This acquisition increases Compofelice's direct ownership to 158,498 shares. In addition to his direct holdings, Compofelice is the trustee of two UTMA trusts for his family members, holding 5,500 shares each, which he disclaims beneficial ownership of, except to the extent of his pecuniary interest. The SEC filing also notes that Compofelice no longer reports a beneficial interest in shares previously held by the Compofelice Educational Trust and Anthony Joseph Compofelice. InvestingPro analysis indicates the stock is currently oversold, with expectations for improved net income this year. Subscribers can access 8 additional real-time insights about CTGO's financial health and market position. InvestingPro analysis indicates the stock is currently oversold, with expectations for improved net income this year. Subscribers can access 8 additional real-time insights about CTGO's financial health and market position. This acquisition increases Compofelice's direct ownership to 158,498 shares.
In addition to his direct holdings, Compofelice is the trustee of two UTMA trusts for his family members, holding 5,500 shares each, which he disclaims beneficial ownership of, except to the extent of his pecuniary interest. The SEC filing also notes that Compofelice no longer reports a beneficial interest in shares previously held by the Compofelice Educational Trust and Anthony Joseph Compofelice.
In other recent news, Contango ORE has encountered increased costs for its Alaskan gold mine, the Manh Choh project, part of the Peak Gold Joint Venture (JV). The company expects to produce about 60,000 ounces of gold in 2025, despite logistical challenges and higher processing costs leading to a 20% reduction in annual ore transport capacity. Contango is also negotiating a restructuring of its credit facility repayments to align with the revised production schedule.
Contango ORE has reported significant earnings from its JV operations, with a total cash distribution of $31.5 million for the year. The company also completed the acquisition of HighGold Mining Inc., which includes the Johnson Tract project, expected to add over 1 million ounces of gold equivalent to Contango's resources. Analyst firm Roth/MKM adjusted Contango's price target to $33.00, down from $38.00, but maintains a Buy rating.
These recent developments also include a public offering of Contango's common stock and warrants, managed by Canaccord Genuity and Cormark Securities. The company is progressing with its Manh Choh project, with the first gold production expected by the third quarter of 2024. This is part of Contango ORE's ongoing strategic moves.
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