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Contango ORE, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $9,712,416, compared to a net loss of $13,149,227 in the same quarter the previous year.
Total expenses for the quarter were $5,786,873, up from $4,005,590 in the previous year, primarily due to increased exploration expenses.
The company reported income from its equity investment in Peak Gold, LLC of $28,525,857 for the quarter, compared to a loss of $5,609,288 in the previous year.
Interest expense for the quarter was $3,683,150, up from $847,983, due to increased borrowings.
Contango recorded a loss of $28,844,179 on derivative contracts, compared to a loss of $2,725,411 in the previous year.
Cash provided by operating activities was $10,639,082, while cash used in investing and financing activities was $31,914,758 and $41,939,091, respectively.
The company had a working capital of $37,484,716 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details acquisitions, including the purchase of HighGold Mining Inc. and Avidian Gold Alaska Inc., and outlines the company's ongoing exploration projects.
Contango does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Contango continues to focus on its exploration activities and highlights its dependence on strategic partnerships and acquisitions for growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Contango ORE Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.