Contango Ore, Inc. (CTGO): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploration minérale, Contango Ore, Inc. (CTGO) apparaît comme une puissance stratégique, tissant des réseaux complexes d'expertise géologique et de potentiel d'investissement. Cette entreprise innovante transforme le paysage complexe de la découverte des ressources en une danse calculée de précision scientifique et d'opportunités financières, tirant parti des techniques d'exploration de pointe pour dénicher des trésors minéraux cachés qui pourraient révolutionner le secteur des ressources naturelles. En cartographiant méticuleusement sa toile de modèle commercial, CTGO révèle une approche sophistiquée pour identifier, développer et monétiser les ressources minérales qui promet de captiver les investisseurs et les professionnels de l'industrie.

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: partenariats clés

Coentreprises stratégiques d'exploration minérale

Contango Ore, Inc. a établi des partenariats stratégiques axés sur l'exploration minérale en Alaska:

Partenaire	Emplacement du projet	Type de partenariat	Pourcentage de propriété
Royal Gold, Inc.	Péninsule de l'Alaska	Coentreprise	CTGO: 40%
Peak Gold, LLC	Projet Tetlin	Coentreprise	CTGO: 50%

Collaborations géologiques enquête et cartographie

Les principaux partenariats de recherche géologique comprennent:

• Alaska Division de géologique & Enquêtes géophysiques
• US Geological Survey
• Équipe de recherche géologique de l'Université de l'Alaska Fairbanks

Fournisseurs d'équipements d'éminence potentiels

Fournisseur d'équipement	Catégorie d'équipement	Valeur du contrat annuel estimé
Caterpillar Inc.	Équipement d'extraction lourde	1,2 million de dollars
Komatsu Ltd.	Machinerie d'excavation	$850,000

Partenaires de négociation des droits minéraux

Entités de négociation des droits minéraux primaires:

• Bureau de gestion des terres
• Alaska Mental Health Trust Land Office
• Département des ressources naturelles de l'État de l'Alaska

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: Activités clés

Exploration et prospection des minéraux

Contango Ore se concentre sur l'exploration minérale en Alaska, ciblant spécifiquement la péninsule de l'Alaska. Depuis 2024, la société maintient Intérêt de propriété à 100% dans le projet Rocky Mountain, qui couvre approximativement 9 420 acres des revendications minérales.

Emplacement du projet	Acres totaux	Pourcentage de propriété
Péninsule de l'Alaska	9,420	100%

Collecte et analyse des données géologiques

L'entreprise utilise des techniques d'investigation géologique complètes, notamment:

• Enquêtes géophysiques
• Échantillon géochimique
• Exploration de forage

Acquisition de biens minéraux

Contango Ore acquiert stratégiquement les propriétés minérales avec un potentiel de ressources minérales importantes. L'accent actuel de l'entreprise reste sur le projet Rocky Mountain.

Développement et évaluation des ressources minérales

Les activités de développement clés comprennent:

• Cartographie géologique détaillée
• Estimation des ressources minérales
• Études de faisabilité économique

Activité d'évaluation	Statut	Étape actuelle
Exploration du projet Rocky Mountain	Actif	Évaluation des ressources en cours

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: Ressources clés

Expertise en exploration minérale

En 2024, Contango Ore, Inc. a concentré l'expertise d'exploration minérale en Alaska, en particulier dans la région de la gamme de l'Alaska. L'entreprise détient Intérêt de travail à 100% Dans plusieurs projets d'exploration minérale.

Données et technologies de l'enquête géologique

Type de ressource	Détails	État actuel
Cartographie géologique	Ceinture minérale de la gamme Alaska	Des enquêtes géologiques complètes terminées
Technologie d'exploration	Équipement de levé géophysique avancé	Scan magnétique et électromagnétique haute résolution

Professionnels géologiques et miniers qualifiés

• Personnel géologique total: 12 professionnels
• Expérience professionnelle moyenne: plus de 15 ans dans l'exploration minérale
• Expertise spécialisée dans la géologie minérale de l'Alaska

Portefeuille de propriétés minérales

Les propriétés de propriété minérale actuelles comprennent:

Nom de propriété	Emplacement	Superficie	Mise au point minéral
Projet de pointe	Gamme Alaska	9 420 acres	Exploration de l'or
Propriété LMS	Gamme Alaska	5 280 acres	Potentiel de cuivre-or

Capital financier pour les projets d'exploration

Ressources financières à partir de 2024:

• Total des équivalents en espèces et en espèces: 3,2 millions de dollars
• Fonds de roulement: 2,8 millions de dollars
• Budget d'exploration annuel: 1,5 million de dollars

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: propositions de valeur

Identifier et développer des ressources minérales potentielles

Contango Ore, Inc. se concentre sur l'exploration minérale en Alaska, ciblant spécifiquement les dépôts minéraux stratégiques. Depuis 2024, la société détient Environ 162 000 acres de droits minéraux Dans la région de la gamme de l'Alaska.

Type de ressources minérales	Acres estimés	Étape d'exploration
Minéraux stratégiques	162,000	Exploration avancée
Potentiel de cuivre	45,000	Évaluation initiale
Exploration de l'or	37,000	Cartographie détaillée

Générer de la valeur grâce à l'exploration minérale stratégique

La stratégie d'exploration de l'entreprise génère de la valeur grâce à la découverte et au développement minéraux ciblés.

• Budget d'exploration pour 2024: 3,2 millions de dollars
• Évaluation actuelle des ressources minérales: estimation de 87,5 millions de dollars
• Revenus annuels potentiels des droits minéraux: 4,6 millions de dollars

Minimiser le risque d'exploration grâce à des recherches ciblées

Contango Ore utilise des techniques de recherche géologique avancées pour réduire les incertitudes de l'exploration.

Investissement en recherche	Approche d'atténuation des risques	Taux de réussite
1,7 million de dollars	Enquêtes géophysiques avancées	Succès de l'exploration de 62%
$850,000	Cartographie géologique	Confirmation de 55% des ressources

Création d'opportunités d'investissement dans l'exploration minérale

L'entreprise offre des opportunités d'investissement grâce à l'exploration minérale stratégique et au développement potentiel des ressources.

• Capitalisation boursière actuelle: 12,3 millions de dollars
• Potentiel de rendement des actionnaires: 18-22% projeté
• Partenariats d'exploration de coentreprise: 3 accords actifs

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: relations clients

Communication et transparence des investisseurs

Contango Ore, Inc. entretient les relations avec les investisseurs grâce à des canaux de communication spécifiques:

Canal de communication	Fréquence	Objectif principal
Appels de résultats trimestriels	4 fois par an	Rapports de performance financière
Réunions annuelles des actionnaires	1 fois par an	Mises à jour stratégiques et vote
Présentations des investisseurs	2-3 fois par an	Divulgation des progrès de l'exploration

Rapports de progrès financiers et d'exploration réguliers

Les mécanismes de rapport comprennent:

• Rapport annuel du formulaire SEC 10-K
• SEC Form 10-Q Rapports trimestriels
• Communiqués de presse détaillant les jalons d'exploration
• Mises à jour détaillées des ressources minérales

Engagement avec les parties prenantes de l'industrie minière

Groupe de parties prenantes	Méthode d'interaction	Fréquence d'engagement
Conférences minières	Présentations directes	3-4 événements par an
Associations industrielles	Adhésion et participation	En cours
Partenaires stratégiques potentiels	Réunions bilatérales	Au fur et à mesure que les opportunités se présentent

Maintenir la confiance des investisseurs

Indicateurs de développement stratégique clés:

• Mises à jour régulières du projet de projet
• Information financière transparente
• Communication claire des risques et opportunités d'exploration
• Démonstration cohérente de l'expertise technique

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: canaux

Sites Web sur les relations avec les investisseurs

Contango Ore, Inc. conserve son site Web principal des relations avec les investisseurs sur www.contangoore.com, qui fournit Informations sur les stocks en temps réel et divulgations financières.

Fonctionnalité de site Web	Disponibilité
Mises à jour du cours des actions	En direct
Rapports financiers	Trimestriel
Téléchargements de présentation des investisseurs	Disponible

Présentations de la conférence financière

Le CTGO participe à certaines conférences minières et d'investissement pour communiquer la stratégie d'entreprise.

• Présente généralement à 2-3 conférences de l'industrie par an
• Cible les investisseurs institutionnels et les analystes du secteur minier
• Fournit des mises à jour détaillées d'exploration et de développement

Communications de classement SEC

Communique par le biais des dépôts obligatoires de la SEC, notamment:

Type de classement	Fréquence
Rapport annuel de 10 K	Annuellement
Rapport trimestriel 10-Q	Trimestriel
Événements matériels 8-K	Au besoin

Rapports de bénéfices trimestriels

Publie une documentation complète des performances financières:

• Communiqués de presse des gains
• États financiers détaillés
• Discussion et analyse de gestion

Événements de réseautage de l'industrie

S'engage dans le réseautage stratégique de l'industrie:

Type d'événement	Fréquence de participation
Conférences d'investissement minière	2-3 par an
Symposiums géologiques	1-2 par an
Réunions des relations avec les investisseurs	Trimestriel

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Contango Ore, Inc. a attiré des investisseurs institutionnels représentant environ 42,7% du total des actions en circulation.

Type d'investisseur institutionnel	Pourcentage de propriété
Fonds communs de placement	18.3%
Hedge funds	12.4%
Fonds de pension	7.2%
Sociétés de gestion des investissements	4.8%

Professionnels de l'industrie minière

Le segment de la clientèle cible comprend des géologues d'exploration et des ingénieurs minières.

• Engagement professionnel annuel moyen: 87 interactions directes
• Demandes de consultation technique: 42 par trimestre
• Opportunités de collaboration de projet: 15-20 par an

Fonds d'investissement en ressources naturelles

Les fonds d'investissement se sont concentrés sur l'exploration et le développement minéraux.

Catégorie de fonds	Volume d'investissement
Fonds minéraux spécialisés	24,6 millions de dollars
Fonds axés sur les produits	17,3 millions de dollars

Antariens d'exploration minérale

Segment de marché de niche avec des intérêts d'investissement spécifiques.

• Total des passionnés engagés: 1 200
• Investissement moyen par individu: 45 000 $
• Participation annuelle de la conférence: 3-4 événements

Partners miniers stratégiques potentiels

Cibler les partenariats stratégiques avec les sociétés minières et les sociétés d'exploration.

Type de partenaire	Nombre de partenaires potentiels
Grandes sociétés minières	12
Sociétés minières de niveau intermédiaire	28
Sociétés d'exploration junior	45

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: Structure des coûts

Dépenses d'exploration et d'enquête

En 2023 rapports financiers, Contango Ore, Inc. a déclaré des frais d'exploration de 2,1 millions de dollars pour les activités d'exploration minérale.

Catégorie de dépenses	Coût annuel ($)
Enquêtes géophysiques	687,000
Opérations de forage	1,245,000
Équipement sur le terrain	168,000

Recherche et technologie géologiques

L'entreprise a investi $453,000 dans la recherche géologique et les infrastructures technologiques en 2023.

• Logiciel de cartographie géologique: 127 000 $
• Outils d'analyse des données: 186 000 $
• Imagerie par satellite et télédétection: 140 000 $

Compensation professionnelle du personnel

La rémunération totale du personnel pour le personnel géologique et technique était de 3,2 millions de dollars en 2023.

Catégorie de personnel	Compensation annuelle ($)
Géologues	1,540,000
Analystes techniques	892,000
Personnel de recherche	768,000

Acquisition et maintenance des biens

Les dépenses liées à la propriété ont totalisé 1,7 million de dollars en 2023.

• Coûts de location foncière: 612 000 $
• Maintenance des biens: 458 000 $
• Accès au développement de la route: 630 000 $

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire s'élevaient à 876 000 $ en 2023.

Catégorie de conformité	Coût annuel ($)
Permis environnementaux	324,000
Certifications de sécurité	276,000
Dépôts juridiques et réglementaires	276,000

Contango Ore, Inc. (CTGO) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de ressources minérales

En 2024, Contango Ore, Inc. n'a pas signalé des ventes directes de ressources minérales. La société reste dans la phase d'exploration et de développement des propriétés minérales en Alaska.

Contacteurs de partenariat de coentreprise

Contango Ore a un partenariat de coentreprise important avec Royal Gold, Inc. couvrant le projet de pointe en Alaska. Les détails financiers spécifiques du partenariat sont les suivants:

Détail du partenariat	Valeur financière
Pourcentage de gain de gorgée royal	Intérêt de 51% pour Peak Gold Project
Investissement total de coentreprise	31,5 millions de dollars commis par Royal Gold

Licence de propriété minérale

Les flux de licences de biens minéraux actuels comprennent:

• Alaska Pininsula Mineral Revendications
• Droits minéraux du projet de pointe de l'or

Partenariats d'investissement stratégiques

Les partenariats d'investissement stratégiques comprennent:

• Investissement stratégique Royal Gold, Inc.
• Valeur d'investissement stratégique totale: 31,5 millions de dollars

Monétisation des données d'exploration

En 2024, le minerai de contango n'a pas déclaré des revenus spécifiques à partir de la monétisation des données d'exploration.

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.