Core Viewpoint - Contango ORE, Inc. reported its FY 2025 financial results, highlighting production achievements, financial performance, and future production guidance for 2026 and 2027, alongside a planned merger with Dolly Varden Silver Corporation [1][6]. Financial Performance - In FY 2025, Contango's share of production from the Manh Choh mine was approximately 60,200 gold equivalent ounces, with a net loss of $36.1 million, which included a non-cash expense of $46.0 million from unrealized losses on derivative contracts [2][12]. - The company reported adjusted net income of $73.0 million and total income from operations of $69.1 million, compared to $26.3 million in FY 2024 [12][14]. - The unrestricted cash position as of December 31, 2025, was $64.8 million, up from $20.0 million at the end of 2024 [2][14]. Production Highlights - The company produced approximately 60,200 gold equivalent ounces in FY 2025, including 57,315 ounces of silver, with cash costs per ounce sold at $1,459 and all-in sustaining costs at $1,616 [3][10]. - For FY 2026, production guidance estimates Contango's share of gold production from the Manh Choh mine to be between 40,000 to 45,000 ounces, with cash costs projected between $1,900 to $2,000 per ounce [17][20]. Project Developments - At the Lucky Shot project, an underground diamond drilling program commenced in Q4 2025, targeting 400,000 to 500,000 measured and indicated gold ounces, with a feasibility study expected to be completed in 12 to 18 months [4][11]. - The Johnson Tract project has a post-tax net present value of $615.4 million, with ongoing permitting and field activities planned for 2026 [5][12]. Merger and Corporate Development - Contango announced a merger with Dolly Varden Silver Corporation, expected to close by late March 2026, creating a new entity named Contango Silver & Gold Inc. [6][12]. - The merger will result in existing shareholders of both companies owning approximately 50% of the new entity [12][24]. Cash Distributions and Debt Management - The company anticipates cash distributions from the Peak Gold JV to range between $48 million to $54 million in FY 2026 and $165 million to $175 million in FY 2027 [18][20]. - Contango plans to become fully unhedged by the end of FY 2026, with less than $10 million remaining on its Credit Facility [15][18].

Core Viewpoint - Thunder Mountain Gold, Inc. has appointed Mr. Ralph Noyes as Chairman of the Board, reflecting the company's commitment to advancing its exploration and development plans, particularly for the South Mountain resource [1][3]. Company Overview - Thunder Mountain Gold, Inc. is a junior exploration company founded in 1935, focusing on base and precious metals projects in the western U.S. Its principal asset is the South Mountain Mine, a historic site for zinc, silver, gold, lead, and copper [4]. - The company also owns the Trout Creek Project, a gold exploration project located adjacent to Nevada Gold Mines, a joint venture between Barrick and Newmont Gold, Inc. [4]. Leadership Appointment - Mr. Ralph Noyes, who has been a board member since 2016, has extensive experience in the mining industry, including over 45 years in exploration, mine management, and investment portfolio management [2]. - His previous roles include significant positions at Hecla Mining Company, where he managed various mining operations and projects across North America [2]. South Mountain Project Details - The South Mountain Mine is a polymetallic development project located approximately 70 miles southwest of Boise, Idaho, containing high-grade zinc, silver, gold, and copper [5]. - The project has a history of mining from the late 1940s to the late 1960s, with over 4,000 feet of underground workings that have been rehabilitated [5]. - Thunder Mountain Gold has invested approximately US$25 million into the project since acquiring it in 2007, with historical mining yielding average grades of 14.5% Zn, 10.6 oz/t Ag, 0.058 oz/t Au, 1.4% Cu, and 2.4% Pb [5].