Contango Silver & Gold (CTGO) Q1 2026 earnings summary

Executive summary

• Completed acquisition and merger with Dolly Varden Silver Corporation, expanding mineral assets in British Columbia and increasing shareholder base by 48%.

• Manh Choh Project in Alaska continued production, with 6,187 oz of gold attributable and $9.0 million in cash distributions received from Peak Gold JV in Q1 2026; harsh winter conditions impacted throughput and costs, but a high-production phase is expected for the remainder of the year.

• Advanced exploration and development at Johnson Tract, Lucky Shot, and Kitsault Valley, with significant drilling, feasibility studies, and permitting milestones underway.

• Maintained strong liquidity with $97.5 million in cash and working capital of $21.9 million as of March 31, 2026.

Financial highlights

• Reported net loss of $14.3 million for Q1 2026, an improvement from $22.5 million loss in Q1 2025, including a $19.0 million loss on derivative contracts.

• Income from equity investment in Peak Gold JV was $12.8 million, down from $22.3 million year-over-year due to lower ounces sold.

• Total assets increased to $496.2 million, reflecting the Dolly Varden acquisition.

• Cash on hand increased to $97.5 million as of March 31, 2026, up from $64.8 million at December 31, 2025.

• Net cash used in operating activities was $49.6 million, with $30.8 million provided by investing and $51.4 million from financing activities in Q1 2026.

Outlook and guidance

• Peak Gold JV/Manh Choh is on track for 40,000–45,000 oz gold production in 2026, with 2027 guidance at 75,000–80,000 oz and cash costs of $1,200–$1,300/oz for 2027.

• 2026 cash costs are expected at $1,900–$2,000/oz and AISC at $2,200–$2,300/oz.

• Kitsault Valley Project to begin a $25 million, 40,000-meter drilling campaign in Q2 2026, with a resource estimate expected by late June.

• Lucky Shot feasibility study expected in H1 2027, targeting 40,000–50,000 oz annual gold production.