Montage Gold (MAU.TO) on Tuesday said it has secured five Greenfield exploration permits covering about 2,103 square kilometers in Mauritania following a competitive tender and due diligence process.
The expansion into Mauritania is part of the company's strategy to create a multi-asset African gold producer.
The permits are located in the Western and Eastern Reguibat regions of northern Mauritania. Four tenements have been secured in the Sfariat exploration block, and a further permit has been secured within the Zednes exploration block.
Montage will own a 100% interest in the Sfariat permits. The company also entered into an agreement to obtain an 80% interest in the Zednes permit with SOCIEX, who was awarded the permit, which remains subject to customary approvals.
Under the Zednes permit agreement, Montage will fund all exploration activities until an exploitation permit is awarded. At that point, SOCIEX has the right to either contribute its pro-rata share of development expenditures or convert its ownership into a 1.0% net smelter return royalty.
An initial budget of up to US$2 million has been budgeted for exploration activities in Mauritania during 2026, including initial reconnaissance exploration fieldwork and drilling programs scheduled to begin in the fourth quarter.