Queen's Road 4.39% Contango ORE (CTGO) ownership update

Rhea-AI Filing Summary

Queen's Road Capital Investment Ltd. filed an amended Schedule 13G reporting beneficial ownership of 685,034 Contango ORE common shares, representing 4.39% of the class, based on 14,962,410 shares outstanding as of December 31, 2025.

The position includes 29,297 outstanding shares and 655,737 shares that Queen's Road can acquire by converting US$20 million of five-year, 9% unsecured convertible debentures at US$30.50 per share. Additional shares that may be issued as partial interest payments on the debentures are excluded. Queen's Road certifies the holdings are passive and not intended to influence control of Contango ORE.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Contango ORE, Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

21077F100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 21077F100

1

Names of Reporting Persons

Queen's Road Capital Investment Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 685,034.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 685,034.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

685,034.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.39 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Contango ORE, Inc.
(b)	Address of issuer's principal executive offices: 516 2nd Avenue, Suite 401, Fairbanks, Alaska 99701
Item 2.
(a)	Name of person filing: Queen's Road Capital Investment Ltd.
(b)	Address or principal business office or, if none, residence: Cheung Kong Centre Suite 2006, 2 Queen's Road Centre Hong Kong, Hong Kong
(c)	Citizenship: The reporting person is a Cayman Islands corporation
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 21077F100
Item 4.	Ownership
(a)	Amount beneficially owned: 685,034 common shares 1. This number includes: a. 29,297 outstanding common shares, and b. 655,737 common shares that the reporting person has a right to acquire upon conversion of US$20 million principal amount of the issuer's five-year, 9% unsecured convertible debentures (the "Debentures"). Rule 13d-3(d)(1) provides that securities are deemed to be beneficially owned if one has a right to acquire beneficial ownership of those securities within 60 days, including through the conversion of a security. The Debentures are convertible at a price of US$30.50 per common share, and thus the reporting person has the right to acquire 655,737 common shares upon conversion of the Debentures. 2. This number does not include the common shares that will be issuable to the reporting person in the future in partial payment of interest on the Debentures. Interest is payable on the Debentures in quarterly installments in arrears on January 31, April 30, July 31 and October 31 of each year. A portion of the interest (equal to 2% per annum) will be payable in common shares issuable at a price equal to the 20-day volume weighted average trading price (the "VWAP") of the common shares on the exchange on which the common shares are trading that has the greatest trading volume, ending three trading days preceding the date such interest payment is due.
(b)	Percent of class: 4.39% This percentage was calculated based on a total of 14,962,410 common shares outstanding as of December 31, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 685,034
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 685,034
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Queen's Road Capital Investment Ltd.

Signature:	/s/ Alex Granger
Name/Title:	President
Date:	02/06/2026

FAQ

What stake in Contango ORE (CTGO) does Queen's Road Capital report?

Queen's Road Capital reports beneficial ownership of 685,034 Contango ORE common shares, or 4.39% of the class. This percentage is calculated using 14,962,410 shares outstanding as of December 31, 2025, and includes both currently held and convertible debenture-linked shares.

How is Queen's Road Capital's 685,034-share position in CTGO composed?

The 685,034-share position combines existing shares and a conversion right. It consists of 29,297 outstanding common shares plus 655,737 shares that Queen's Road can acquire by converting US$20 million of five-year, 9% unsecured convertible debentures at US$30.50 per share.

Does Queen's Road Capital include interest-related CTGO shares in its 13G total?

No, the reported 685,034 shares exclude common shares payable as future interest on the debentures. A 2% portion of interest is to be paid in shares based on a 20-day volume-weighted average price, but those future issuances are not counted in the current ownership figure.

Is Queen's Road Capital seeking control of Contango ORE (CTGO)?

Queen's Road Capital states its CTGO securities are not held to change or influence control. It certifies the holdings are passive and not connected with any transaction aimed at controlling the issuer, other than potential activities tied to a nomination process under specified proxy rules.

What voting and dispositive power does Queen's Road hold over its CTGO shares?

Queen's Road Capital has sole voting and sole dispositive power over 685,034 CTGO shares. It reports no shared voting or shared dispositive authority, indicating that decisions to vote or dispose of these securities rest solely with the reporting entity.

Why does the Schedule 13G for CTGO note ownership of 5 percent or less?

The filing confirms Queen's Road Capital owns 5 percent or less of Contango ORE's common shares. With a 4.39% stake based on 14,962,410 shares outstanding, the position falls below the 5% threshold that typically marks larger significant shareholdings.