with its vast, underexplored greenstone belts attracting significant investment. The Montage transaction underscores the region's growing importance in the global gold supply chain and the desire of ambitious companies to build a commanding presence there.

Market Reception and the Final Hurdle

Investor reaction to Montage’s strategic moves has been largely positive. Upon the initial announcement of the acquisition in November 2025, Montage’s stock (TSX: MAU) surged to an all-time high, pushing its market capitalization towards C$3 billion. The significant premium offered to African Gold shareholders was clearly palatable, as evidenced by today's supportive vote.

However, the market's optimism is tempered with a dose of caution. Some analysts, while positive on the long-term strategy, point to the inherent risks of such an ambitious growth plan. The 54% premium places pressure on management to quickly demonstrate value from Didievi. Furthermore, as a pre-revenue company, Montage's financial performance shows widening losses and negative cash flow, underscoring the execution risk associated with bringing a massive project like Koné to life while integrating a new acquisition.

All eyes now turn to the Supreme Court of Western Australia, where a hearing is scheduled for this Friday, April 17, 2026. Approval from the court is the final major condition precedent. If granted, the transaction will become legally effective on April 20, leading to the suspension of African Gold shares on the ASX and paving the way for the full implementation of the deal by the end of the month, officially launching a new and more powerful chapter for Montage Gold.