Business
Final Results
Final Results.
About this update from Contango Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0585U\n Contango Holdings PLC\n 30 November 2021\n \n \n \n \n Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources\n \n \n \n \n \n 30 November 2021\n \n \n Contango Holdings Plc\n \n \n ('Contango' or the 'Company')\n \n \n \n \n \n Audited Results for the Year Ended 31 May 2021\n \n \n \n \n \n Contango Holdings plc, the London listed natural resource development company, is pleased to announce its audited results for the year ended 31 May 2021.\n \n \n A copy of the full report and accounts will be uploaded shortly to the Company's website at www.contango-holdings-plc.co.uk.\n \n \n \n \n \n Chairman's Report\n \n \n \n \n The year under review has been a highly active period for Contango Holdings Plc and saw the Group achieve various milestones in our wider investment and growth strategy. After identifying and reviewing a number of opportunities, Contango successfully acquired two high value gold assets, whilst continuing to advance the Lubu Coking Coal Project (\"Lubu\") in Zimbabwe. The addition to Contango's portfolio of the Garalo Gold Project (\"Garalo\") in October 2020 and the Ntiela Gold Project (\"Ntiela\") in March 2021, located adjacent to each other in one of Africa's largest gold producing regions in Mali, has significantly strengthened the Company's portfolio as it looks to transition into a cash generative mining group in 2022. \n \n \n The work completed during the period at Garalo has returned exceptional results; far exceeding the internal estimates and expectations we had in place at the time of acquisition. A key development for us was the publication of the independent technical report in March 2021, which confirmed a new model for gold formation and highlighted the potential for up to 2Moz at the mine, with gold structures nearly identical to those at the nearby Kalana gold deposit being developed by Endeavour Mining. Following this report and the earlier December 2020 report, which returned a 460% uplift from our previous estimated potential gold resource, we have expanded both the near term production case and also begun work to define an even larger development. An initial 20-30,000oz per annum heap leach oxide operation, with margins in excess of US$1,000/oz at current gold prices, is being evaluated to b...