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WASHINGTON DC - Contango ORE, Inc. (NYSE American: CTGO), a gold exploration company with a market capitalization of $167 million, is currently participating in the ’Alaska On The Hill’ event in Washington DC this week, alongside 120 Alaskan business representatives. The annual gathering is aimed at advocating for the economic well-being and future of Alaska. According to InvestingPro data, the stock has shown strong momentum with a 41% return year-to-date, despite experiencing a 34% decline over the past six months.
Rick Van Nieuwenhuyse, President and CEO of Contango, shared updates on the company’s mining activities, particularly the Manh Choh gold mine, which is projected to produce 60,000 ounces of gold this year. The second production campaign of 2025 is scheduled to commence in mid-May. Contango is also advancing two development stage projects, Lucky Shot and Johnson Tract, with the latter gaining attention due to its potential output of four critical metals: gold, silver, copper, and zinc. Analysts maintain an optimistic outlook, with price targets ranging from $14.50 to $30.00 per share, according to InvestingPro data.
The company anticipates releasing a Preliminary Economic Assessment (PEA) for the Johnson Tract project next week and plans to publish its financial results for the first quarter of 2025 on May 14. While currently not profitable, InvestingPro analysis suggests net income is expected to grow this year, with analysts forecasting positive earnings of $0.42 per share for fiscal year 2025. Get access to 8 more exclusive InvestingPro Tips and comprehensive financial analysis in the Pro Research Report. Van Nieuwenhuyse expressed optimism about the federal government’s support for mining in Alaska, highlighting the Trump administration’s interest in the state’s resource potential.
Contango holds a 30% interest in the Peak Gold Joint Venture (JV), which operates the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., a subsidiary of Kinross Gold Corporation. The company also maintains leases and owns claims for additional exploration and development projects in the state.
The forward-looking statements in the press release reflect the company’s expectations for future operations and are subject to risks, including operational and geological risks, price volatility of natural resources, financing availability, and potential governmental policy changes. These statements are not guarantees of future performance, and actual results may differ materially from those projected.
Investors are advised that the information is based on a press release statement and that forward-looking statements are based on management’s estimates and opinions at the time they are made, which are subject to change without notice.
In other recent news, Contango ORE reported a significant earnings per share (EPS) beat for Q4 2024, with an actual EPS of $1.36 compared to the forecasted $0.08. However, the company’s revenue fell short of expectations, reaching $8.5 million against an anticipated $12.33 million. Despite the revenue miss, Contango ORE’s stock experienced a positive reaction, reflecting investor optimism. The company has been actively reducing its debt, which decreased from $60 million to $38 million, with a target of $15 million by the end of 2025. Contango ORE also nominated two new independent directors, Michael Cinnamond and Clynton Nauman, to its board ahead of its virtual Annual Meeting of Stockholders on June 10, 2025. Meanwhile, Avino Silver & Gold Mines Ltd. announced the scheduling of its 2025 Annual General and Special Meeting of Shareholders for May 27, 2025. This announcement is part of Avino’s regular corporate governance practices, with filings made to the SEC to ensure transparency for U.S. investors. These developments highlight the ongoing strategic and governance initiatives within both companies.
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