FAIRBANKS, Alaska, Aug. 13, 2025 /PRNewswire/ – Contango ORE, Inc. (“Contango” or the “Company”) (NYSE:CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-Q for the quarter ended June 30, 2025 (“Q2-2025”) compared with the quarter ended June 30, 2024 (“Q2-2024”).
Rick Van Nieuwenhuyse, President and CEO of the Company, stated, “Production during the second quarter of 2025 continued to exceed quarterly guidance with record high net income of $15.9 million. During the quarter 17,764 ounces of gold was sold with cash costs of $1,416 per ounce of gold sold and all-in-sustaining costs (“AISC”) of $1,548 of gold sold, well below the 2025 target of $1,625 per ounce. The third campaign of 2025 is scheduled to commence on August 14, 2025 with Contango’s share of production expected to be 15,000 ounces of gold. On a 100% basis, the third campaign is expected to process 250,000 tons and an average gold grade of approximately 0.23 ounces per ton (~7 grams per ton).”
Statement of Operations for Q2-2025 compared to Q2-2024:
The Company reported total income for operations of $23.0 million (“M”) in Q2-2025 compared to a loss from operations of $3.1 M for Q2-2024. For Q2-2025, the Company reported net income of $15.9 M or $1.26 per issued share and $1.24 per fully-diluted share. This compares to a net loss of $18.5 M for Q2-2024 or a loss of $1.90 per issued and fully-diluted share. In Q2-2025, Contango sold 17,764 ounces of gold with cash costs on a by-product basis, per ounce (“Cash Costs”) of $1,416 and all-in-sustaining costs per ounce (“AISC”) of $1,548.
Statement of Cash Flows for the Six Months Ended June 30, 2025 compared to June 30, 2024:
Net cash provided from operating activities was $36.9 M for the six months ended June 30, 2025 (“YTD-2025”), a significant improvement compared to net cash used of $6.9 M for the six months ended June 30, 2024 (“YTD-2024”). The increase in net cash provided by operating activities was primarily driven by gold production at the Manh Choh project and the receipt of $54.0 M in cash distributions from the Peak Gold JV. Cash used in investing activities was $159,870 for YTD-2025 compared to $27.2 M in YTD-2024, which related to cash invested in the Peak Gold JV to fund Contango’s share of Manh Choh development costs in 2024. Cash used in financing activities were $20.5 M for YTD-2025, which primarily related to principal repayments of $22.0 M on its credit facility. This compares to cash inflows of $42.7 M in YTD-2024, primarily related to debt drawdowns of $30.0 M on its credit facility and an equity raise of $14.2 M. The Company’s unrestricted cash position as of June 30, 2025 was $36.5 M compared to $20.1 M as of December 31, 2024.
During Q2-2025 and subsequent to period end, the Company has the following updates:
- Manh Choh Project:
- Production results:
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Contango’s Share (30% basis) |
Q2-2025 |
YTD-2025 |
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Gold ounces sold |
17,764 |
35,146 |
oz |
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Silver ounces sold |
15,472 |
28,242 |
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