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 (NYSE American: CTGO) has received a $12.0 million cash distribution from the Peak Gold JV on October 24, 2024, representing its 30% share of profits from Campaign #2 ore processing. Since July 2024, the company has received total distributions of $31.5 million. After completing two campaigns and with a third underway, Contango's 30% share amounts to approximately 30,000 ounces of gold from Campaigns #1 and #2, with an additional expected 8,500 ounces from Campaign #3, targeting total 2024 production of approximately 38,500 ounces of gold.
Contango ORE (NYSE American: CTGO) has announced a significant cash distribution of $19.5 million from the Peak Gold JV, representing Contango's 30% share of profits from Campaign #1 ore processing at Manh Choh. The Peak Gold JV plans two additional campaigns in 2024, with the second already in progress. Contango anticipates at least one more cash distribution before year-end. The company projects its 2024 gold production share from the Peak Gold JV to range between 30,000 and 40,000 ounces. This distribution marks a notable milestone for Contango, demonstrating the project's ability to generate substantial cash flow and potentially signaling positive future returns for shareholders.
Contango ORE (NYSE American: CTGO) has started processing Campaign #2 of Manh Choh ore at the Kinross Fort Knox mill, targeting 10,000 ounces of gold for Contango's 30% share. Campaign #1 yielded 16,200 ounces of gold and 3,500 ounces of silver, with total sales of $36 million. The company expects Campaign #2 sales to realize a blended price between $2,100 to $2,200 per ounce.
Contango has also made progress on its Johnson Tract project, receiving a 404 Wetlands Permit and entering into an MOU to begin permitting for an underground exploration tunnel. The company has completed half of its planned 2024 surface drilling program at Johnson Tract and expects to finish by early October.
With gold prices near all-time highs, Contango anticipates strong financial performance and is positioned to advance its Lucky Shot and Johnson Tract development projects.
Contango ORE (NYSE American: CTGO) announced results from the first batch of gold production at the Manh Choh Gold Mine in Alaska. Key highlights include:
- Processed 210,000 tons of ore with an average grade of 0.276 ounce/ton
- Achieved 95% recovery, surpassing the 90% estimate
- Produced 55,000 ounces of gold and 11,000 ounces of silver
- Contango's 30% share: 14,700 ounces of gold and 3,218 ounces of silver
- Realized average gold price: $2,188 per ounce
- Total sales: $32.2 million
The company expects to produce 30,000 to 40,000 ounces of gold in 2024 from Manh Choh. Contango also completed the acquisition of HighGold, increasing its estimated mineral resources threefold.
Contango ORE (NYSE American: CTGO) reported a net loss of $18.5M or $1.90 per share for Q2-2024, compared to a $10.4M loss in Q2-2023. The increased loss is primarily due to a $12.6M non-cash expense from gold hedging contracts and higher interest costs. Key developments:
1. Manh Choh project (30% owned) poured its first gold bar on July 8, 2024.
2. Acquired HighGold Mining on July 10, 2024, issuing 1,698,887 shares valued at $33.4M.
3. Launched a 3,000-meter drilling campaign at Johnson Tract property on July 30, 2024.
The company has hedged 65% of expected gold production from July 2024 to December 2026 at an average price of $2,025 per ounce.
Contango ORE, Inc. (NYSE American: CTGO) has commenced surface drilling at the Johnson Tract property in Alaska. The 2024 campaign targets 3,000 meters across 20 drill holes, focusing on in-fill drilling of the upper third of the near-vertical resource. The program, expected to last three months, includes hydrological testing, metallurgical studies, and geochemical analysis. The company aims to upgrade resources to the Indicated category and support geotechnical studies for a planned 1.6 km tunnel. Contango is also advancing permitting efforts for an access road and underground facilities, with construction potentially starting next summer.
The Johnson Tract deposit contains an Indicated Resource of 3.49 million tonnes grading 9.39 g/t gold equivalent (1,053,000 ounces AuEq) and an Inferred Resource of 0.71 Mt grading 4.76 g/t AuEq (108,000 ounces AuEq). Contango aims for a production decision by 2030 and will host an investor webinar on August 5th, 2024, to discuss the project in detail.
Contango ORE (NYSE American: CTGO) has successfully acquired HighGold Mining (TSX-V: HIGH, OTCQX: HGMIF) through a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The acquisition was approved by HighGold shareholders on June 27, 2024, and the Supreme Court of British Columbia on July 2, 2024.
Through this acquisition, Contango has issued 1,698,887 shares of its common stock to HighGold shareholders. HighGold's shares will be delisted from the TSX Venture Exchange on July 11, 2024, and HighGold will cease to be a reporting issuer.
Contango aims to boost gold production to 200,000 ounces annually within five years, utilizing its Direct Ship Ore model. Additionally, Darwin Green, HighGold's CEO, will join Contango's board of directors.
Contango ORE announced the first gold pour from the Manh Choh mine, a joint venture with Kinross. The gold was processed at Kinross’s Fort Knox mill. CEO Rick Van Nieuwenhuyse highlighted the significance of this milestone for the company's shareholders and its strategic future. The Manh Choh project, now in production, forms part of Contango's broader plan to increase gold output to 200,000 ounces annually within five years. Their direct ship ore (DSO) model leverages existing processing facilities to minimize environmental impact and reduce capital requirements. Other projects, Lucky Shot and Johnson Tract, will also contribute to this growth strategy.
Contango ORE (CTGO) announced that HighGold Mining shareholders have overwhelmingly approved the arrangement with Contango, with 93.7% of shareholders and 94.4% of security holders in favor. The approval meets the necessary requirements to proceed, with final court approval expected on July 2, 2024, and the arrangement closing around July 9, 2024. The acquisition of Johnson Tract is set to boost Contango's resources significantly. Additionally, Contango recently completed a $15 million public offering. CEO Rick Van Nieuwenhuyse highlighted the strategic benefits and upcoming exploration plans to advance the Johnson Tract development.
Contango ORE (NYSE American: CTGO) announced the commencement of gold production at its Manh Choh mine, with its first gold pour set for July 8, 2024, at the Fort Knox mill facility. This milestone follows the formation of the Peak Gold joint venture with Kinross in September 2020, the completion of a feasibility study, successful permitting, and mine construction. Mining operations began in August 2023, and ore hauling started in November 2023, leading to a substantial stockpile of ore ready for processing. CEO Rick Van Nieuwenhuyse emphasized the project's high-quality deposit and exceptional grade, inviting stakeholders to virtually join the gold pour event.