Bullish indicating open at $55-$60, IPO prices at $37
Additionally, Van Nieuwenhuyse holds stock options for 100,000 shares, which are fully vested and have an exercise price of $14.50, set to expire on January 6, 2025. InvestingPro subscribers can access 8 additional key insights about CTGO, including RSI indicators suggesting oversold territory and expectations for net income growth. InvestingPro subscribers can access 8 additional key insights about CTGO, including RSI indicators suggesting oversold territory and expectations for net income growth.
The shares were acquired in multiple transactions, with prices ranging from $12.65 to $13.09. Following this acquisition, Van Nieuwenhuyse holds a total of 498,332 shares in the company, representing a significant stake in the $143 million market cap company.
Additionally, Van Nieuwenhuyse holds stock options for 100,000 shares, which are fully vested and have an exercise price of $14.50, set to expire on January 6, 2025.
In other recent news, Contango ORE has reported increased costs for its Alaska gold mine, the Manh Choh mine, part of the Peak Gold Joint Venture (JV). The company has updated its financial guidance, indicating higher anticipated costs and confirming its 2025 gold production target of approximately 60,000 ounces. Despite logistical challenges leading to a 20% reduction in annual ore transport capacity and rising processing costs, Contango forecasts roughly $50 million in cash distributions from the JV in 2025. The company is also negotiating with its lenders to restructure some credit facility repayments.
Contango ORE has received significant earnings from its gold mining operations, accumulating $31.5 million in cash distributions for the year. The company has also completed the acquisition of HighGold Mining Inc., expected to add over 1 million ounces of gold equivalent to Contango's resources. Analyst firm Roth/MKM has adjusted Contango ORE's price target to $33.00 but maintains a Buy rating for the stock.
These are recent developments in Contango ORE's strategic moves. The company is progressing with its Manh Choh project, with the first gold production expected by the third quarter of 2024. Contango ORE remains focused on reducing its credit facility debt and progressing other projects to capitalize on the direct ship ore model.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.