Contango Ore (CTGO) Q4 2025 earnings summary

Executive summary

• FY 2025 production from Manh Choh mine totaled 60,200 gold equivalent ounces, in line with guidance, with 57,315 ounces of silver included.

• Reported net loss of $36.1M due to a $46.0M non-cash unrealized loss on derivative contracts; adjusted net income was $73.0M.

• Unrestricted cash position rose to $64.8M at year-end 2025 from $20.0M at year-end 2024.

• Significant progress on debt reduction and hedge contract settlements, with $37.5M in principal repayments and 43,739 ounces delivered into hedge contracts.

• Initiated underground drilling at Lucky Shot and advanced permitting and fieldwork at Johnson Tract.

Financial highlights

• Total income from operations was $69.1M in FY 2025, up from $26.3M in FY 2024.

• Adjusted net income increased to $73.0M from $16.1M year-over-year.

• Net loss per diluted share was $2.80 in FY 2025, compared to $3.49 in FY 2024.

• Net cash provided by operating activities was $25.7M, up from $0.7M in FY 2024, driven by Manh Choh production and $102M in JV distributions.

• Cash used in investing activities dropped to $0.5M from $32.1M year-over-year.

Outlook and guidance

• FY 2026 is a transition year at Manh Choh, with ore tons mined expected to rise 14% and gold ounces mined up 4% year-over-year.

• FY 2026 gold production guidance: 40,000–45,000 oz (Contango's share), with cash costs of $1,900–$2,000/oz; FY 2027 guidance: 75,000–80,000 oz at $1,200–$1,300/oz.

• Cash distributions from Peak Gold JV projected at $48M–$54M in FY 2026 and $165M–$175M in FY 2027, assuming $3,700/oz gold price.

• Company expects to be debt-free and hedge-free by early 2027.

• Lucky Shot feasibility study expected in 12–18 months, with production decision in 2027.