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FAIRBANKS, Ala. - Contango ORE, Inc. (NYSE American: CTGO), a company engaged in gold and mineral exploration in Alaska with a current market capitalization of $174.6 million, announced today the nomination of two new independent directors to its board. According to InvestingPro data, the company’s stock has shown strong momentum with a 35.6% return over the past week, though current analysis suggests the stock is trading above its Fair Value. The company also confirmed that its Annual Meeting of Stockholders will be held virtually on June 10, 2025.
The Board, following the recommendation of its Nominating and Corporate Governance Committee, has nominated Michael Cinnamond and Clynton Nauman for election to the Board. Michael Cinnamond serves as the Senior Vice President of Finance and Chief Financial Officer of B2Gold Corp., while Clynton Nauman brings over 45 years of experience as a mining executive.
Directors Joe Compofelice and Curtis Freeman will not seek re-election, with their terms concluding at the upcoming Annual Meeting. Compofelice has been with the company since 2010, and Freeman since 2022. According to the company, their departures are not due to any disagreements with Contango’s operations, policies, or practices. The company’s stock currently trades at $14.40, representing a significant recovery from its 52-week low of $8.85, though still well below its 52-week high of $25.32.
Contango’s Chairman, Brad Juneau, expressed gratitude to Compofelice and Freeman for their contributions, notably in advancing the Manh Choh project from concept to a producing mine. Rick Van Nieuwenhuyse, President and CEO, highlighted the extensive experience the new nominees bring to the board.
Stockholders of record as of April 11, 2025, will receive the notice of the Annual Meeting and proxy materials after April 29, 2025. While the company is not currently profitable, InvestingPro analysis indicates expected net income growth and profitability in the coming year, with analysts forecasting positive earnings per share of $0.42 for FY2025. For deeper insights into Contango’s financial health and growth prospects, investors can access comprehensive Pro Research Reports available on InvestingPro, which covers over 1,400 US equities with detailed analysis and actionable intelligence. The company has set April 28, 2025, as the deadline for stockholder proposals and director nominations to be considered for inclusion in the proxy materials.
Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land in Alaska for exploration and development, with the remaining interest held by KG Mining (Alaska), Inc., a subsidiary of Kinross Gold Corporation. The company maintains a relatively low beta of 0.1, indicating lower volatility compared to the broader market, though investors should note its current debt-to-equity ratio stands at 54.19.
This announcement is based on a press release statement and includes forward-looking statements regarding future operations and the company’s performance. These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
In other recent news, Contango ORE Inc. announced its Q4 2024 earnings, revealing a significant earnings per share (EPS) of $1.36, which greatly surpassed the forecasted $0.08. Despite this strong EPS performance, the company’s revenue fell short of expectations, coming in at $8.5 million against a projected $12.33 million. The company has made notable progress in reducing its debt, which decreased from $60 million at the start of 2024 to $38 million, with plans to further reduce it to $15 million by the end of 2025. Contango ORE also reported nearly 42,000 ounces of gold production in 2024 and projects an increase to 60,000 ounces in 2025. The company aims to be debt-free and hedge-free by the end of 2026 or early 2027. Analysts from Maxim Group have been following these developments closely. Contango ORE’s strategic focus includes advancing the Johnson Drax PEA and permitting activities for infrastructure to support future growth.
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