tango ORE(US:CTGO)2023-11-13 16:00Financial Performance - For the three months ended September 30, 2023, total expenses were $4,005,590, a decrease of 42.6% compared to $7,004,803 for the same period in 2022[49]. - The net loss for the three months ended September 30, 2023, was $13,149,227, compared to a net loss of $7,091,770 for the same period in 2022, representing an increase of 85.5%[49]. - Basic and diluted loss per share for the three months ended September 30, 2023, was $1.47, compared to $1.05 for the same period in 2022, indicating a 40% increase in loss per share[49]. - The weighted average common shares outstanding for the three months ended September 30, 2023, was 8,935,863, up from 6,771,245 for the same period in 2022, reflecting a 32% increase[49]. - Interest income for the three months ended September 30, 2023, was $39,045, significantly higher than $8,546 for the same period in 2022, marking a 356% increase[49]. - Interest expense increased to $847,983 for the three months ended September 30, 2023, compared to $449,470 for the same period in 2022, representing an increase of 88.7%[49]. - Stock-based compensation expense for the three months ended September 30, 2023, was $739,783, compared to $787,784 for the same period in 2022[94]. - General and administrative expenses increased to $2.8 million for the three months ended September 30, 2023, up from $2.4 million in the same period of 2022[210]. Assets and Liabilities - Total assets increased to $54,855,884 as of September 30, 2023, up from $25,662,739 on June 30, 2023, representing a growth of 114.3%[64]. - Current liabilities rose to $5,001,089 from $2,298,625, an increase of 117.5%[64]. - Total long-term assets increased to $34,773,349 as of September 30, 2023, compared to $13,371,638 on June 30, 2023[64]. - Total liabilities reached $43,814,690 as of September 30, 2023, up from $30,436,177 on June 30, 2023, an increase of 43.9%[64]. - Stockholders' equity improved to $11,041,194 as of September 30, 2023, compared to a deficit of $(4,773,438) on June 30, 2023[64]. Investments and Joint Ventures - The investment in Peak Gold, LLC was valued at $21,420,712 as of September 30, 2023[64]. - The Company has contributed approximately $67.5 million to the Peak Gold JV, holding a 30% membership interest[107]. - The Company's share of the Peak Gold JV's loss for the three months ended September 30, 2023, was approximately $1.4 million, compared to a loss of approximately $0.4 million for the same period in 2022[137]. - Cumulative losses from the Peak Gold JV reached approximately $46.1 million as of September 30, 2023, up from $44.8 million at June 30, 2023[137]. - The investment balance in Peak Gold was $21.4 million at September 30, 2023, compared to $0 at June 30, 2023, following the recognition of previously suspended losses of approximately $4.3 million[137]. Financing Activities - The Company completed a public offering of 1,600,000 shares at an offering price of $19.00 per share, generating net proceeds of $28.2 million[83]. - The Company entered into a Controlled Equity OfferingSM Sales Agreement to sell up to $40 million of common stock, with a commission of 2.75% on gross proceeds[84]. - The Company raised approximately $2.3 million from a private placement in January 2023, which was used to fund exploration and development programs[115]. - The Company raised $6.9 million from the exercise of 313,000 Original Warrants at a reduced price of $22.00, resulting in the issuance of 313,000 shares of common stock[190]. - The Company has raised funds through common stock offerings and the issuance of the Debenture, indicating a reliance on external financing sources[230]. Exploration and Development - The Peak Gold JV plans to mine ore from the Main and North Manh Choh deposits, with ore processing at the Fort Knox mining and milling complex located approximately 240 miles away[55]. - The Company conducted soil and surface rock chip sampling on the Shamrock Property in 2021, with follow-up trenching and detailed geologic mapping planned for summer 2024[56]. - The Company has funded $39.8 million of its share of the 2023 budget for the Peak Gold JV, which totals approximately $165.1 million[102]. - Mining activities at the Manh Choh Project have commenced, focusing on pre-stripping waste material and stockpiling ore for transportation to the Fort Knox mill for processing[168]. - Production at the Manh Choh Project is expected to commence in the second half of 2024, with a mine plan involving two small open pits mined concurrently over 4.5 years[168]. Legal and Regulatory - The Company is not currently involved in any material legal proceedings that could adversely affect its financial condition or results of operations[214]. - All major permits for the Peak Gold JV have been received, and construction at the Manh Choh Project is complete as of August 29, 2023[168]. Future Outlook - The Company has not generated any revenue from mineral sales or operations to date, and its ability to continue as a going concern depends on raising capital for future exploration[177]. - Future financing may involve equity issuances or convertible instruments, which could lead to dilution for existing shareholders[231].