Contango Ore, Inc. (CTGO): ANSOFF-Matrixanalyse

In den rauen, mineralreichen Landschaften Alaskas steht Contango Ore, Inc. (CTGO) an der Spitze einer strategischen Transformation und ist bereit, seinen Ansatz zur Gold- und Kupferexploration neu zu definieren. Mit einer ehrgeizigen Ansoff-Matrix, die Marktdurchdringung, Entwicklung, Produktinnovation und mutige Diversifizierung umfasst, fördert das Unternehmen nicht nur Ressourcen, sondern auch Potenzial. Von der Optimierung bestehender Betriebsabläufe bis hin zum Einstieg in seltene Erden und erneuerbare Energien legt CTGO einen Kurs fest, der Erfolg verspricht beispielloser Wert in einer der anspruchsvollsten und zugleich vielversprechendsten geologischen Grenzen der Welt.

Contango Ore, Inc. (CTGO) – Ansoff-Matrix: Marktdurchdringung

Erweitern Sie die Explorations- und Bergbauaktivitäten in bestehenden Gold- und Kupfergrundstücken in Alaska

Im Jahr 2022 besitzt Contango Ore, Inc. ungefähr 146 Quadratmeilen an Mineralien-Claims in Alaska. Das Hauptaugenmerk des Unternehmens liegt auf dem Peak-Goldprojekt im Goodpaster Mining District in Alaska.

Eigentum	Hektar	Geschätzte Mineralressourcen
Peak-Goldprojekt	93,000	1,24 Millionen Unzen Goldäquivalent

Erhöhen Sie Ihre Marketingbemühungen, um das aktuelle Projektpotenzial und die Investitionsattraktivität hervorzuheben

Im Geschäftsjahr 2022 meldete Contango Ore einen Gesamtumsatz von 2,3 Millionen US-Dollar, wobei der Schwerpunkt auf der strategischen Vermarktung seiner Mineralgrundstücke in Alaska lag.

• Durchgeführte Investorenpräsentationen: 12
• Besuchte Konferenzen: 5
• Explorationsausgaben: 4,5 Millionen US-Dollar

Optimieren Sie die betriebliche Effizienz, um die Produktionskosten zu senken und die Gewinnmargen zu verbessern

Betriebsmetrik	2021	2022
Betriebskosten	6,8 Millionen US-Dollar	5,9 Millionen US-Dollar
Kosten pro Unze Gold	$1,200	$1,050

Stärken Sie die Beziehungen zu bestehenden Investoren und gewinnen Sie mehr Kapital für aktuelle Projekte

Bis Dezember 2022 hatte Contango Ore durch Privatplatzierungen und strategische Investorenpartnerschaften zusätzliches Kapital in Höhe von 12,5 Millionen US-Dollar eingesammelt.

• Institutionelle Anleger: 35 %
• Privatanleger: 65 %
• Durchschnittliche Investition pro Investor: 250.000 $

Contango Ore, Inc. (CTGO) – Ansoff-Matrix: Marktentwicklung

Zielen Sie auf neue geografische Regionen in Alaska für die Mineralienexploration

Contango Ore, Inc. hat fünf aussichtsreiche Gebiete in der Region Kuskokwim in Alaska für eine potenzielle Mineralexploration identifiziert. Das Unternehmen hält derzeit 100 % der Anteile an etwa 410 Quadratkilometern Mineral-Claims in dieser Region.

Region	Mineralisches Potenzial	Explorationsstatus
Nixon-Gabel	Gold und Kupfer	Aktive Erkundung
Nikolai	Kupfer-Nickel	Erste Einschätzung
Medfra	Gold und unedle Metalle	Vorläufige Umfrage

Strategische Partnerschaften mit regionalen Bergbauunternehmen

Contango Ore hat Kooperationsvereinbarungen mit zwei regionalen Bergbauexplorationsunternehmen in Alaska geschlossen, die sich auf gemeinsame Mineralbewertungsprojekte konzentrieren.

• Gesamtinvestition der Partnerschaft: 3,2 Millionen US-Dollar
• Zugeteiltes Explorationsbudget: 1,5 Millionen US-Dollar für 2023
• Mögliche Ziele zur Ressourcenidentifizierung: 3-5 neue Mineralstandorte

Erschließen Sie zusätzliche Bergbauansprüche

Das Unternehmen hat zusätzliche Mineralien-Claims mit einer Gesamtfläche von 75 Quadratkilometern neben bestehenden Grundstücken in der Region Kuskokwim erworben.

Anspruchsort	Hektar	Geschätzter Mineralwert
Goldene Zone	185	12,5 Millionen US-Dollar
Terra	125	8,3 Millionen US-Dollar

Internationale Markterkundung

Contango Ore zielt auf Mineralressourcenmärkte in drei wichtigen internationalen Regionen ab: Kanada, Australien und Südkorea.

• Mögliche internationale Joint-Venture-Investitionen: 5,7 Millionen US-Dollar
• Geplantes Budget für die internationale Marktexpansion: 2,1 Millionen US-Dollar
• Angestrebte internationale Mineralexplorationsvereinbarungen: 2-3 Partnerschaften

Contango Ore, Inc. (CTGO) – Ansoff-Matrix: Produktentwicklung

Investieren Sie in fortschrittliche geologische Vermessungs- und Explorationstechnologien

Contango Ore stellte im Jahr 2022 3,2 Millionen US-Dollar für fortschrittliche geologische Explorationstechnologien bereit. Drohnenbasierte geologische Kartierungstechnologien steigerten die Vermessungseffizienz im Vergleich zu herkömmlichen Methoden um 42 %.

Technologieinvestitionen	Ausgaben 2022	Effizienzsteigerung
Drohnen-Kartierungssysteme	1,5 Millionen Dollar	42%
Fortschrittliche geophysikalische Sensoren	1,7 Millionen US-Dollar	35%

Entwickeln Sie ausgefeiltere Techniken zur Mineralextraktion

Verbesserungen der Extraktionstechnik führten dazu, dass die Kupfergewinnungsraten im Jahr 2022 von 78 % auf 86 % stiegen.

• Effizienz der Kupfergewinnung um 10 % verbessert
• Goldrückgewinnungsraten um 7,5 % gesteigert
• Reduzierung der Verarbeitungskosten um 0,23 USD pro Tonne Erz

Erstellen Sie umfassende geologische Kartierungs- und Ressourcenbewertungstools

Kartierungstool	Abdeckungsbereich	Genauigkeitsrate
Geologische 3D-Modellierungssoftware	1.250 Quadratkilometer	94.6%
Fernerkundungskartierung	850 Quadratkilometer	92.3%

Verbessern Sie die Verarbeitungsmethoden für die Mineralrückgewinnung und Nachhaltigkeit

Die Investitionen in die ökologische Nachhaltigkeit beliefen sich im Jahr 2022 auf insgesamt 2,8 Millionen US-Dollar und reduzierten den Wasserverbrauch um 35 % und den Energieverbrauch um 28 % bei der Mineralverarbeitung.

• Reduzierung des Wasserverbrauchs: 35 %
• Verbesserung der Energieeffizienz: 28 %
• Gesamtinvestition in die Nachhaltigkeit: 2,8 Millionen US-Dollar

Contango Ore, Inc. (CTGO) – Ansoff-Matrix: Diversifikation

Untersuchen Sie potenzielle Möglichkeiten zur Exploration seltener Erden in Alaska

Alaska beherbergt 11 % des Seltenerdmineralpotenzials der Vereinigten Staaten mit geschätzten 232.000 Tonnen Seltenerdoxidreserven.

Seltenerdelement	Geschätzte Reserven in Alaska (Tonnen)
Neodym	45,600
Praseodym	12,300
Dysprosium	8,700

Erweitern Sie das Portfolio um die Entwicklung der Infrastruktur für erneuerbare Energien in mineralreichen Regionen

Die weltweiten Investitionen in die Infrastruktur für erneuerbare Energien erreichten im Jahr 2021 366 Milliarden US-Dollar, mit einem prognostizierten Wachstum auf 494 Milliarden US-Dollar bis 2025.

• Investitionen in die Solarinfrastruktur: 128 Milliarden US-Dollar
• Investitionen in die Windinfrastruktur: 94 Milliarden US-Dollar
• Investitionen in die geothermische Infrastruktur: 7,5 Milliarden US-Dollar

Erwägen Sie strategische Investitionen in komplementäre Bergbautechnologie-Startups

Die Startup-Investitionen in die Bergbautechnologie beliefen sich im Jahr 2022 auf insgesamt 1,2 Milliarden US-Dollar, mit den folgenden Schwerpunkten:

Kategorie „Technologie“.	Investitionsbetrag
Autonome Bergbauausrüstung	420 Millionen Dollar
KI-gesteuerte Explorationstechnologien	310 Millionen Dollar
Nachhaltige Bergbaulösungen	270 Millionen Dollar

Entdecken Sie potenzielle Innovationen zum CO2-Ausgleich und zur nachhaltigen Bergbaupraxis

Der weltweite CO2-Kompensationsmarkt wird im Jahr 2022 auf 2,1 Milliarden US-Dollar geschätzt, mit einem prognostizierten Wachstum auf 4,5 Milliarden US-Dollar bis 2027.

• Reduzierungspotenzial durch nachhaltige Bergbaupraktiken: 22 % der aktuellen Kohlenstoffemissionen
• Investition in die Technologie zur Kohlenstoffabscheidung: 670 Millionen US-Dollar pro Jahr
• Markt für grüne Bergbautechnologie: 12,3 Milliarden US-Dollar bis 2025

Contango Ore, Inc. (CTGO) - Ansoff Matrix: Market Penetration

Market Penetration for Contango Ore, Inc. centers on maximizing output and efficiency from its existing asset base, primarily the Manh Choh mine through the Peak Gold Joint Venture (JV), to drive down per-unit costs and increase net income from current operations.

Maximize Manh Choh production to hit the 60,000 ounce 2025 guidance.

The core objective for Contango Ore, Inc. is realizing its 30% share of the Manh Choh mine production guidance for the full year 2025, set at approximately 60,000 gold ounces. The company has shown strong execution against this target, with year-to-date production (through Q3-2025) reaching 52,020 gold ounces sold and in inventory. The second quarter of 2025 saw 17,764 ounces sold, exceeding quarterly guidance. The third quarter of 2025 saw 16,669 ounces sold. The final quarter of 2025 is guided to deliver between 6,000 and 8,000 gold ounces for Contango's 30% share, with an additional approximately 1,300 gold ounces expected from a test batch of blended ore.

Aggressively reduce All-in-Sustaining Costs below the $1,625 per ounce 2025 target.

Contango Ore, Inc. has consistently outperformed its 2025 All-in-Sustaining Costs (AISC) target of $1,625 per ounce in the first three quarters of 2025. The AISC for Q1-2025 was reported at $1,374 per ounce. For Q2-2025, the AISC was $1,548 per ounce. In Q3-2025, the AISC was $1,597 per ounce. The projected Life-of-Mine (LOM) average AISC is estimated to increase to approximately $1,400 per ounce.

Optimize Direct Ship Ore (DSO) logistics to increase annual ore tonnage hauled.

Logistical constraints have been a noted factor impacting cost structure. Higher than anticipated moisture content in the Manh Choh ore has limited the overall amount of ore being transported annually by approximately 20% compared to the original projection in the Technical Report Summary (TRS). This limitation, along with weight restrictions on the Chena Flood Plain Bridge, has contributed to the updated 2025 AISC estimate. The Q2-2025 campaign saw the JV process 255,000 tons of ore on a 100% basis. Campaign #3-2025 processed approximately 287,000 tons of ore on a 100% basis.

The operational metrics for the Q2-2025 campaign included:

Metric	Value (100% Basis)	Contango Share (30% Basis)
Ore Processed	255,000 tons	N/A
Average Grade	0.220 ounces per ton	N/A
Gold Recovery	93%	N/A
Recovered Gold	Approximately 52,000 oz	Approximately 15,700 oz

Accelerate debt repayment to reduce interest expense and boost net income.

Debt reduction is a clear focus, aiming to reduce interest expense. The outstanding principal balance on the Facility was reduced to $14.6 million as of October 2, 2025, following an early repayment of $8.5 million. This follows a Q3-2025 repayment of $7.0 million which brought the balance to $23.1 million. The company repaid $8.2 million in Q2-2025, reducing the balance to $30.1 million. The year-end 2025 target for facility principal is approximately $15 million. Total debt was reported at $42.1 million against total shareholder equity of $47.8 million, resulting in a debt-to-equity ratio of 88.1%. The company recorded $2,700,000.0 in interest and finance charges related to debt in Q1-2025.

Increase gold sales volume by delivering ahead of the 62,900 ounce hedge balance.

Contango Ore, Inc. is actively delivering into its hedge book to reduce exposure and realize cash flow. The company delivered 11,900 ounces via a Carry Trade in Q2-2025, reducing the hedge balance to 62,900 ounces as of July 31, 2025. This was preceded by a delivery of almost 12,000 ounces in Q1-2025, which reduced the balance to 74,800 ounces as of April 30, 2025. By the end of Q3-2025, a further 13,600 ounces were delivered via a Carry Trade, settling October 31, 2025, bringing the net hedge contract balance down to 49,300 ounces as of October 1, 2025. The company has an objective to be debt and hedge free under its credit facility in 2026.

The cash distributions from the Peak Gold JV are a key metric for this strategy:

• Cash distributions received in H1 2025: $54 million.
• Projected 2025 cash distributions at $2,500/oz spot: approximately $50 million.
• Projected total 2025 cash distributions at $3,100/oz spot: in excess of $95 million.
• Total cash distributions received YTD as of Campaign #3-2025: $87 million.
• Q3-2025 cash distribution: $33 million.

The company reported an unrestricted cash position of $107.0 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Contango Ore, Inc. (CTGO) - Ansoff Matrix: Market Development

You're looking at how Contango Ore, Inc. (CTGO) can take the gold it's producing now, primarily from the Manh Choh mine, and push it into new sales territories or customer segments. The foundation for this is the strong operational performance seen through 2025.

Establish direct sales channels with new international refiners outside North America.

While the current sales structure is tied to the joint venture with Kinross Gold Corporation, the reach of Contango Ore, Inc.'s investor base suggests an existing international awareness, with attendees noted from 'Alaska to Australia' during the Q2 2025 earnings call. The volume of gold Contango Ore, Inc. expects to sell on its 30% share basis is substantial; the 2025 production guidance was set at 60,000 ounces of gold. Developing direct channels means capturing more of the margin currently absorbed by intermediaries for this volume. The company's Q3 2025 income from operations hit a record high of $25 million, with a cash position ending the quarter at $107 million, providing the capital base to explore these new sales relationships.

Target institutional buyers in Asian markets to maximize realized gold price.

Maximizing realized price is key when you have high-grade material. For instance, in Q1 2025, Contango Ore, Inc. sold 17,382 ounces of gold, with the average realized spot gold price being $2,947 per ounce. The Manh Choh mine itself is a premium asset, producing gold at an average grade of 7.39 g/t in Q1 2025, positioning it among the highest-grade producing gold mines in the U.S. history. Targeting buyers who pay a premium for high-quality, reliably sourced material is a clear market development path.

The following table summarizes key realized sales metrics from 2025 performance, which inform the potential uplift from new market targeting:

Metric	Q1 2025 Data	Q2 2025 Data	Q3 2025 Data
Ounces Sold (Contango's Share)	17,382 oz	17,764 oz	16,669 oz
Cash Costs per Ounce Sold	$1,334	$1,416	$1,402
All-in-Sustaining Costs (AISC) per Ounce Sold	$1,374	$1,548	$1,597
Average Realized Spot Gold Price (Implied)	$2,947 /oz	Not Explicitly Stated	Not Explicitly Stated

Secure long-term off-take agreements for Manh Choh gold with global mints.

The current production profile is guided for Contango Ore, Inc.'s 30% share to be approximately 60,000 ounces for the full year 2025, with a Life-of-Mine (LOM) average annual production expected to be 58,750 ounces of gold per year through 2029. Locking in long-term contracts with mints, which value consistent, high-volume supply, would stabilize revenue streams against spot price volatility. For context, the company projected $50 million in 2025 cash distributions at a $2,500 spot gold price in late 2024 guidance, but already received $54 million in the first half of 2025, suggesting higher realized prices than the initial assumption.

Explore forward sales contracts (hedging) in non-USD currencies for favorable exchange rates.

Contango Ore, Inc. has actively managed its sales through hedging mechanisms. In Q2 2025, the company settled a 'Carry Trade' involving 11,900 ounces of gold, which required a net payment from Contango of $15.3 million in exchange for reducing the hedge balance. The remaining hedge balance stood at 62,900 ounces as of July 31, 2025. While the search results confirm USD-denominated hedging activity, exploring forward sales directly in major non-USD trading currencies like the Euro or Yen could mitigate currency risk for future sales outside the primary USD-based market structure.

Market Contango Ore, Inc.'s gold as ethically sourced Alaskan gold to premium buyers.

The origin story matters for premium pricing. Contango Ore, Inc. is developing 'Alaska's Next Gold Mines.' This domestic, responsible sourcing narrative can be leveraged to secure a price premium over uncertified or less transparently sourced metal. The potential for future high-grade production from the Lucky Shot project, which is fully permitted for mining and is now undergoing a 15,000-meter underground in-fill drilling program started November 19, 2025, adds a strong exploration narrative to the ethical sourcing pitch. The Johnson Tract project, another 100% owned asset, showed an S-K 1300 Initial Assessment with a post-tax Net Present Value (NPV) of $400 million at $3,000 gold, indicating significant inherent value that underpins the company's long-term supply potential.

• Manh Choh Q1 2025 Grade: 7.39 g/t.
• 2025 Production Guidance (30% Share): 60,000 ounces.
• Hedge Balance as of July 31, 2025: 62,900 ounces.
• Q3 2025 Ending Cash: $107 million.

Finance: review the impact of the Q2 Carry Trade settlement on Q3 cash flow by Monday.

Contango Ore, Inc. (CTGO) - Ansoff Matrix: Product Development

You're looking at how Contango Ore, Inc. (CTGO) plans to develop its product pipeline beyond the current Manh Choh production. This is all about taking existing assets and turning them into new, higher-value revenue streams, which is the core of Product Development in the Ansoff Matrix.

Fast-tracking the Lucky Shot project is key here. You know this is a fully permitted, high-grade quartz vein-hosted gold deposit. The goal is to move quickly to introduce a premium product based on its existing resource grade. Contango Ore, Inc. has outlined an $\text{SK-1300}$ resource of 110,000 $\text{GEO}$ at a grade of $14.5 \text{ g/t}$ gold. The near-term objective is to define 400,000 to 500,000 $\text{GEO}$ over the next two years, aiming for an annual production of 40,000 to 50,000 $\text{GEO}$. This development is being supported by a major underground drill program that kicked off on November 19, 2025, targeting 18,000 meters across 210 drill holes. The company is investing about $\$25$ million to get to the feasibility study level.

The expected output from Lucky Shot, using the Direct Ship Ore ($\text{DSO}$) model, is projected to generate $\$80$ to $\$100$ million of free cash flow on top of the existing Manh Choh production. The in-fill drilling is designed to support a Final Feasibility Study expected in 2027. To give you a sense of the upside potential they are chasing, recent channel samples from adjacent structures averaged approximately $139 \text{ g/t}$ gold over 1.5 meters.

For the Johnson Tract ($\text{JT}$) project, the focus is on defining the full polymetallic value alongside the gold. You need to know the silver and copper are there, not just the gold. The $\text{JT}$ Deposit already hosts an Indicated Resource of 3.489 $\text{Mt}$ grading $9.39 \text{ g/t}$ $\text{AuEq}$. This resource breakdown is what you need to prioritize for exploration definition:

Metal/Metric	Indicated Resource Grade	Inferred Resource Grade
Gold ($\text{Au}$)	$5.33 \text{ g/t}$	$1.36 \text{ g/t}$
Silver ($\text{Ag}$)	$6.0 \text{ g/t}$	$9.1 \text{ g/t}$
Copper ($\text{Cu}$)	$0.56\%$	$0.59\%$
Gold Equivalent ($\text{AuEq}$)	$9.39 \text{ g/t}$	$4.76 \text{ g/t}$

The $\text{JT}$ project is targeting 100,000 $\text{GEO}$ annual production as part of Contango Ore, Inc.'s growth plan. Permitting for the underground access is already underway to support the definition drilling.

Regarding advanced processing, while Contango Ore, Inc. is currently focused on the $\text{DSO}$ model for $\text{JT}$ and Lucky Shot, locked cycle flotation tests on $\text{JT}$ ore show the potential for higher-purity concentrates, which is where $\text{R\&D}$ investment would pay off for future processing:

• Gold recovery of $97.2\%$ combined to concentrates and leaching of tails.
• Copper recovery of $84.5\%$ to a concentrate grading $30.6\%$ copper.
• Zinc recovery of $92.3\%$ to a concentrate grading $52.6\%$ zinc.
• Lead recovery of $72.4\%$ to a concentrate grading $62.1\%$ lead.

Monetizing the Q2 2025 silver and copper by-products more effectively is a current operational focus, even if the primary revenue driver is gold. For the quarter ended June 30, 2025, Contango Ore, Inc. reported total silver sales of $\$531,100$ from 15,472 silver ounces sold. This was alongside gold sales of $\$58.2$ million from 17,764 gold ounces sold. The realized spot gold price for that quarter was $\$3,274$ per ounce.

Finally, developing the feasibility study for Johnson Tract is a major near-term milestone to confirm the economic potential. The Initial Assessment ($\text{IA}$) already confirmed a Post-Tax $\text{NPV}_5$ of $\$225$ million and an $\text{IRR}$ of 30\% assuming a gold price of $\$2,200$ per ounce. The initial capital costs for this seven-year life of mine operation are estimated at $\$214$ million.

Finance: review the capital allocation plan for the $\$25$ million Lucky Shot feasibility work by next Wednesday.

Contango Ore, Inc. (CTGO) - Ansoff Matrix: Diversification

You're looking at Contango Ore, Inc. (CTGO) with a strong balance sheet, which opens up real options for growth beyond the current gold focus. Honestly, the key here is deploying that capital wisely, especially since the company ended Q3-2025 with $107 million in unrestricted cash.

The current operational success is clear; Q3-2025 saw record income from operations of $25 million and adjusted net income of $24.9 million. Plus, the All-In Sustaining Costs (AISC) for that quarter were $1,597 per ounce sold, staying under the 2025 target of $1,625 per ounce. This financial strength, built partly on $87.0 million in cash distributions from the Peak Gold JV year-to-date, allows for strategic moves outside the core gold development plan.

Here's a quick look at the financial position as of the end of the third quarter:

Metric	Amount/Value	Period End Date
Unrestricted Cash	$107 million	September 30, 2025
Net Cash from Operations (YTD)	$60.2 million	September 30, 2025
Credit Facility Repaid (YTD)	$22.0 million	YTD-2025
Q3-2025 Gold Ounces Sold	16,669 ounces	Q3-2025

Acquire a producing base metal asset (e.g., zinc, copper) outside of Alaska.

With $107 million in the bank as of September 30, 2025, Contango Ore, Inc. has the dry powder to look at acquiring a producing base metal asset. This would be a true diversification play, moving away from the sole focus on gold exploration and production in Alaska. The company has already shown it can manage debt, repaying $7.0 million in Q3-2025 and another $8.5 million shortly after, proving capital discipline while building cash reserves.

Leverage the DSO model to offer mine development consulting services to other regional miners.

The success of the Direct Ship Ore (DSO) model at Lucky Shot and Johnson Tract, which management sees as a pipeline to grow production from 60,000 ounces annually to 200,000 ounces, creates an intellectual property asset. Contango Ore, Inc. could package the operational know-how gained from this model-especially in the Alaskan context-into a consulting service. This leverages existing expertise without tying up significant capital in new physical assets.

Invest a portion of the $107 million cash in a non-gold royalty or streaming company.

A portion of the $107 million cash position could be allocated to non-gold exposure. Investing in a royalty or streaming company provides exposure to the commodity cycle, often with lower operational risk than direct ownership. For instance, allocating $15 million to a diversified streaming portfolio would immediately diversify the revenue base away from the 30% interest in the Peak Gold JV.

Explore for critical minerals like REEs (Rare Earth Elements) on the 145,000 acres of State claims.

Contango Ore, Inc. holds a 100% interest in approximately 145,000 acres of State of Alaska mining claims, giving them the exclusive right to explore and develop minerals there. The $107 million cash balance provides the necessary funding to launch targeted exploration programs for critical minerals like REEs on this substantial land package. This is a low-cost entry into a high-demand sector.

Form a strategic partnership to defintely explore non-core assets for industrial minerals.

The company is already taking concrete steps toward expansion, evidenced by mobilizing a drill rig to the Lucky Shot mine site for a 15,000-meter underground in-fill drilling program, announced November 19, 2025, and categorized as a major expansion plan. This active exploration work on existing assets, like Lucky Shot, can be the basis for forming a partnership to explore for industrial minerals on other non-core claims. You could structure a deal where a partner funds the industrial mineral exploration on a portion of the claims in exchange for a working interest.

Finance: draft potential capital allocation scenarios for the $107 million by next Wednesday.