Exploration and Development Activities - The Company has a 30.0% membership interest in Peak Gold, LLC, which leases approximately 675,000 acres from the Tetlin Tribal Council for exploration and development[47] - The Company plans to conduct a $3.0 million exploration program on its 100%-owned Triple Z prospect in late 2021, focusing on areas adjacent to known resources[51] - The Company staked a new property called Shamrock, covering approximately 52,920 acres, enhancing its land position in the Richardson Mining District[51] - The Company is focused on exploration activities primarily in the Manh Choh Joint Venture Property, with significant resources directed towards understanding mineralization characteristics[52] - The Company plans to continue exploration efforts on earlier stage projects located north of the Manh Choh project area[51] - The Joint Venture Company plans to mine ore from the Peak and North Peak deposits and process it at the Fort Knox mining complex, which is expected to reduce upfront capital costs and development timelines[48] - The Joint Venture Company holds approximately 894,840 acres of mining claims, including 675,000 acres under lease for gold and associated minerals exploration[56] - The exploration budget for 2021 is set at $18.0 million, with the Company's share approximately $5.4 million, focusing on in-fill drilling and feasibility studies[56] - The Triple Z Prospect covers an area of 14,810 acres and has identified a large-scale copper-gold-silver-molybdenum anomaly, with drilling planned once a land transfer is completed[59] - The Eagle claim block spans 64,900 acres and has shown widespread copper and arsenic anomalies, with further exploration planned for 2021 to identify drill targets[59] - The Hona Prospect has identified three target areas and completed 1,301 meters of drilling in 2019, with additional exploration planned[59] - The Chief Danny Prospect Area is the most advanced exploration target on the Manh Choh Joint Venture Property, with extensive drilling and sampling conducted since 2009[63] - A total of 50,674 core samples and 3,194 rock samples have been collected at the Chief Danny Prospect, with significant exploration work conducted over the years[63] - The Shamrock prospect includes 368 Alaska State mining claims covering approximately 52,920 acres, with plans to explore three types of gold deposits[61] - The Richardson District has produced over 100,000 ounces of gold since the early 1900s, indicating a historically productive mining area[61] Financial Information - The Company received $32.4 million in cash and 809,744 shares of common stock from KG Mining as part of the CORE Transactions, which closed on September 30, 2020[48] - As of March 31, 2021, the Company had approximately $26.2 million in cash and plans to fund a total budget of $18.0 million for 2021 for various exploration and development activities[51] - The Company funded approximately $4.1 million for exploration in 2019, completing the program below budget[56] - The Management Committee approved a budget of approximately $5.7 million for the last quarter of 2020, but only $3.0 million was spent due to delays[56] - As of March 31, 2021, the Company had funded approximately $2.5 million to the Joint Venture Company in 2021[56] - The Company retains a 1.0% net smelter returns royalty interest on certain Alaska state mining claims[53] - The Company recorded a zero investment in the Joint Venture Company as of March 31, 2021, due to cumulative losses exceeding the historical cost of contributed assets[79] - The Company has not generated any revenue from mineral sales or operations to date[80] - The Joint Venture Company is expected to generate revenue from mineral sales in the future, but no revenue is anticipated in the foreseeable future[80] - The Company will need to raise capital to fund future exploration and working capital requirements[80] - General and administrative expenses for the three months ended March 31, 2021, were $2.1 million, up from $1.3 million in the same period in 2020, primarily due to increased payroll and stock-based compensation[81] - The loss from equity investment in the Joint Venture Company for the three months ended March 31, 2021, was $2.49 million, compared to $600,000 for the same period in 2020, reflecting increased investment in the joint venture[81] - The company recognized an income tax benefit of $0.2 million for the three months ended March 31, 2021, compared to $0 for the same period in 2020, forecasting taxable income due to gains from the CORE Transactions[81] - For the nine months ended March 31, 2021, general and administrative expenses totaled $8.3 million, significantly higher than $3.5 million for the same period in 2020, driven by legal fees and payroll[82] - The loss from equity investment in the Joint Venture Company for the nine months ended March 31, 2021, was $3.86 million, compared to $3.3 million for the same period in 2020[82] - The company recorded a gain on the sale of a portion of the investment in the Joint Venture Company amounting to $39.6 million, with cash proceeds of $32.4 million and 809,744 shares of Common Stock received[82] - The company completed a private placement in September 2020, raising approximately $3.3 million in gross proceeds from the sale of 247,172 shares of Common Stock[83] - The company has limited financial resources and may need to raise additional capital through equity issuances to fund future exploration and operational costs[83] - As of March 31, 2021, the company's Common Stock was thinly traded, with an average trading volume of 452 shares per day, making market price fluctuations more pronounced[86] Joint Venture and Partnerships - The Joint Venture Company has incurred $53.4 million in exploration program expenditures since inception, with the Company contributing approximately $14.3 million in cash as of March 31, 2021[58] - The Joint Venture Company has the option to purchase approximately 13,000 acres of Alaska state mining claims at an exercise price of $50,000[53] - The Tetlin Tribal Council approved the renaming of the Peak Gold Joint Venture Project to the Manh Choh Project, reflecting local cultural significance[48] - The Tetlin Lease has a ten-year term extended to July 15, 2028, with a production royalty ranging from 2.25% to 4.25% after previous reductions[53] - The Joint Venture Company will pay the Tetlin Tribal Council a production royalty ranging from 2.25% to 4.25% after a $450,000 payment to reduce the royalty[77] - The Joint Venture Company spent $2.8 million on drilling, environmental and permitting work, and engineering studies during the quarter ended March 31, 2021[71] - The Joint Venture Company is expected to generate revenue from mineral sales in the future, but no revenue is anticipated in the foreseeable future[80]
tango ORE(CTGO) - 2021 Q3 - Quarterly Report