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Jun 30
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
Contango Ore
Contango Ore
Contango Ore Revenue by Segment
Revenue by Segment
Peak Gold JV Revenue
CapyFin.com 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