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Contango ORE Inc. (CTGO+0.29%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, including its 30% interest in the Peak Gold JV, which is actively mining from the Manh Choh Project in Alaska. The JV commenced production in July 2024, and Contango received $40.5 million in cash distributions during the year.
Contango reported a net loss of $38,030,291 for the fiscal year, compared to a loss of $40,766,308 for the six months ended December 31, 2023. The loss is attributed to exploration expenses and general and administrative costs.
The company’s total assets were $133,892,263 as of December 31, 2024, with liabilities totaling $132,619,618. Contango's equity investment in the Peak Gold JV was valued at $60,523,622.
Contango's exploration activities include projects such as the Johnson Tract and Lucky Shot Properties, with exploration expenses totaling $4,059,505 for the year.
The company raised $30 million through debt financing in 2024 and made $7.9 million in principal repayments. It also completed acquisitions of HighGold Mining Inc. and Avidian Gold Alaska Inc., expanding its exploration portfolio.
Contango's cash and restricted cash balance was $20,315,522 as of the end of the fiscal year.
The filing also notes ongoing legal proceedings involving the Peak Gold JV's ore haul plan, including a lawsuit filed by the Committee for Safe Communities and a complaint by the Village of Dot Lake.
Contango's management discussed the company's strategy to focus on exploration and development in Alaska, leveraging its partnerships and maintaining financial flexibility to support its operations.
The report highlights the company's risk factors, including commodity price volatility, regulatory challenges, and the need for additional financing to support future exploration and development activities.
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. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.