11:57 AM EDT, 04/08/2025 (MT Newswires) -- (Adds comment and updates shares.)

Montage Gold ( MAUTF ) on Tuesday released the results of its 2024 Kone project exploration program in Cote d'Ivoire, which boosted expectations of achieving a short-term exploration target of discovering more than one-million ounces of measured and indicated resources at a 50% higher grade compared to the main Kone deposit.

Mineralization was confirmed at all 18 targets out of the 52 exploration targets identified. Starter maiden resources were delineated for seven new higher grade satellites, with grades ranging between 0.9 and 1.6 grams per tonne of gold, or between 60% to 180% higher than the Kone deposit.

Efforts on the satellite deposits have added 160,000 ounces at 1.16 g/t gold and 270,000 ounces at 1 g/t gold of indicated and inferred resources, respectively.

Indicated resource at the Kone deposit increased by 150,000 ounces to 4.49 million ounces at 0.57 g/t gold and inferred resource increased by 110,000 ounces to 0.51 million ounces at 0.43 g/t gold.

The Kone project's overall indicated resource grew by 340,000 ounces to 5.21 million ounces at 0.62 g/t gold and inferred resource grew by 380,000 ounces to 780,000 ounces at 0.54 g/t gold following the first drill campaign under the leadership of a new management team.

The company aims to further improve the production profile of the project from the commencement of production in the second quarter of 2027.

National Bank of Canada kept its outperform rating and $4.15 price target on the company's shares following the exploration results.

The bank said the update is positive for the stock as it brings the company closer to its goal of achieving at least 300,000 ounces per annum of gold for the first 10 years.

Montage shares were last seen up $0.09 to $3.11 on the TSX Venture Exchange.

Price: 3.13, Change: +0.11, Percent Change: +3.64