Business
Contango ORE Announces Year End Results
HOUSTON / Sep 13, 2023 / Business Wire / Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) announced today it filed its Form 10-K for the y
About this update from Contango Silver & Gold Inc.
[{"type":"text","content":"HOUSTON / Sep 13, 2023 / Business Wire / Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) announced today it filed its Form 10-K for the year ended June 30, 2023 with the Securities and Exchange Commission. The Company reported a net loss of $39.7 million or a loss of $5.61 per basic and diluted share for the year ended June 30, 2023 compared to a net loss of $23.5 million or a loss of $3.49 per basic and diluted share for the prior year. The primary reason for the increase in net loss in 2023 is due to an increase in pre-production costs for development and construction at the Company’s 30% interest in the Manh Choh mine, which is being operated by Kinross Gold Corporation (‘Kinross”). During the year ended June 30, 2023, the Company completed the following: Entered into a Credit and Guaranty Agreement with ING Capital LLC and Macquarie Bank Limited for a senior secured loan facility of up to $70 million, of which $65 million is committed and subject to certain conditions, to fund its portion of the pre-production construction and working capital/operating expenditures for the Manh Choh mine in Alaska (\"Manh Choh\"), which is owned and operated by Peak Gold, LLC (the “Peak Gold JV”); The Company contributed $21.1 million to the Peak Gold JV for expenditures at the Manh Choh mine. The Manh Choh mine celebrated the commencement of mining operations with a ground-breaking ceremony on August 29, 2023. Construction to date remains on schedule and on budget with production anticipated by the second half of 2024; The Company completed an exploration program at the Lucky Shot project, drilling 29 exploration holes on the property, with all 29 holes intersecting the Lucky Shot vein structure. Subsequent to year end, in August 2023, the Company commenced on a surface drilling program on the Coleman segment of the Lucky Shot vein; The Company completed an SK-1300 Technical Report Summary for the Manh Choh project and issued an initial S-K 1300 Resource Technical Report Summary for the Lucky Shot project; The Company raised net proceeds of $18 million from the issuance of shares and the exercise of warrants; and Subsequent to year end, on July 26, 2023, the Company closed an underwritten public offering for gross proceeds of $30.4 million. ABOUT CONTANGO Contango is a NYSE American listed company that engages in expl...