Contango Ore price target raised to $26 from $22 at Roth Capital

Roth Capital raised the firm’s price target on Contango Ore (CTGO) to $26 from $22 and keeps a Buy rating on the shares. The firm notes that the company’s financial results in Q1 show improving gold production from the Manh Choh project. It is using cash flow to reduce debt and hedge contracts. This is Contango’s primary focus in 2025, with the potential to fund exploration drilling at its Lucky Shot project and maintain its schedule for permitting and developing Johnson Tract. With a potential pit expansion at Manh Choh, due to exploration and a lower cutoff rate, Contango perceives a longer mine life with additional cash flow, Roth adds.