Contango ORE, Inc. - CTGO STOCK NEWS

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.

Contango ORE, Inc. (CTGO) has reported changes to the projected 2022 budget for its 30% interest in Peak Gold, LLC. The spending program has decreased from $47.9 million to approximately $26 million, with CTGO's share now around $7.8 million. This reduction is attributed to inflation and labor market constraints in Alaska. Despite the budget cut, the feasibility study for the Manh Choh Project remains on track for 2022, with production expected to start in 2024. The company continues to progress its Lucky Shot project while addressing the challenges posed by inflation.

Contango ORE, Inc. (CTGO) reported a net loss of $(4.9) million or $(0.72) per share for Q4 2021, compared to a loss of $(3.2) million or $(0.53) per share year-over-year. For the six months ended December 31, 2021, the loss was $(9.4) million versus a net income of $30.2 million for the same period in 2020. The decrease was primarily due to a prior year gain from equity interest sales. The company reported cash reserves of $21.9 million as of December 31, 2021, and filed its 10-Q with the SEC.

Contango ORE, Inc. (CTGO) reviews its 2021 accomplishments and outlines plans for 2022. Highlights include the advance of the Manh Choh project towards feasibility, acquisition of the Lucky Shot project, and ongoing exploration of early-stage properties. The PGJV plans a significant $48 million program for Manh Choh in 2022, with construction set to start during summer. The company aims to outline 500,000 to 1 million ounces of gold resources at Lucky Shot. Additionally, they reported a successful year despite COVID challenges, enhancing their profile with an up-listing to the NYSE American exchange.

Contango ORE, Inc. (CTGO) announced that its common stock has been approved for listing on the NYSE American, with trading expected to commence around November 24, 2021. This transition will enhance the company's profile in US capital markets, broadening investor reach and improving liquidity for current shareholders. Concurrently, CTGO will cease trading on the OTC Markets, and shareholders are not required to take any action. The company explores gold and minerals in Alaska, holding significant land leases and interests.

Contango ORE, Inc. (CTGO) held its annual stockholders' meeting on November 11, 2021, where directors including Brad Juneau and Rick Van Nieuwenhuyse were elected for another year. Key proposals approved include the appointment of Moss Adams LLP as independent auditors and the advisory vote on executive compensation. The company reported a net loss of $4.6 million for Q3 2021, a significant drop from a net income of $33.4 million the previous year. CORE plans significant projects at its Manh Choh and Lucky Shot properties, with an expected up-listing on the NYSE American by year-end.