Contango Silver & Gold (CTGO) Q3 2026 earnings summary

Executive summary

• Q3 net loss was $23.0M versus $5.4M a year earlier; 9M net loss was $32.5M versus $12.0M, reflecting higher exploration spending and lower Peak Gold JV earnings.

• Exploration and development advanced across Kitsault Valley, Lucky Shot and Johnson Tract as Manh Choh transitioned from the north pit to the south pit.

• Cash was $56.6M at September 30, 2026, with a $30.0M working capital deficit; management expects liquidity to cover the next 12 months, subject to distributions, market access and operating factors.

Financial highlights

• Q3 loss from operations was $24.2M versus income of $25.0M; net loss was $23.0M, or $0.66 per diluted share, versus $5.4M, or $0.44 per share. Adjusted net loss was $20.9M.

• Exploration expense rose to $26.9M in Q3 from $2.1M and to $43.3M for 9M from $3.8M, reflecting expanded project work.

• Peak Gold JV income was $6.9M in Q3 versus $29.5M and $28.9M for 9M versus $79.2M, driven by lower revenue, fewer ounces sold and higher costs.

• Q3 derivative loss was $2.0M; 9M derivative loss was $10.7M. Adjusted net loss excludes derivative contract losses.

• Operating cash flow used was $109.1M for 9M; cash and restricted cash ended at $56.8M versus $107.1M at the start of the period.

Outlook and guidance

• FY26 attributable production guidance is at the lower end of 40,000 gold-equivalent ounces; the fourth campaign is expected to produce 13,000–15,000 ounces.

• FY26 cash cost and AISC guidance are $2,700/oz and $2,900/oz, respectively; lower ounces and higher diesel, reagents and consumables have lifted costs.

• A further $16M Peak Gold JV distribution is expected in Q4; total 2026 distributions are expected to reach $40M.

• 2027 production and cost guidance is expected later in December; Kitsault Valley and Lucky Shot resource updates are targeted for H1 2027. Johnson Tract underground exploration is scheduled to begin in 2027.