African Gold Ltd.
Former ASX-listed gold explorer whose flagship Didievi project in central Côte d'Ivoire (989 koz Inferred at 2.5 g/t Au) has been owned by Montage Gold since 29 April 2026. The company was removed from the ASX official list on 30 April 2026.
Report of 29 Sept 2026 (latest), confidence medium
- Listing
- ASX: A1GChecked
- Main project
- Didievi ProjectChecked
- Location
- Central Côte d'Ivoire, Côte d'IvoireChecked
- Commodities
- GoldChecked
- Stage
- ExplorationChecked
- Tier
- Tier 3
- Website
- african-gold.com
Acquired by Montage Gold Corp.. Proposals go to the group, not to this company, so the group never gets overlapping offers.
Not on the target list: Acquired by another company. Automatic reports and monitoring skip it. Use “Correct this company's data” to include it anyway.
Correct this company's data
Mines and projects
6 assets, checked| Asset | Location | Stage | Ownership | Production |
|---|---|---|---|---|
Didievi Project Gold, main asset | Central Côte d'Ivoire, Côte d'Ivoire | Exploration | — | — |
Agboville Project Gold | South-Comoé domain, Côte d'Ivoire | Exploration | — | — |
Kédougou–Kéniéba Project Gold | Mali/Senegal border region, Mali | Exploration | — | — |
Konahiri Project Gold | Kotiola–Marabadiassa greenstone belt, central Côte d'Ivoire, Côte d'Ivoire | Exploration | — | — |
Koyekro Project Gold | Côte d'Ivoire | Exploration | — | — |
Syama Shear Zone Project Gold | Syama region, Mali | Exploration | — | — |
Company summary
African Gold Ltd (formerly ASX:A1G) is an exploration and resource-stage gold company focused on Côte d'Ivoire. Its flagship Didievi Gold Project lies about 35 km from Yamoussoukro and about 60 km from operating mines [10]. The main resource area is the Blaffo Guetto trend, which hosts an Inferred Mineral Resource of 12.4 Mt at 2.5 g/t Au for about 989,000 oz. This was reported at a 0.8 g/t cut-off in June 2025 and was up 119% from the July 2024 maiden estimate of 452 koz at 2.9 g/t [16][17][18][37]. The company has published no Ore Reserve, scoping study, PFS, DFS, metallurgical recoveries or production and cost guidance.
In 2025 A1G moved from a 10,000 m diamond programme to a 40,000 m exploration campaign at Didievi planned to run into 2026 [29][31]. By April 2026 the company had 10 drill-ready targets, two diamond rigs operating and two RC rigs planned for regional targets [47]. Metallurgical testing was described as completed or in progress at the time of the Montage deal, but no results were published [24]. The wider Ivorian portfolio includes the early-stage Konahiri project and a reported 80% interest in Kouroufaba (about 1,428 km² land position, per a secondary source) [47][49]. Applications for the Azaguie and Gomon permits were withdrawn by January 2026 [1].
Corporate path:
- In April 2024 A1G ran a 3-for-5 entitlement offer at A$0.02 [38].
- Montage Gold took a 19.9% strategic stake in 2025 (announced 25 March, completed 13 June) [34][35][36].
- In October 2025 A1G sold part of its Montage shares for C$13.62M (about A$14.96M), lifting cash to about A$16M [48].
- Montage agreed to acquire the rest of A1G by scheme on 28 November 2025 [24]. Shareholders approved the scheme in April 2026 [39].
- Completion was reported on 29 April 2026 and delisting took effect on 30 April 2026 [30][41].
Didievi now sits inside Montage Gold, which is itself targeting first gold at its Koné project in Q4 2026 [44]. Any engagement decision will therefore rest with Montage, not a standalone A1G board.
Key projects
4| Project | Location | Stage | Resource or reserve |
|---|---|---|---|
Didievi Gold Project (Blaffo Guetto) Gold | Central Côte d'Ivoire, ~35 km from Yamoussoukro, ~60 km from operating mines | Resource definition / exploration; 40,000 m drilling campaign underway into 2026 | Inferred Mineral Resource 12.4 Mt @ 2.5 g/t Au for ~989 koz at a 0.8 g/t cut-off (June 2025). JORC presumed as ASX reporting; competent-person statement not verified. No Ore Reserve. Maiden resource (July 2024) was 4.93 Mt @ 2.9 g/t for 452 koz Inferred at a 1.0 g/t cut-off; the update was +119% in ounces [16][17][37]. 10 drill-ready targets; 2 diamond rigs active and 2 RC rigs planned (Apr 2026) [47]. Kouassi prospect trench results include 13 m @ 4.03 g/t [20]. Metallurgical testing completed or in progress, but results not published [24]. |
Konahiri / Konahiri Nord Gold | Côte d'Ivoire | Early-stage exploration (soil, lag, trenching; diamond drilling planned) | No resource defined Named alongside Didievi as core focus in the Jan 2026 quarterly [1][20][47]. |
Kouroufaba Gold | Côte d'Ivoire | Exploration | No resource defined A1G reportedly exercised its option for an 80% interest in Kouroufaba Gold Limited, taking its land position to ~1,428 km². Secondary-source report only [49]. |
Agboville Gold | Southern Côte d'Ivoire, ~50 km NW of Abidjan | Early-stage exploration (historical) | No resource defined About 1,400 km² of permits and applications per a 2019 disclosure; current status unclear [22]. The Azaguie and Gomon applications were withdrawn by Jan 2026 [1]. |
Issues
Most severe first- HighManagement
No longer an independent company: all decisions and budget sit with Montage Gold
A1G was acquired by Montage Gold by scheme (completed 29 Apr 2026) and removed from the ASX official list on 30 Apr 2026. Didievi's work programme, budget and contractor decisions are now made inside Montage. Montage is simultaneously bringing its Koné project to first gold, targeted for Q4 2026. Didievi therefore competes for parent capital and management attention during a critical build and commissioning period.
- HighTechnical
Entire inventory is Inferred: no reserve, no mine plan, no economic study
The 989 koz Blaffo Guetto resource is all Inferred. No Ore Reserve, scoping study, PFS or DFS has been published, and no strip ratio, mining cost, AISC or production rate has been disclosed. Converting to Indicated/Measured and building a first mine schedule is the key value gap.
- HighTechnical
Metallurgy and processing route unquantified
No recoveries, gravity/leach results, grind size or variability testing have been published. Test work was described as completed or in progress at the time of the Montage deal, but results are not public. Recovery is a first-order input to cut-off grade and project economics.
Evidence and 1 source
Montage release notes metallurgical testing completed or in progress [24]; no published recovery data in reviewed disclosures.
- MediumOperationalAnalyst inference
Scaled-up drilling campaign carries rig-productivity and schedule risk
The programme stepped up from 10,000 m to a 40,000 m campaign, running two diamond rigs plus planned RC rigs across 10 targets. Rig availability, metres per shift, contractor performance and assay turnaround will drive cost per metre and the timing of the next resource update. No overrun has been disclosed; the productivity risk is our inference.
- MediumTechnical
Development infrastructure undefined (power, water, tailings, plant site)
Proximity to Yamoussoukro and operating mines is a positive. However, no assessment exists for power, water, tailings, plant location, camp or capital cost. These will be needed before any study.
Evidence and 1 source
Location ~35 km from Yamoussoukro, ~60 km from operating mines [10]; no infrastructure study identified.
- MediumEsg CommunityAnalyst inference
Social licence and ESG baseline not yet established for development
No community, environmental or legal incidents have been disclosed. Moving a near-1 Moz resource towards development in a populated central region will require structured stakeholder engagement, land-access planning and environmental baselines. None of these are described in the reviewed material; the gap is our inference.
- LowPermitting
Permit footprint reduced (Azaguie and Gomon applications withdrawn)
Two permit applications were withdrawn and removed from the tenement table. The reason (strategic prioritisation versus permitting difficulty) is not disclosed.
Evidence and 1 source
Jan 2026 quarterly report [1].
- LowFunding
Historical dependence on dilutive equity funding
The April 2024 rights issue at A$0.02 and 86.4M shares issued around March 2026 show reliance on equity. Pressure eased after the ~A$15M Montage share sale and is now superseded by parent funding.
- LowOther
Inconsistent public data (management, pricing, post-delisting filings)
Sources conflict on the Managing Director (Adam Oehlman vs Phillip Gallagher). Share-price data are inconsistent. Post-delisting filings referencing A1G (June 2026 quarterly; a Sept 2026 A$2.0M placement at A$0.02) are unexplained. This complicates identifying the current decision-maker.
Financial position
Statements as of Latest quantified company statement: Dec 2025 quarter Appendix 5B (lodged ~30 Jan 2026). Last reported cash: ~A$16M on 17 Oct 2025. June 2026 quarter extract seen, but it gives no closing cash.- Market cap
- —
- Cash
- $10.6M
- Debt
- $9K
- Quarterly burn
- $434K
- Runway
- —
- Going concern
- Not flagged
Not available. Delisted after the scheme with Montage Gold; 86.4M shares were issued to unrelated parties around March 2026 [42].
October 2025: sale of 2,026,388 Montage Gold shares for C$13.62M (~A$14.96M, ~USD 9.9M), lifting cash to ~A$16M [48]. Financing inflows were A$2.735M in the Dec 2025 year to date [1] and A$2.708M in the June 2026 quarter [11], terms not disclosed. A 25 Sep 2026 ASX filing describing a June 2026 A$2.0M placement at A$0.02 cannot be confirmed as A1G's [43].
Cash and funding:
- A1G had funded its drilling from the October 2025 monetisation of its Montage shareholding, which lifted cash to ~A$16M [48]. The Dec 2025 quarter shows the matching A$13.517M investing inflow [1].
- Operating cash use was A$658k in the Dec 2025 quarter (~A$219k/month) and A$1.811M year to date [1]. This excludes capitalised exploration, so true burn during the 40,000 m campaign was higher.
- Reported debt is nominal: A$14k of facilities, fully drawn, at June 2026 [11].
Status since acquisition:
- Since 29 April 2026 the company is wholly owned by Montage Gold [30]. Runway and going-concern questions now depend on Montage's funding priorities rather than A1G's balance sheet, so runway is shown as null.
- The going-concern note in the 27 Mar 2026 annual statements was not retrieved. The flag is set false based on the funded position and parent ownership, but this is unverified.
Data caveats:
- Share-price data are inconsistent: A$0.02 entitlement price in 2024 versus A$0.76–A$1.04 quotes in 2026 [2][8][15][38].
- Post-delisting 'A1G' financing filings (June 2026 quarter; S42) need checking before reliance.
Source figures are in AUD (some CAD). USD conversions use an assumed ~0.66 USD/AUD because no live FX data was available. Cash of A$16M converts to about USD 10.6M. Quarterly operating burn of A$658k converts to about USD 434k. Facilities of A$14k convert to about USD 9k. Since 29 Apr 2026 A1G is a Montage subsidiary, so standalone metrics are largely superseded by Montage's consolidated position.
Share price
No market data was found for this listing.
Filings
11| Date | Type | Filing and takeaway | Source |
|---|---|---|---|
| 2026-07-30 (approx.) | Quarterly activities report / Appendix 5B | June 2026 Quarterly Report A$2.708M financing inflow; A$14k of facilities, fully drawn. Closing cash not visible in the extract. This is a post-delisting filing, so its context needs verification. | [11] |
| 2026-04-13 | Scheme materials | Scheme meeting / implementation materials Shares suspended from close of trading 20 Apr 2026 if the scheme became effective; shareholders and optionholders voted in favour. | [39] |
| 2026-03-27 | Annual report | Annual Financial Statements 2025 Latest annual accounts. Balance sheet, going-concern wording and share capital not retrieved. No auditor issues identified. | [28] |
| 2026-03-12 | Scheme booklet | Dispatch of Scheme Booklet Formal documentation for the Montage Gold acquisition by scheme of arrangement. | [33] |
| 2026-01-30 | Quarterly activities report / Appendix 5B | December 2025 Quarterly Report Operating cash use A$658k for the quarter (A$1.811M YTD). A$13.517M investing inflow from the Montage share sale. Azaguie and Gomon permit applications withdrawn. | [1] |
| 2025-06-22 | Resource announcement | Blaffo Guetto Inferred Resource Surges 119% to 989,000oz Au Didievi resource 12.4 Mt @ 2.5 g/t for 989 koz Inferred at a 0.8 g/t cut-off. | [37] |
| 2025-06-13 | Corporate announcement | Completion of Montage strategic investment Montage and associates held 19.9% of A1G. | [35] |
| 2025-04-30 | Quarterly activities report / Appendix 5B | March 2025 Quarterly Report Financing inflow A$27k. A$24k insurance-premium facility at 8.42%, expiring 31 Oct 2025. | [10] |
| 2025-03-28 | Annual report | Annual Report 2024 Includes the maiden Didievi resource of 4.93 Mt @ 2.9 g/t for 452 koz Inferred. | [21] |
| 2025-01-30 | Exploration announcement | Initial results from 10,000 m diamond drilling programme First results from the programme started in Dec 2024. | [31] |
| 2024-04-30 | Capital raising | A1G to undertake a Rights Issue to advance Didievi Project 3-for-5 non-renounceable entitlement offer at A$0.02, showing historical reliance on dilutive equity. | [38] |
Proposal
Didievi: more metres per rig-shift now, and a development-ready foundation for the 989 koz resource
Didievi has grown from 452 koz to 989 koz Inferred at 2.5 g/t in under a year [37]. Montage now owns it and is running a 40,000 m campaign with two diamond rigs and RC rigs planned across 10 targets [29][47]. The next value step is to convert that resource into something a mine plan can be built on, as quickly and cheaply as possible, while Montage's own team is focused on first gold at Koné [44].
We propose a focused engagement of about USD 350k. It starts with a 5-week on-site diagnostic, followed by a 3-month implementation with two aims:
- Lift drill-rig productivity: availability, metres per shift and assay turnaround.
- Lay the operational-readiness groundwork: scheduling framework, metallurgy-to-plant linkage, and a community and ESG baseline, so that Didievi is study-ready when the drilling is done.
The relevant precedent is a gold client where we lifted equipment availability 84% and freed 310 additional drilling hours in 3 months, using Short Interval Control on drilling. Delivered to Montage's standards, this also gives Montage a low-risk way to test us ahead of any Koné ramp-up support.
Problems we solve
- Scaled-up 40,000 m drilling campaign: rig availability, metres per rig-shift and assay turnaround drive cost per metre and the timing of the next resource update (inferred risk).
- Entirely Inferred resource with no mine plan: needs a scheduling and cut-off framework so conversion drilling targets what matters economically.
- Metallurgy unquantified: test-work outputs need structuring into recovery, grind and flowsheet inputs.
- No stated community or ESG baseline for development near Yamoussoukro (inferred gap).
- Integrating the ex-A1G team into Montage while Koné construction and commissioning compete for attention.
Scope of work
5 workstreams| Workstream | What we do | Timing |
|---|---|---|
| Diagnostic | On-site review covering:
Output: a quantified opportunity register and implementation plan. | Weeks 1–5 |
| Drilling Short Interval Control and rig data | Adapt our SIC and equipment-level dashboards to exploration diamond and RC rigs:
Target: a measurable lift in metres per rig-shift and rig availability against the diagnostic baseline. | Months 2–4 |
| Mine planning readiness | Master schedule strategy and cut-off/LOM framework, used to prioritise infill versus extension drilling at Blaffo Guetto. Includes dilution considerations for high-grade zones, and scheduling inputs to hand to Montage's study team. This work complements, and does not replace, Montage's resource estimators. | Months 2–4 |
| Metallurgy-to-plant linkage | Structure test-work results into processing design inputs (recovery by domain, P80/grind, gravity versus leach), and flag the data gaps that would affect cut-off grade and flowsheet choice. | Months 3–4 |
| Community and ESG baseline | Map stakeholders and set up an engagement plan, regulatory compliance checklist, and water and biodiversity baseline scope for Didievi, aligned with Montage group standards. | Months 2–4 |
Commercial terms
$350KUSD ~297,500 in cash:
- Diagnostic (~USD 90k): fixed fee, invoiced 50% at start and 50% at report delivery.
- Implementation: monthly fees over 3 months.
USD ~52,500 in equity. A1G equity is no longer available after delisting, so this would be taken as Montage Gold shares or warrants, subject to Montage board approval and applicable exchange rules. Priced at the 20-day VWAP at signing. Vesting is tied to KPIs:
- 50% on an agreed uplift in metres per rig-shift versus the diagnostic baseline;
- 50% on on-schedule delivery of the mine-planning and ESG readiness packages.
If Montage prefers not to issue equity for a subsidiary engagement, the tranche converts to an equivalent cash success fee.
This is a heavily cash-weighted split. The client is now a funded subsidiary of a larger producer-in-waiting, not a cash-constrained junior, and there is no A1G paper to take. Scope is deliberately small, in line with our guidance for exploration-stage assets. It could extend to Koné ramp-up support (maintenance, load & haul, plant recovery, 24-hour planning) under a separate agreement.
Why now and next steps
Timing favours acting now:
- The 40,000 m campaign is live [29][47], so drilling productivity gains compound across the remaining metres.
- Montage's leadership bandwidth is stretched by Koné's Q4 2026 first-gold target [44].
- Integration decisions made in the first months after the April 2026 completion [30] will set how Didievi is run through to a study.
- 1.Confirm the current Didievi decision-maker within Montage Gold (Adam Oehlman's post-acquisition role is unconfirmed).
- 2.Hold a 45-minute call to walk through rig KPIs and the resource-conversion plan.
- 3.Make a 2-day site visit to Didievi to baseline drilling performance.
- 4.Submit a fixed-price diagnostic proposal within 1 week of the visit.
- 5.Explore a separate conversation on Koné commissioning and ramp-up support.
People and contacts
Current names from the company website, latest exchange filings and appointment news. Contact lookups are paid and run only when you click; a result from a person's old job or another company is rejected. Paid lookups today: 0 of —.
Management and board
8 people · as named in this report; current names and contacts are in People and contacts above- Adam OehlmanCEO / Managing Director (per secondary sources; post-acquisition role unconfirmed)
- Evan CranstonExecutive Chairman (pre-acquisition)
- Tolga KumovaDirector (pre-acquisition); former substantial holder
- Mathew O'HaraDirector (pre-acquisition)
- Peter WilliamsDirector (pre-acquisition)
- Silvia BotteroDirector (pre-acquisition)
- Oonagh MaloneCompany Secretary
- Phillip GallagherManaging Director per one older profile (likely outdated)
Recent news
13- 2026-09-25ASX filing describes a June 2026 A$2.0M placement (100M shares at A$0.02); attribution to A1G unconfirmed[43]
- 2026-04-30African Gold removed from ASX official list[41]
- 2026-04-29Montage Gold completes the acquisition of African Gold[30]
- 2026-04-14African Gold targets multi-million-ounce potential in Côte d'Ivoire: 10 drill-ready targets, 2 DD rigs operating[47]
- 2026-04-13Scheme materials: A1G shares to be suspended from 20 Apr 2026; holders vote in favour[39]
- 2026-03-25Montage Gold targets Q4 2026 first gold at Koné[44]
- 2026-03-16Tolga Kumova's voting power diluted from 6.64% to 5.63% after issue of 86.4M shares[42]
- 2026-03-12Dispatch of Scheme Booklet[33]
- 2025-11-28Montage Gold announces the acquisition of African Gold[24]
- 2025-11-10African Gold acquires 80% control of Kouroufaba (~1,428 km² position)[49]
- 2025-10-17African Gold sells Montage shares for C$13.62M, boosting cash to ~A$16M[48]
- 2025-06-22Blaffo Guetto Inferred resource surges 119% to 989,000 oz Au[37]
- 2025-06-13Montage strategic investment (19.9%) completed[35]