Record Operating Income
Contango reported a record operating income of $25 million for Q3, exceeding production plans by about 2,000 ounces.
Cash Position Strengthened
The company's cash position increased significantly from $20 million at year-end 2024 to $107 million as of September 30, supported by an $87 million distribution from the Peak Gold JV.
Successful Ore Blending Test
A test batch blending Manh Choh's low-grade oxide ore with Fort Knox ore achieved a 94% recovery rate, adding about 1,300 ounces in Q4.
Strong Recovery Rates
Processing at Manh Choh achieved a 92.5% recovery rate in Q3 with grades slightly lower than feasibility expectations.
Lucky Shot Drilling Program
A 15,000-meter underground infill drilling program has been mobilized at Lucky Shot, aiming for a production decision by 2027.
Johnson Tract Permitting Progress
Progress is being made on the permitting process for the Johnson Tract underground exploration drift and transportation infrastructure.