Each one in plain English, with the numbers worked through for a shareholder.
12 June 2024material agreement● Neutral
Contango ORE priced an underwritten offering of 731,750 units at $20.50, each with one share and half a warrant, for net proceeds of about $14.2 million. The money is for general corporate purposes, including exploration at Lucky Shot and HighGold's Johnson Tract.
Contango reported a net loss of $20.5 million ($2.14 per share) for the quarter ended March 31, 2024, including a $15.6 million non-cash loss on gold hedge contracts. This compared with a $7.9 million loss a year earlier.
Contango filed its quarterly report for the three months ended March 31, 2024, its first full quarter after switching its fiscal year end to December 31. The filing also flagged post-quarter events, including the Highgold acquisition.
Contango said its 30%-owned Manh Choh project, operated by Kinross, was on track for first gold production in early Q3 2024. Mining was ongoing with the full fleet operating, ore trucking to Fort Knox was ramping up, and mill modifications were on plan.
Contango ORE agreed to buy Canadian explorer HighGold Mining in an all-stock deal (about $37 million, existing Contango holders keeping ~85%), adding HighGold's Johnson Tract project in Alaska, and separately agreed to buy Avidian Gold's Alaska subsidiary (Golden Zone and Amanita properties) for up to $3.4 million -- the start of Contango diversifying beyond its Peak Gold joint venture.
Contango reported a net loss of $40.8 million ($4.44 per share) for the six-month transition period ended December 31, 2023, up from $21.4 million a year earlier. The increase was mainly a $23.4 million non-cash unrealized loss on gold hedging contracts.
Sprott Inc, Sprott Asset Management USA Inc reported a Contango Silver & Gold Inc. shareholding of 680,234 shares (7.20% of votes) in a periodic institutional filing.
Contango Silver & Gold Inc. President and CEO Nieuwenhuyse Rick Van acquired 47,000 shares and disposed of 1,056 in a set of related equity transactions.