tango ORE(US:CTGO)2025-11-13 22:00Financial Performance - In 2024, the Company received $40.5 million in cash distributions from the Peak Gold JV related to production at the Manh Choh Project, followed by $87.0 million received during the nine months ended September 30, 2025[115]. - Income from equity investment in the Peak Gold JV for Q3 2025 was $29.5 million, up from $28.5 million in Q3 2024[136]. - For the nine months ended September 30, 2025, income from equity investment in the Peak Gold JV was $79.2 million, significantly higher than $27.7 million for the same period in 2024[145]. - Metal sales for Q3 2025 generated a gain of $2.2 million from 16,669 ounces sold at an average spot price of $3,647, compared to $0.9 million from 12,850 ounces at $2,521 in Q3 2024[139]. - Metal sales for the nine months ended September 30, 2025, resulted in a gain of $4.3 million from 51,574 ounces sold at an average spot price of $3,300, compared to $0.9 million from 12,850 ounces at $2,521 in the same period of 2024[147]. - Loss on derivative contracts for Q3 2025 was $30.3 million, down from $28.8 million in Q3 2024, with 11,900 gold ounces delivered into contracts[140]. - Loss on derivative contracts for the nine months ended September 30, 2025, totaled $83.7 million, compared to $57.1 million for the same period in 2024, with 23,839 ounces delivered into contracts[148]. Project Updates - During Q1 2025, the Peak Gold JV processed 323,000 tons of ore with an average grade of 0.215 oz per ton, resulting in approximately 65,000 oz of recovered gold, of which Contango's 30% share amounted to 19,500 oz[116]. - In Q2 2025, the Peak Gold JV processed 255,000 tons of ore with an average grade of 0.222 oz per ton, resulting in approximately 52,000 oz of recovered gold, with Contango's share being 15,700 oz[117]. - In Q3 2025, the Peak Gold JV processed 287,000 tons of ore with an average grade of 0.214 oz per ton, resulting in approximately 56,800 oz of recovered gold, with Contango's share being approximately 17,000 oz[118]. - The Johnson Tract Project's Technical Report Summary indicates a pre-tax NPV5 of $359.0 million and a pre-tax IRR of 37.4%[127]. - The Lucky Shot Property aims to produce 30,000 to 40,000 ounces of gold per year, with a feasibility study expected to be completed in 12 to 18 months[123]. - The Manh Choh Project commenced production in July 2024 and remains on schedule, contributing to the cash flows of the Peak Gold JV[158]. Expenses and Cash Management - General and administrative expenses for Q3 2025 were $2.5 million, slightly down from $2.6 million in Q3 2024[135]. - Exploration expenses for Q3 2025 were $2.0 million, down from $3.0 million in Q3 2024, primarily related to permitting processes at the Johnson Tract Project[134]. - As of September 30, 2025, the company had approximately $107.0 million in cash, with cash distributions from the Peak Gold JV totaling $87.0 million from Q3 2024 to Q3 2025[156][159]. - The company plans to use net proceeds of approximately $47.5 million from a recent stock sale to advance the Lucky Shot Project and Johnson Tract Project[160]. - Cash cost on a by-product basis per ounce sold for Q3 2025 was $1,402, while AISC on a by-product basis per ounce was $1,597[155]. Ownership and Future Plans - As of September 30, 2025, the Company's directors and executives beneficially own approximately 12.3% of the Company's common stock[131]. - The Company anticipates acquiring additional exploration properties in Alaska, subject to the availability of funds[132].