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FAIRBANKS, Alaska - Contango ORE, Inc. (NYSE American: CTGO), a mining company with a market capitalization of $247 million and shares trading at $19.90, held its annual meeting of stockholders on Tuesday, with shareholders electing six directors to serve until the 2026 annual meeting.
The elected board members include Brad Juneau, Clynton Nauman, Darwin Green, Michael Cinnamond, Richard A. Shortz, and Rick Van Nieuwenhuyse.
Stockholders also approved two additional proposals: the ratification of Baker Tilly US, LLP as the company’s independent auditors for the fiscal year ending December 31, 2025, and a non-binding advisory vote approving the compensation of named executive officers.
Baker Tilly US, LLP was previously known as Moss Adams LLP before their merger closed on June 3.
Contango ORE is a gold exploration company with operations in Alaska. The company holds a 30% interest in the Peak Gold Joint Venture, which leases approximately 675,000 acres for the Manh Choh project. The remaining 70% is owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, which operates the joint venture. According to InvestingPro data, the company has shown impressive momentum with a 69% return over the past six months, though analysts note its current valuation exceeds Fair Value estimates.
The company’s portfolio also includes leases on the Johnson Tract and Lucky Shot projects, ownership of approximately 8,600 acres of peripheral State of Alaska mining claims, and a 100% interest in approximately 145,000 acres of State of Alaska mining claims.
This information is based on a press release statement from the company.
In other recent news, Contango ORE Inc. reported a net loss of $22.5 million for the first quarter of 2025, primarily due to unrealized hedge contract losses. Despite the financial setback, the company generated $19 million in income from operations and $22.3 million in equity income from its Peak Gold joint venture. The company managed to produce over 17,000 ounces of gold during the quarter and repaid $13.8 million in principal debt. Contango ORE ended the quarter with a cash position of $35 million, reflecting a focus on financial stability. The company has also outlined a $5.7 million exploration program at Montanore, aiming to enhance its resource base. Looking forward, Contango ORE plans to focus on debt reduction and potential drilling projects at Lucky Shot. The company expects approximately $80 million in cash distributions from its joint venture. Additionally, Contango ORE’s strategic focus includes improving mining operations and infrastructure, such as ore transportation and water management.
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