In a recent transaction disclosed on December 5, John B. Juneau, a director at Contango ORE, Inc. (AMEX:CTGO), acquired 5,000 shares of the company’s common stock. The shares were purchased at a weighted average price of $12.22 per share, totaling approximately $61,100. This transaction was conducted in multiple trades with prices ranging from $11.97 to $12.44 per share.
Following this acquisition, Juneau's direct ownership of Contango ORE stock increased to 301,120 shares. Additionally, he holds indirect interests through various entities, including AuCuAg Holdings, LLC, Juneau Exploration, L.P., and J5D Enterprises, L.P., with respective holdings of 98,366, 96,534, and 158,491 shares.
This strategic move by Juneau further solidifies his investment in Contango ORE, a company engaged in the exploration and development of gold and silver ores.
In other recent news, Contango ORE, Inc. has reported significant earnings from its operations in the Peak Gold Joint Venture (JV). The company has received a total of $31.5 million in cash distributions this year, including $12 million from the JV's second campaign of processing Manh Choh ore, and $19.5 million from the first campaign. The company anticipates producing approximately 60,000 ounces of gold in 2025, with all-in sustaining costs (AISC) projected at around $1,400 per ounce of gold equivalent sold.
Contango ORE has also completed the acquisition of HighGold Mining Inc., which is expected to add over 1 million ounces of gold equivalent to the company's resources. The company is in talks to restructure some of its credit facility repayments and related hedge contracts to align with the revised production schedule. Analysts from Roth/MKM have revised Contango ORE's price target to $33.00 but maintain a Buy rating for the stock.
Furthermore, the company has initiated a public offering of its common stock and warrants, managed by Canaccord Genuity and Cormark Securities. Contango ORE is also progressing with its Manh Choh project, with the first gold production expected by the third quarter of 2024. These are some of the recent developments in Contango ORE's strategic moves.
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