Contango Ore reports Q2 gold sold 17,764 ounces

Contango ORE (CTGO) announces production results at the Peak Gold JV for the quarter ended June 30 and provides other updates. Rick Van Nieuwenhuyse, President and CEO of the Company, stated, “Production during the Q2 continued to exceed quarterly guidance with 17,764 ounces sold and cash costs of $1,416 per ounce of gold sold and all-in-sustaining costs, or AISC, of $1,548 of gold sold, well below the 2025 target of $1,625 per ounce. During the quarter we delivered 11,900 ounces to the hedge contract using the Carry Trade, effectively reducing our hedge balance to 62,900 ounces as of the date of this release.” Van Nieuwenhuyse continued, “Mining operations at Manh Choh are progressing as planned. Guidance for our 30% share of the Peak Gold JV’s 2025 production remains at 60,000 ounces of gold, with life-of-mine average annual production expected to be 58,750 ounces of gold per year to 2029 and AISC estimated at $1,400 per ounce of gold sold. In addition, as previously reported, the Company received $54M in cash distributions in the first half of 2025, and expect total cash distributions for 2025 from the Peak Gold JV to be in excess of $95M, assuming a $3,100 per ounce spot gold price for the remainder of 2025. In mid-August, the Peak Gold JV is expected to start processing Manh Choh project’s third campaign of 2025 and are guiding to 15,000 ounces of production to Contango’s account for this campaign.”