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].
tango ORE(CTGO) - 2024 Q4 - Annual Report