Contango Ore CFO sells shares worth over $29k

Published 27/08/2024, 01:08
Contango Ore CFO sells shares worth over $29k

Contango ORE, Inc. (NYSEAMERICAN:CTGO) CFO and Secretary, Michael Aaron Clark, recently sold company shares, according to the latest SEC filings. The transaction involved the sale of 1,375 shares at an average price of $21.66, amounting to a total value of $29,782.

The shares were sold on August 26, 2024, in multiple transactions with prices ranging between $21.64 and $21.70. Following this sale, Clark's remaining direct ownership in Contango ORE stands at 26,092 shares. The sale was conducted for the purpose of covering taxes related to the vesting of restricted stock.

Contango ORE, Inc., based in Houston, Texas, operates within the gold and silver ores sector and is incorporated in Delaware. The company's business address is listed at 3700 Buffalo Speedway, Suite 925, Houston, Texas.

Investors often keep a close watch on insider transactions as they provide insights into executives' perspectives on the company's stock value. In this case, the CFO's sale may be seen as a routine financial management decision, as it was related to tax obligations.

For further details about the transactions, including the exact number of shares sold at each price within the reported range, Michael Clark has agreed to provide full information upon request to Contango ORE, Inc., any security holder of Contango Ore, Inc., or the staff of the Securities and Exchange Commission.

The stock market and potential investors will likely continue to monitor insider activities such as this for any indications of the company's future performance and valuation.

In other recent news, Contango ORE, Inc. has made significant strides in its operations. The company recently completed processing its first batch of ore from the Manh Choh project, resulting in the production of about 55,000 ounces of gold and 11,000 ounces of silver. This resulted in Contango's 30% share of the gold and silver production leading to sales totaling $32.2 million.

Furthermore, Contango has successfully completed the acquisition of HighGold Mining Inc., which includes the promising Johnson Tract project. This acquisition is expected to triple Contango's resources by adding over 1 million ounces of gold equivalent.

Additionally, Contango has initiated a public offering of its common stock and accompanying warrants. The proceeds from this offering are intended for general corporate purposes, including funding continued exploration activities on the Lucky Shot Project and the HighGold Johnson Tract.

In terms of analysts' perspectives, Roth/MKM has revised Contango Ore's price target to $33.00, down from $38.00, while maintaining a Buy rating for the stock.

Finally, Contango is progressing with its Manh Choh project, expecting the first gold production by the third quarter of 2024. This project, 30% owned by Contango, is currently operated by a Kinross Gold (NYSE:KGC) Corporation subsidiary. These are the recent developments in Contango Ore's strategic moves.

InvestingPro Insights

As Contango ORE, Inc. (NYSEAMERICAN:CTGO) navigates the market, recent data from InvestingPro provides additional context to the CFO’s sale of shares. The company's market capitalization stands at $255.66 million, reflecting its current valuation in the eyes of investors. Despite the CFO's sale, it's worth noting that CTGO has experienced a significant price uptick over the last six months, with a 34.88% increase, signaling a strong recent market performance.

However, the InvestingPro data highlights that Contango ORE's financial metrics present a challenging picture. The company's P/E ratio is negative at -1.9, and the adjusted P/E ratio for the last twelve months as of Q2 2024 is even lower at -2.57, indicating that the company is not generating profit relative to its share price. Additionally, the company's operating income shows a substantial loss of $63.62 million for the same period. This is consistent with the InvestingPro Tips, which suggest that analysts do not expect the company to be profitable this year and that it has not been profitable over the last twelve months.

Investors considering Contango ORE as part of their portfolio should also be aware that the company does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income. For investors seeking deeper analysis, there are additional InvestingPro Tips available for CTGO, providing further insights into the company's financial health and market prospects.

To explore these insights and make more informed investment decisions, interested parties can view the full range of InvestingPro Tips for Contango ORE at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.