Montage Gold Corp

The guest says Montage entered in February 2024 with Lundin family backing and went from acquisition to launching construction in about six months, with Koné in the final stretch to first gold production as of the interview.
He argues the roughly $8 billion pre-production valuation still leaves a re-rate coming: Montage trades at high double-digit consensus free cash flow multiples versus 5-10x for producers, and the market is not yet pricing the portfolio's growth.
Koné's resource has grown from 5 to 8 million ounces with newly added ounces at about 85% higher average grades, and the company is targeting 350,000-400,000 ounces of annual production for at least 10 years, with a new mine plan due around late Q1 next year.
Growth beyond Koné includes Didievi (last published at 1 million ounces at 2.5 g/t, with about 100,000 meters drilled since June of last year) targeted for fast-tracking toward construction, and Wendé (70,000 meters drilled) with a maiden resource expected next year.
The guest stresses capital discipline: Koné was funded with over 90% project leverage, Didievi cost only about 8% dilution, and Wendé was acquired without issuing shares, while drilling of 15,000 meters starts in Mauritania in Q4 of this year.

Grade alone doesn't make a mine: strip ratio, metallurgy, infrastructure and costs decide whether a gold deposit actually works economically. Montage Gold achieved first gold pour at Koné on September 26, 2026, after securing permits, funding and construction in record time. Management funded Koné with over 90% project debt, keeping the share count tight so later acquisitions added value without heavy dilution. Koné targets 350,000 to 400,000 annual ounces for at least a decade, while Didievi, Wendé and Mauritania properties add growth the market isn't pricing. The CEO argues Montage trades at high double-digit free cash flow multiples versus 5 to 10 times for producers, implying a re-rate as Koné starts up.

Beaver Creek 2026 - Best Stocks

10 days ago 38:24

Key Highlights

Not on the 37-name list, but Durrett says he really likes Montage's management team and CEO.

Gold at $4,100 anchors his buy-the-dip plan: add again below $4,000, and again below $3,700. His Beaver Creek list holds 37 stocks, all rated as tenbaggers (ten-times-plus targets), with seven winners out of ten as the goal. He grades risk-reward by letter and number; near-term producers screen best, while late-stage projects carry more risk. Discovery Silver and Osisko Gold Group lead his Canadian gold picks, and Silver X's 250 million ounce resource lifted the grade. Low insider ownership makes Andean Silver, Talisker and Avino the likeliest takeover targets on his list.

Gold & Silver Just Added $2 Billion to This Project | Aya Gold - Bourmadine PEA

The Deep Dive

26 days ago 13:36

Key Highlights

Cited in the valuation comparison as trading at about 1.4 times NPV while building its mine, the builder's multiple the host says Aya has not yet reached.

Aya's updated Boumadine PEA doubles the after-tax NPV to US$3.5 billion, but higher gold and silver price assumptions do most of the lifting. AISC (all-in sustaining cost — what it really costs to produce an ounce) rose 27% to $1,300 as grades fell and strip ratios worsened. Roughly four of every five tonnes in the mine plan remain inferred; PEAs allow that, but a prefeasibility study cannot, so conversion risk stays. Aya is starting construction in Q4 2026, more than a year before the feasibility study normally used to justify that decision. Aya trades near 1.1 times NPV, above developer peers like AbraSilver and Vizsla, and its Zagounder mine means Boumadine is not free.

Why Gold Producers Are Still Undervalued: Greg Orrell on This Cycle’s Missing Retail Money

MiningStockEducation.com

about 1 month ago 28:24

Key Highlights

The guest cites Montage Gold as a position that went up about 20 times for the fund, exemplifying the discovery-driven wins that drive outperformance versus GDX and GDXJ

Gold decoupled from real yields after 2022 Russia sanctions triggered central bank reserve diversification — a structural shift Orrell expects to persist. Producers still trade below historical NAV multiples because investors haven't priced in $4,500-$5,500 gold; Orrell expects multiples to expand as skepticism fades. OCM Gold Fund holds ~20-23% senior producers, 10-13% exploration/development, ~5% royalties, 5-7% silver — trims losers and lets winners compound. Agnico Eagle leads capital allocation discipline; B2Gold holds junior stakes like Snowline Gold but hasn't executed buyouts, a stark contrast to past reckless exploration. With cash below 1% while retail liquidates, Orrell sees further upside — counter-cyclical positioning in a cycle still missing wider participation.

Dave Erfle – Technical Outlook On PMs, 3 New Gold Stocks In Retirement Acct, 3 JMJ Portfolio Winners

2 months ago

Key Highlights

Erfle says Montage is the biggest gainer in his top 10, up about 25 times from his entry below 50 cents, and he still holds half the position after several trims.
He highlights the large Kone Gold Project in Cote d'Ivoire and says Montage keeps adding ounces at and around Kone by taking over other companies while building the mine.
He notes the stock consolidated for about six months yet bifurcated higher versus the sector, and as of the early-August 2026 interview is breaking out above C$17, which had been strong weekly resistance.

Precious metals look to be basing after a normal correction: gold held $4,000 and GDX/GDXJ held weekly support, suggesting the secular bull remains intact. Rising rates historically coincide with gold rallies — the '70s and 2022 onward both saw gold climb while the Fed hiked, countering rate-hike fears. Clearing 90 on GDX and 120 on GDXJ (the gold miner ETFs) would give the all-clear; sentiment and open interest already sit at bear-market lows. Erfle rotated oil profits into Alamos Gold, Perpetua Resources, and New Pacific Metals, buying quality during drawdowns and diversifying across jurisdictions. His top JMJ winners — Montage Gold, AbraSilver, and GoGold — show why management quality, tight share structures, and jurisdiction diversification drive junior returns.

Erik Wetterling – Navigating The Summer Doldrums In PM Stocks By Focusing On Companies w/ Catalysts

3 months ago

Key Highlights

The guest includes Montage Gold in the group of large-ounces developers that are down much less than the rest of the sector, though still well off their highs.

Junior sentiment has decayed to the point where good news releases barely lift share prices, per the guest's read of the tape. Buyers hold an information advantage now: they watch results unfold without paying up, while holders wait on flat-to-worse outcomes. Balance sheets decide survival: self-funded juniors keep building value, while retail-funded peers risk a dilution spiral. Advanced developers holding large defined resources have outperformed, partly because buyers see them as likely takeover targets. Developer valuations sit far below NPV (net present value) of their projects at spot gold, leaving room for takeover buyers.

Erik Wetterling – Deep Value Developers and Alpha Catalyst Explorers Build An All-Weather Portfolio

4 months ago

Key Highlights

Montage Gold announced further higher-grade satellite deposits beyond the original gold discovery, the latest in a string of value additions since it set out in 2024.
He describes management alpha as so strong that value is now increasing faster than the company's own stated goals.
His argument is that management alpha is only captured by time held: a two-year holding period tends to produce repeated positive surprises, while a day's holding does not.
Cited as his leading current example of a stock whose expected news flow looks cheap against its market cap.

Erik Wetterling argues for an all-weather junior mining portfolio built on company catalysts rather than metal price direction. High-cost producers offer the biggest upside in bull markets but carry the highest bankruptcy risk when sentiment falls. Test whether a project still works at lower prices: NPV (net present value, today's value of future cash flows) versus market cap. Single-project explorers risk a dilution spiral after a missed drill hole, so strong backing and third-party validators matter. Silver equities look discounted: many developers imply a $30 silver price while the metal trades near $70.

#102 Digging for Dollars #30 Talking our Portfolio and Top Picks

CEO.CA

4 months ago 30:14

Key Highlights

Cited as the model the Galantas deal reminds the guest of: very big, lower-grade gold deposits that can work.

Early private-market entries into juniors re-rated hard when they listed, beating flat TSX Venture and GDXJ benchmarks at mid-year. Sterling Metals' Batchawana Copper Belt consolidation shows why the hosts buy whole districts early instead of waiting for neighbors to prove up. Galantas Gold's $100 million raise shows how a large, well-supported financing lets a near-term producer reach cash flow without repeated dilution. With no senior tungsten producers, Allied Critical Metals' year-end pilot plant in Portugal offers juniors-only exposure to a quintupled price. Stagnant juniors with strong treasuries and intact teams remain the buys — own value before promotion arrives and prices move.

#100 Digging for Dollars #28 The Game Has Changed Dan Earle and Access to Capital In the Mining Sect

CEO.CA

5 months ago 42:39

Key Highlights

Montage is named, alongside Highlander and others, as a junior that raised roughly $100 million, and is described as sitting in the Lundin group overlay.
The host says it merged with Bear Creek and that the shares have gone from around $3 at the time of that raise to about $16.

Access to capital, once a junior miner's edge, is no longer an advantage now that participation in resource equities has broadened. Cost of capital has collapsed: Lundin Gold financed Frida del Norte near 20%, while juniors now issue bonds below 9%. Big raises remove junior mining's top risk — getting through the valley of death — which makes dilution a secondary worry. Dan Earle argues investors anchored to prior cycles misread today's deals; newcomers without fixed priors often perform better. Three rapid pitches: a Nevada producer with a $750M NAV second asset, a $6M Peru silver explorer, and a fresh copper find.

Dave Erfle – Technical Outlook & Investing Insights Around The Recent Pop Higher In The PM Sector

5 months ago

Gold's fundamental drivers remain strong despite geopolitical uncertainty, with central bank buying and sovereign debt supporting the long-term bullish thesis for precious metals. Technical analysis shows GDX and GDXJ breaking above the key 18-week moving average, but a successful retest of this level as support is needed to confirm the next leg higher. Dave Erfle demonstrates his systematic bull market playbook by trimming multi-bagger positions like Arizona Sonoran Copper to redeploy capital into new high-potential junior mining opportunities.

Newsletter Favorites Sorted by Quality (April 2026)

6 months ago

Key Highlights

Don Durrett says Montage's project is under construction.
The stock was really cheap but is now up to about $4 billion.
He still expects it to grow.

Durrett ranks the 89 gold and silver stocks he owns on upside, downside risk, and company quality — a system investors can copy. His 'three-five' score marks a likely five-bagger — a stock he expects could multiply roughly five times from current levels. Only four holdings earn an A, reserved for low costs, clean balance sheets, and consistent execution — Australian mid-tier producers dominate the top. Country risk caps otherwise strong names: West African, Mexican, and Colombian exposure keeps ratings below top marks. He flags likely takeover targets among focused developers and producers still generating free cash flow.

Proven Investment Strategies for the “Energy Decade” with Resource Insider’s Jamie Keech

MiningStockEducation.com

6 months ago

Key Highlights

Named as a good example of the advanced-stage exploration niche where, he says, Resource Insider's investments consistently beat the market and peers, often doubling to 5x.

Tech's growth has outrun the physical world's carrying capacity, making energy — not technology — the binding investment constraint of the decade. An audit of 40-plus mining investments found advanced-stage explorers with defined resources and stable jurisdictions consistently outperformed, often doubling to 5X. Grassroots drilling carried a near-100% failure rate, so returns came from private placements bought cheap and listed within 6 to 18 months. An Oklahoma royalty venture and a North Dakota terminal bought at 5.7x EBITDA (core cash earnings) now pay dividends to private investors. Junior mining is a capital-raising game where pressure to raise often turns operators from prey into predators, per Keech.

Erik Wetterling – Value Proposition In Montage Gold, Amex Exploration, and Blackrock Silver

7 months ago

Erik Wetterling discusses value propositions in Montage Gold, Amex Exploration, and Blackrock Silver, focusing on their investment merits. Analysis covers each company's project fundamentals, exploration upside, and positioning within the current gold/silver market cycle. Discussion includes risk/reward assessment and what makes these junior miners attractive for value-focused investors.

Newsletter Favorites Upside (using New GSD Defaults)

7 months ago

Key Highlights

The host says Montage Gold is going to be in production in 2027.

Raising default price assumptions to $7,000 gold and $200 silver reflects conviction that current metal prices undershoot the macro setup. Screening 90 favorite miners at those prices prints 20-plus-bagger upside for many, but most need three-to-four-year mine builds first. Near-term producers like Guanajuato Silver need no new growth, so they offer immediate leverage if silver reaches $200. A gold-silver ratio squeeze toward 2.5-3% underpins the $175-200 silver target alongside $7,000 gold within 24-36 months. Timeline to getting paid is the key filter: the longer a mine build, the longer investors must wait for the printed upside.

Newsletter Favorites Overview (Feb 2026)

8 months ago

Key Highlights

Don notes Montage goes into production this year and, while not currently top 25, says 'man, probably could be' - he plans to move it onto the top 25.
He groups it with Asante as under-owned West African names with a ton of leverage that will generate a lot of free cash flow, calling it a borderline 5-bagger turning into a 10-bagger since he bought early.

Durrett argues there is limited time left to buy gold and silver producers while they are still cheap, expecting one more significant dip. His Newsletter Favorites list leans on quality Canadian and Australian mid-tier producers, which he expects to re-rate as the bull market warms up. Companies whose second and third projects get no market value offer free upside — you pay for the first asset and get the rest for nothing. Cheap forward free-cash-flow multiples persist in West Africa and among silver producers, where weak sentiment discounts heavy leverage to metal prices. Australian producers like Ramelius reaching major-sized valuations is, in his view, the first sign the junior gold bull market is broadening.

Erik Wetterling – Value Proposition In Montage Gold, Inflection Resources, and K2 Gold

9 months ago

Key Highlights