# Contango Silver & Gold Inc. (CTGO) Informational only - not investment advice. CIK: 0001502377 SIC: 1040 Gold and Silver Ores SIC breadcrumb: [Mining](/division/B/) > [Metal Mining](/major-group/10/) > [SIC 1040 Gold and Silver Ores](/industry/1040/) Latest 10-K filed: 2026-03-16 SEC page: https://www.sec.gov/edgar/browse/?CIK=1502377 Filing source: https://www.sec.gov/Archives/edgar/data/1502377/000119312526107141/ctgo-20251231.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CTGO | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | ROE | -143.8% | -24.5% | 0 | 16 | | ROA | -21.0% | -12.3% | 40 | 16 | | Liabilities / equity | 5.85 | 0.40 | 100 | 16 | | Current ratio | 0.90 | 8.44 | 0 | 16 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 10 Metal Mining, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Net income | -36086645 | USD | 2025 | 2026-03-16 | | Assets | 171951227 | USD | 2025 | 2026-03-16 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001502377.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net income | | | | | -1,220,218 | -2,836,453 | -6,188,810 | -8,355,839 | -9,240,041 | 23,869,123 | -23,506,650 | -59,107,307 | -38,030,291 | -36,086,645 | | Operating income | | | | | | | | | | | | -33,095,668 | 26,277,561 | 69,076,664 | | Diluted EPS | -0.70 | -1.82 | -2.35 | | | | | | -1.43 | 3.82 | -3.49 | -7.14 | -3.49 | -2.80 | | Operating cash flow | | | | -8,565,468 | | -1,142,840 | -1,001,060 | -1,070,147 | -1,392,068 | -8,378,406 | -13,945,455 | -13,565,143 | 698,987 | 25,734,054 | | Capital expenditures | 0.00 | 75,000 | 150,000 | 0.00 | | | | | | | | 8,048 | 23,667 | | | Assets | | | | | 1,312,654 | 5,367,540 | 13,966,476 | 8,761,853 | 3,084,162 | 35,970,880 | 37,293,985 | 58,591,628 | 133,892,263 | 171,951,227 | | Liabilities | | | | | | | | | 1,089,395 | 1,422,105 | 24,019,942 | 73,136,173 | 132,619,618 | 146,852,938 | | Stockholders' equity | | | | | 1,198,916 | 5,230,121 | 13,710,072 | 83,425,642 | 1,994,767 | 34,548,775 | 13,274,043 | -14,544,545 | 1,272,645 | 25,098,289 | | Cash and cash equivalents | | | | | 1,254,489 | 5,191,749 | 13,810,805 | 8,600,658 | 3,011,918 | 35,220,588 | 23,095,101 | 15,504,819 | 20,058,477 | 64,837,617 | | Free cash flow | | | | -8,565,468 | | | | | | | | -13,573,191 | 675,320 | | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | | | | -101.78% | -54.23% | -45.14% | -10.02% | -463.21% | 69.09% | -177.09% | | | -143.78% | | Return on assets | | | | | -92.96% | -52.84% | -44.31% | -95.37% | | 66.36% | -63.03% | -100.88% | -28.40% | -20.99% | | Liabilities / equity | | | | | | | | | 0.55 | 0.04 | 1.81 | | | 5.85 | | Current ratio | | | | | 11.54 | 39.06 | 54.47 | 20.90 | 2.83 | | 15.80 | 1.29 | 0.29 | 0.90 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/CTGO/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001502377.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2015-Q3 | 2015-03-31 | 750,000 | | | reported discrete quarter | | 2022-Q3 | 2022-03-31 | | | -1.01 | reported discrete quarter | | 2023-Q1 | 2022-09-30 | | | -1.05 | reported discrete quarter | | 2023-Q2 | 2022-12-30 | | | -2.10 | reported discrete quarter | | 2023-Q3 | 2022-12-31 | | -14,308,531 | | reported discrete quarter | | 2023-Q3 | 2023-03-31 | | | -1.09 | reported discrete quarter | | 2023-Q4 | 2023-06-30 | | -10,415,512 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | -20,497,239 | -2.14 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | | -18,545,753 | -1.90 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | | -9,712,416 | -0.81 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | | 10,725,117 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | | -22,548,325 | -1.88 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | | 15,924,865 | 1.24 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | | -5,392,948 | -0.44 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | | -24,070,237 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | | -14,305,590 | -0.83 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | | 4,786,987 | 0.14 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CTGO's latest 10-K: [/company/CTGO/business/](/company/CTGO/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CTGO's latest 10-K: [/company/CTGO/risk-factors/](/company/CTGO/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1502377/000119312526349539/ctgo-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-13 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the accompanying notes and other information included in our Form 10-K for the year ended December 31, 2025, previously filed with the SEC. Cautionary Statement about Forward-Looking Statements Some of the statements made in this report may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words and phrases “should be”, “will be”, “believe”, “expect”, “anticipate”, “estimate”, “forecast”, “goal” and similar expressions identify forward-looking statements and express our expectations about future events. Any statement that is not historical fact is a forward -looking statement. These include such matters as: • The Company’s financial position; • Business strategy, including outsourcing; • Impacts from the Company’s future acquisition of new mining properties or businesses, including the merger with Dolly Varden Silver Corporation; • Meeting the Company's forecasts and budgets; • Anticipated capital expenditures and the availability of future financing; • Risk in the pricing or timing of hedges the Company has entered into for the production of gold and associated minerals; • Prices of gold and associated minerals; • Timing and amount of future discoveries (if any) and production of natural resources on the Contango Properties and the Peak Gold JV Property; • Operating costs and other expenses; • Cash flow and anticipated liquidity; • The Company’s ability to fund its business with cash flows from operations and current cash reserves; • Prospect development; • Operating and legal risks; • New governmental laws and regulations; and • Pending and future litigation. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, such expectations may not occur. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside of our control, that may cause our actual results, performance or achievements to be materially different from future results expressed or implied by the forward-looking statements. In addition to the risk factors described in Part II, Item 1A. Risk Factors, of this Form 10-Q and Part I, Item 1A. Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2025, these factors include among others: • Availability and ability to raise capital to fund capital expenditures; • Ability to repay indebtedness when due; • Ability to retain or maintain capital contributions to, and our relative ownership interest, in the Peak Gold JV; • Ability to influence management of the Peak Gold JV; • Ability to consummate and realize the anticipated benefits of strategic transactions, including the Dolly Varden merger; • Transition of Dolly Varden’s management to the Company, including as it relates to maintenance of business and operational relationships; • Potential delays or changes in plans with respect to exploration or development projects or capital expenditures; • Operational constraints and delays; 26 Table of Contents • Exploration and operational risks associated with the mining industry; • Timing and successful discovery of natural resources; • Declines and variations in the price of gold and associated minerals, as well as price volatility for natural resources; • Potential mechanical failure or under performance of facilities and equipment; • Weather; • Ability to find and retain skilled personnel; • Worldwide economic conditions; • Federal and state legislation and regulation that affects or restricts mining development and activities; • Impact of new and potential mining operating and safety standards; • Environmental and regulatory, health and safety risks; • Uncertainties of any estimates and projections relating to any future production, costs and expenses (including changes in the cost and/or availability of fuel, power, materials, and supplies); • Timely and full receipt of sale proceeds from the sale of any of our mined products (if any); • Stock price and interest rate volatility; • Actions or inactions of third-parties; • Strength and financial resources of competitors; • Expanded rigorous monitoring and testing requirements; • Ability to obtain insurance coverage on commercially reasonable terms; and • Risks related to title to properties. You should not unduly rely on these forward-looking statements in this report, as they speak only as of the date of this report. Except as required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances occurring after the date of this report or to reflect the occurrence of unanticipated events. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. 2026 Highlights and Recent Developments Dolly Varden Merger On December 7, 2025, Contango and Dolly Varden entered into the Arrangement Agreement, which was subsequently amended on February 11, 2026. Pursuant to the Arrangement Agreement, Contango agreed to acquire all of the issued and outstanding common shares of Dolly Varden in exchange for Contango common shares at an Exchange Ratio of 0.1652 Contango shares for each Dolly Varden share. Dolly Varden was amalgamated under the Business Corporations Act (British Columbia) on January 30, 2012. Dolly Varden is a mineral exploration company focused on the acquisition and exploration of mineral properties in Canada. Dolly Varden’s primary asset is its 100%‑owned Kitsault Valley Project, which includes the Dolly Varden property and the Homestake Ridge property, located in the Golden Triangle of British Columbia, Canada, approximately 25 kilometers by road to tidewater. The 163‑square‑kilometer Kitsault Valley Project hosts high‑grade silver and gold resources and includes the past‑producing Dolly Varden and Torbrit silver mines. In addition to the Kitsault Valley Project, Dolly Varden has consolidated a land package of six additional exploration properties in the same region. These properties have historically been explored for gold, copper, silver, lead and zinc. Including the Kitsault Valley Project and these additional properties, Dolly Varden holds mineral tenures totaling approximately 100,000 hectares within the region. Immediately prior to the closing of the Arrangement, all outstanding restricted share units of Dolly Varden vested and were settled for Dolly Varden Shares. All outstanding Dolly Varden Options were exchanged for Contango stock options, adjusted to reflect the Exchange Ratio. Eligible Canadian stockholders of Dolly Varden were entitled to elect to receive exchangeable shares in a Canadian subsidiary of Contango, which are exchangeable on a one for one basis into Contango common shares, in lieu of receiving Contango Shares directly. 27 Table of Contents On March 17, 2026, the shareholders of Dolly Varden and Contango voted to approve the acquisition, which was subsequently approved by the Supreme Court of British Columbia on March 23, 2026. The acquisition was completed on March 26, 2026, following the satisfaction of all remaining legal and regulatory requirements. Manh Choh Project In July 2024, the Peak Gold JV commenced processing ore at the Fort Knox facility and on July 8, 2024, the Manh Choh Project achieved a significant milestone and poured its first gold bar, on schedule. In 2024, the Company received $40.5 million in cash distributions from the Peak Gold JV relating to production at Manh Choh, followed by $102.0 million received during 2025. During the first and second quarters of 2026, the Company received $9.0 million in cash distributions from the Peak Gold JV, for each quarter, respectively, resulting in $18.0 million in total cash distributions relating to production at Manh Choh during 2026. During the first quarter of 2026, the Peak Gold JV (on a 100% basis) processed 187,479 tons of ore with an average grade of 0.125 ounces (“oz”) per ton, containing approximately 23,435 oz of gold. Gold recovery averaged 88.5%, resulting in approximately 20,600 oz of recovered gold, of which Contango’s 30% share amounted to 6,187 oz of gold. During the first quarter of 2026, a total of 8,012 oz of gold and 15,042 oz of silver were delivered to Contango and sold. During the second quarter of 2026, the Peak Gold JV (on a 100% basis) processed 253,494 tons of ore with an average grade of 0.145 ounces (“oz”) per ton, containing approximately 36,760 oz of gold. Gold recovery averaged 80.4%, resulting in approximately 29,500 oz of recovered gold, of which Contango’s 30% share amounted to 8,866 oz of gold. During the second quarter of 2026, a total of 8,627 oz of gold and 10,319 oz of silver were delivered to Contango and sold. Johnson Tract Project During the second quarter of 2026, activities at the Johnson Tract Project focused on planning, resourcing, permitting coordination, and logistical preparations in support of the Company’s planned 2026 field program. On December 1, 2025, the Johnson Tract Critical Metals Project was posted to the Federal Permitting Dashboard as a covered project under Title 41 of the Fixing America’s Surface Transportation Act, commonly referred to as FAST-41. The Federal Permitting Improvement Steering Council announced the project’s FAST-41 coverage on December 2, 2025. The U.S. Army Corps of Engineers ("Corps") is identified as the lead federal permitting agency for the project. During the second quarter of 2026, the Company advanced planning activities for the proposed 2026 field season, including solicitation and review of bids for road construction and helicopter support associated with planned access improvements between the Johnson Tract camp and the proposed portal site. These activities are intended to support the Company’s operational timeline and continued advancement of the project through the permitting and development planning process. Lucky Shot Property In November 2025, the Company mobilized a drill rig at the Lucky Shot mine site to commence the first phase of a 15,000-meter underground in-fill drilling program. The Company began reporting assay results from this program during the first quarter of 2026. This drilling program, along with detailed engineering, hydrology and geotechnical studies is expected to support the preparation of a feasibility level mine and transportation plan for Lucky Shot, with an objective of targeting to produce 40,000 to 50,000 ounces of gold per year using the Direct Shipping Ore (DSO) approach, assuming positive exploration success. The Company expects to complete the feasibility study in the first half of 2027 and make a production decision in 2027. In June 2026, the Company compiled final assay results from the initial phase of the drilling program. The final assay results include several significant gold intercepts from the Lucky Shot vein system, highlighted by 0.17 meters grading 972.10 grams per tonne (“g/t”) gold (“Au”) in drill hole LSU26091. The intercept encountered the L1d Vein and included visible gold observed during core logging. Underground exploration development work has re-commenced at Lucky Shot, with our contract miner, GMS Mine Repair & Maintenance, Inc. (“GMS”) mobilized to site and currently advancing exploration access and future underground drill platforms. The Lucky Shot surface drill program commenced on June 22, 2026 with the mobilization of two helicopter-supported drill rigs to site. A total of 29 holes across five drillin [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1502377/000119312526107141/ctgo-20251231.htm Complete FY 2025 MD&A: /company/CTGO/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-03-16 Report date: 2025-12-31 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the related notes and other information included elsewhere in this report. Overview The Company engages in exploration for gold, silver, and copper ores in Alaska. The Company’s largest asset is a 30% membership interest in the Peak Gold JV, which leases approximately 675,000 acres from the Tetlin Tribal Council and owns approximately 13,000 State of Alaska mining claims for exploration and development through its wholly-owned subsidiary, CORE Alaska. The Company’s wholly-owned subsidiary, Contango Minerals, controls 100% interest in the mineral rights to approximately 84,580 acres of State of Alaska mining claims located north and northwest of the Manh Choh Project. The Company is actively working to acquire additional properties for exploration. In July 2024, the Peak Gold JV commenced ore mining at the Manh Choh Project and processing of the ore at the Fort Knox mill. On July 8, 2024, Manh Choh Project achieved a significant milestone and poured its first gold bar, on schedule. During 2024, the Company received $40.5 million in cash distributions from the Peak Gold JV relating to the production at Manh Choh. During 2025, the Company received $102.0 million in cash distributions from the Peak Gold JV relating to the production at Manh Choh. The Peak Gold JV believes that Manh Choh will be mined over approximately five years. Recent Developments Dolly Varden Acquisition Dolly Varden Silver Corporation (“Dolly Varden”) was amalgamated under the Business Corporations Act (British Columbia) on January 30, 2012. Dolly Varden’s primary activity is the acquisition and exploration of mineral properties in Canada. Dolly Varden is a mineral exploration company focused on exploration and advancing its 100% owned Kitsault Valley project (the “Kitsault Valley Project”), which includes the Dolly Varden property and the Homestake Ridge property located in the Golden Triangle of British Columbia, Canada, 25 kilometers (“km”) by road to tide water. The 163-square km Kitsault Valley Project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past-producing Dolly Varden and Torbrit silver mines. In addition to the Kitsault Valley Project, Dolly Varden has consolidated a land package of six other properties in the same region as the Kitsault Valley Project. These six properties have historically been explored for gold, copper, silver, lead and zinc. Including the Kitsault Valley Project and the recent acquisitions, Dolly Varden now holds a combined area of 100,000 hectares within the region. On December 8, 2025, Contango and Dolly Varden entered into the Arrangement Agreement in respect of the Arrangement. Under the terms of the Arrangement Agreement, Contango will acquire all of the issued and outstanding Dolly Varden Shares at the Exchange Ratio. The estimated fair value of the shares to be issued based on information available as of December 8, 2025 is $397.5 million. Immediately prior to Closing, all Dolly Varden RSUs will vest and be settled for Dolly Varden Shares. Pursuant to the Arrangement, all outstanding Dolly Varden Options will be exchanged for stock options to acquire Contango Shares, adjusted to reflect the Exchange Ratio. Eligible Canadian stockholders of Dolly Varden will be able to elect to receive exchangeable shares in a Canadian subsidiary of Contango, which will be exchangeable into Contango Shares, instead of the Contango Shares to which they would otherwise be entitled. Upon completion of the Arrangement, existing Contango Stockholders and former Dolly Varden Shareholders will own approximately 50.001% and 49.999% each of the combined company, respectively, using the fully diluted in-the-money treasury-stock-method (based on the number of Dolly Varden and Contango securities outstanding as of the date of the Arrangement Agreement). The Arrangement will be effected pursuant to a court-approved plan of arrangement under the BCBCA and will require approval by (i) the Court, (ii) 66 2/3% of the votes cast by Dolly Varden Shareholders at a special meeting of Dolly Varden Shareholders expected to be held in the first quarter of 2026, and (iii) the affirmative vote of a majority of the Contango Shares present in person or by proxy at the special meeting of Contango Stockholders, expected to be held in the first quarter of 2026, and entitled to vote thereon. 55 In addition to the approval of the Court and the Dolly Varden and Contango stockholders, the Arrangement is subject to the receipt of applicable regulatory and exchange approvals (including approval of the NYSE American and TSXV), and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Arrangement is expected to close in the first quarter of 2026. The Arrangement Agreement includes customary deal protections, including reciprocal fiduciary-out provisions, non-solicitation covenants and the right to match any superior proposals. A reciprocal Termination Fee in the amount of $15 million is payable by either party in certain circumstances as set out in the Arrangement Agreement. As of December 31, 2025, the Company has accrued and capitalized $2.2 million in connection to transaction costs that are direct and incremental costs to the Arrangement. Manh Choh Project During 2025, the Peak Gold JV (on a 100% basis) processed 1,069,000 tons of ore with an average grade of 0.20 oz per ton and containing approximately 216,800 oz of gold. Gold recovery averaged 93%, resulting in approximately 198,500 oz of recovered gold, of which Contango’s 30% share amounts to approximately 59,500 oz of gold. During 2025, 57,800 oz of gold and 57,315 ounces of silver were delivered to Contango and sold. Below table summarizes production results from the Manh Choh Project, based on the Company's 30% interest in the Peak Gold JV: [[GREPCENT_TABLE]] [["Contango ORE Inc.'s Share (30% basis)","","Fiscal Year Ended December 31,"],["","","2025","","Units"],["Gold ounces sold","","","57,800","","oz"],["Silver ounces sold","","","57,315","","oz"],["Total gold sales","","$","196,653,253"],["Total silver sales","","$","2,313,217"],["Average realized gold price","","$","3,400","","per oz sold"],["Gold ounces sold at spot price","","","14,061","","oz"],["Gold ounces delivered into hedge contracts","","","43,739","","oz"],["Remaining balance of hedged gold ounces","","","43,000","","oz"],["Cash distributions received from Peak Gold JV","","$","102,000,000"],["Cash costs on By-Product basis, per ounce","","$","1,459","","per oz sold"],["AISC on By-Product basis, per ounce","","$","1,616","","per oz sold"]] [[/GREPCENT_TABLE]] 2026 and 2027 Production Guidance The Company’s share of gold production from the Manh Choh mine is estimated to range from 40,000 to 45,000 oz of gold for the fiscal year 2026, with cash costs estimated to range from $1,900 to $2,000 per oz of gold sold, and 75,000 to 80,000 oz of gold production for the fiscal year 2027, with cash costs estimated to range from $1,200 to $1,300 per oz of gold sold. Higher estimated fiscal year 2026 cash costs are the result of lower gold production in 2026, larger royalty payments due to the increasing gold price and, to a lesser degree, higher costs associated with wages and consumables. Given the ongoing conflict in Iran and resulting volatility in global energy markets, forecast fuel prices could move either higher or lower relative to 2025, and current conditions make the direction of change uncertain. The current gold market is creating exciting opportunities for the Company. While the Company is seeing a slight rise in labor and royalty costs, driven largely by higher gold prices, the overall financial picture is strong: • Cash Distributions: The Company anticipates robust distributions from the Peak Gold JV, projected to range between $48 million to $54 million in fiscal year 2026 and rising to a range of $165 million to $175 million in fiscal year 2027 (based on a $3,700/oz gold price assumption). • Becoming Debt-Free and Hedge-Free: Contango is scheduled to deliver 11,000 oz of gold into its hedge contracts in fiscal year 2026, representing approximately 25% of fiscal year 2026 gold production and to deliver 15,000 oz of gold into hedge contracts in fiscal year 2027, representing approximately 19% of production in FY 2027. The Company plans to become fully unhedged in fiscal year 2026 by early delivering the remaining 15,000 oz by the end of fiscal year 2026. In addition, the Company is scheduled to completely pay off its Credit Facility by early 2027. 56 Gold Production Guidance (Estimates) [[GREPCENT_TABLE]] [["","","2026","","","2027"],["Peak Gold JV (on a 100% basis)1","","Guidance","","","Guidance"],["Total tons mined","","","15.50","","","","3.00","","","M ton"],["Ore tons mined","","","1.21","","","","1.18","","","M ton"],["Gold oz mined","","","225,000","","","","307,000","","","oz"],["Gold grade mined","","","0.19","","","","0.26","","","oz/t"],["Ore tons processed","","","990,000","","","","1,096,000","","","ton"],["Gold grade processed","","","0.16","","","","0.27","","","oz/t"],["Gold recovery (%)","","","93.00","","","","88.00","","","%"],["Gold production","","","142,700","","","","261,500","","","oz"],["Silver production","","","185,800","","","","288,000","","","oz"],["Contango\u2019s Share (on a 30% basis)1"],["Gold oz production guidance","","40,000 to 45,000","","","75,000 to 80,000","","","oz"],["Principal debt repayments","","$4.0 million","","","$10.0 million"],["Gold oz delivered into hedge contracts3","","","11,000","","","","15,000","","","oz"],["Remaining hedge contract","","","15,000","","","","\u2014","","","oz"],["Cash distributions from Peak Gold JV2","","$48.0 million to $54.0 million","","","$165.0 million to $175.0 million"],["Cash Costs and AISC Guidance (30% basis)"],["Cash costs on a by-product basis, per oz sold2","","$1,900 to $2,000","","","$1,200 to $1,300"],["AISC on a by-product basis, per oz sold2","","$2,200 to $2,300","","","$1,300 to $1,400"],["Remaining LOM AISC","","$1,700 to $1,800","","","$1,700 to $1,800"]] [[/GREPCENT_TABLE]] Notes: 1. Certain numbers have been rounded for presentation purposes. 2. Based on current assumptions, including gold price of $3,700 per oz and current operating costs being achieved. 3. On February 12, 2026, the Company paid $46.4 million to settle gold hedge contracts for 15,446 ounces with an average strike price of $2,025 per ounce with maturities ranging between March and September 2026. This transaction resulted in a reduction of the 2026 hedges balance to 11,000 ounces. Cash Cost on a By-Product Basis and All-In Sustaining Costs on a By-Product Basis (non-GAAP Measure) Cash Cost on a By-product Basis includes all direct and indirect operating cash costs related directly to the physical activities of producing gold, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. The value of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by‐product. AISC on a By-product Basis includes reclamation, sustaining capital, exploration and joint venture partner operator management costs. Johnson Tract Project During 2025, the Company continued with ongoing work to permit the underground exploration drift along with baseline environmental and engineering work to support permitting a road and barge landing facility within the Transportation and Port Easements granted to Cook Inlet Regional Inc. (CIRI) the underlying land owner. [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CTGO/mda/fy2025/ All MD&A years: /company/CTGO/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CTGO/mda/fy2024/): filed 2025-03-17; accession 0000950170-25-039841 (https://www.sec.gov/Archives/edgar/data/1502377/000095017025039841/ctgo-20241231.htm) - [FY 2023 MD&A](/company/CTGO/mda/fy2023/): filed 2023-09-13; accession 0001437749-23-025785 (https://www.sec.gov/Archives/edgar/data/1502377/000143774923025785/conta20230630_10k.htm) - [FY 2022 MD&A](/company/CTGO/mda/fy2022/): filed 2022-08-31; accession 0001437749-22-021579 (https://www.sec.gov/Archives/edgar/data/1502377/000143774922021579/conta20220630b_10k.htm) - [FY 2021 MD&A](/company/CTGO/mda/fy2021/): filed 2021-08-31; accession 0001437749-21-021206 (https://www.sec.gov/Archives/edgar/data/1502377/000143774921021206/conta20210630b_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1040 Gold and Silver Ores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CTGO.md · JSON record: /company/CTGO.json · verified financials: /company/CTGO/financials.json / /company/CTGO/financials.csv · machine TOC for the whole site: /llms.txt