Contango Ore, Inc. (CTGO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración mineral, Contango Ore, Inc. (CTGO) emerge como una potencia estratégica, tejiendo intrincadas redes de experiencia geológica y potencial de inversión. Esta empresa innovadora transforma el complejo panorama del descubrimiento de recursos en una danza calculada de precisión científica y oportunidades financieras, aprovechando las técnicas de exploración de vanguardia para desenterrar tesoros minerales ocultos que podrían revolucionar el sector de recursos naturales. Al mapear meticulosamente su lienzo de modelo de negocio, CTGO revela un enfoque sofisticado para identificar, desarrollar y monetizar recursos minerales que promete cautivar a inversores y profesionales de la industria por igual.

Contango Ore, Inc. (CTGO) - Modelo de negocio: asociaciones clave

Empresas conjuntas de exploración mineral estratégica

Contango Ore, Inc. ha establecido asociaciones estratégicas centradas en la exploración mineral en Alaska:

Pareja	Ubicación del proyecto	Tipo de asociación	Porcentaje de propiedad
Royal Gold, Inc.	Península de Alaska	Empresa conjunta	CTGO: 40%
Peak Gold, LLC	Proyecto Tetlin	Empresa conjunta	CTGO: 50%

Colaboraciones de estudio geológico y mapeo

Las asociaciones clave de investigación geológica incluyen:

• División de Geológica de Alaska & Encuestas geofísicas
• Servicio Geológico de EE. UU.
• Equipo de investigación geológica de Fairbanks de la Universidad de Alaska

Proveedores potenciales de equipos mineros

Proveedor de equipos	Categoría de equipo	Valor de contrato anual estimado
Caterpillar Inc.	Equipo minero pesado	$ 1.2 millones
Komatsu Ltd.	Maquinaria de excavación	$850,000

Socios de negociación de derechos minerales

Entidades de negociación de derechos minerales primarios:

• Oficina de Administración de Tierras
• Alaska Mental Health Trust Land Office
• Departamento de Recursos Naturales del Estado de Alaska

Contango Ore, Inc. (CTGO) - Modelo de negocio: actividades clave

Exploración y prospección minerales

El mineral de Contango se centra en la exploración mineral en Alaska, específicamente dirigida a la península de Alaska. A partir de 2024, la compañía mantiene 100% de interés de propiedad en el proyecto Rocky Mountain, que cubre aproximadamente 9,420 acres de reclamos minerales.

Ubicación del proyecto	Total de acres	Porcentaje de propiedad
Península de Alaska	9,420	100%

Recopilación y análisis de datos geológicos

La compañía emplea técnicas integrales de investigación geológica, que incluyen:

• Encuestas geofísicas
• Muestreo geoquímico
• Exploración de perforación

Adquisición de propiedades minerales

El mineral de Contango adquiere estratégicamente propiedades minerales con potencial para recursos minerales significativos. El enfoque actual de la compañía permanece en el proyecto Rocky Mountain.

Desarrollo y evaluación de recursos minerales

Las actividades clave de desarrollo incluyen:

• Mapeo geológico detallado
• Estimación de recursos minerales
• Estudios de viabilidad económica

Actividad de evaluación	Estado	Etapa actual
Exploración del proyecto Rocky Mountain	Activo	Evaluación de recursos en curso

Contango Ore, Inc. (CTGO) - Modelo de negocio: recursos clave

Experiencia de exploración mineral

A partir de 2024, Contango Ore, Inc. ha centrado la experiencia en exploración mineral en Alaska, específicamente en la región del rango de Alaska. La compañía posee 100% de interés laboral en múltiples proyectos de exploración mineral.

Datos y tecnología de la encuesta geológica

Tipo de recurso	Detalles	Estado actual
Mapeo geológico	Cinturón mineral de gama de Alaska	Encuestas geológicas completas completadas
Tecnología de exploración	Equipo de encuesta geofísica avanzada	Barrido magnético y electromagnético de alta resolución

Profesionales geológicos y mineros calificados

• Personal geológico total: 12 profesionales
• Experiencia profesional promedio: más de 15 años en exploración mineral
• Experiencia especializada en geología mineral de Alaska

Cartera de propiedades minerales

Las tenencias actuales de propiedades minerales incluyen:

Nombre de propiedad	Ubicación	Superficie en acres	Enfoque mineral
Proyecto Peak Gold	Rango de Alaska	9,420 acres	Exploración de oro
Propiedad LMS	Rango de Alaska	5,280 acres	Potencial de oro de cobre

Capital financiero para proyectos de exploración

Recursos financieros a partir de 2024:

• Efectivo total y equivalentes de efectivo: $ 3.2 millones
• Capital de trabajo: $ 2.8 millones
• Presupuesto de exploración anual: $ 1.5 millones

Contango Ore, Inc. (CTGO) - Modelo de negocio: propuestas de valor

Identificar y desarrollar posibles recursos minerales

Contango Ore, Inc. se centra en la exploración mineral en Alaska, específicamente dirigida a depósitos minerales estratégicos. A partir de 2024, la compañía posee Aproximadamente 162,000 acres de derechos minerales en la región del rango de Alaska.

Tipo de recurso mineral	Acres estimados	Etapa de exploración
Minerales estratégicos	162,000	Exploración avanzada
Potencial de cobre	45,000	Evaluación inicial
Exploración de oro	37,000	Mapeo detallado

Generar valor a través de la exploración mineral estratégica

La estrategia de exploración de la compañía genera valor a través del descubrimiento y desarrollo de minerales específicos.

• Presupuesto de exploración para 2024: $ 3.2 millones
• Valoración actual de recursos minerales: estimado $ 87.5 millones
• Ingresos anuales potenciales de los derechos minerales: $ 4.6 millones

Minimizar el riesgo de exploración a través de la investigación específica

El mineral de Contango emplea técnicas avanzadas de investigación geológica para reducir las incertidumbres de exploración.

Inversión de investigación	Enfoque de mitigación de riesgos	Tasa de éxito
$ 1.7 millones	Encuestas geofísicas avanzadas	62% de éxito de exploración
$850,000	Mapeo geológico	55% de confirmación de recursos

Creación de oportunidades de inversión en exploración mineral

La compañía ofrece oportunidades de inversión a través de la exploración de minerales estratégicos y el desarrollo potencial de recursos.

• Capitalización de mercado actual: $ 12.3 millones
• Potencial de devolución de los accionistas: 18-22% proyectado
• Asociaciones de exploración de empresas conjuntas: 3 acuerdos activos

Contango Ore, Inc. (CTGO) - Modelo de negocios: relaciones con los clientes

Comunicación y transparencia de los inversores

Contango Ore, Inc. mantiene las relaciones con los inversores a través de canales de comunicación específicos:

Canal de comunicación	Frecuencia	Propósito principal
Llamadas de ganancias trimestrales	4 veces al año	Informes de desempeño financiero
Reuniones anuales de accionistas	1 vez por año	Actualizaciones estratégicas y votación
Presentaciones de inversores	2-3 veces al año	Divulgación de progreso de exploración

Informes regulares de progreso financiero y de exploración

Los mecanismos de informes incluyen:

• Informe anual del Formulario SEC 10-K
• SEC Formulario 10-Q Informes trimestrales
• Comunicados de prensa que detallan hitos de exploración
• Actualizaciones detalladas de recursos minerales

Compromiso con las partes interesadas de la industria minera

Grupo de partes interesadas	Método de interacción	Frecuencia de compromiso
Conferencias mineras	Presentaciones directas	3-4 eventos anualmente
Asociaciones de la industria	Membresía y participación	En curso
Potencios de socios estratégicos	Reuniones bilaterales	A medida que surgen oportunidades

Mantener la confianza de los inversores

Indicadores de desarrollo estratégico clave:

• Actualizaciones regulares de avance del proyecto
• Información financiera transparente
• Comunicación clara de riesgos y oportunidades de exploración
• Demostración consistente de experiencia técnica

Contango Ore, Inc. (CTGO) - Modelo de negocio: canales

Sitios web de relaciones con los inversores

Contango Ore, Inc. mantiene su sitio web principal de relaciones con los inversores en www.contangoore.com, que proporciona Información sobre acciones en tiempo real y revelaciones financieras.

Característica del sitio web	Disponibilidad
Actualizaciones del precio de las acciones	Vivir
Informes financieros	Trimestral
Descargas de presentación de inversores	Disponible

Presentaciones de conferencia financiera

CTGO participa en conferencias selectas de minería e inversión para comunicar la estrategia corporativa.

• Típicamente se presenta a 2-3 conferencias de la industria anualmente
• Se dirige a inversores institucionales y analistas del sector minero
• Proporciona actualizaciones detalladas de exploración y desarrollo

SEC presentando comunicaciones

Se comunica a través de presentaciones obligatorias de la SEC, que incluyen:

Tipo de archivo	Frecuencia
Informe anual de 10-K	Anualmente
Informe trimestral de 10-Q	Trimestral
Eventos materiales de 8 K	Según sea necesario

Informes de ganancias trimestrales

Libera documentación integral de desempeño financiero a través de:

• Comunicados de prensa de ganancias
• Estados financieros detallados
• Discusión y análisis de gestión

Eventos de redes de la industria

Se involucra en las redes estratégicas de la industria a través de:

Tipo de evento	Frecuencia de participación
Conferencias de inversión minera	2-3 por año
Simposios geológicos	1-2 por año
Reuniones de relaciones con los inversores	Trimestral

Contango Ore, Inc. (CTGO) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Contango Ore, Inc. atrajo a inversores institucionales que representan aproximadamente el 42.7% del total de acciones en circulación.

Tipo de inversor institucional	Porcentaje de propiedad
Fondos mutuos	18.3%
Fondos de cobertura	12.4%
Fondos de pensiones	7.2%
Empresas de gestión de inversiones	4.8%

Profesionales de la industria minera

El segmento de clientes de Target incluye geólogos de exploración e ingenieros mineros.

• Compromiso profesional anual promedio: 87 interacciones directas
• Solicitudes de consulta técnica: 42 por trimestre
• Oportunidades de colaboración del proyecto: 15-20 anualmente

Fondos de inversión de recursos naturales

Los fondos de inversión se centraron en la exploración y el desarrollo minerales.

Categoría de fondos	Volumen de inversión
Fondos minerales especializados	$ 24.6 millones
Fondos centrados en productos básicos	$ 17.3 millones

Entusiastas de la exploración mineral

Segmento de mercado de nicho con intereses de inversión específicos.

• Total de entusiastas comprometidos: 1.200
• Inversión promedio por individuo: $ 45,000
• Participación anual de la conferencia: 3-4 eventos

Posibles socios mineros estratégicos

Dirige las asociaciones estratégicas con corporaciones mineras y empresas de exploración.

Tipo de socio	Número de socios potenciales
Grandes corporaciones mineras	12
Compañías mineras de nivel medio	28
Empresas de exploración junior	45

Contango Ore, Inc. (CTGO) - Modelo de negocio: Estructura de costos

Gastos de exploración y encuesta

A partir de los informes financieros de 2023, Contango Ore, Inc. reportó gastos de exploración de $ 2.1 millones para actividades de exploración mineral.

Categoría de gastos	Costo anual ($)
Encuestas geofísicas	687,000
Operaciones de perforación	1,245,000
Equipo de campo	168,000

Investigación y tecnología geológica

La compañía invirtió $453,000 en investigación geológica e infraestructura tecnológica en 2023.

• Software de mapeo geológico: $ 127,000
• Herramientas de análisis de datos: $ 186,000
• Imágenes satelitales y teledetección: $ 140,000

Compensación del personal profesional

La compensación total del personal para el personal geológico y técnico fue de $ 3.2 millones en 2023.

Categoría de personal	Compensación anual ($)
Geólogos	1,540,000
Analistas técnicos	892,000
Personal de investigación	768,000

Adquisición y mantenimiento de la propiedad

Los gastos relacionados con la propiedad totalizaron $ 1.7 millones en 2023.

• Costos de arrendamiento de tierras: $ 612,000
• Mantenimiento de la propiedad: $ 458,000
• Desarrollo de la carretera de acceso: $ 630,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio ascendieron a $ 876,000 en 2023.

Categoría de cumplimiento	Costo anual ($)
Permisos ambientales	324,000
Certificaciones de seguridad	276,000
Presentaciones legales y regulatorias	276,000

Contango Ore, Inc. (CTGO) - Modelo de negocios: flujos de ingresos

Ventas potenciales de recursos minerales

A partir de 2024, Contango Ore, Inc. no ha reportado ventas directas de recursos minerales. La compañía permanece en la fase de exploración y desarrollo de las propiedades minerales en Alaska.

Acuerdos de asociación de empresas conjuntas

Contango Ore tiene una importante asociación de empresa conjunta con Royal Gold, Inc. que cubre el proyecto Peak Gold en Alaska. Los detalles financieros específicos de la asociación son los siguientes:

Detalle de la asociación	Valor financiero
Royal Gold Gane-In Porcentaje	51% de interés en el proyecto Peak Gold
Inversión total de empresa conjunta	$ 31.5 millones cometidos por Royal Gold

Licencia de propiedad mineral

Las flujos de ingresos de licencia de propiedad mineral actual incluyen:

• Reclamos minerales de la península de Alaska
• Derechos minerales del Proyecto Peak Gold

Asociaciones de inversión estratégica

Las asociaciones estratégicas de inversión incluyen:

• Royal Gold, Inc. Inversión estratégica
• Valor de inversión estratégica total: $ 31.5 millones

Monetización de datos de exploración

A partir de 2024, el mineral de Contango no ha informado ingresos específicos de la monetización de datos de exploración.

Contango Ore, Inc. (CTGO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Contango Ore, Inc. (CTGO) is structured the way it is, especially how they plan to grow from their current cash-flowing asset to two new projects. The value proposition centers on speed and capital efficiency, which is what the Direct Ship Ore (DSO) model is all about.

Immediate cash flow generation from the Manh Choh Mine.

The Manh Choh mine, where Contango Ore, Inc. (CTGO) holds a 30% interest in the Peak Gold JV, is the engine right now. This operation delivered a record high income from operations of $25 million in the third quarter of 2025. By the end of that quarter, the Company's cash position stood at $107 million. For Q3-2025, the cash costs per ounce sold were $1,402, with an all-in-sustaining cost (AISC) of $1,597 per ounce sold, which was below the 2025 target of $1,625 per ounce. Contango Ore, Inc. (CTGO) is projecting operating cash flow per share of approximately $3.00 for 2025, and management aims to reduce debt to under $15 million by year-end.

The cash flow metrics from Manh Choh are substantial:

• 2025 production guidance: approximately 60,000 gold equivalent ounces (GEO).
• YTD-2025 production (through Q3-2025): 52,020 ounces.
• Cash distributions received in Q3-2025: $33 million, bringing year-to-date distributions to $87 million.

Reduced capital expenditure and environmental footprint via the Direct Ship Ore (DSO) model.

The DSO model is the common thread linking Manh Choh, Lucky Shot, and Johnson Tract. For Manh Choh, this meant hauling ore approximately 400 km to the Fort Knox Mill, with the hauling cost being about one gram per ounce of head grade. This approach has demonstrably resulted in reduced capital costs and a smaller environmental footprint compared to building a standalone mill. The Johnson Tract project is also planned to use DSO, which avoids the need to pay for a mill, a tailings facility, and a large power plant, thereby significantly lowering capital needs.

Here's how the DSO economics look for the next project, Johnson Tract:

Metric	Value	Source Context
Initial Capital Costs	$213.6 million	S-K 1300 Initial Assessment
All-in-Sustaining Cost (AISC)	$860 per GEO sold	At assumed gold price of $3,432.50
Post-Tax Net Present Value (NPV5)	$224.5 million	At assumed gold price of $3,432.50
Internal Rate of Return (IRR)	30.2%	S-K 1300 Initial Assessment
Payback Period	1.3 years	On a seven-year mine plan

High-grade gold resources, like the 15 g/t gold equivalent at Lucky Shot.

The Lucky Shot project is a fully permitted, high-grade asset that Contango Ore, Inc. (CTGO) is advancing toward production using the same DSO strategy. The indicated resources from the S-K 1300 Technical Report Summary average 15 g/t gold equivalent. The company is targeting annual production of 40,000 to 50,000 ounces of gold from Lucky Shot. Drilling is underway to support the Feasibility Study, which is expected to be completed in 2027.

The high-grade nature is further supported by recent sampling data:

• Channel samples from the West Drift structure included grades of 26.1 g/t gold, 379 g/t gold, and 9.1 g/t gold.
• These samples, taken over 0.5 meters in length, averaged approximately 139 g/t gold over 1.5 meters.

Exposure to critical metals (copper, zinc, silver) at the Johnson Tract project.

The Johnson Tract project is a polymetallic deposit where base metals are a significant component of the value proposition. The Indicated Resource is estimated at 3.489 Mt grading 9.39 g/t gold equivalent (AuEq).

The value breakdown for the resource is clear:

• Gold and silver make up about 75% of the value.
• Critical metals-copper, lead, and zinc-make up the other 25-30% of the value.

The Indicated Resource composition includes:

Metal	Grade	Contained Metal (Indicated)
Gold (Au)	5.33 g/t	598,000 oz
Silver (Ag)	6.0 g/t	673,000 oz
Copper (Cu)	0.56%	43.1 million lb
Lead (Pb)	0.67%	51.5 million lb
Zinc (Zn)	5.21%	400.8 million lb

Metallurgical tests show strong recovery potential for these metals, with zinc recovery at 92.3% to a concentrate grading 52.6% zinc, and copper recovery at 84.5% to a concentrate grading 30.6% copper.

Accelerated path to production by leveraging a major partner's existing infrastructure.

The success at Manh Choh was heavily dependent on partnering with Kinross Gold Corporation, the operator of the Peak Gold JV. This partnership allowed Contango Ore, Inc. (CTGO) to use the existing Fort Knox Mill. This infrastructure leverage meant that Contango Ore, Inc. (CTGO) was able to get into a mining operation in just about two years after the JV started at the end of 2020. The use of the Fort Knox mill directly contributed to a shorter permitting/development timeline for Manh Choh. The Johnson Tract project is also being assessed for direct shipping ore via barge to an existing mill facility, mirroring the successful Manh Choh approach.

Contango Ore, Inc. (CTGO) - Canvas Business Model: Customer Relationships

You're looking at how Contango Ore, Inc. manages its key external relationships, which are pretty specialized given their focus on Alaskan mineral exploration and development. These aren't typical B2C or simple supplier deals; they are deep, structured partnerships essential for moving projects forward.

Highly structured, formal Joint Venture relationship with Kinross Gold.

The relationship with Kinross Gold Corporation, specifically through the Peak Gold, LLC joint venture (JV) for the Manh Choh project, is the cornerstone of Contango Ore, Inc.'s current operational success. This is a highly formal arrangement where Contango Ore, Inc. holds a 30% membership interest, while Kinross's indirect subsidiary, KG Mining (Alaska), Inc., holds the remaining 70% and acts as the operator. This structure means Contango Ore, Inc. relies heavily on Kinross for the day-to-day management of the mine. The JV leases approximately 675,000 acres of land for exploration and development on the Manh Choh project. The success of this partnership is directly reflected in the cash flow Contango Ore, Inc. receives; for instance, the Q3 2025 cash distribution from the Peak Gold JV amounted to $87 million. The operational output from this JV is significant, with Contango Ore, Inc.'s 30% share of Q3 2025 recovered gold being approximately 17,000 oz, keeping the company on track to meet its 2025 production guidance of approximately 60,000 oz of gold for its share.

The key metrics defining this relationship are best summarized like this:

JV Metric	Value/Term	Source/Context
Contango Ore, Inc. Interest	30%	Peak Gold, LLC Membership Interest
Kinross Subsidiary Interest	70%	Operator of the Peak Gold JV
Manh Choh Project Leased Acreage	Approximately 675,000 acres	Land for exploration and development
Q3 2025 Cash Distribution Received by CTGO	$87 million	Bolstered Q3 2025 cash position
CTGO Share of Q3 2025 Gold Production	Approximately 17,000 oz	Recovered gold from Campaign #3-2025
2025 Production Guidance (CTGO 30% Share)	Approximately 60,000 oz	Total expected gold ounces for the year

Investor relations and public reporting to maintain shareholder confidence.

Maintaining confidence requires transparent reporting, especially when dealing with non-GAAP metrics like adjusted net income. Contango Ore, Inc. actively communicates its financial health through required filings and investor updates. For example, following a strong Q3 2025, the company reported record operating income of $25 million and saw its cash position jump to $107 million as of September 30, 2025, up from $20.1 million at the end of 2024. This operational strength translated to an EPS of $2.04 in Q3 2025, a 338.71% surprise over the forecast of $0.465. Despite market volatility, the stock gained over 111% in the six months leading up to November 2025. Insider reporting also plays a role; a Form 144 filing on August 18, 2025, detailed a proposed sale of 2,822 RSU Shares with an aggregate market value of $61,121.00, often related to tax obligations for vested equity.

Key investor data points as of late 2025 include:

• Cash position as of September 30, 2025: $107.0 M.
• Total debt balance as of late 2025: $34.6 million.
• Q3 2025 Adjusted Net Income (Non-GAAP): $24.9 million.
• All-In-Sustaining Costs (AISC) for Q3 2025: $1,597 per ounce sold.
• Hedge agreement balance as of October 31, 2025: 49,300 ounces.

Regulatory compliance and transparent engagement with federal and state agencies.

Engagement with regulatory bodies is critical for project advancement, particularly in Alaska. A major recent milestone was the acceptance of the Johnson Tract Project into the FAST-41 Program on December 2, 2025, which aims to streamline federal permitting. This process involves transparent collaboration with agencies like the USACE (U.S. Army Corps of Engineers). Furthermore, the company's operations are subject to ongoing environmental and permitting reviews, such as those related to the Lucky Shot drill program, which mobilized a rig for a 15,000-meter in-fill drilling program, with assay results expected to start in Q1 2026. The company also noted the dismissal of a lawsuit by the Village of Dot Lake against the USACOE regarding the Manh Choh project in October 2025, which favorably impacts project continuity.

Long-term, stable lease agreements with Native Alaskan corporations.

Contango Ore, Inc. secures its land access through long-term agreements with underlying owners, many of which are Native Corporations. These leases provide the stability needed for multi-year exploration and development plans. For instance, the lease on the Johnson Tract project is held directly from the underlying owner, CIRI Native Corporation. Separately, the lease for the Lucky Shot project is from Alaska Hardrock Inc. These agreements underpin Contango Ore, Inc.'s land position alongside its wholly-owned claims. The company also holds 100% ownership of approximately 8,600 acres of peripheral State of Alaska mining claims and a 100% interest in approximately 145,000 acres of State of Alaska mining claims, giving it exclusive exploration and development rights on those tracts.

Details on key land agreements include:

• Johnson Tract Lease Owner: CIRI Native Corporation.
• Lucky Shot Project Lease Owner: Alaska Hardrock Inc..
• State of Alaska Claims Owned 100%: Approximately 8,600 acres.
• State of Alaska Claims with Exclusive Rights: Approximately 145,000 acres.

Finance: draft 13-week cash view by Friday.

Contango Ore, Inc. (CTGO) - Canvas Business Model: Channels

You're looking at how Contango Ore, Inc. moves its value-the gold it helps produce-out to the market and how it funds its operations as of late 2025. It's a mix of physical product movement and financial market interaction.

Peak Gold JV (Kinross-operated) for physical gold ore extraction and processing

The primary physical channel is through the Peak Gold Joint Venture (JV), which Kinross Gold Corporation operates. Contango Ore, Inc. holds a 30% interest in this JV, which processes ore from the Manh Choh mine.

Here are the operational metrics from the third campaign of 2025 (Campaign #3-2025), which ran from August 12, 2025, through September 15, 2025:

Metric (100% JV Basis)	Q3 2025 Actual	2025 Guidance (Contango 30% Share)
Tons of Ore Processed	287,000 tons	N/A
Average Head Grade	0.214 ounces per ton	N/A
Gold Recovery Average	92.5%	N/A
Total Recovered Gold Ounces	Approximately 56,800 oz	Approximately 60,000 GEO
Contango's Share of Production (Ounces)	Approximately 17,000 oz (or 17,057 oz)	N/A

The company is also testing ore blending:

• Test batch of Manh Choh ore blended with Fort Knox ore included 44,447 tons of low-grade oxide ore grading 0.104 oz/ton.
• This test yielded approximately 1,300 additional gold ounces for Contango's 30% share, to be added to the Q4 reporting period.
• Q4 2025 guidance for Contango's 30% share is between 6,000 and 8,000 gold ounces.

Direct gold sales to the global bullion market and commodity buyers

Contango Ore, Inc. sells its share of the physical gold produced through the JV directly into the market. The company sold gold at spot price during Q3 2025, while simultaneously managing forward contracts.

Key sales and cost metrics for Q3 2025:

• Ounces of gold sold: 16,669 ounces.
• Realized average gold price: $3,647 per ounce.
• Cash costs per ounce sold (by-product basis): $1,402.
• All-in-sustaining costs (AISC) per ounce sold (by-product basis): $1,597, which was below the 2025 target of $1,625 per ounce.

Financial results tied to sales for the quarter ended September 30, 2025:

Sales/Cost Metric	Q3 2025 Amount	Year-to-Date (YTD) 2025 Amount
Total Gold Sales Revenue	$60.79 million	$170.18 million
Income from Operations	$25.0 million	N/A

The company also manages its hedge book through this channel, settling a Carry Trade on October 31, 2025, which involved a net payment of $22.4 M from Contango in exchange for reducing 13,600 ounces under the hedge agreement. The hedge agreement balance as of October 31, 2025, was 49,300 ounces.

Financial markets for equity and debt capital raises (NYSE American: CTGO)

Contango Ore, Inc. accesses capital markets via its listing on the NYSE American under the ticker CTGO to fund development projects like Lucky Shot and Johnson Tract.

Recent financing activity includes:

• Gross proceeds raised in a September 2025 public offering: Approximately $50 million.
• Offering structure: 1,975,000 shares of common stock at $20.00 per share and pre-funded warrants for up to 525,000 shares at $19.99 per warrant.
• Cash provided by financing activities for the nine months ended September 30, 2025: $26.9 million.
• Credit Facility principal balance as of October 2, 2025: $14.6 million, following a repayment of $8.5 million subsequent to September 30, 2025.

Direct cash distributions from the Peak Gold JV to Contango Ore, Inc.

Cash flow from operations at the Manh Choh mine is distributed directly to Contango Ore, Inc. from the Peak Gold JV, serving as a major source of liquidity.

Distribution figures for 2025:

Distribution Period	Cash Distribution Amount	Year-to-Date Total (as of Q3/Oct 2025)
Campaign #1-2025	$33 million (as of April 24, 2025 announcement)	$87 million (as of October 2, 2025 announcement)
Campaign #2-2025	$21 million (as of June 25, 2025 announcement)	N/A
Campaign #3-2025	$33 million (as of October 2, 2025 announcement)	N/A

The company's unrestricted cash position as of September 30, 2025, was $107 million, up from $20.1 million at December 31, 2024, largely driven by these distributions. Management projected total 2025 cash distributions from the Peak Gold JV to be in excess of $100 million, assuming a $3,500 per ounce spot gold price for the remainder of 2025.

Contango Ore, Inc. (CTGO) - Canvas Business Model: Customer Segments

You're looking at the people who actually fund Contango Ore, Inc.'s operations and buy the gold it produces. Honestly, it's a mix of sophisticated money and direct buyers of the physical metal.

Global institutional investors and fund managers seeking gold exposure

These are the big players. They look at Contango Ore, Inc. as a pure-play way to get Alaskan gold exposure, which is a safe jurisdiction. They track the production metrics closely, like the year-to-date production guidance for 2025, which is approximately 60,000 gold equivalent ounces (GEO). They care about the realized price, too; for instance, the average realized gold price in Q3 2025 hit $3,647 per ounce. The recent financing event in September 2025, raising $50 million, signals management's intent to grow production toward a target of 200,000 ounces annually using the direct ship ore (DSO) model, which is a key growth narrative for this segment.

Here's a snapshot of the financial context that drives their interest:

• YTD 2025 Gold Sales: $170.18 million.
• Q3 2025 Operating Income: A record $25 million.
• Cash Position (as of September 30, 2025): $107.0 million.
• Shares Outstanding: 15.5 million.

Commodity traders and refiners purchasing gold and associated minerals

This group is focused on the physical product and the efficiency of getting it out of the ground. They are the direct purchasers of the gold ounces Contango Ore, Inc. sells, often through its joint venture partner, Kinross Gold Corporation, which operates the Manh Choh Mine. The volume matters here; Contango Ore, Inc. sold 16,669 ounces of gold in Q3 2025. Traders check the costs to ensure profitability, noting that the Q3 2025 all-in-sustaining costs (AISC) were $1,597 per ounce sold, which was below the 2025 target of $1,625 per ounce. The Q1 2025 figures showed even tighter control, with AISC at $1,374 per ounce. They are buying the output from the Manh Choh project, which is on track to meet its 2025 guidance of approximately 60,000 GEO.

Retail investors interested in high-growth, pure-play Alaskan gold producers

Retail investors often look at the stock price movement and the company's story. They see a company with a strong operational base in Alaska and clear next steps with the Lucky Shot and Johnson Tract projects. The stock has shown volatility, for example, dropping 4.88% in regular trading after the Q3 2025 earnings release, despite a massive EPS beat. They are attracted by the potential upside from the Johnson Tract project, which an initial assessment indicated could have a post-tax Net Present Value (NPV5) of $224.5 million. The market capitalization has fluctuated, recently reported near $360 million or closer to $263 million, giving retail investors a specific entry point to track.

Debt and equity capital providers (banks, convertible debenture holders)

This segment is concerned with leverage and repayment capacity. Management has explicitly stated a priority to reduce debt, targeting a year-end debt level of around $15 million with ING & Macquarie. This focus is supported by strong operating cash flow generation, projected at approximately $3.00 per share for 2025, substantially higher than competitors. The company's balance sheet health is reflected in its Debt to Equity Ratio as of December 2025, which stood at -20.30, an improvement from the 12-month average of 4.39. The recent $50 million financing in September 2025 provides liquidity to fund growth while paying down obligations.

Here is a summary of the key financial figures relevant to capital providers:

Metric	Value (As of Late 2025 Data)	Context
Target Total Debt (Year-End)	$15 million	Debt to be held with ING & Macquarie
Unrestricted Cash (Q3 End)	$107.0 million	Up from $20.1 million at the end of 2024
Debt to Equity Ratio (Dec 2025)	-20.30	Improved from TTM average of 4.39
Convertible Debenture Outstanding	$20 million	One component of total debt
Financing Raised (Sept 2025)	$50 million	To advance Lucky Shot and Johnson Tract properties

Contango Ore, Inc. (CTGO) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Contango Ore, Inc.'s (CTGO) operational efficiency and capital deployment right now. It's all about managing the costs associated with getting that Manh Choh ore processed while funding the next big steps at Lucky Shot and Johnson Tract. Here's the quick math on where the money is going.

The operational costs for the producing asset, Manh Choh, are coming in under budget for the third quarter of 2025. The All-in-Sustaining Costs (AISC) on a by-product basis for Q3 2025 were reported at $1,597/oz sold. This is definitely below the $1,625/oz target set for 2025. Management is aiming to keep AISC below $1,600/oz this year and next, so this is a strong indicator of cost discipline, even with some headwinds.

However, the reported net loss for Q3 2025, which was $5.4 M, gets muddied by non-cash accounting entries. Specifically, there was a non-cash unrealized loss on derivative contracts hitting the books for $14.4M in Q3 2025. To be fair, another report mentioned a $30,000,000 impact on the P&L from these unrealized derivative hedge losses due to the rising gold price in September, which turned what would have been a net income position into a net loss.

The cost structure is heavily influenced by logistics for the Manh Choh operation. You need to factor in the ore hauling and transportation costs from Manh Choh to the Fort Knox mill. These costs, along with higher processing costs and ore moisture content limiting annual transport volume by approximately 20% compared to the original Technical Report Summary projection, contributed to the 2025 standalone AISC guidance being set at approximately $1,625/oz AuEq sold, up from the original LOM estimate.

Capital deployment is focused on advancing the 100% owned projects. Contango Ore, Inc. recently closed a $50 million public offering to fund this work. This capital is earmarked for specific milestones:

• Advance Lucky Shot to a mine production decision within two years.
• Support underground and surface drilling at Lucky Shot, targeting approximately 18,000 meters across 210 drill holes in the first phase.
• Fund road construction and camp winterisation at Johnson Tract.
• Support an exploration tunnel and feasibility-level mine planning at Johnson Tract.

On the debt side, the company is actively reducing its liabilities. Management's objective has been to deliver into hedges and pay down debt on schedule. Here's a look at the recent debt servicing activity:

Debt Metric	Q3 2025 Activity	Balance as of Sept 30, 2025	Subsequent Activity (Oct 2, 2025)	Balance as of Oct 31, 2025
Credit Facility Repayment	$7.0 M paid	$23.1 M outstanding	$8.5 M repaid	$14.6 M outstanding

The company ended Q3 2025 with an unrestricted cash position of $107.0 M, up from $20.1 M at December 31, 2024, largely due to an $87 million distribution from the Peak Gold JV. Finance: draft 13-week cash view by Friday.

Contango Ore, Inc. (CTGO) - Canvas Business Model: Revenue Streams

Contango Ore, Inc.'s revenue streams as of late 2025 are heavily weighted toward its interest in the Manh Choh mine via the Peak Gold JV, supplemented by strategic cash distributions and future potential from its wholly-owned assets like Johnson Tract.

The primary cash inflow comes from gold sales revenue, which totaled $170.18 million year-to-date through the third quarter of 2025. This performance was supported by a strong realized gold price environment, with Contango Ore, Inc. realizing an average gold price of $3,647 per ounce during Q3 2025. The quarterly sales figures reflect the operational cadence of the joint venture.

Metric	Q3 2025 Amount	Year-to-Date (YTD) Q3 2025 Amount
Gold Sales Revenue	$60.79 million	$170.18 million
Gold Ounces Sold (Q3 2025)	16,669 ounces	Data not explicitly available for YTD ounces sold
Realized Gold Price	$3,647 per ounce	Not applicable for YTD average

A significant component of Contango Ore, Inc.'s cash position is derived from cash distributions from the Peak Gold JV. These distributions reached $87.0 million year-to-date through Q3 2025, providing substantial operating cash flow. The company's net cash provided from operating activities for the nine months ended September 30, 2025, was $60.2 M, significantly driven by these distributions.

• Q3 2025 cash distribution received: $33 M
• Total cash distributions received YTD Q3 2025: $87.0 M
• Management projection for full-year 2025 distributions: in excess of $100 million

Looking ahead, future revenue from silver and copper by-products, particularly from the wholly-owned Johnson Tract Project, represents a key diversification of the revenue base. The S-K 1300 Technical Report Summary for Johnson Tract outlines a seven-year life of mine (LOM) with an annual average production forecast of 102,258 GEO (Gold Equivalent Ounces), which includes gold, silver, copper, lead, and zinc. The estimated All-In-Sustaining Cost (AISC) for this project is notably low at $860 per GEO sold, based on the initial assessment.

• Johnson Tract Projected Annual Average Production: 102,258 GEO
• Johnson Tract Estimated AISC: $860 per GEO sold
• Johnson Tract Projected Life of Mine (LOM): 7 years

The company is actively advancing permitting and exploration at Johnson Tract, including a 15,000-meter underground in-fill drilling program, to support a feasibility study targeted for completion within 12 to 18 months to solidify these future revenue expectations.