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Dec 31, 2021
Contango Ore Q2 2022 Earnings Report
Reported a net loss for the quarter ended December 31, 2021, and outlined plans for upcoming milestones.
Key Takeaways
Contango ORE, Inc. reported a net loss of $4.9 million, or $0.72 per share, for the quarter ended December 31, 2021. The company is focused on advancing its projects, including the Manh Choh deposit and Lucky Shot project.
Net loss of $4.9 million, or $0.72 per share, for the quarter ended December 31, 2021.
Completed Manh Choh field program and submitted 404 permit application.
Engaged Atkinson to refurbish and extend the Enserch tunnel at the Lucky Shot project.
Peak Gold JV approved an approximately $48 million program to complete a feasibility study on the Manh Choh deposit.
Contango Ore
Contango Ore
Forward Guidance
The company is positioned to accomplish milestones that management expects to add shareholder value, including completing a feasibility study for the Manh Choh deposit, starting drilling at the Lucky Shot site, and continuing early exploration on other projects.
Positive Outlook
- Complete a feasibility study for the Manh Choh deposit.
- Complete the US Army Corps of Engineers 404 federal permitting effort for Manh Choh.
- Complete early-work construction on the construction/operating camp, roads and laydown areas for Manh Choh.
- Start drilling at the Lucky Shot site in July.
- Continue early exploration on Triple Z, Shamrock and Eagle-Hona projects.
Challenges Ahead
- Risks of the exploration and mining industry.
- Uncertainties involving geology and the speculative nature of the mining industry.
- Volatility of natural resources prices, including prices of gold and associated minerals.
- Potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
- The extent of disruptions caused by the COVID-19 outbreak.