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FAIRBANKS, Alaska - Contango ORE, Inc. (NYSE American:CTGO) announced Tuesday that its Johnson Tract Critical Metals Project has been accepted as a "covered project" into the Federal Permitting Improvement Steering Council’s FAST-41 program. The mining company, currently valued at approximately $356 million, has seen its stock soar 144% year-to-date and 94% over the past year, trading at $24.10 as of the latest close.
The acceptance, which occurred on December 1, places the Alaska-based mining project into a federal framework designed to improve permitting efficiency for infrastructure projects.
Rick Van Nieuwenhuyse, Contango’s President and CEO, said the company would work closely with the US Army Corps of Engineers, state and federal agencies, and CIRI (Cook Inlet Region, Inc.) to advance the project through the permitting process. While the company is not currently profitable, InvestingPro data shows analysts expect profitability this year with an EPS forecast of $5.72, and have set price targets ranging from $28 to $41.
The FAST-41 program, established in 2015 under the Obama administration, aims to streamline federal permitting for large infrastructure projects by enhancing coordination between agencies and creating transparent timelines for environmental reviews. The program includes a public-facing dashboard to track project progress.
On August 27, the Permitting Council announced a memorandum of understanding with the State of Alaska to provide federal permitting assistance through the FAST-41 program.
Contango ORE holds a 30% interest in the Peak Gold Joint Venture, which leases approximately 675,000 acres for the Manh Choh project, with the remaining 70% owned by a Kinross Gold Corporation subsidiary. The company also holds leases on the Johnson Tract project from CIRI and the Lucky Shot project from Alaska Hardrock Inc., along with ownership of various Alaska mining claims. According to InvestingPro, the company operates with a moderate debt level and has a negative correlation to the broader market with a beta of -0.31. Get access to Contango’s comprehensive Pro Research Report along with 8 additional ProTips and over 30 key financial metrics by subscribing to InvestingPro.
The announcement was made through a company press release statement.
In other recent news, Contango Ore reported a remarkable earnings performance for the third quarter of 2025, with earnings per share (EPS) reaching $2.04, significantly surpassing the forecasted $0.465. This represents a substantial earnings surprise of 338.71%. Following these results, Freedom Capital Markets raised its price target for Contango Ore from $34.80 to $41.00, maintaining a Buy rating on the company’s shares. The price target increase was attributed to the company’s strong performance in exceeding expectations across key metrics.
Additionally, Contango Ore announced the start of its Lucky Shot drill program, which is aimed at supporting the completion of a feasibility study. The program will be conducted in four phases, combining underground drift drilling and surface exploration. The underground component will target approximately 18,000 meters across 210 drill holes, focusing on upgrading the Lucky Shot vein resource to Proven and Probable categories. These recent developments highlight the company’s ongoing efforts to enhance its resource base and financial performance.
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