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Contango ORE
(CTGO)
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Rating:53Neutral
Price Target:
$14.50
▼(-28.96% Downside)
Action:Reiterated
Date:09/22/26
CTGO scores near the middle primarily due to weak financial performance (no revenue, ongoing losses, and renewed TTM cash burn) despite a stronger latest balance sheet. Offsetting this, the earnings call and recent Kitsault-related updates were constructive, but technical indicators remain neutral and valuation support is limited given a negative P/E and no dividend yield provided.
Positive Factors
Production and JV cash distributions
Maintained production guidance and expected joint-venture distributions provide a clearer near-term operating and cash-flow framework. If campaigns deliver as planned, recurring project proceeds can support development spending and strengthen the company’s ability to advance multiple assets.
Negative Factors
No established operating revenue
The absence of meaningful operating sales means the company has not yet established a self-sustaining revenue base. Continued losses increase reliance on asset transactions, joint-venture proceeds or external funding, making results more dependent on project milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Production and JV cash distributions
Maintained production guidance and expected joint-venture distributions provide a clearer near-term operating and cash-flow framework. If campaigns deliver as planned, recurring project proceeds can support development spending and strengthen the company’s ability to advance multiple assets.
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
$474.86M
Dividend YieldN/A
Average Volume (3M)371.33K
Price to Earnings (P/E)―
Beta (1Y)1.44
Revenue GrowthN/A
EPS Growth-400.46%
CountryUS
Employees6
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-4.58
Shares Outstanding33,440,693
10 Day Avg. Volume307,567
30 Day Avg. Volume371,326
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 Cap0.98
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-738.94
Enterprise Value/Ebitda-21.29
Forecast
1Y Price Target
$33.50Price Target Upside64.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.4
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
CTGO’s economic model has historically been tied to monetizing its interest in the Tetlin/Peak Gold project rather than generating ongoing operating revenue from producing mines. The company’s potential or realized cash inflows are generally expec...
Contango ORE Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
Overall the call was constructive: management removed hedges and now has full spot exposure, strong cash on hand ($89M), clear catalysts (Lucky Shot high-grade assays, Kitsault drill program and a forthcoming resource update), and maintained 2026 production guidance. Near-term weaknesses include elevated H1 cash costs/AISC due to grade timing and pre-stripping, expected cash drawdown toward year-end while funding three projects, and some timing uncertainty around feasibility studies and assay turnarounds. On balance the company presented clear operational catalysts and financial flexibility that outweigh the short-term operational cost headwinds.Positive Updates
Hedges Fully Removed — Full Spot Exposure
Company is fully unhedged as of July, giving shareholders direct upside to gold price; management emphasized this as a key strategic milestone.
Negative Updates
High First-Half Cash Costs and AISC
H1 cash costs were $2,665/oz and AISC $2,830/oz—both materially above full-year cash cost guidance of $1,900–$2,000, driven by pre-stripping and lower grades in the North pit.
Read all updates
Q2-2026 Updates
Positive
Negative
Hedges Fully Removed — Full Spot Exposure
Company is fully unhedged as of July, giving shareholders direct upside to gold price; management emphasized this as a key strategic milestone.
Read all positive updates
Company Guidance
The company reiterated 2026 production guidance of 40,000–45,000 oz (management now expects just above ~41,000 oz), noting Q2 30% JV production was ~8,900 oz (8,627 oz sold at an average spot price of $4,328), and management expects about 12,000 oz in each of campaigns 3 and 4 (~24,000 oz H2) to reach guidance; H1 cash costs were $2,665/oz and AISC $2,830/oz while full‑year cash cost guidance is $1,900–$2,000/oz (driven by H1 pre‑stripping and higher H2 grades/tonnes), Q3 will be the first quarter with every ounce sold at spot (company unhedged as of July), gold is trading around $4,400 (budgeted at ~$3,700, puts provide a $3,100 floor), implying roughly $2,400/oz margin at $4,400 less a $2,000 cash cost; financially the firm held $89M cash at June 30 with $2M of facility repayments left this year, expects ~ $36M in back‑half JV distributions and total distributions slightly above $60M if gold holds $4,400, and forecasts year‑end cash around $45M (trough likely Q1 2027 before ramping cash in 2027); shares outstanding are ~33M.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 | -662.78K | -677.04K |
| EBITDA | -21.87M | -28.04M | -26.26M | 36.23M | -37.65M | -23.24M |
| 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 | 675.32K | -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
Negative
20.41
Price Trends
17.91
Negative
17.31
Negative
20.95
Negative
Market Momentum
-0.97
Positive
30.28
Neutral
20.49
Neutral
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 20.41 is above the 20-day moving average (MA) of 15.79, above the 50-day MA of 17.91, and below the 200-day MA of 20.95, indicating a bearish trend. The MACD of -0.97 indicates Positive momentum. The RSI at 30.28 is Neutral, neither overbought nor oversold. The STOCH value of 20.49 is Neutral, 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
14.20
-7.00
-33.02%
USAU
US Gold
10.56
-5.31
-33.46%
HYMC
Hycroft Mining Holding
15.39
8.64
128.00%
IDR
Idaho Strategic Resources
19.10
-11.47
-37.52%
BGL
Blue Gold
0.14
-7.08
-98.06%
DC
Dakota Gold Corp
5.19
1.19
29.75%
Contango ORE Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Contango ORE Highlights Major Kitsault Valley Resource Update
Positive
Sep 22, 2026
On September 22, 2026, Contango Silver Gold Inc. released a new corporate presentation featuring non-GAAP metrics tied partly to data from its Peak Gold joint venture, noting that reconciliations to U.S. GAAP are impractical given reliance on Kin...
Business Operations and Strategy
Contango ORE Reports High-Grade Kitsault Valley Assays
Positive
Sep 15, 2026
On September 15, 2026, Contango reported initial assay results from its 2026 infill and expansion drilling campaign at the Kitsault Valley Project, highlighting high-grade silver-equivalent intercepts at the Torbrit and North Star deposits and con...
Business Operations and StrategyShareholder Meetings
Contango Silver & Gold Updates Governance and Corporate Name
Neutral
Aug 19, 2026
On August 13, 2026, Contango Silver Gold Inc.’s board approved amended and restated bylaws that immediately lowered the quorum requirement for shareholder meetings from a majority to one-third of the voting power. The company also formally ...
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.