Contango Ore, Inc. (CTGO): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da exploração mineral, a Contango Ore, Inc. (CTGO) surge como uma potência estratégica, tecendo redes complexas de experiência geológica e potencial de investimento. Esta empresa inovadora transforma o complexo cenário da descoberta de recursos em uma dança calculada de precisão científica e oportunidade financeira, alavancando técnicas de exploração de ponta para descobrir tesouros minerais ocultos que poderiam revolucionar o setor de recursos naturais. Ao mapear meticulosamente sua tela de modelo de negócios, o CTGO revela uma abordagem sofisticada para identificar, desenvolver e monetizar recursos minerais que promete cativar investidores e profissionais do setor.

Contango Ore, Inc. (CTGO) - Modelo de negócios: Parcerias -chave

Túmulos de Mineral Strategic Mineral Joint Ventures

A Contango Ore, Inc. estabeleceu parcerias estratégicas focadas na exploração mineral no Alasca:

Parceiro	Localização do projeto	Tipo de parceria	Porcentagem de propriedade
Royal Gold, Inc.	Península do Alasca	Consórcio	CTGO: 40%
Peak Gold, LLC	Projeto Tetlin	Consórcio	CTGO: 50%

Pesquisa geológica e colaborações de mapeamento

As principais parcerias de pesquisa geológica incluem:

• Divisão de Geologia do Alasca & Pesquisas geofísicas
• Pesquisa geológica dos EUA
• Equipe de Pesquisa Geológica da Universidade do Alasca Fairbanks

Potenciais fornecedores de equipamentos de mineração

Fornecedor de equipamentos	Categoria de equipamento	Valor estimado do contrato anual
Caterpillar Inc.	Equipamento de mineração pesada	US $ 1,2 milhão
Komatsu Ltd.	Máquinas de escavação	$850,000

Parceiros de negociação de direitos minerais

Entidades de negociação dos direitos minerais primários:

• Bureau of Land Management
• Escritório de Terra do Alasca de Saúde Mental
• Departamento de Recursos Naturais do Estado do Alasca

Contango Ore, Inc. (CTGO) - Modelo de negócios: Atividades -chave

Exploração e prospecção de minerais

Contango Ore se concentra na exploração mineral no Alasca, direcionando especificamente a Península do Alasca. A partir de 2024, a empresa mantém 100% de participação de propriedade no projeto Rocky Mountain, que abrange aproximadamente 9.420 acres de reivindicações minerais.

Localização do projeto	Total de acres	Porcentagem de propriedade
Península do Alasca	9,420	100%

Coleta e análise de dados geológicos

A empresa emprega técnicas abrangentes de investigação geológica, incluindo:

• Pesquisas geofísicas
• Amostragem geoquímica
• Exploração de perfuração

Aquisição de propriedades minerais

A contango minério adquire estrategicamente propriedades minerais com potencial para recursos minerais significativos. O foco atual da empresa permanece no projeto Rocky Mountain.

Desenvolvimento e avaliação de recursos minerais

As principais atividades de desenvolvimento incluem:

• Mapeamento geológico detalhado
• Estimativa de recursos minerais
• Estudos de viabilidade econômica

Atividade de avaliação	Status	Estágio atual
Rocky Mountain Project Exploration	Ativo	Avaliação de recursos em andamento

Contango Ore, Inc. (CTGO) - Modelo de negócios: Recursos -chave

Experiência em exploração mineral

A partir de 2024, a Contango Ore, Inc. concentrou a experiência em exploração mineral no Alasca, especificamente na região da faixa do Alasca. A empresa possui 100% de interesse de trabalho em vários projetos de exploração mineral.

Dados e tecnologia da pesquisa geológica

Tipo de recurso	Detalhes	Status atual
Mapeamento geológico	Cinturão mineral do alasca	Pesquisas geológicas abrangentes concluídas
Tecnologia de exploração	Equipamento avançado de pesquisa geofísica	Varredura magnética e eletromagnética de alta resolução

Profissionais geológicos e de mineração qualificados

• Equipe geológica total: 12 profissionais
• Experiência profissional média: mais de 15 anos em exploração mineral
• Experiência especializada em geologia mineral do Alasca

Portfólio de propriedades minerais

As propriedades minerais atuais incluem:

Nome da propriedade	Localização	Cultura	Foco mineral
Projeto de ouro de pico	Faixa do Alasca	9.420 acres	Exploração de ouro
Propriedade LMS	Faixa do Alasca	5.280 acres	Potencial de ouro-ouro

Capital financeiro para projetos de exploração

Recursos Financeiros a partir de 2024:

• Total de caixa e equivalentes em dinheiro: US $ 3,2 milhões
• Capital de giro: US $ 2,8 milhões
• Orçamento anual de exploração: US $ 1,5 milhão

Contango Ore, Inc. (CTGO) - Modelo de negócios: proposições de valor

Identificando e desenvolvendo possíveis recursos minerais

A Contango Ore, Inc. concentra -se na exploração mineral no Alasca, direcionando especificamente depósitos minerais estratégicos. A partir de 2024, a empresa possui Aproximadamente 162.000 acres de direitos minerais na região da faixa do Alasca.

Tipo de recurso mineral	Acres estimados	Estágio de exploração
Minerais estratégicos	162,000	Exploração avançada
Potencial de cobre	45,000	Avaliação inicial
Exploração de ouro	37,000	Mapeamento detalhado

Gerando valor através da exploração mineral estratégica

A estratégia de exploração da empresa gera valor por meio de descoberta e desenvolvimento minerais direcionados.

• Orçamento de exploração para 2024: US $ 3,2 milhões
• Avaliação atual de recursos minerais: estimado US $ 87,5 milhões
• Receita anual potencial dos direitos minerais: US $ 4,6 milhões

Minimizar o risco de exploração através de pesquisas direcionadas

A Contango Ore emprega técnicas avançadas de pesquisa geológica para reduzir as incertezas da exploração.

Investimento em pesquisa	Abordagem de mitigação de risco	Taxa de sucesso
US $ 1,7 milhão	Pesquisas geofísicas avançadas	62% de sucesso de exploração
$850,000	Mapeamento geológico	55% de confirmação de recursos

Criando oportunidades de investimento na exploração mineral

A empresa oferece oportunidades de investimento por meio de exploração mineral estratégica e desenvolvimento de recursos em potencial.

• Capitalização de mercado atual: US $ 12,3 milhões
• Potencial de retorno do acionista: 18-22% projetado
• Parcerias de exploração de joint venture: 3 acordos ativos

Contango Ore, Inc. (CTGO) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação e transparência dos investidores

A Contango Ore, Inc. mantém as relações com os investidores por meio de canais de comunicação específicos:

Canal de comunicação	Freqüência	Propósito primário
Chamadas de ganhos trimestrais	4 vezes por ano	Relatórios de desempenho financeiro
Reuniões anuais de acionistas	1 tempo por ano	Atualizações estratégicas e votação
Apresentações de investidores	2-3 vezes por ano	Divulgação do progresso da exploração

Relatórios regulares de progresso financeiro e de exploração

Os mecanismos de relatório incluem:

• Sec Formulário 10-K Relatório anual
• Relatórios trimestrais do Formulário 10-Q SEC
• Comunicamentos de imprensa detalhando os marcos de exploração
• Atualizações detalhadas de recursos minerais

Engajamento com as partes interessadas da indústria de mineração

Grupo de partes interessadas	Método de interação	Frequência de engajamento
Conferências de mineração	Apresentações diretas	3-4 eventos anualmente
Associações da indústria	Associação e participação	Em andamento
Parceiros estratégicos em potencial	Reuniões bilaterais	À medida que surgem oportunidades

Manter a confiança dos investidores

Principais indicadores de desenvolvimento estratégico:

• Atualizações regulares de avanço do projeto
• Relatórios financeiros transparentes
• Comunicação clara de riscos e oportunidades de exploração
• Demonstração consistente de especialização técnica

Contango Ore, Inc. (CTGO) - Modelo de negócios: canais

Sites de relações com investidores

A Contango Ore, Inc. mantém seu site de relações com investidores primários em www.contangoore.com, que fornece Informações sobre ações em tempo real e divulgações financeiras.

Recurso do site	Disponibilidade
Atualizações de preços das ações	Ao vivo
Relatórios financeiros	Trimestral
Downloads de apresentação do investidor	Disponível

Apresentações da conferência financeira

O CTGO participa de conferências selecionadas de mineração e investimento para comunicar a estratégia corporativa.

• Normalmente apresenta em 2-3 conferências do setor anualmente
• Tem como alvo investidores institucionais e analistas do setor de mineração
• Fornece atualizações detalhadas de exploração e desenvolvimento

Sec Comunicação de arquivamento

Comunica -se através de registros obrigatórios da SEC, incluindo:

Tipo de arquivamento	Freqüência
Relatório anual de 10-K	Anualmente
Relatório trimestral de 10-Q	Trimestral
Eventos materiais de 8-K	Conforme necessário

Relatórios de ganhos trimestrais

Langa documentação abrangente de desempenho financeiro através de:

• Comunicados de imprensa de ganhos
• Demonstrações financeiras detalhadas
• Discussão e análise da gestão

Eventos de rede da indústria

Envolve -se em redes estratégicas da indústria por meio de:

Tipo de evento	Frequência de participação
Conferências de investimento em mineração	2-3 por ano
Simpósios geológicos	1-2 por ano
Reuniões de Relações com Investidores	Trimestral

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

Investidores institucionais

A partir do quarto trimestre 2023, a Contango Ore, Inc. atraiu investidores institucionais representando aproximadamente 42,7% das ações totais em circulação.

Tipo de investidor institucional	Porcentagem de propriedade
Fundos mútuos	18.3%
Fundos de hedge	12.4%
Fundos de pensão	7.2%
Empresas de gerenciamento de investimentos	4.8%

Profissionais da indústria de mineração

O segmento de clientes -alvo inclui geólogos de exploração e engenheiros de mineração.

• Engajamento profissional médio anual: 87 interações diretas
• Pedidos de consulta técnica: 42 por trimestre
• Oportunidades de colaboração do projeto: 15-20 anualmente

Fundos de investimento de recursos naturais

Fundos de investimento focaram na exploração e desenvolvimento mineral.

Categoria de fundo	Volume de investimento
Fundos minerais especializados	US $ 24,6 milhões
Fundos focados em commodities	US $ 17,3 milhões

Entusiastas da exploração mineral

Segmento de mercado de nicho com interesses específicos de investimento.

• Total de entusiastas engajados: 1.200
• Investimento médio por indivíduo: US $ 45.000
• Participação anual da conferência: 3-4 eventos

Potenciais parceiros de mineração estratégica

Alvo parcerias estratégicas com empresas de mineração e empresas de exploração.

Tipo de parceiro	Número de parceiros em potencial
Grandes corporações de mineração	12
Empresas de mineração intermediária	28
Empresas de exploração júnior	45

Contango Ore, Inc. (CTGO) - Modelo de negócios: estrutura de custos

Despesas de exploração e pesquisa

A partir de 2023 Relatórios Financeiros, a Contango Ore, Inc. relatou despesas de exploração de US $ 2,1 milhões para atividades de exploração mineral.

Categoria de despesa	Custo anual ($)
Pesquisas geofísicas	687,000
Operações de perfuração	1,245,000
Equipamento de campo	168,000

Pesquisa e tecnologia geológica

A empresa investiu $453,000 em pesquisa geológica e infraestrutura tecnológica em 2023.

• Software de mapeamento geológico: US $ 127.000
• Ferramentas de análise de dados: $ 186.000
• Imagens de satélite e sensoriamento remoto: US $ 140.000

Compensação profissional da equipe

A compensação total da equipe para pessoal geológico e técnico foi de US $ 3,2 milhões em 2023.

Categoria de pessoal	Compensação anual ($)
Geólogos	1,540,000
Analistas técnicos	892,000
Equipe de pesquisa	768,000

Aquisição e manutenção de propriedades

As despesas relacionadas à propriedade totalizaram US $ 1,7 milhão em 2023.

• Custos de arrendamento de terras: US $ 612.000
• Manutenção de propriedades: US $ 458.000
• Desenvolvimento de estrada de acesso: US $ 630.000

Custos de conformidade regulatória

As despesas de conformidade regulatória totalizaram US $ 876.000 em 2023.

Categoria de conformidade	Custo anual ($)
Permissões ambientais	324,000
Certificações de segurança	276,000
Registros legais e regulatórios	276,000

Contango Ore, Inc. (CTGO) - Modelo de negócios: fluxos de receita

Vendas potenciais de recursos minerais

A partir de 2024, a Contango Ore, Inc. não relatou vendas diretas de recursos minerais. A empresa permanece na fase de exploração e desenvolvimento das propriedades minerais no Alasca.

Acordos de parceria com joint venture

A Contango Ore tem uma parceria de joint venture significativa com a Royal Gold, Inc., cobrindo o projeto de ouro do Pico no Alasca. Os detalhes financeiros específicos da parceria são os seguintes:

Detalhes da parceria	Valor financeiro
Porcentagem de ganho de ouro real	51% de participação no projeto de pico de ouro
Investimento total de joint venture	US $ 31,5 milhões cometidos pela Royal Gold

Licenciamento de propriedades minerais

Os fluxos atuais de receita de licenciamento de propriedades minerais incluem:

• Reivindicações minerais da península do Alasca
• Direitos minerais do projeto de ouro de pico

Parcerias de investimento estratégico

Parcerias de investimento estratégico incluem:

• Royal Gold, Inc. Investimento Estratégico
• Valor estratégico total de investimento: US $ 31,5 milhões

Monetização de dados de exploração

A partir de 2024, o contango ORE não relatou receita específica da monetização dos dados de exploração.

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.