Contango Ore Announces $50 Million Underwritten Offering of Common Stock and Pre-funded Warrants

Core Viewpoint - Contango ORE, Inc. has announced a $50 million underwritten offering of common stock and pre-funded warrants to institutional investors, with the intention to utilize the proceeds primarily for buying back gold hedge contracts and for general corporate purposes [1]. Group 1: Offering Details - The offering consists of 1,678,206 shares priced at $24.96 each and 325,000 pre-funded warrants priced at $24.95 each, leading to aggregate gross proceeds of approximately $50 million before expenses [1]. - The closing of the offering is expected on or about February 12, 2026, pending customary closing conditions [1]. - Canaccord Genuity is acting as the Sole Bookrunner for the offering, which is made under an effective shelf registration statement previously filed with the SEC [1]. Group 2: Use of Proceeds - Approximately $45 million of the net proceeds will be allocated to buy back gold hedge contracts, while around $700,000 will be used to purchase gold put contracts for downside protection [1]. - Remaining proceeds will be directed towards general corporate purposes, including working capital [1]. Group 3: Company Background - Contango ORE is engaged in the exploration and development of gold and associated minerals in Alaska, holding a 30% interest in Peak Gold, LLC, which leases approximately 675,000 acres for exploration [1]. - The company also has leases on multiple projects, including the Johnson Tract and Lucky Shot projects, and holds interests in various mining claims in Alaska [1].