Contango ORE Inc
AMEX:CTGO
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Contango ORE Inc
Contango ORE, Inc. engages in the exploration of gold, associated minerals, and rare earth elements. The company is headquartered in Houston, Texas and currently employs 11 full-time employees. The company went IPO on 2010-12-15. The firm conducts its operations through three primary means. The firm has approximately 30% membership interest in Peak Gold, LLC (the Peak Gold JV), which leases approximately 675,000 acres from the Tetlin Tribal Council and holds approximately 13,000 additional acres of State of Alaska mining claims for exploration and development. The firm through its wholly owned subsidiary, Contango Minerals Alaska, LLC (Contango Minerals), separately owns the mineral rights to approximately 214,600 acres of State of Alaska mining claims for exploration, including approximately 139,100 acres located immediately northwest of the Peak Gold JV Property (the Eagle/Hona Property), approximately 14,800 acres located northeast of the Peak Gold JV Property (the Triple Z Property), Shamrock Property and approximately 8,000 acres located to the north and east of the Lucky Shot Property.
Contango ORE, Inc. engages in the exploration of gold, associated minerals, and rare earth elements. The company is headquartered in Houston, Texas and currently employs 11 full-time employees. The company went IPO on 2010-12-15. The firm conducts its operations through three primary means. The firm has approximately 30% membership interest in Peak Gold, LLC (the Peak Gold JV), which leases approximately 675,000 acres from the Tetlin Tribal Council and holds approximately 13,000 additional acres of State of Alaska mining claims for exploration and development. The firm through its wholly owned subsidiary, Contango Minerals Alaska, LLC (Contango Minerals), separately owns the mineral rights to approximately 214,600 acres of State of Alaska mining claims for exploration, including approximately 139,100 acres located immediately northwest of the Peak Gold JV Property (the Eagle/Hona Property), approximately 14,800 acres located northeast of the Peak Gold JV Property (the Triple Z Property), Shamrock Property and approximately 8,000 acres located to the north and east of the Lucky Shot Property.
Record Operating Income: Contango reported record operating income of $25 million in Q3, driven by production exceeding plan and effective cost management.
Cost Control: All-in sustaining costs (AISC) were held below target at $1,597 per ounce, benefiting from stable diesel prices and operational discipline.
Strong Cash Position: Cash increased sharply from $20 million at year-end to $107 million as of September 30, partly due to an $87 million distribution from the Peak Gold JV.
Capital Allocation: The company used its strengthened balance sheet to pay down debt and settle carry trades, with ongoing focus on hedge delivery.
Operational Progress: Blending Manh Choh’s low-grade oxide ore with Fort Knox achieved 94% recovery, with potential to unlock additional resources.
Growth Pipeline: Drilling at Lucky Shot and advancing Johnson Tract are key priorities, with feasibility work and permitting underway.
Guidance and Taxes: Management expects AISC to remain below $1,600/oz this year and next, and does not anticipate paying taxes in 2023 or 2024.
