Contango Ore, Inc.

Contango Ore, Inc. (CTGO) reported a net loss of $36.1 million for FY 2025, ending December 31, 2025, compared to implied improvement from prior equity income growth but offset by significant derivative losses. Key drivers included $88.6 million income from equity investment in Peak Gold, LLC, yielding total income from operations of $69.1 million after $19.5 million total expenses, but marred by $109.1 million loss on derivative contracts and $7.6 million interest expense, resulting in $104.9 million total other expenses and a $35.8 million pre-tax loss, partially offset by $303K tax benefit. Basic and diluted net loss per share was $3 on 12.9 million weighted average shares. Balance sheet strengthened with $172.0 million total assets, including $64.8 million cash, $47.1 million Peak Gold investment, and $25.1 million stockholders' equity, against $146.9 million liabilities dominated by $103.7 million derivative and debt liabilities. Cash flow positive at $25.7 million from operations, supported by $102.0 million Peak Gold distributions. Forward-looking, 2026 gold production guidance is 40,000-45,000 oz (30% share) with cash costs $1,900-$2,000/oz; pending Dolly Varden acquisition to create merger-of-equals with $397.5 million share value.

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