Contango ORE (CTGO)
XASE:CTGO
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Contango ORE
(NYSE MKT:CTGO)
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Rating:58Neutral
Price Target:
$21.00
▼(-15.01% Downside)
Action:Reiterated
Date:05/16/26
The score is held back primarily by weak fundamentals in the provided financial statements (no revenue shown, ongoing losses, and significant TTM cash burn), partially offset by an improved low-leverage balance sheet. Technicals are mildly supportive with positive MACD and price above shorter-term averages, while valuation support is limited due to a negative P/E and no dividend. The latest earnings call was a clear positive, highlighting stronger operating performance and cash, though hedge-related losses and higher sustaining costs remain key risks.
Positive Factors
Strengthened Balance Sheet
A materially stronger equity base versus minimal debt provides durable funding optionality for multi-year exploration and feasibility work. Low leverage reduces refinancing risk, supports capital programs and M&A flexibility, and improves resilience while projects advance toward production.
Negative Factors
Lack of Operating Revenue and Cash Burn
Persistent absence of reported revenue and substantial negative operating/free cash flow imply ongoing funding needs. Over months this pressures liquidity, risks dilution or asset-dependent financing, and makes long-term project timelines contingent on external cash injections or JV distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthened Balance Sheet
A materially stronger equity base versus minimal debt provides durable funding optionality for multi-year exploration and feasibility work. Low leverage reduces refinancing risk, supports capital programs and M&A flexibility, and improves resilience while projects advance toward production.
Read all positive factors
Contango ORE Key Performance Indicators (KPIs)
Contango ORE (CTGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$637.58M
Dividend YieldN/A
Average Volume (3M)447.96K
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue GrowthN/A
EPS Growth33.11%
CountryUS
Employees12
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-4.58
Shares Outstanding30,771,212
10 Day Avg. Volume476,768
30 Day Avg. Volume447,964
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 Cap0.27
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-586.78
Enterprise Value/Ebitda15.05
Forecast
1Y Price Target
$39.00Price Target Upside57.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.79
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
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 | Jun 2025 | Dec 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -294.98K | -711.34K | -117.81K | -148.36K | -64.89K | 0.00 |
| EBITDA | 11.50M | -26.26M | -76.70M | -17.51M | -23.14M | 35.83M |
| Net Income | -27.84M | -38.03M | -81.53M | -39.74M | -23.51M | 23.87M |
Balance Sheet | ||||||
| Total Assets | 394.19M | 133.89M | 58.59M | 25.66M | 37.29M | 35.97M |
| Cash, Cash Equivalents and Short-Term Investments | 97.45M | 20.06M | 15.50M | 11.65M | 23.10M | 35.22M |
| Total Debt | 12.00M | 68.97M | 44.68M | 25.46M | 19.24M | 0.00 |
| Total Liabilities | 174.72M | 132.62M | 73.14M | 30.44M | 24.02M | 1.42M |
| Stockholders Equity | 321.53M | 1.27M | -14.54M | -4.77M | 13.27M | 34.55M |
Cash Flow | ||||||
| Free Cash Flow | -52.59M | 698.99K | -9.44M | -14.68M | -13.99M | -8.41M |
| Operating Cash Flow | -52.43M | 698.99K | -9.43M | -14.68M | -13.95M | -8.38M |
| Investing Cash Flow | 31.30M | -32.13M | -34.39M | -21.12M | -15.39M | 27.35M |
| Financing Cash Flow | 83.48M | 36.01M | 47.68M | 24.35M | 17.44M | 13.23M |
Contango ORE Technical Analysis
Negative
24.71
Price Trends
22.13
Negative
25.34
Negative
24.32
Negative
Market Momentum
>-0.01
Positive
37.08
Neutral
6.47
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 24.71 is above the 20-day moving average (MA) of 23.58, above the 50-day MA of 22.13, and above the 200-day MA of 24.32, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 37.08 is Neutral, neither overbought nor oversold. The STOCH value of 6.47 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
21.17
4.01
23.37%
USAU
US Gold
15.48
4.71
43.73%
HYMC
Hycroft Mining Holding
34.07
31.22
1099.47%
IDR
Idaho Strategic Resources
36.44
23.46
180.74%
BGL
Blue Gold
0.98
-3.07
-75.80%
DC
Dakota Gold Corp
5.39
2.43
82.09%
Contango ORE Corporate Events
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...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesM&A Transactions
Contango ORE Completes Transformative Merger with Dolly Varden
Positive
Mar 27, 2026
On March 26, 2026, Contango Silver Gold Inc. completed its previously announced all-share merger with Dolly Varden Silver Corporation under a statutory plan of arrangement, issuing Contango shares and exchangeable shares to Dolly Varden sharehold...
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...
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.