Contango ORE, Inc. - CTGO STOCK NEWS

Contango ORE (NYSE American: CTGO) is highlighted among several mining companies in a BTV-Business Television broadcast. The company is noted for implementing a hybrid royalty model and strategic partnerships to achieve efficient gold mining operations. CTGO's approach involves utilizing existing infrastructure to reduce environmental impact while optimizing production timelines and costs.

Contango ORE reported Q3 2024 financial results, highlighting the commencement of gold production at Manh Choh with its first gold pour on July 8, 2024. The company's unrestricted cash position increased to $36.2M as of September 30, 2024. Gold production is expected near the upper end of 2024 guidance at approximately 38,500 ounces. The company realized an average blended gold price of $2,252 per ounce, with cash costs of $1,181 per ounce. Q3 2024 resulted in a net loss of $9.7M, including a non-cash expense of $22.9M related to unrealized loss on derivative contracts. The Peak Gold JV provided a cash distribution of $19.5M to the company.

Contango Ore Inc (NYSE American: CTGO) has announced its participation in the 50th Annual New Orleans Investment Conference on November 21st at the Hilton New Orleans Riverside. Rick Van Nieuwenhuyse, President & CEO, will deliver an investor presentation and conduct one-on-one meetings with investors. The conference brings together leading analysts and investors, featuring discussions on major asset classes, including Gold.

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.