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Jun 30, 2025
Contango Ore Q2 2025 Earnings Report
Contango reported record Q2 2025 results with strong gold sales, high realized prices, and substantial net income.
Key Takeaways
Contango delivered a record $23 million in operating income and $15.9 million in net income during Q2 2025. The company sold 17,764 ounces of gold with strong realized prices and maintained low all-in sustaining costs, while reducing hedge obligations and strengthening its balance sheet.
Contango generated $23M in operating income and $15.9M in net income in Q2 2025
EPS was $1.24, with adjusted EPS of $0.72 excluding $0.52 unrealized gain
17,764 ounces of gold were sold with AISC of $1,548/oz
Cash position rose to $36.5M, supporting growth and debt paydown
Revenue by Segment
Forward Guidance
Contango expects continued strong production from Peak Gold JV with ongoing debt reduction and low-cost gold output.
Positive Outlook
- Production exceeded Q2 guidance
- High realized gold prices boosted revenue
- Cash distributions of $30M received from JV
- Unrestricted cash increased to $36.5M
- Debt reduced by 21% during Q2, further reduced post-period
Challenges Ahead
- Carry Trade settlement required $15.7M payment
- Hedge agreement still holds 62,900 ounces
- AISC increased due to capex and exploration
- Ongoing credit facility repayments may pressure liquidity
- Gold price volatility remains a financial risk
Historical Earnings Impact
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Avg. Return Before/After Earnings
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