African Gold Ltd announced the finalization of a strategic investment partnership with Montage Gold Corp. The deal, which was initially unveiled on 25 March 2025, encompasses both a share swap and a non‐brokered private placement. Under the terms of the arrangement, Montage Gold Corp exchanged 2,026,388 of its shares for a total of 92,377,787 African Gold Ltd shares across two tranches. The first tranche, involving the issuance of 46,019,641 African Gold Ltd shares in exchange for 1,009,481 Montage Gold Corp shares along with funds raised via the private placement, was completed on 7 April 2025. The second tranche, which issued an additional 46,358,146 African Gold Ltd shares for 1,016,907 Montage Gold Corp shares and received shareholder approval on 29 May 2025, finalized its terms on 13 June 2025. As a result of the completed transactions, Montage Gold Corp now holds an approximate 17.5% interest in African Gold Ltd, while African Gold Ltd holds over 2 million shares in Montage Gold Corp, valued at about A$9.8 million based on current pricing references. All shares issued to Montage Gold Corp are subject to a voluntary 12-month escrow period. The strategic investment, which secured approximately A$9.2 million via the share swap and an additional A$2.7 million through the private placement before expenses, bolsters the financial foundation of African Gold Ltd and reinforces its commitment to growth through collaborative partnerships. Investors might interpret the development with a bullish sentiment, noting the influx of capital and strategic alliance with a respected industry player as indicators of future growth prospects and improved market credibility. On the other hand, some may view the dilutive effect resulting from the issuance of additional African Gold Ltd shares and the imposed 12-month lock-up period on the newly issued shares as bearish signals that could temper short-term investor enthusiasm. Overall, the partnership reflects a strategic move intended to fuel long-term value enhancement for both companies.