Contango ORE (CTGO)
:CTGO
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Contango ORE
(CTGO)
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Rating:53Neutral
Price Target:
$18.00
▲(0.67% Upside)
Action:ReiteratedDate:03/20/26
The score is held back primarily by weak underlying financial performance (no revenue, ongoing net losses, and leverage) and a bearish technical trend (price below all major moving averages with negative MACD). These negatives are partially offset by strong earnings-call momentum (record operating income and a much improved cash position) and generally positive corporate developments around project progress and the Dolly Varden transaction.
Positive Factors
Cash Generation
Consistent positive TTM operating and free cash flow (~$25.7M and ~$25.6M) provides durable internal funding to support near-term project spending, debt repayments, and working capital. This reduces reliance on dilutive financing and supports organic development over the next several quarters.
Negative Factors
Lack of Operating Revenue
The company reports no operating revenue and a TTM net loss (~$36.1M), indicating core mining cash sales do not yet fully sustain operations. This structural shortfall increases dependency on JV distributions, non-operating gains, or financings to fund capex and development over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistent positive TTM operating and free cash flow (~$25.7M and ~$25.6M) provides durable internal funding to support near-term project spending, debt repayments, and working capital. This reduces reliance on dilutive financing and supports organic development over the next several quarters.
Read all positive factors
Contango ORE (CTGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$300.77M
Dividend YieldN/A
Average Volume (3M)294.43K
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue GrowthN/A
EPS Growth97.09%
CountryUS
Employees12
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.04
Shares Outstanding16,821,321
10 Day Avg. Volume430,501
30 Day Avg. Volume294,432
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)166.79
Price to Sales (P/S)0.00
P/FCF Ratio303.67
Enterprise Value/Market Cap0.62
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-972.58
Enterprise Value/Ebitda-4.13
Forecast
1Y Price Target
$42.50Price Target Upside137.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.63
Revenue Forecast (FY)N/A
Contango ORE Business Overview & Revenue Model
Company Description
Contango Ore, Inc., an exploration stage company, engages in the exploration of gold and associated minerals in the United States. It also explores for copper and silver deposits. The company, through its subsidiaries, leases approximately 675,000...
How the Company Makes Money
Contango ORE makes money primarily by monetizing its economic interests in gold and silver mining operations. Its core revenue model is tied to (i) producing or attributable ounces of metal from mines in which it holds an ownership interest and (i...
Contango ORE Key Performance Indicators (KPIs)
Contango ORE Earnings Call Summary
Earnings Call Date:Nov 14, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call highlighted a strong financial performance with record operating income, significant cash position growth, and successful technical achievements in ore processing. However, the presence of derivative hedge losses and increased sustaining capital costs were notable challenges. Overall, the company's outlook remains positive with ongoing development projects and strategic capital allocation.Positive Updates
Record Operating Income
Contango reported a record operating income of $25 million for Q3, exceeding production plans by about 2,000 ounces.
Negative Updates
Derivative Hedge Losses
The company reported $30 million in unrealized losses due to derivative hedges, impacting the P&L and resulting in a net loss.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Operating Income
Contango reported a record operating income of $25 million for Q3, exceeding production plans by about 2,000 ounces.
Read all positive updates
Company Guidance
During the call, Contango Ore provided robust guidance for the upcoming periods, emphasizing several key metrics. The company reported a record operating income of $25 million for Q3, surpassing production plans by 2,000 ounces and maintaining an all-in sustaining cost (AISC) of $1,597 per ounce, below their target of $1,625. The cash position surged to $107 million as of September 30, with a substantial $87 million distribution from the Peak Gold JV. Contango aims to fulfill its hedges by September 2026, leveraging a proactive carry trade strategy that saved approximately $2.4 million in the quarter. Moreover, blending Manh Choh's low-grade oxide ore with Fort Knox ore achieved a 94% recovery rate, adding 1,300 ounces in Q4. As part of its strategic outlook, Contango plans to advance projects like Lucky Shot and Johnson Tract, with drilling initiatives and infrastructure developments underway, while maintaining a focus on organic growth and potential mergers and acquisitions in Alaska, BC, and the Yukon.Contango ORE Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
40
Negative
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -131.42K | -117.81K | -148.36K | -64.89K | 0.00 |
| EBITDA | -26.25M | -76.70M | -17.51M | -23.14M | 35.83M |
| Net Income | -38.03M | -81.53M | -39.74M | -23.51M | 23.87M |
Balance Sheet | |||||
| Total Assets | 133.89M | 58.59M | 25.66M | 37.29M | 35.97M |
| Cash, Cash Equivalents and Short-Term Investments | 20.06M | 15.50M | 11.65M | 23.10M | 35.22M |
| Total Debt | 68.97M | 44.68M | 25.46M | 19.24M | 0.00 |
| Total Liabilities | 132.62M | 73.14M | 30.44M | 24.02M | 1.42M |
| Stockholders Equity | 1.27M | -14.54M | -4.77M | 13.27M | 34.55M |
Cash Flow | |||||
| Free Cash Flow | 698.99K | -9.44M | -14.68M | -13.99M | -8.41M |
| Operating Cash Flow | 698.99K | -9.43M | -14.68M | -13.95M | -8.38M |
| Investing Cash Flow | -32.13M | -34.39M | -21.12M | -15.39M | 27.35M |
| Financing Cash Flow | 36.01M | 47.68M | 24.35M | 17.44M | 13.23M |
Contango ORE Technical Analysis
Negative
17.88
Price Trends
27.01
Negative
25.99
Negative
23.86
Negative
Market Momentum
-2.88
Positive
25.79
Positive
7.89
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTGO, the sentiment is Negative. The current price of 17.88 is below the 20-day moving average (MA) of 23.94, below the 50-day MA of 27.01, and below the 200-day MA of 23.86, indicating a bearish trend. The MACD of -2.88 indicates Positive momentum. The RSI at 25.79 is Positive, neither overbought nor oversold. The STOCH value of 7.89 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CTGO.
Contango ORE Risk Analysis
Contango ORE disclosed 31 risk factors in its most recent earnings report. Contango ORE reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Contango ORE Peers Comparison
UnderperformOutperform
Sector (61)
CTGO
Contango ORE
17.88
7.96
80.24%
USAU
US Gold
14.36
4.66
48.04%
HYMC
Hycroft Mining Holding
34.47
31.21
957.36%
IDR
Idaho Strategic Resources
27.29
13.99
105.19%
BGL
Blue Gold
1.19
-10.28
-89.63%
DC
Dakota Gold Corp
4.66
2.02
76.52%
Contango ORE Corporate Events
Business Operations and StrategyM&A TransactionsShareholder Meetings
Contango ORE Shareholders Approve Dolly Varden Acquisition Plans
Positive
Mar 19, 2026
On March 17, 2026, Contango ORE stockholders approved the share issuance required for its planned acquisition of Dolly Varden Silver, along with an increase in authorized common shares from 45 million to 250 million and adoption of a 2026 omnibus ...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Contango ORE Wins Support for Dolly Varden Merger
Positive
Mar 11, 2026
On March 9, 2026, Contango ORE reported that two leading independent proxy advisory firms, including Institutional Shareholder Services, recommended that its stockholders vote in favor of the proposed plan of arrangement with Dolly Varden Silver C...
Business Operations and Strategy
Contango ORE Reports High-Grade Gold at Lucky Shot
Positive
Feb 25, 2026
On February 25, 2026, Contango ORE reported initial assay results from its 2025/2026 underground diamond drilling program at the Lucky Shot Project in Alaska, where drilling began in November 2025. The first 20 holes totaling 2,063 meters confirme...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Contango ORE Sets Special Meeting on Dolly Varden Deal
Positive
Feb 24, 2026
On February 23, 2026, Contango ORE, Inc. announced it had filed and mailed its definitive proxy statement and related materials for a March 17, 2026 virtual special meeting of shareholders tied to its proposed plan of arrangement with Dolly Varden...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Contango ORE Advances Johnson Tract Permitting and Production
Positive
Feb 18, 2026
On February 17, 2026, Contango ORE, Inc. reported that its Johnson Tract Critical Metals Project permitting schedule was added to the federal FAST-41 Dashboard on January 30, 2026, with its first permit application submitted on February 2, 2026. M...
Business Operations and StrategyPrivate Placements and Financing
Contango ORE Announces $50 Million Equity Offering
Positive
Feb 12, 2026
On February 11, 2026, Contango ORE, Inc. entered into an underwriting agreement for an underwritten public offering to two institutional investors, comprising 1,678,206 common shares at $24.96 each and a pre-funded warrant for 325,000 shares price...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.