Contango Ore, Inc.

Management did not report quarterly financial statements or companywide revenue/EPS in this interview. Operationally, it said the group completed close to 70,000 meters of drilling across the main projects, and Kitsault exceeded its planned 40,000-meter program and will finish over 50,000 meters. At Manh Choh, the oxygen plant is now operating, with recoveries expected in the 80s to low 90s depending on sulfide content. Forward-looking figures mentioned on the call included 2025 guidance for Manh Choh of 75,000 ounces of production at $1,200-$1,300 all-in sustaining cost, a gold price assumption of $3,700 for financial projections, and an estimate that at $5,000 gold, 2027 operating cash flow could be well in excess of $200 million, probably almost $250 million. Management also said net debt is currently around $47 million and should be gone by the end of next year.

Rick Van Nieuwenhuyse framed the year as one of execution and integration after merging Contango Ore and Dolly Varden Silver, emphasizing that the teams worked together well and delivered what was planned. He repeatedly stressed safety, saying the company completed drilling, tunneling, road work, and bridge construction with no lost-time incidents. Strategically, he pointed to multiple catalysts ahead: an updated Kitsault resource, Lucky Shot feasibility work, Johnson Tract tunnel development, and ongoing optimization at Manh Choh.

No formal CFO remarks or detailed financial statements were provided in this Q&A-style interview. The financial comments came from management: Contango is using a $3,700 gold price for projections, net debt is around $47 million currently, and management expects that debt to be gone by the end of next year. Rick also said the company has been funding work from Manh Choh cash flow without returning to the market, and suggested 2027 cash flow could be very large if gold remains strong.

Analysts focused on the timing and impact of Kitsault’s updated resource, Lucky Shot’s new KM vein, Johnson Tract permitting risk, and whether the company could extend Manh Choh’s life. Management said the Kitsault MRE should arrive in a couple of weeks and should mainly show inferred resources moving into indicated, while Lucky Shot’s KM vein will be tested by 1,100 meters of drilling with assays expected before year-end. On Johnson Tract, Rick said the project is advancing through FAST-41 permitting and that lawsuits are always possible, but the company is trying to minimize impacts, especially around Cook Inlet beluga whales.