Financial Performance - Net loss for the three months ended September 30, 2024, was $9.71 million, compared to a loss of $13.15 million for the same period in 2023, reflecting a 26% improvement[9]. - The net loss for the nine months ended September 30, 2024, was $48,755,408, compared to a net loss of $31,490,226 for the same period in 2023, representing a 55% increase in losses[13]. - Basic net loss per share for the three months ended September 30, 2024, was $(0.81), compared to $(1.47) for the same period in 2023[33]. - Basic net loss per share for the nine months ended September 30, 2024, was $(4.67), compared to $(3.93) for the same period in 2023[33]. Assets and Liabilities - Total assets increased to $158.33 million as of September 30, 2024, compared to $58.59 million as of December 31, 2023, representing a growth of 169%[6]. - Current assets rose to $37.48 million from $16.85 million, a 122% increase[6]. - Total liabilities surged to $168.55 million from $73.14 million, marking a 130% increase[5]. - The company’s total stockholders' equity improved to a deficit of $10.22 million from a deficit of $14.54 million[5]. - The accumulated deficit increased to $187,797,254 as of September 30, 2024, compared to $111,424,765 as of September 30, 2023[15]. Cash Flow and Financing - Cash and restricted cash at the end of the period totaled $36.40 million, up from $18.74 million, a 94% increase[12]. - Cash provided by operating activities was $10,639,082 for the nine months ended September 30, 2024, compared to cash used in operating activities of $(7,684,867) for the same period in 2023[13]. - Cash proceeds from debt issuance amounted to $30 million during the financing activities[11]. - The company raised approximately $28.2 million from the July 2023 Offering of 1,600,000 shares at a price of $19.00 per share[37]. - The company completed a public offering of 731,750 units at a price of $20.50 per unit, resulting in net proceeds of $13.7 million after underwriting discounts and commissions[36]. Investments and Acquisitions - Cash invested in Peak Gold, LLC was $31.29 million for the nine months ended September 30, 2024[10]. - The company issued shares for acquisitions totaling $35,331,402 during the nine months ended September 30, 2024[14]. - The total consideration for the HighGold Acquisition was approximately $35,000,000, including $33,800,000 in shares and $1,200,000 in direct transaction costs[112]. - The Avidian Alaska Acquisition had a total purchase price of $2,063,539, consisting of $400,000 in cash and $1,663,539 in shares[111]. Operational Highlights - The Manh Choh Project began production in early Q3 2024, with a total of $31.3 million in capital calls already funded by the Company as of September 30, 2024[21]. - The Peak Gold JV reported revenue of $225.7 million and a net income of $95.1 million for the three months ended September 30, 2024, compared to a loss of $4.6 million in the same period of 2023[30]. - The Company's share of the Peak Gold JV's net income for the three months ended September 30, 2024, was approximately $28.5 million, a significant improvement from a loss of $1.4 million in the same period of 2023[30]. - The Peak Gold JV issued a cash distribution of $19.5 million in Q3 2024, whereas no distributions were made in Q3 2023[146]. Debt and Interest - As of September 30, 2024, the Company had total net debt of $73,862,344, an increase from $44,679,859 as of December 31, 2023[68]. - The principal amount of the secured debt facility increased to $58,000,000 as of September 30, 2024, up from $30,000,000 as of December 31, 2023[68]. - The Company recognized interest expense totaling $7.2 million related to its debt for the nine months ended September 30, 2024, compared to $0.5 million for the same period in 2023[75]. - Interest expense for Q3 2024 was $3.7 million, compared to $1.0 million in Q3 2023, reflecting a drawdown increase from $20 million to $58 million on the Facility[147]. Stock and Shareholder Information - The company reported a weighted average of 11,973,992 common shares outstanding for the three months ended September 30, 2024[9]. - The balance of common shares increased to 12,226,238 as of September 30, 2024, from 9,395,112 as of September 30, 2023[15]. - As of September 30, 2024, the company had 12,223,758 shares of common stock outstanding, including 437,089 shares of unvested restricted stock[34]. - The company has $32.8 million of common stock remaining available for sale under the ATM Program as of September 30, 2024[35]. Taxation - The Company recognized a federal income tax expense of $507,880 and a state income tax expense of $210,947 for the three and nine months ended September 30, 2024, compared to $0 for the same periods in 2023[67]. - The effective tax rate for the three and nine months ended September 30, 2024, was (1.51)%, while it was 0% for the same periods in 2023[67]. Risks and Contingencies - The Company anticipates potential delays or changes in plans regarding exploration or development projects due to various operational risks[117]. - The Company’s operational risks include fluctuations in gold prices and the ability to raise capital for future expenditures[119]. - The Company has a contingent consideration liability of $1,100,480 related to the Lucky Shot Property, dependent on production milestones[105].
tango ORE(CTGO) - 2025 Q1 - Quarterly Report