• Montage Gold secures five exploration permits in northern Mauritania

• Move supports efforts to reduce reliance on Tasiast mine

• $2 million exploration planned, drilling to begin late 2026

Montage Gold announced on April 14 that it has secured five gold exploration permits covering 2,103 square kilometers in northern Mauritania. As Tasiast, the country’s main gold mine, enters a phase of structural production decline, the arrival of the Canadian firm reflects Nouakchott’s efforts to better develop its gold potential.

The permits are split into two geological zones. Four are linked to the Sfariat shear zone, while the fifth, Zednes, lies in a geological setting considered favorable for orogenic gold deposits. Montage will hold 100% of the Sfariat permits, which were directly awarded by Mauritanian authorities. For Zednes, the company has signed an agreement with the current permit holder, Mauritanian firm SOCIEX, to acquire an 80% stake, subject to customary approvals.

Under the agreement, Montage will fully fund exploration until an exploitation permit is granted. At that stage, SOCIEX may either contribute its share of development costs or convert its stake into a 1% net smelter royalty. The company has allocated an initial $2 million budget for 2026, covering geological mapping, geophysics and soil sampling. Around 15,000 meters of drilling are planned for the fourth quarter.

Heavy reliance on a single mine

According to Montage, the permits were awarded through a competitive bidding process. While additional licenses may be granted to other international companies in the coming months, the tender signals the government’s intention to attract new investment into the gold sector—an effort driven by the country’s reliance on a single operator.

Mauritania produced more than 25 tonnes of gold in 2023, including semi-industrial and artisanal output. Of this total, the Extractive Industries Transparency Initiative (EITI) estimates that the Tasiast mine accounted for 77%, compared with 3.4% for Guelb Moghrein (MCM). The latter, the only other industrial site producing gold, generates it as a byproduct of copper.

Tasiast also accounted for 28.73% of payments made by mining operators in 2023. While this is below its share of output, it still makes the mine the second-largest fiscal contributor to the extractive sector after SNIM (iron ore). This dominant position comes as the mine shifts to a lower-grade production phase.

After reaching 622,394 ounces in 2024, output fell by 23% in 2025 as operations transitioned to lower-grade ore. Kinross expects production to stabilize at around 500,000 ounces in 2026, with no return above 600,000 ounces before 2028. Total sales from the site declined by 20% year-on-year in 2025, despite rising gold prices.

Limited pipeline of future mines

Mauritania’s gold potential exceeds 25 million ounces (more than 777 tonnes), according to government estimates. At Tasiast, operator Kinross reports proven and probable reserves of 4.4 million ounces as of December 31, 2025. The country therefore retains significant untapped resources, likely to continue attracting investors amid strong global demand.

However, reducing dependence on Tasiast will take time. The development cycle—from exploration to a viable discovery and mine construction—typically spans several years, and often more than a decade.

In the meantime, Mauritania can rely on artisanal and small-scale mining (ASM). The sector officially produced 14.7 tonnes of gold between 2020 and August 2024, driven by the efforts of MAADEN Mauritanie, an agency created in 2020 to formalize the activity. However, authorities still need to refine the framework, as part of production remains outside official channels.

According to SWISSAID, nearly 30 tonnes of gold may have left Mauritania clandestinely between 2016 and 2022, based on official data and ASM output estimates. The findings were published in an October 2024 report.

Emiliano Tossou