Contango ORE Announces Earnings For Quarter Ended December 31, 2022
06 Février 2023 - 10:57PM
Business Wire
Contango ORE, Inc. (“CORE” or the “Company”) (NYSE American:
CTGO) announced that it had a net loss of $(14.3) million, or
$(2.10) per basic and diluted share, for the three months ended
December 31, 2022 compared to a net loss of ($4.9) million or
$(0.72) per basic and diluted share for the same period last year.
For the six months ended December 31, 2022, the Company reported a
net loss of ($21.4) million, or ($3.15) per basic and diluted
share, compared to a net loss of ($9.4) million or ($1.41) per
basic and diluted share for the same period last year. The increase
in net loss for the sixth month period ended December 31, 2022, is
due to increased exploration and development expenses on the Lucky
Shot project and as a result of increased costs related to
advancing the Company’s 30% equity interest in Peak Gold, LLC,
where early works construction was initiated after receipt of the
Wetlands 404 Permit. The Company expects to experience additional
losses until the Manh Choh project begins commercial production,
which we anticipate will be in the second half of 2024. The Company
also announced that it filed its Form 10-Q for the quarter ended
December 31, 2022, with the Securities and Exchange Commission.
Rick Van Nieuwenhuyse, the Company’s President and Chief
Executive Officer, commented, “The Company ends 2022 with a very
productive period of initial construction activities at its 30%
owned Manh Choh project. So far, in 2023, we have completed
construction of a 176-person camp near the mine site in the town of
Tok, Alaska and continue to advance road construction. Once the
Mine operating permits have been issued by the Alaska Department of
Natural Resources, we will be able to initiate mine site
construction activities. We expect to announce shortly the
selection of a well-established contract miner who will be
responsible for mine site preparatory work in advance of actual
mining activities. These will include construction of a truck shop
and administration buildings, storm water drainage and collection
systems, permanent and temporary storage areas for growth media
material, waste rock stockpiles, an ore stockpile and loading
facility, and other facilities that will support actual mining
activities. As currently planned, site activities will continue
through the year with the objective of achieving our goal of first
production in the second half of 2024 when the project is
anticipated to produce 225,000 GEO (Gold Equivalent Ounces) per
year (Contango’s 30% = 67,500 GEO). I am pleased to report that we
are on track to complete an initial resource on our Lucky Shot
project by the end of March. We look forward to continuing to
update shareholders and investors on our progress in developing
Alaska’s next gold mines.”
ABOUT CORE
CORE is a company that engages in the exploration in Alaska for
gold and associated minerals through a 30% interest in the Peak
Gold, LLC joint venture (“PGJV”), which leases approximately
675,000 acres for exploration and development, and through Contango
Minerals Alaska, LLC, its wholly owned subsidiary, which leases
approximately 137,000 acres for exploration. The Company also owns
the rights to the Lucky Shot, Coleman and War Baby mines, and
approximately 16,600 acres of surrounding mining claims located in
the Willow Mining District, about 75 miles north of Anchorage,
Alaska. Additional information can be found on our web page at
www.contangoore.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding
CORE that are intended to be covered by the safe harbor for
“forward-looking statements” provided by the Private Securities
Litigation Reform Act of 1995, based on CORE’s current expectations
and includes statements regarding future results of operations,
quality and nature of the asset base, the assumptions upon which
estimates are based and other expectations, beliefs, plans,
objectives, assumptions, strategies or statements about future
events or performance (often, but not always, using words such as
“expects,” “projects,” “anticipates,” “plans,” “estimates,”
“potential,” “possible,” “probable,” or “intends,” or stating that
certain actions, events or results “may,” “will,” “should,” or
“could” be taken, occur or be achieved). Forward-looking statements
are based on current expectations, estimates and projections that
involve a number of risks and uncertainties, which could cause
actual results to differ materially from those, reflected in the
statements. These risks include, but are not limited to: the risks
of the exploration and the mining industry (for example,
operational risks in exploring for, developing mineral reserves;
risks and uncertainties involving geology; the speculative nature
of the mining industry; the uncertainty of estimates and
projections relating to future production, costs and expenses; the
volatility of natural resources prices, including prices of gold
and associated minerals; the existence and extent of commercially
exploitable minerals in properties acquired by CORE or PGJV;
ability to realize the anticipated benefits of the transactions
with an affiliate of Kinross, including as it relates to
maintenance of business and operational relationships; potential
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the interpretation of
exploration results and the estimation of mineral resources; the
loss of key employees or consultants; health, safety and
environmental risks and risks related to weather and other natural
disasters); uncertainties as to the availability and cost of
financing; CORE’s inability to retain or maintain its relative
ownership interest in PGJV; inability to realize expected value
from acquisitions; inability of our management team to execute its
plans to meet its goals; the extent of disruptions caused by the
COVID-19 outbreak; and the possibility that government policies may
change, political developments may occur or governmental approvals
may be delayed or withheld, including as a result of the recent
presidential and congressional elections in the U.S. or the
inability to obtain mining permits. Additional information on these
and other factors which could affect CORE’s exploration program or
financial results are included in CORE’s other reports on file with
the U.S. Securities and Exchange Commission. Investors are
cautioned that any forward-looking statements are not guarantees of
future performance and actual results or developments may differ
materially from the projections in the forward-looking statements.
Forward-looking statements are based on the estimates and opinions
of management at the time the statements are made. CORE does not
assume any obligation to update forward-looking statements should
circumstances or management’s estimates or opinions change.
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version on businesswire.com: https://www.businesswire.com/news/home/20230206005612/en/
Contango ORE, Inc. Rick Van Nieuwenhuyse (713) 877-1311
www.contangoore.com
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