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Contango ORE
(CTGO)
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Rating:58Neutral
Price Target:
$20.50
▲(0.44% Upside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak financial performance (no reported revenue in the provided periods, ongoing losses, and substantial TTM cash burn), despite an improved latest balance sheet. Offsetting this, technical indicators show strong recent momentum, and the earnings call added support through reiterated production guidance, full spot gold exposure, and meaningful expected JV distributions—tempered by high near-term costs and an anticipated cash drawdown.
Positive Factors
Production and JV Cash Flow
Maintained production guidance and expected JV distributions provide a clearer operating and cash-flow framework. This supports funding capacity and reduces reliance on purely speculative exploration success, provided production and gold prices hold.
Negative Factors
No Established Revenue Base
Zero reported revenue and recurring net losses show that the company has not yet established a dependable operating sales base in the provided statements. Long-term results therefore remain tied to successful mine development, production growth and project conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Production and JV Cash Flow
Maintained production guidance and expected JV distributions provide a clearer operating and cash-flow framework. This supports funding capacity and reduces reliance on purely speculative exploration success, provided production and gold prices hold.
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
$682.52M
Dividend YieldN/A
Average Volume (3M)618.12K
Price to Earnings (P/E)―
Beta (1Y)1.49
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. Volume356,135
30 Day Avg. Volume618,116
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 Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$39.00Price Target Upside91.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.21
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: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 | -17.65M | -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 | -13.57M | -13.56K | -13.99M |
| Operating Cash Flow | -52.43M | 25.73M | 698.99K | -13.57M | -13.56K | -13.95M |
| Investing Cash Flow | 31.30M | 513.18K | -32.13M | -46.20M | -46.20K | -15.39M |
| Financing Cash Flow | 83.48M | 18.38M | 36.01M | 66.50M | 66.50K | 17.44M |
Contango ORE Technical Analysis
Positive
20.41
Price Trends
17.29
Positive
19.44
Positive
22.62
Negative
Market Momentum
0.93
Negative
60.93
Neutral
61.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTGO, the sentiment is Positive. The current price of 20.41 is above the 20-day moving average (MA) of 19.01, above the 50-day MA of 17.29, and below the 200-day MA of 22.62, indicating a neutral trend. The MACD of 0.93 indicates Negative momentum. The RSI at 60.93 is Neutral, neither overbought nor oversold. The STOCH value of 61.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
20.30
-0.85
-4.02%
USAU
US Gold
16.25
3.20
24.52%
HYMC
Hycroft Mining Holding
25.46
21.22
500.47%
IDR
Idaho Strategic Resources
33.03
5.12
18.34%
BGL
Blue Gold
0.20
-10.70
-98.15%
DC
Dakota Gold Corp
6.10
1.96
47.34%
Contango ORE Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Contango ORE Updates Corporate Presentation and Disclosures
Neutral
Jul 17, 2026
On July 15, 2026, Contango ORE released a new corporate presentation that includes non-GAAP financial measures prepared under both IFRS and U.S. reporting standards without full reconciliations to GAAP, citing limited access to detailed partner da...
Business Operations and StrategyPrivate Placements and Financing
Contango ORE Amends Credit Facility, Ends Gold Hedging
Positive
Jul 8, 2026
On July 1, 2026, CORE Alaska, an indirect wholly-owned subsidiary of Contango Silver Gold, amended its credit and guarantee agreement with existing lenders, terminating remaining required gold hedge agreements and replacing them with put option c...
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...
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.