Contango Announces Results for the Quarter Ended March 31, 2026

Rhea-AI Summary

Contango Silver and Gold (NYSE American: CTGO) reported Q1 2026 results, including its first quarter of Manh Choh production and major corporate actions.

Contango’s share of Manh Choh sales was 8,012 oz gold and 15,042 oz silver, generating $4.8M income from operations, $4.7M adjusted net income, and a $14.3M net loss driven by a $19.0M derivative loss.

Cash rose to $97.5M, helped by a $9M JV distribution and $50M equity raise. The company repaid $1.0M of debt (leaving $13.6M), reduced hedge exposure, guided 2026 Manh Choh gold output of 40–45k oz and 2027 output of 75–80k oz, and agreed to acquire 100% of Lucky Shot for $16.1M.

Positive

• Contango’s share of Manh Choh Q1 2026 gold sales was 8,012 oz plus 15,042 oz silver
• Income from operations was $4.8M in Q1 2026 and adjusted net income was $4.7M
• Unrestricted cash increased to $97.5M from $64.8M at December 31, 2025
• Peak Gold JV distributed $9M cash to Contango in Q1 2026
• Debt principal was reduced by $1.0M, leaving a $13.6M outstanding balance
• Agreement to acquire 100% of Lucky Shot and extinguish 2% NSR for $16.1M total consideration

Negative

• Net loss was $14.3M in Q1 2026 versus a $22.5M loss in Q1 2025
• Income from operations declined to $4.8M from $19.3M in Q1 2025
• Adjusted net income fell to $4.7M from $17.9M in Q1 2025
• Q1 2026 included a $19.0M loss on derivative contracts related to gold hedges
• Net cash used in operating activities was $49.6M versus $28.6M provided in Q1 2025
• Contango raised $50M via equity and pre-funded warrants, implying shareholder dilution

News Market Reaction – CTGO

-6.26%

32 alerts

-6.26% Session close to close

+2.3% Peak Tracked

-15.2% Trough Tracked

$816.70M Market Cap

0.7x Rel. Volume

In the May 14 session, CTGO declined 6.26%, reflecting a notable negative market reaction. Argus tracked a peak move of +2.3% during that session. Argus tracked a trough of -15.2% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -6.3% in the session following this news. A negative reaction despite operational pr...

Analysis

The stock moved -6.3% in the session following this news. A negative reaction despite operational progress fits a narrative where investors focus on headline losses and high cost guidance. Q1-2026 showed a net loss of US$14.3M driven by a US$19.0M derivative loss and guided 2026 AISC of US$2,200–2,300/oz. At the same time, cash rose to US$97.5M with a US$9M JV distribution and equity raise, so future sentiment may hinge on delivering lower 2027 costs and targeted ounce growth.

Key Figures

2026 gold guidance: 40,000–45,000 oz 2027 gold guidance: 75,000–80,000 oz Quarter-end cash: US$97.5M +5 more

8 metrics

2026 gold guidance 40,000–45,000 oz Manh Choh 2026 production guidance

2027 gold guidance 75,000–80,000 oz Manh Choh 2027 production guidance

Quarter-end cash US$97.5M Cash as of March 31, 2026 (vs US$64.8M Dec 31, 2025)

Peak Gold JV distribution US$9M Cash distribution received in Q1-2026

Net loss Q1-2026 US$14.3M (US$0.83/share) Q1-2026 net loss including derivatives

Derivative loss US$19.0M Loss on hedge-related derivative contracts in Q1-2026

Equity financing US$50M at US$24.96 Shares and pre-funded warrants issued Feb 12, 2026

2026 cost guidance Cash: US$1,900–2,000/oz; AISC: US$2,200–2,300/oz Guided 2026 cost structure per gold ounce sold

Historical Context

5 past events · Latest: May 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	Drill program update	Positive	+0.3%	Imwelo sterilization drilling and financing package for project advancement.
May 05	Lucky Shot acquisition	Positive	+1.7%	High‑grade Lucky Shot results and purchase of lease plus NSR elimination.
Apr 22	JV cash distribution	Positive	+6.0%	Peak Gold JV $9M distribution and fully funded 2026 exploration plans.
Apr 13	TSX listing	Positive	+3.4%	New TSX listing aimed at improving visibility and liquidity in Canada.
Mar 26	Dolly Varden merger	Positive	-6.7%	Completion of share‑for‑share merger creating balanced combined company.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent CTGO news skewed positive, with four of five prior events seeing share gains, while the Dolly Varden merger was the main negative outlier.

Recent Company History

Over recent months, CTGO advanced several strategic initiatives, including a merger with Dolly Varden (news 1031999), a TSX listing (1038717), and a $9M Peak Gold JV distribution with expanded 2026 exploration plans (1043611). The company then detailed high‑grade Lucky Shot drilling and a $16.074M lease/royalty acquisition (1051020). Most of these updates coincided with positive price reactions, framing today’s Q1‑2026 results within an ongoing growth and portfolio‑building narrative.

Key Terms

form 10-q, all-in sustaining costs, fast-41, net smelter returns royalty, +4 more

8 terms

form 10-q regulatory

"announced today that it filed with the Securities and Exchange Commission its Form 10-Q for the quarter"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

all-in sustaining costs financial

"cash costs of $1,200 to $1,300 per ounce sold and all-in sustaining costs of $1,300 to $1,400 per ounce"

All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.

fast-41 regulatory

"Johnson Tract Critical Metals Project was posted to the Federal Permitting Dashboard as a covered project under ... FAST-41."

A FAST-41 designation comes from a U.S. law that sets up a coordinated, time-lined review process for large federal infrastructure projects, aiming to reduce delays by having agencies work together and meet clear deadlines. For investors, it matters because projects with FAST-41 oversight are likelier to reach permits and construction on schedule, reducing the risk of costly hold-ups much like a traffic controller clearing lanes so a convoy can move without unexpected stops.

net smelter returns royalty financial

"extinguishing the outstanding 2% net smelter returns royalty (the "NSR Royalty") held by AHI."

A net smelter returns (NSR) royalty is a contractual right to receive a percentage of the revenue generated from mined minerals after the ore has been processed and sold, with common deductions for refining, smelting and transport costs. Think of it like a landlord taking a slice of a tenant’s monthly sales after the tenant pays basic operating bills. Investors care because an NSR affects the future cash flow and valuation of a mining project and shifts some upside and downside risk away from the operator to the royalty holder.

pre-funded warrants financial

"issuing 1,678,206 shares of common stock and pre-funded warrants to purchase up to 325,000 shares"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

hedge contracts financial

"we have strengthened our financial flexibility by reducing hedge contracts to 22,000 ounces"

Hedge contracts are agreements used to protect against unwanted swings in prices, rates, or other financial variables—think of them as insurance policies or price locks that offset potential losses if markets move the wrong way. They matter to investors because they can reduce a company’s or portfolio’s volatility and protect profits, but they can also limit upside and carry costs that affect future cash flow and reported results.

adjusted net income financial

"The Company reported total income from operations of $4.8 M and adjusted net income1 of $4.7 M."

Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.

non-gaap financial

"See non-GAAP measures disclosed in the Company's 10Q for the year ended March 31, 2026."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAIRBANKS, Alaska, May 14, 2026 /PRNewswire/ - Contango Silver and Gold Inc. ("Contango" or the "Company") (NYSE American: CTGO) (TSX: CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-Q for the quarter ended March 31, 2026 ("Q1-2026").

Rick Van Nieuwenhuyse, Chief Executive Officer of the Company, stated, "The first quarter of 2026 was a period of significant operational transition and strategic growth. At Manh Choh, while harsh winter conditions and operational challenges impacted Q1 throughput and costs, we are pleased to report that we are now entering a high-production phase; we expect ore tons processed and ore grade processed to increase for the remainder of the year, as we transition into the higher-grade portions of the South Pit. Manh Choh remains on track to meet our 2026 guidance of 40,000 to 45,000 ounces of gold production, which will set the stage for 2027, which we are guiding to 75,000 to 80,000 ounces of gold production with cash costs of $1,200 to $1,300 per ounce sold and all-in sustaining costs of $1,300 to $1,400 per ounce sold.

With this momentum, our cost guidance for the year remains firm. During the quarter we received a US$9 million ("M") cash distribution from the Peak Gold JV.  Our cash on hand for the end of the quarter was US$97.5 M an increase from US$64.8 M at December 31, 2025. For 2026, we anticipate cash costs between $1,900 to $2,000 and all-in sustaining costs of $2,200 to $2,300 per ounce of gold sold. Furthermore, we have strengthened our financial flexibility by reducing hedge contracts to 22,000 ounces and reduced our debt to $13.6 M, both of which we intend to fully settle by year-end."

Mr. Van Nieuwenhuyse continued, "This has also been a transformative quarter for our corporate reach. Following the successful merger with Dolly Varden Silver, we have fully integrated our teams and are already seeing the benefits of our combined strengths. It was a true honor to ring the opening bell at the New York Stock Exchange on April 24^th, and we look forward to the upcoming ceremony at the Toronto Stock Exchange on June 12^th.

Our exploration and development pipeline is equally robust. At Lucky Shot, our underground drilling has exceeded expectations, providing excellent clarity on the system's continuity. We are now accelerating underground development work and surface drilling in Q2-2026. Simultaneously, we are preparing for a 40,000-meter surface program at Kitsault Valley, with an updated mineral resource estimate expected by late June. Finally, at Johnson Tract, we are gaining significant ground with FAST-41 permitting and the mobilization of heavy equipment to support year-round operations. We are preparing for a very productive 2026."

During Q1-2026, the Company had the following updates:

In Q1-2026, Contango's share of production sold from the Manh Choh mine, jointly held by Kinross and Contango, totaled 8,012 ounces of gold and 15,042 ounces of silver, receiving a cash distribution of $9 million ("M"). The Company reported total income from operations of $4.8 M and adjusted net income¹ of $4.7 M. The Company reported a net loss of $14.3 M, including a $19.0 M loss on derivative contracts for Q1-2026. The Company's unrestricted cash position as of March 31, 2026 was $97.5 M compared to $64.8 M as of December 31, 2025.

Manh Choh Production Results

Peak Gold JV (on a 100% basis)1				Q1-2026
Total tons mined				1.96	M tons
Ore tons mined				220,878	tons
Gold oz mined				38,415	oz
Ore tons processed				187,479	tons
Gold grade processed				0.131	oz/t
Gold recovery				88.5	%
Gold oz produced				26,890	oz
Gold oz sold				26,710	oz
Silver oz sold				50,142	oz
Contango's Share (on a 30% basis)1
Gold oz produced				8,067	oz
Gold oz sold				8,012	oz
Total gold equivalent oz produced2&3				8,378	oz
Silver oz sold				15,042	oz
Total gold sales				$38,932,736
Total silver sales				$1,258,389
Cash costs on a by-product basis, per oz sold3				$2,692	per oz sold
AISC on a by-product basis, per oz sold3				$2,778	per oz sold
Principal debt repayments				$1,000,000
Remaining debt balance				$13,600,000
Gold oz delivered into hedge contracts				5,554	oz
Gold oz cash settled into hedge contracts				15,446	oz
Remaining hedge contracts				22,000	oz
Average realized spot gold price				$4,935	per oz sold
Cash distributions received from Peak Gold JV				$9,000,000

Notes:

1.  Certain numbers have been rounded for presentation purposes.

2.  Gold equivalent oz calculated using a factor of 85.1 to 1 for conversion of silver oz.

3.  See non-GAAP measures disclosed in the Company's 10Q for the year ended March 31, 2026.

____________________________

1 See non-GAAP measures at end of this press release for calculation of Adjusted Net Income

Manh Choh Mine:

During the quarter, the Company received a cash distribution of $9 M from the Peak Gold JV. On May 13, 2026, the Peak Gold JV started processing Manh Choh's second campaign of 2026 and are guiding to 10,000 ounces of production to Contango's account for this campaign, which includes ore in stockpiles at Fort Knox that were not processed during Q1-2026.

Lucky Shot Project:

In November 2025, the Company mobilized a drill rig at the Lucky Shot mine site to commence the first phase of a 18,000-meter underground and surface in-fill drilling program. The Company began reporting assay results from this program during the first quarter of 2026. This drilling program, along with detailed engineering, hydrology and geotechnical studies, is expected to support the preparation of a feasibility level mine and transportation plan for Lucky Shot, with the objective of targeting annual gold production of 40,000 to 50,000 using the Direct Shipping Ore (DSO) approach, assuming positive exploration results. The Company expects to complete the feasibility study in the first half of 2027 and make a production decision in 2027.

Johnson Tract Project:

Activities at the Johnson Tract Project focused on planning, resourcing, permitting coordination, and logistical preparations in support of the Company's planned 2026 field program. On December 1, 2025, the Johnson Tract Critical Metals Project was posted to the Federal Permitting Dashboard as a covered project under Title 41 of the Fixing America's Surface Transportation Act, commonly referred to as FAST-41. The Federal Permitting Improvement Steering Council announced the project's FAST-41 coverage on December 2, 2025. The U.S. Army Corps of Engineers is identified as the lead federal permitting agency for the project.

The Company has advanced planning activities for the proposed 2026 field season, including solicitation and review of bids for road construction and helicopter support associated with planned access improvements between the Johnson Tract camp and the proposed portal site. These activities are intended to support the Company's operational timeline and continued advancement of the project through the permitting and development planning process. To date, the Company has completed three key steps of the overall permitting process through meeting various timelines as laid out in the FAST-41 permitting dashboard. The Company is also continuing to advance State of Alaska permits required to start construction of the exploration adit in 2027.

Kitsault Valley Project:

Following completion of a new mineral resource estimate ("MRE") expected by the end of the second quarter of 2026, a 40,000 meter surface drilling program is expected to begin in June. The planned $25 M campaign aims to infill known mineral resources at Homestake, Homestake Silver, Wolf, Dolly Varden, North Star and Torbrit, while testing high-priority exploration targets across the project's wider holdings in the southern corner of the Golden Triangle. Following this year's drill program, the Company is planning to prepare a preliminary development plan in the form of an Initial Assessment ("IA") for the Kitsault Valley assets.

Repayments of Debt, Reduction of Hedge Contracts and Financing:

• The Company's cash and cash equivalents position as of March 31, 2026 was $97.5 M.
  
  
• In Q1-2026, Contango repaid $1.0 M on the credit facility, reducing the outstanding principal balance to $13.6 M.
  
  
• On February 12, 2026, the Company raised gross proceeds of $50 M by issuing 1,678,206 shares of common stock and pre-funded warrants to purchase up to 325,000 shares of common stock at an offering price of $24.96 per share and $24.95 per pre-funded warrant.
  
  
• On February 12, 2026, the Company paid $46.4 M to settle gold hedge contracts for 15,446 ounces with an average strike price of $2,025 per ounce with maturities ranging between March and September 2026. In addition, as part of a price protection strategy to offset the hedge settlements, the Company paid $0.4 M to purchase 15,446 puts with a strike price of $4,000 per ounce.
  
  
• On March 26, 2026, the Company sold 4,445 put contracts with a maturity date of March 31, 2026 for proceeds of $52,946. The cost of these put contracts were $41,023. 11,000 put contracts remain outstanding with maturity dates in June and September of 2026.
  
  
• As of the date of this release, the remaining gold hedge contracts total 7,000 ounces which mature on December 31, 2026 and 15,000 ounces that mature in the first half of 2027.

Corporate Development – Dolly Varden Merger:

On March 26, 2025, the Company completed its merger-of-equals with Dolly Varden Silver Corporation ("Dolly Varden"). Upon completing the acquisition, Dolly Varden shareholders owned approximately 48% of the combined company.  The combined Company changed the name to Contango Silver & Gold and was successfully listed to the Toronto Stock Exchange ("TSX") where trading began on April 13, 2026 under the same trading symbol CTGO.

Corporate Development – Acquisition of Lucky Shot Lease and Royalty

Subsequent to quarter end, on May 4, 2026, the Company entered into a purchase and sale agreement (the "Purchase Agreement") with Alaska Hardrock Inc. (the "Seller" or "AHI") to acquire 100% ownership of its Lucky Shot project by purchasing from AHI the underlying real property, mining claims and mining equipment and extinguishing the outstanding 2% net smelter returns royalty (the "NSR Royalty") held by AHI. The consideration totaled $16,074,000, comprised of the following:

• Cash deposit of $300,000 (paid)
• Cash payment of $1,709,250 due on signing of the Purchase Agreement (paid)
• Cash payable of $4,064,750 due on closing, which is expected to occur no later than July 1, 2026 (the "Closing Date")
• Promissory note of $10 M:
  • 5% annual interest rate compounding monthly, payable annually
  • Principal repayments of $2,000,000 on the second and third anniversary dates of the Closing Date with the remaining principal balance due on the fourth anniversary of the Closing Date
  • Secured by real property, mining claims, and other assets acquired

Statement of Operations for Q1-2026 compared to Q1-2025:

The Company reported total income from operations of $4.8 M in Q1-2026 compared to $19.3 M for Q1-2025. In Q1-2026, the Company reported adjusted net income of $4.7 M compared to $17.9 M for Q1-2025. The Company reported net loss of $14.3 M or $0.83 loss per fully diluted share. This compares to a net loss of $22.5 M for Q1-2025 or $1.88 loss per fully diluted share. The net loss for Q1-2026 and Q1-2025 includes a loss on derivative contracts related to the hedges in the amounts of $19.0 M and $40.5 M, respectively.

Statement of Cash Flows for Q1-2026 compared to Q1-2025:

Net cash used in operating activities was $49.6 M for Q1-2026 compared to $28.6 M provided by operating activities in Q1-2025. The reduction in net cash provided by operating activities was primarily driven by realized loss of hedge contracts recognized during Q1-2026. Cash provided by investing activities was $30.8 M for Q1-2026 compared to $nil M in Q1-2025. Cash provided by financing activities in Q1-2026 was $51.4 M, primarily related to cash proceeds from an equity offering offset by principal repayments of $1.0 M on the credit facility. This compares to cash outflows of $13.7 M in Q1-2025, primarily related to principal repayments of $13.8 M on the credit facility. The Company's cash and cash equivalents position as of March 31, 2026 was $97.5 M compared to $64.8 M as of December 31, 2025.

Adjusted Net Income (Non-GAAP)

Management uses Adjusted Net Income to evaluate the Company's operating performance, and to plan and forecast operations. The Company believes the use of Adjusted Net Income reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management's determination of the components of Adjusted Net Income is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net loss (GAAP) is reconciled to Adjusted net income (Non-GAAP) adjusted for loss on derivative contracts in the following table:

	Q1-2026 ($)	Q1-2025 ($)
Net loss	(14,305,590)	(22,548,325)
Loss on derivative contracts	19,026,382	40,475,656
Adjusted net income	4,720,792	17,927,331

Conference Call and Webcast

Contango will host a conference call and webcast to discuss the first quarter results on Thursday, May 14, 2026, at 12:00pm EST / 9:00am PST. Participants may join the webcast using the following call-in details: https://6ix.com/event/contango-silver-and-gold-q1-financials-2026

ABOUT CONTANGO

Contango is a NYSE American and TSX listed company that engages in the exploration for and development and production of gold and associated minerals in Alaska and in the Golden Triangle in British Columbia. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, manager of the Peak Gold JV. The Company and its subsidiaries also have (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project, which consists of mineral rights to approximately 8,600 acres of State of Alaska and patented mining claims located in the Willow Mining District about 75 miles north of Anchorage, Alaska, from the underlying owner, Alaska Hardrock Inc., (iii) mineral rights to approximately 145,000 acres of State of Alaska mining claims, and (iv) mineral rights to approximately 11,700 acres of State of Alaska mining claims and upland mining leases, all of which give Contango the exclusive right to explore and develop minerals on these lands, (v) mineral tenures of approximately 247,000 acres (100,000 ha) located in and around the Kitsault Valley in the Golden Triangle of northwest British Columbia.

Additional information can be found on our web page at www.contangoore.com.  

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities ("Forward-looking Statements"). These include statements regarding Contango's plans and expectations for its properties and operations, the content within future annual filings, operations in respect of Contango mineral properties and any benefits of investment in Contango. The Forward-looking Statements regarding Contango are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Contango's current expectations and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", "projects", "anticipates", "plans", "estimates", "intends", "believes", "ensures", "forecasts", "predicts", "proposes", "contemplates", "aims", "seeks", "continues", "potential", "positioned", "strategy", "outlook", "future", "going forward", "designed to", and similar expressions or other words of similar meaning, and the negatives thereof, or stating that certain actions, events or results "may", "might", "will", "should", "would", or "could" be taken, or that they are "possible", "probable", or "likely" to occur or be achieved). However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking Statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to: the risks of the exploration and the mining industry (for example, operational risks in exploring for and developing mineral reserves); risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by Contango or the Peak Gold JV; ability to realize the anticipated benefits of the Peak Gold JV; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks; risks related to weather and other natural disasters; uncertainties as to the availability and cost of financing; Contango's inability to retain or maintain its relative ownership interest in the Peak Gold JV; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; the extent of disruptions caused by an outbreak of disease, such as the COVID-19 pandemic; and the possibility that government policies may change, political developments may occur or governmental approvals may be delayed or withheld, including as a result of presidential and congressional elections in the U.S. or the inability to obtain mining permits. Additional information on these and other factors which could affect Contango's operations or financial results are included in Contango's other reports on file with the U.S. Securities and Exchange Commission. Investors are cautioned that any Forward-looking Statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the Forward-looking Statements. Forward-looking Statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update Forward-looking Statements should circumstances or management's estimates or opinions change.

View original content to download multimedia:https://www.prnewswire.com/news-releases/contango-announces-results-for-the-quarter-ended-march-31-2026-302772288.html

SOURCE Contango Silver & Gold Inc.

FAQ

How did Contango (CTGO) perform financially in Q1 2026?

Contango reported income from operations of $4.8M and a net loss of $14.3M in Q1 2026. According to Contango, adjusted net income was $4.7M, as a $19.0M derivative loss related to hedge contracts weighed on GAAP earnings compared with Q1 2025.

What were Contango’s Q1 2026 Manh Choh production and sales (CTGO)?

Contango’s 30% share of Manh Choh in Q1 2026 included 8,067 oz gold produced and 8,012 oz sold. According to Contango, 15,042 oz of silver were sold, with by-product cash costs of $2,692 per gold ounce sold and all-in sustaining costs of $2,778.

What are Contango’s 2026 and 2027 gold production and cost guidance for Manh Choh (CTGO)?

Contango guides Manh Choh 2026 gold production of 40,000–45,000 oz and 2027 production of 75,000–80,000 oz. According to Contango, 2026 cash costs are expected at $1,900–$2,000/oz and AISC at $2,200–$2,300/oz, with 2027 cash costs guided at $1,200–$1,300/oz.

How did hedge settlements impact Contango’s Q1 2026 results (CTGO)?

Hedge activity significantly affected Q1 2026 results, contributing a $19.0M loss on derivative contracts. According to Contango, the company paid $46.4M to settle hedges on 15,446 oz and spent $0.4M on protective puts, driving a $49.6M operating cash outflow versus prior-year inflows.

What were Contango’s Q1 2026 cash position and debt levels (CTGO)?

Contango ended Q1 2026 with $97.5M in cash and cash equivalents and $13.6M of credit facility debt. According to Contango, cash rose from $64.8M at year-end 2025, helped by a $9M JV distribution and $50M equity financing, while $1.0M of debt principal was repaid.

What are the key terms of Contango’s Lucky Shot acquisition announced in May 2026 (CTGO)?

Contango agreed to acquire 100% of Lucky Shot’s real property, claims, equipment, and AHI’s 2% NSR for $16.074M. According to Contango, consideration includes about $6.1M in cash (partially paid) and a $10M promissory note at 5% interest secured by acquired assets.

How did Contango fund operations and growth projects in Q1 2026 (CTGO)?

Contango funded activities with operating cash, JV distributions, and new equity capital. According to Contango, Q1 2026 financing cash inflows were $51.4M, mainly from a $50M equity and pre-funded warrant offering, while $1.0M was used for credit facility repayment.