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Contango ORE
(NYSE MKT:CTGO)
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Rating:49Neutral
Price Target:
$15.50
▼(-37.27% Downside)
Action:Reiterated
Date:06/30/26
CTGO scores below average primarily due to weak financial performance (no revenue in the provided statements, ongoing losses, and sizable TTM cash burn), only partially offset by the improved latest balance sheet. Corporate events are a relative positive (project control, drilling progress, and listing/liquidity milestones), but limited technical data and loss-driven valuation metrics keep the overall score restrained.
Positive Factors
Stronger recent balance sheet
The recent shift to roughly $321.5M of equity against only ~$12M of debt materially lowers leverage and increases financial flexibility. Over the next 2–6 months this supports funding of multi-project drilling, feasibility work and permits without immediate refinancing, lowering near-term liquidity risk.
Negative Factors
No revenue; recurring net losses
The company currently generates no operating revenue and posts recurring net losses (TTM -$27.8M), meaning operations are not self-sustaining. Over a 2–6 month horizon this heightens dependence on JV cash, asset sales or capital markets, increasing dilution and execution risk before production cash flows materialize.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger recent balance sheet
The recent shift to roughly $321.5M of equity against only ~$12M of debt materially lowers leverage and increases financial flexibility. Over the next 2–6 months this supports funding of multi-project drilling, feasibility work and permits without immediate refinancing, lowering near-term liquidity risk.
Read all positive factors
Contango ORE Key Performance Indicators (KPIs)
Any
Income Before Taxes By Segment
Shows the pre-tax earnings from each business segment, highlighting which areas are most profitable and driving overall growth.
Shows the pre-tax earnings from each business segment, highlighting which areas are most profitable and driving overall growth.
Data provided by:
The Fly
The FlyContango ORE (CTGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$557.21M
Dividend YieldN/A
Average Volume (3M)605.87K
Price to Earnings (P/E)―
Beta (1Y)1.45
Revenue GrowthN/A
EPS Growth56.60%
CountryUS
Employees12
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-4.58
Shares Outstanding32,339,306
10 Day Avg. Volume955,887
30 Day Avg. Volume605,872
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)13.58
Price to Sales (P/S)0.00
P/FCF Ratio13.33
Enterprise Value/Market Cap0.25
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-225.24
Enterprise Value/Ebitda-6.49
Forecast
1Y Price Target
$40.67Price Target Upside64.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.78
Revenue Forecast (FY)N/A
Contango ORE Business Overview & Revenue Model
Company Description
Contango Ore, Inc. operates as an exploration-phase enterprise, primarily dedicated to prospecting for gold and other associated minerals across the United States. Its discovery efforts also extend to identifying deposits of copper and silver. Thr...
How the Company Makes Money
null...
Contango ORE Earnings Call Summary
Earnings Call Date:Nov 14, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 19, 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
52
Neutral
Cash Flow
21
Negative
| Breakdown | TTM | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -630.07K | -604.68K | -711.34K | -117.81K | -148.36K | -64.89K |
| EBITDA | -21.87M | -28.04M | -26.26M | -76.70M | -17.51M | -23.14M |
| Net Income | -27.84M | -36.09M | -38.03M | -81.53M | -39.74M | -23.51M |
Balance Sheet | ||||||
| Total Assets | 496.25M | 171.95M | 133.89M | 58.59M | 25.66M | 37.29M |
| Cash, Cash Equivalents and Short-Term Investments | 97.45M | 64.84M | 20.06M | 15.50M | 11.65M | 23.10M |
| Total Debt | 32.97M | 33.86M | 68.97M | 44.68M | 25.46M | 19.24M |
| Total Liabilities | 174.72M | 146.85M | 132.62M | 73.14M | 30.44M | 24.02M |
| Stockholders Equity | 321.53M | 25.10M | 1.27M | -14.54M | -4.77M | 13.27M |
Cash Flow | ||||||
| Free Cash Flow | -52.59M | 25.57M | 698.99K | -9.44M | -14.68M | -13.99M |
| Operating Cash Flow | -52.43M | 25.73M | 698.99K | -9.43M | -14.68M | -13.95M |
| Investing Cash Flow | 31.30M | 513.18K | -32.13M | -34.39M | -21.12M | -15.39M |
| Financing Cash Flow | 83.48M | 18.38M | 36.01M | 47.68M | 24.35M | 17.44M |
Contango ORE Technical Analysis
Neutral
24.71
Price Trends
19.95
Negative
21.91
Negative
23.75
Negative
Market Momentum
-1.04
Negative
49.13
Neutral
65.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTGO, the sentiment is Neutral. The current price of 24.71 is above the 20-day moving average (MA) of 16.22, above the 50-day MA of 19.95, and above the 200-day MA of 23.75, indicating a neutral trend. The MACD of -1.04 indicates Negative momentum. The RSI at 49.13 is Neutral, neither overbought nor oversold. The STOCH value of 65.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
17.19
-2.55
-12.92%
USAU
US Gold
16.59
3.77
29.41%
HYMC
Hycroft Mining Holding
23.49
20.29
634.06%
IDR
Idaho Strategic Resources
31.84
18.78
143.80%
BGL
Blue Gold
0.25
-74.42
-99.66%
DC
Dakota Gold Corp
4.51
0.47
11.63%
Contango ORE Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Contango ORE Settles Lucky Shot Milestones, Issues Shares
Positive
Jun 29, 2026
On June 26, 2026, Contango Silver Gold amended its membership interest purchase agreement with CRH Funding II, settling contingent milestone payments tied to the Lucky Shot Project by agreeing to pay $5 million in cash and issue 100,000 new commo...
Executive/Board ChangesShareholder Meetings
Shareholders Back Board, Auditor and Executive Pay Plans
Positive
Jun 18, 2026
At its virtual annual meeting on June 18, 2026, Contango Silver Gold stockholders elected seven directors to serve until the 2027 meeting, maintaining continuity in the company’s board leadership. Shareholders also ratified Baker Tilly US, ...
Business Operations and Strategy
Contango ORE reports high-grade Lucky Shot drilling results
Positive
Jun 16, 2026
On June 16, 2026, Contango Silver Gold reported final assay results from the initial phase of its 2025/2026 underground diamond drilling program at the Lucky Shot project in Alaska, completing the first 6,020 meters of a planned 18,000-meter camp...
Business Operations and Strategy
Contango ORE Launches 2026 Kitsault Valley Drilling Campaign
Positive
May 26, 2026
On May 26, 2026, Contango Silver Gold Inc. announced it had commenced its 2026 surface drilling campaign at the Kitsault Valley silver-gold project in British Columbia’s Golden Triangle, mobilizing three diamond drills with two more to foll...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Contango ORE Highlights Q1 Results and Manh Choh Transition
Positive
May 15, 2026
Contango Silver and Gold reported results for the quarter ended March 31, 2026, highlighting a transitional period at the Manh Choh mine as harsh winter conditions and operational challenges weighed on throughput and costs but with mining now movi...
Business Operations and StrategyM&A Transactions
Contango ORE Gains Full Control of Lucky Shot Project
Positive
May 8, 2026
On May 4, 2026, Contango’s subsidiary Contango Lucky Shot Alaska agreed to acquire 100% ownership of the Lucky Shot project from Alaska Hardrock Inc. for total consideration of about $16.1 million, including cash payments and a $10 million p...
Business Operations and StrategyFinancial Disclosures
Contango ORE Highlights Strong Balance Sheet, Funded 2026 Program
Positive
Apr 22, 2026
On March 25, 2026, the Peak Gold joint venture distributed $9 million in cash to Contango Silver Gold Inc., a payment the company highlighted on April 22, 2026 as reinforcing its strategy of using joint venture cash flows to fund 100%-owned proje...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Contango ORE Begins Trading on Toronto Stock Exchange
Positive
Apr 13, 2026
On April 13, 2026, Contango Silver Gold began trading its common shares on the Toronto Stock Exchange under the symbol CTGO, adding a TSX listing to its existing NYSE American quotation with the same CUSIP. Management framed the move as a milesto...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Contango ORE Updates Investors With New Corporate Presentation
Neutral
Apr 10, 2026
On April 7, 2026, Contango ORE released a new corporate presentation outlining its portfolio of gold and silver projects and disclosing the use of non-GAAP financial measures derived partly from partner Kinross Gold’s IFRS-based reporting, w...
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.