Aurum Resources Ltd (ASX:AUE) has sold 2,887,496 ordinary shares in Montage Gold Corp (TSX-V:MAU, OTCQX:MAUTF) at an average price of C$7.30 per share, generating gross proceeds of about C$21.08 million (A$22.98 million).
The Montage shares were originally issued to Aurum at C$3.61 per share, in lieu of cash, as part of Montage’s 9.9% strategic investment announced on May 7, 2025. The sale represents a 102% gain on that reference price, underpinned by Montage’s recent project delivery in Côte d’Ivoire, supportive gold market conditions and investor confidence in the jurisdiction’s gold sector.
Following the transaction, Aurum holds approximately A$40 million in cash, leaving the company well funded to advance its Boundiali and Napié gold projects in Côte d’Ivoire.
“We are pleased to have completed the sale of Montage shares at a price that has rapidly appreciated since Montage’s strategic investment earlier in the year. This sale helps us deliver a boost to our cash balance as we continue to rapidly advance exploration at Boundiali and Napié, with resource updates expected for both early next year, and a Pre-Feasibility Study for Boundiali also set for completion," Aurum managing director Dr. Caigen Wang said.
"With a strong cash balance of more $40 million (unaudited), a clear development pathway with the Boundiali PFS underway, and major resource updates at both gold projects pending, we are in an excellent position to deliver substantial shareholder value as we close out 2025 and move into 2026."
High-grade assays
Mewanwhile, Aurum continues to report high-grade assays from its ongoing 100,000-metre infill and step-back drilling campaign at the 2.41-million-ounce Boundiali Gold Project in Côte d’Ivoire, highlighted by last week's standout intercept of 3.10 metres at 70.78 g/t gold from 112.90 metres.
Read more: Aurum hits 70.78 g/t gold at Boundiali, expands drilling fleet ahead of resource updates
The latest results from the BMT3 deposit support Aurum’s strategy to grow and upgrade the project’s mineral resource base ahead of two major resource updates planned for early Q1 2026.