Contango Ore 2025 Year End Earnings and 26/27 Guidance

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Meeting Overview The meeting featured discussions led by Rick Van Nuenhuis, CEO, and Mike Clark, CFO, of Contango Or, focusing on the company's 2025 year-end earnings, guidance for 2026 and 2027, and financial strategies moving forward. Key topics included cash distributions from the Pico JV, cost projections, and the impact of operational changes on future earnings. Key Discussion Points - Cash distributions from the Pico JV amounted to $102 million for 2025. - The company's unrestricted cash position increased from $20 million to $65 million by the end of the year. - Discussion on the increase in all-in sustaining costs (ASIC) for 2026 due to pre-stripping activities and mine plan changes. - Anticipated inflationary pressures, particularly related to transportation costs and wage increases. - Overview of the capital structure and debt management, with a focus on early debt repayment strategies. - Explanation of the batch processing mechanics at Fort Knox, including a four-month la...

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[Speaker identities could not be resolved; generic labels used] [00:04] Speaker 2: I've got with me today Rick Van Nuenhuis, CEO of Contango Or, and Mike Clark, the company's CFO, to discuss both 2025 year-end earnings and guidance for 2627, [00:13] Speaker 2: among other things. Keep a broad list of topics today. Here's how today's gonna work for those of you in the room. I see at least, jeez, it looks like 40 who have never been in a 6 webinar before. So this next part's mostly for you. [00:24] Speaker 2: I'll say that I've got some questions for the gentlemen just to get us started. The chat is interactive. There's a button in the middle bottom of your screen. If you pop that up, you should be able to ask questions at any time during today's event. We'll try to get to as many as we can. We are trying to stick to about a half an hour today. The recording, we believe will be available about 4 p.m. Eastern time. It'll pop right into your inbox. It'll also be available on Six's YouTube channel at that time. Enough of the boring stuff out of me, I wanna get right into the good stuff. And Mike, that means I will start with you. So you are on mute before you start. The cash distributions from the Pico JV came in at 102 million for 2025. So I'd love if you could walk us through how that flows down to Contango's balance sheet and what the unrestricted cash position looks like today versus where you started the year. [01:09] Speaker 2: You are on mute though, Mike. Sorry. [01:11] Speaker 1: Sorry, on mute. Good morning, Romeo. Thanks for the question. So the way that we account for the Peak Gold JV is equity accounting because we own 30% of it. So, what you see happening is we recognize 30% of the net income of the joint venture, which for 2025 was $88.6M. [01:27] Speaker 1...