Contango ORE, Inc. - CTGO STOCK NEWS

Contango ORE, Inc. (CTGO) has announced a US$70 million senior secured loan facility arranged with ING Capital and Macquarie to finance pre-production construction and operational costs for the Peak Gold Joint Venture (PGJV) in Alaska. Contango holds a 30% stake in PGJV, which has commenced early work construction after receiving federal permits, with first gold production projected for the second half of 2024. The project features high-grade gold potential and has secured strong interest from lenders. The facility is subject to customary approvals and expected to close in April 2023.

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.