FAIRBANKS, Alaska, April 24, 2025 /PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) is pleased to announce that the Peak Gold JV made a cash distribution in the amount of $9 million ("M") to Contango on April 24, 2025. Including the prior cash distributions received during the first quarter of 2025 ("Q1-2025"), the total distributions received to date from Manh Choh profits from gold sales in 2025 total $33 M. The Peak JV has completed the first of four campaigns in 2025, ...

Core Points - Contango ORE, Inc. has nominated two new independent directors, Michael Cinnamond and Clynton Nauman, to its board of directors [2][3] - The company will hold its 2025 Annual Meeting of Stockholders virtually on June 10, 2025, with proxy materials sent to stockholders after April 29, 2025 [1][4] - Current directors Joe Compofelice and Curtis Freeman will not stand for re-election, with their terms ending at the Annual Meeting [2][3] Company Overview - Contango ORE, Inc. is engaged in gold exploration in Alaska and holds a 30% interest in the Peak Gold Joint Venture, which covers approximately 675,000 acres [6] - The company also has leases on the Johnson Tract and Lucky Shot projects, along with 100% ownership of approximately 8,600 acres of mining claims in Alaska [6] - The Peak Gold Joint Venture is operated by Kinross Gold Corporation, which owns the remaining 70% [6]

Company Performance - Contango ORE, Inc. (CTGO) has returned approximately 3.7% since the start of the calendar year, outperforming the average gain of 2.6% in the Basic Materials sector [4] - The Zacks Consensus Estimate for CTGO's full-year earnings has increased by 23.8% over the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [3] - CTGO belongs to the Mining - Miscellaneous industry, which has seen a decline of about 0.7% this year, further highlighting CTGO's superior performance within its industry [5] Industry Context - The Basic Materials sector includes 232 individual stocks and currently holds a Zacks Sector Rank of 15 out of 16 groups [2] - The Mining - Miscellaneous industry, which includes CTGO, is ranked 172 in the Zacks Industry Rank [5] - Givaudan SA (GVDNY), another stock in the Basic Materials sector, has returned 2.7% since the beginning of the year, indicating that some stocks in this sector are also performing well [4][6]

Contango ORE, Inc. (CTGO) closed the last trading session at $10.32, gaining 2.8% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $27.17 indicates a 163.3% upside potential.The mean estimate comprises four short-term price targets with a standard deviation of $3.70. While the lowest estimate of $22 indicates an 113.2% increase from the current price level, the most optimistic analy ...

Core Insights - Contango ORE, Inc. announced cash distributions of $24 million from the Peak Gold JV in Q1-2025, consisting of $9 million from 2024 production and $15 million from the first half of Campaign 1-2025 [1][2][3] - The first campaign of 2025 processed 323,000 tons of ore with an average grade of 0.215 ounces per ton, resulting in approximately 65,000 ounces of recovered gold, of which Contango's share is about 19,500 ounces [2][3] - Cash distributions for 2025 are now expected to increase to $80 million based on a $2,800 per ounce spot gold price, which will be used to strengthen cash position, reduce debt, and fulfill hedge contracts [3] Financial Performance - The Peak Gold JV processed 323,000 tons of ore, exceeding the planned 275,000 tons, with gold recovery averaging 93.5% [2][3] - Contango's share of production for Campaign 1-2025 was approximately 19,500 ounces, surpassing the original guidance of 15,000 to 18,000 ounces [3] - The company plans to report results for the first campaign of 2025 alongside Q1-2025 financial results in May 2025 [3] Future Outlook - Ore processing for the second campaign of 2025 is scheduled for May 2025, with guidance for Contango's share of the Peak Gold JV's 2025 production remaining at 60,000 ounces [3] - Life-of-mine average annual production is expected to be 58,750 ounces per year through 2029, with all-in sustaining costs estimated at $1,400 per ounce [3] - The company continues to advance permitting activities and preliminary economic assessments on the Johnson Tract project [3]

Romeo Maione Good afternoon, or good morning, depending on where you’re logging in from. Today, I saw some early rising Australians on the list. So thank you very much for joining us. Appreciate particularly everybody joining us on St. Patrick's Day for a corporate update and Q&A session from Contango related to this morning's press release regarding 2024 earnings. I'm joined today by the company's President and CEO, Rick Van Nieuwenhuyse; and CFO, Mike Clark. Gentlemen, thank you for joining me. Rick Van N ...

Financial Data and Key Metrics Changes - The company produced more gold than initially planned, with cash costs slightly above guidance at $1,200 per ounce [8][9] - Total gold production for 2024 was just shy of 42,000 ounces, exceeding guidance by over 25% [11][16] - The company started 2024 with $60 million in debt, finished with approximately $52 million, and projected to end the year with about $15 million remaining [25][26][27] Business Line Data and Key Metrics Changes - The Manh Choh project began production in July 2023, with a total projected gold production of about 60,000 ounces for 2025 [9] - The feasibility study originally planned for five batches in 2025, but adjustments were made to align with production capabilities [17] Market Data and Key Metrics Changes - The average hedge price per ounce is $2,025 for 2025 and 2026, with some hedges rolled into 2027 at mid-$1,900 [74] - The company experienced a realized loss on derivative contracts of $20 million in 2024, contributing to a total of $54 million in losses [38] Company Strategy and Development Direction - The company is focused on minimizing capital costs and permitting timelines by utilizing a direct shipping ore model instead of traditional milling [50][52] - Future plans include permitting access roads and a barge landing site for the Johnson Tract project [61] Management's Comments on Operating Environment and Future Outlook - Management believes the company is undervalued and has been oversold, with a focus on paying down debt and delivering hedges [88][91] - The company aims to be debt-free and hedge-free by the end of 2026, with significant cash flow expected from operations [19][30] Other Important Information - The exploration program for 2024 did not yield significant results, with a focus on evaluating land positions [56] - The company is not planning any drilling or road construction at the Lucky Shot project at this time [72] Q&A Session Summary Question: What factors led to Manh Choh exceeding production guidance? - Management attributed the excess production to effective ore transportation and higher-grade ore availability [11][15] Question: What is the cash flow projection for 2025 and beyond? - Positive cash flow is expected, with plans to use excess cash for debt repayment and hedge deliveries [18][19] Question: How much debt did Contango have at the start and end of 2024? - The company started with $60 million in debt and finished with approximately $52 million [25][26] Question: What percentage of the mine life is unhedged overall? - Currently, about 65% of the mine life is unhedged, with plans to deliver into hedges until the end of 2026 [30] Question: What is the timeline for eliminating the remaining credit facility balance? - The remaining balance is scheduled to be paid down to $15 million by the end of this year, with full repayment by mid-2027 [40] Question: What drove the decision to defer debt payments into 2027? - The decision was based on revised mine plans and the need to align repayment schedules with production capabilities [42] Question: What metrics should investors watch for in the upcoming PEA for Johnson Tract? - Investors should focus on NPV, rate of return, and the project's capital cost savings from not building a mill [58][60] Question: How does management feel about the acquisition of HighGold? - Management is pleased with the acquisition, particularly the Johnson Tract asset, and sees it fitting well with their operational model [64][66] Question: Are there plans for exploring other assets beyond Johnson Tract? - Currently, there are no plans for drilling at Lucky Shot, but strategic discussions are ongoing regarding processing options [94][96]

NEWS RELEASE CONTANGO ORE, INC. Contango Announces Earnings for the Year Ended December 31, 2024 FAIRBANKS, AK -- (March 17, 2025) -- Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) announced today that it filed its Form 10-K for the fiscal year ended December 31, 2024 ("FY2024") with the Securities and Exchange Commission. Other periods referenced in this release include the six-month transition period ended December 31, 2023 ("6ME12-2023"), and the fiscal year ended June 30, 2023 (" ...

Financial Performance - The Company received $40.5 million in cash distributions from the Peak Gold JV during 2024, relating to three campaigns of production at the Manh Choh Project [237]. - The Manh Choh Project produced 41,325 ounces of gold for Contango's share in 2024, with cash costs on a by-product basis per ounce at $1,209 [237]. - The income from the Company's equity investment in the Peak Gold JV for the fiscal year ended December 31, 2024 was $41.7 million, compared to a loss of $6.3 million for the six months ended December 31, 2023 [255]. - The Company invested $31.3 million in the Peak Gold JV during fiscal year ended December 31, 2024, and the Peak Gold JV issued cash distributions of $40.5 million for the same period [255]. - The average blended realized gold price for the Company was $2,281 per ounce sold in 2024 [240]. - The gain on metal sales for the fiscal year ended December 31, 2024 was $1.2 million, with no metal sales reported in prior periods [257]. - Cash Cost on a By-Product Basis, per Ounce for the Peak Gold JV was $1,209 for the fiscal year ended December 31, 2024, with total cost of sales amounting to $195.4 million [264]. Expenses - Exploration expense for the fiscal year ended December 31, 2024 was $4.1 million, primarily related to the 3,000 meter surface drilling exploration program at the Johnson Tract Property [252]. - General and administrative expense for the fiscal year ended December 31, 2024 was $10.6 million, an increase from $6.8 million for the six months ended December 31, 2023 [253]. - Interest expense for the fiscal year ended December 31, 2024 was $11.7 million, an increase due to a cumulative $60.0 million draw-down on the Facility and the Queen's Road Capital Investment, Ltd. Debenture [256]. - The Company recognized claim rental expense of $0.6 million for the fiscal year ended December 31, 2024, compared to $0.3 million for the six months ended December 31, 2023 [251]. - The Company recorded an unrealized loss on derivative contracts of $34.3 million and a realized loss of $19.9 million during the fiscal year ended December 31, 2024 [258]. Acquisitions and Agreements - The Company completed the acquisition of HighGold, issuing 1,698,887 shares valued at approximately $33.4 million to HighGold shareholders [242]. - The Company entered into a stock purchase agreement with Avidian Gold Corp. for an initial consideration of $2.4 million, with a contingent payment of up to $1 million [245]. Cash Flow and Liquidity - As of December 31, 2024, the Company had approximately $20.3 million of cash available [265]. - The Company received a total of $40.5 million in cash distributions from the Peak Gold JV in 2024, including $19.5 million in September and $21.0 million in the fourth quarter [268]. - The Company made a repayment of $13.8 million on the Facility in January 2025, with total repayment obligations of approximately $24.7 million due within the next twelve months [268]. Project Development - The Peak Gold JV's cash calls for 2023 and 2024 totaled approximately $248.1 million, with the Company's share being approximately $74.5 million [238]. - The Peak Gold JV expects that the Manh Choh Project will be mined over approximately five years [237]. - The Peak Gold JV commenced production in July 2024, with operations on schedule and no future anticipated cash calls [267].

Core Viewpoint - Contango ORE, Inc. reported its financial results for FY2024, highlighting gold production exceeding guidance and a focus on debt reduction and cash flow management [1][3]. Financial Performance - The unrestricted cash position increased to $20.1 million as of December 31, 2024, up from $15.5 million a year earlier [2]. - Total income from operations was $26.3 million, with a net loss of $38.0 million for FY2024, which included a non-cash expense of $34.3 million from unrealized losses on derivative contracts [2][5]. - Net cash provided from operating activities improved to $0.7 million for FY2024, compared to net cash used of $9.4 million for the six-month transition period and $14.7 million for FY2023 [4]. Production and Operations - Gold production at the Manh Choh mine reached 41,325 ounces, surpassing the guidance of 30,000 to 35,000 ounces, with cash costs of $1,209 per ounce [3][11]. - The average blended gold price achieved was $2,281 per ounce [8]. - The company is on track to produce between 15,000 and 18,000 ounces of gold in the first campaign of 2025, with a total guidance of 60,000 ounces for the year [3][8]. Debt and Hedge Management - The company reduced its credit facility balance by 36% to $38.3 million and settled 37,861 ounces of gold hedge contracts, reducing the outstanding hedge contract to 86,739 ounces [3][11]. - Cash distributions received from the Peak Gold JV amounted to $40.5 million [8][11]. Project Developments - The Johnson Tract project is advancing with a preliminary economic assessment expected to be released soon [3]. - The company completed a 3,000-meter drilling campaign at the Johnson Tract, focusing on resource characterization and permitting efforts [11].