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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Contango Ore (CTGO) investor relations material
Contango Ore Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved record operating income of $25 million in Q3-2025, with adjusted net income of $24.9 million and a cash position of $107 million as of September 30, 2025.
Manh Choh mine began commercial production in July 2024, delivering strong cash flows and on-schedule, on-budget execution, with $127.5 million in distributions from Peak Gold JV since production commenced.
Transitioned from explorer to cash-generating producer, advancing two development projects: Lucky Shot (feasibility underway) and Johnson Tract (permitting and feasibility stages).
Johnson Tract's initial assessment shows robust economics with a post-tax NPV5 of $224.5 million, 30.2% IRR, and a 1.3-year payback over a 7-year LOM.
Added to the Global Junior Gold Miners Index (GDXJ) in September 2025.
Financial highlights
Q3-2025 income from operations was $25 million, up from $22.7 million in Q3-2024, with adjusted net income of $24.9 million.
Q3-2025 gold production (30% share) was 17,057 ounces, with 16,669 ounces sold at an average realized spot gold price of $3,647 per ounce.
Cash position surged to $107 million as of September 30, 2025, up from $20 million at year-end 2024, driven by $87 million in distributions from the Peak Gold JV.
Net loss for Q3-2025 was $5.4 million, improved from $9.7 million in Q3-2024, both impacted by non-cash unrealized losses on derivative contracts.
Cash provided by operating activities was $60.2 million for the nine months ended September 30, 2025.
Outlook and guidance
Full-year 2025 gold production guidance (30% basis) is 60,000 ounces, with Q4-2025 guided at 6,000–8,000 ounces.
Lucky Shot feasibility study expected in 12–18 months, with a production decision in 2027 and targeted annual output of 30,000–40,000 ounces.
Johnson Tract aims for 100,000 GEO annual production, with permitting completion in 2 years and production in 5 years.
Sufficient liquidity expected for the next twelve months, supported by ongoing distributions from Peak Gold JV and recent equity financing.
2026 mine plan and guidance to be released in December, with 2026 anticipated as a lower production year due to main pit stripping.
Manh Choh low-grade blending: Next steps?
Lucky Shot: What drives the aggressive timeline?
Future growth: M&A or organic focus?
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Next Contango Ore earnings date
Q4 202513 Mar, 2026
Next Contango Ore earnings date
Q4 202513 Mar, 2026
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