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) reported a net loss of $(14.3) million for Q4 2022, translating to $(2.10) per share, a significant increase from a loss of $(4.9) million in Q4 2021. For the first six months of 2022, losses reached $(21.4) million or $(3.15) per share, up from $(9.4) million year-over-year. The rising losses are attributed to increased expenses related to exploration and development at the Lucky Shot project, alongside costs from its 30% stake in Peak Gold, LLC. The company anticipates additional losses until commercial production at the Manh Choh project begins in late 2024, aiming for an output of 225,000 GEO annually.
Contango ORE, Inc. (NYSE American: CTGO) announced a private placement of 117,500 shares at $20.00 per share, generating approximately $2.3 million in net proceeds. These funds will support its exploration and development projects, including a 30% stake in the Peak Gold joint venture. The Manh Choh project is on track for production in the second half of 2024, with 50% of contracts committed. Meanwhile, exploration at the Lucky Shot project paused after 29 successful drill holes, with assay results expected by the end of January. The company anticipates a pivotal year in 2023, with mining activities commencing and resource estimates being finalized.
Contango ORE, Inc. (CTGO) has completed a private placement, selling 283,500 shares at $20.00 each, raising approximately $5.6 million. The funds will support exploration and development, particularly for the Manh Choh project in Alaska, set for first gold production in H2 2024. The company holds a 30% interest in the Peak Gold joint venture, progressing on schedule and budget. After completing 29 drill holes at the Lucky Shot project, exploration has paused for winter. The company anticipates a pivotal 2023 with significant developments at both projects.
Contango ORE, Inc. (CTGO) reported the results of its annual stockholders' meeting held on November 10, 2022. The elected directors include Brad Juneau and Rick Van Nieuwenhuyse. Key proposals approved include the Second Amendment to the Equity Compensation Plan and the ratification of Moss Adams LLP as independent auditors for the fiscal year ending June 30, 2023. The company disclosed a net loss of $7.1 million for the quarter ending September 30, 2022, attributed to increased exploration efforts at the Lucky Shot project. Forward-looking statements about exploration and operational plans were also addressed.
Contango ORE, Inc. (CTGO) filed its Form 10-K for the year ending June 30, 2022, revealing a net loss of $23.5 million ($3.49 per share) compared to a net income of $23.9 million ($3.82 per share) the previous year. This significant decline in profit was primarily due to the prior year's gain from the sale of 30% of Peak Gold, LLC to Kinross Gold Corporation. The Company, primarily focused on gold exploration in Alaska, holds interests in over 875,000 acres for mining and development.
Contango ORE, Inc. (NYSE American: CTGO) marks a significant milestone at its 30% owned Manh Choh gold project. Kinross Gold Corporation announced the early results of the Feasibility Study, approving development plans that leverage existing Fort Knox infrastructure, reducing environmental impact. The project is projected to yield 225,000 ounces of gold annually with a $900 AISC, leading to considerable cash flow potential. Initial reserves include around 300,000 ounces of gold at 7.88g/t. Production is expected to start in H2 2024, creating 400-600 jobs and benefiting the local economy.
Contango ORE, Inc. (CTGO) announces the resignation of founding board member Joseph Greenberg effective June 30, 2022. He served since 2010 and is succeeded by Curtis Freeman, a geologist with over 40 years' experience. The company also reported progress on its Manh Choh feasibility study, expected to complete soon, and has initiated exploration at the Lucky Shot project. The Manh Choh project aims to utilize high-grade ore to enhance cash flow and reduce costs at the Fort Knox mill, with initial production anticipated by Q4 2024.
Contango ORE, Inc. (CTGO) reported a net loss of $(6.8) million, or $(1.01) per share for Q1 2022, an increase from a $(4.5) million loss in Q1 2021. For the nine months ending March 31, 2022, the loss totaled $(16.9) million, compared to a net income of $25.7 million during the same period last year, primarily due to a prior gain from the sale of equity interest in Peak Gold, LLC. The company filed its Form 10-Q with the SEC, detailing its financial results and ongoing operations in Alaska.
Contango ORE, Inc. (NYSE American: CTGO) has closed a $20 million unsecured convertible debenture with Queen’s Road Capital Investment, Ltd. on April 26, 2022. The funds will support the Peak Gold joint venture, exploration at the Lucky Shot properties, and general corporate purposes. The debenture carries an 8% interest rate, with a conversion price set at $30.50 per share. It allows for a potential redemption after three years, contingent on market conditions. The establishment fee was paid in shares. Management expresses optimism about advancing key projects and keeping shareholders informed.
Contango ORE, Inc. (CTGO) has secured a binding agreement to issue a $20 million unsecured convertible debenture to Queen’s Road Capital Investment, Ltd. The debenture, expected to close by April 29, 2022, will fund commitments to the Peak Gold joint venture and exploration at Lucky Shot properties. The debenture carries an 8% annual interest and converts at $30.50 per share. CEO Rick Van Nieuwenhuyse expressed optimism about the financing, aiming to advance the company's projects in Alaska amidst strong gold market fundamentals.