Welcome to our dedicated page for CONTANGO SILVER & GOLD news (Ticker: CTGO), a resource for investors and traders seeking the latest updates and insights on CONTANGO SILVER & GOLD stock.
Contango Silver & Gold Inc. reports developments from a gold, silver and associated minerals business focused on exploration, development and joint venture activity in Alaska and British Columbia. Recurring updates include cash distributions from the Peak Gold JV, operating and financial results tied to Manh Choh operations, and exploration or development work at assets such as Lucky Shot, Johnson Tract and Kitsault Valley.
Company news also covers capital-structure and market-listing matters, including CTGO common shares trading on the NYSE American and TSX, as well as material agreements, shareholder voting matters and governance changes. Formerly Contango Ore Inc., the company’s updates center on mineral project advancement, joint venture economics and public-company disclosure events.
Contango ORE, Inc. (CTGO) has reported changes to the projected 2022 budget for its 30% interest in Peak Gold, LLC. The spending program has decreased from $47.9 million to approximately $26 million, with CTGO's share now around $7.8 million. This reduction is attributed to inflation and labor market constraints in Alaska. Despite the budget cut, the feasibility study for the Manh Choh Project remains on track for 2022, with production expected to start in 2024. The company continues to progress its Lucky Shot project while addressing the challenges posed by inflation.
Contango ORE, Inc. (CTGO) reported a net loss of $(4.9) million or $(0.72) per share for Q4 2021, compared to a loss of $(3.2) million or $(0.53) per share year-over-year. For the six months ended December 31, 2021, the loss was $(9.4) million versus a net income of $30.2 million for the same period in 2020. The decrease was primarily due to a prior year gain from equity interest sales. The company reported cash reserves of $21.9 million as of December 31, 2021, and filed its 10-Q with the SEC.
Contango ORE, Inc. (CTGO) reviews its 2021 accomplishments and outlines plans for 2022. Highlights include the advance of the Manh Choh project towards feasibility, acquisition of the Lucky Shot project, and ongoing exploration of early-stage properties. The PGJV plans a significant $48 million program for Manh Choh in 2022, with construction set to start during summer. The company aims to outline 500,000 to 1 million ounces of gold resources at Lucky Shot. Additionally, they reported a successful year despite COVID challenges, enhancing their profile with an up-listing to the NYSE American exchange.
Contango ORE, Inc. (CTGO) announced that its common stock has been approved for listing on the NYSE American, with trading expected to commence around November 24, 2021. This transition will enhance the company's profile in US capital markets, broadening investor reach and improving liquidity for current shareholders. Concurrently, CTGO will cease trading on the OTC Markets, and shareholders are not required to take any action. The company explores gold and minerals in Alaska, holding significant land leases and interests.
Contango ORE, Inc. (CTGO) held its annual stockholders' meeting on November 11, 2021, where directors including Brad Juneau and Rick Van Nieuwenhuyse were elected for another year. Key proposals approved include the appointment of Moss Adams LLP as independent auditors and the advisory vote on executive compensation. The company reported a net loss of $4.6 million for Q3 2021, a significant drop from a net income of $33.4 million the previous year. CORE plans significant projects at its Manh Choh and Lucky Shot properties, with an expected up-listing on the NYSE American by year-end.
Contango ORE, Inc. (OTCQB: CTGO) has filed a shelf registration statement on Form S-3 with the SEC, enabling the potential to raise up to $100 million through the sale of various securities, including common and preferred stock. This move aims to enhance the company's financial flexibility and access to capital, as stated by President and CEO Rick Van Nieuwenhuyse. The registration will be effective for three years once approved. Additionally, the statement allows for the resale of 415,000 shares by a stockholder, with no proceeds going to the company.
Contango ORE, Inc. (OTCQB: CTGO) will hold a virtual annual meeting for stockholders on November 11, 2021, at 11:00 a.m. CT. Stockholders of record as of September 27, 2021 can vote on key proposals, including the election of the Board of Directors, appointment of independent auditors, and approval of executive compensation. The proxy statement, detailing the meeting agenda, was filed with the Securities and Exchange Commission on October 4, 2021 and will be mailed to stockholders around October 8, 2021.
Contango ORE, Inc. (OTC-PINK: CTGO) has filed its Form 10-K for the year ending June 30, 2021. The company reported a net income of $23.9 million or $3.82 per share, a significant increase from a loss of $9.2 million the previous year. This improvement is attributed to the sale of a 30% stake in Peak Gold, LLC to Kinross Gold Corporation. Additionally, Chris Kennedy has been appointed General Manager of the Lucky Shot Mine, enhancing the company's operational expertise.
Contango ORE, Inc. (OTCQB: CTGO) has successfully acquired 100% of Alaska Gold Torrent, LLC from CRH Funding II PTE. LTD for up to $30 million. This includes an initial payment of $5 million and a promissory note of $6.25 million. The acquisition centers around the Lucky Shot Project in Alaska, historically significant for its gold production. The company is focused on further exploration, aiming for a 3-phase drilling program to unlock additional gold resources in the Willow Mining District, known for high-grade veins.
Contango ORE, Inc. (OTCQB: CTGO) has finalized a private placement sale of 523,809 shares at US$21 each, raising approximately US$10.9 million. This financing is primarily aimed at supporting exploration and development initiatives for Peak Gold, LLC, a joint venture with Kinross Gold. The Alaska Future Fund, managed by Barings, and CTGO's CEO Rick Van Nieuwenhuyse are key investors. The company's ongoing projects, including the Manh Choh project and summer field programs, are reported to be on track for 2021, bolstering investor confidence in the company's growth and strategic direction.