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what it is
Contango hunts for gold, copper, and silver in Alaska and now leans on a 30% mine stake for cash.
how it gets paid
Last year Contango Ore made -$8M in revenue.
why growth slowed
Revenue fell 35.2% last year. The number that matters is -$7M of quarterly revenue because negative revenue tells you accounting noise and asset transitions are still overwhelming any clean operating.
what just happened
Quarterly revenue came in at -$7M and EPS was -$0.99, so the reported business still looks like a cost center, not a mine owner.
At a glance
C++ balance sheet — some cracks in the foundation
5/100 earnings predictability — expect surprises
95.8x trailing p/e — you're paying up for this one
69.1% return on capital — a money-printing machine
-$3.49 fy2024 eps est
xvary composite: 47/100 — below average
What they do
Contango hunts for gold, copper, and silver in Alaska and now leans on a 30% mine stake for cash.
This is not scale. This is land control. Contango leases about 675,000 acres, owns mineral rights on another 145,000 acres, and has just 12 employees. If the rocks cooperate, your upside comes from controlling a lot of Alaska without carrying a huge payroll.
How they make money
-$8M
annual revenue · revenue declined -35.2% last year
total revenue
-$8M
35.2%
The products that matter
30% non-operating gold mine stake
Peak Gold JV (Manh Choh)
60,200 gold equivalent ounces · $102.0M cash
This is the business that matters today. Contango's 30% share produced 60,200 gold equivalent ounces and distributed $102.0M in fiscal 2025.
current cash engine
exploration and development project
Johnson Tract project
pre-feasibility · no current revenue
Johnson Tract is the second act, but not the current one. It is still in pre-feasibility and requires significant capital before it can contribute a dollar of operating cash flow.
future optionality
Key numbers
95.8x
trailing p/e
P/E → price versus past earnings → so what: you are paying a luxury multiple for a company that was still posting losses in FY2024.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → money left after core operations → so what: the core business burned cash hard, losing about $9.09 for every $1 of reported sales.
$31M
long-term debt
Long-term debt → money owed beyond a year → so what: the debt is 8% of capital, which is manageable only if mine-linked cash keeps showing up.
69.1%
return on capital
Return on capital → profit from the money used in the business → so what: this number looks elite, but it sits next to a n/a operating margin, so asset-level gains are masking a messy income statement.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $31M (8% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for CTGO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Quarterly revenue came in at -$7M and EPS was -$0.99, so the reported business still looks like a cost center, not a mine owner.
The quarterly EPS history improved late in FY2024, with the fourth quarter at $1.36 after three loss quarters. But the latest SEC-verified quarter still showed revenue of -$7M and EPS of -$0.99, which tells you results are lumpy and hard to underwrite cleanly.
$7M
revenue
$0.99
eps
n/a
n/a
the number that mattered
The number that matters is -$7M of quarterly revenue because negative revenue tells you accounting noise and asset transitions are still overwhelming any clean operating picture.
source: company earnings report, 2026
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What could go wrong
the top risk is 100% dependence on one 30% JV stake for current production and cash flow.
high
single-mine dependence
All current production and cash flow come from Contango's 30% non-operating stake in the Peak Gold JV. You do not control the mine, the operating tempo, or major capital decisions.
100% of today's producing exposure runs through one partner-controlled asset.
high
funding and dilution risk
The February 2026 $50M equity raise tells you growth is not fully self-funded. Johnson Tract still requires significant capital before it can become an operating asset.
If development spending rises again, shareholders may fund more of it.
med
gold price exposure
Repurchasing 15,446 ounces of hedge obligations increased exposure to spot gold prices. That makes the equity more sensitive to the metal from here.
More upside if gold rises. Less protection if it does not.
low
governance and reporting scrutiny
A 2023 proxy statement included an auditor note on the risk of not detecting a material misstatement from fraud. That is not the core thesis, but it is not a sentence you ignore either.
Thinly followed small caps do not get the benefit of the doubt on governance.
You are exposed to one producing asset, a still-unfunded development pipeline, $31M of long-term debt, and a business that just raised $50M in equity to keep moving.
source: institutional data · regulatory filings · risk analysis
Pay attention to
corporate action
march 17, 2026 special stockholder meeting
The proposed plan of arrangement with Dolly Varden Silver Corp. could reshape the story more than a routine quarter would.
production
2026–2027 output against guidance
The fiscal 2025 base was 60,200 gold equivalent ounces on Contango's 30% share. That is your benchmark.
liquidity
where the $50M raise actually goes
If the new capital disappears into overhead and still does not create a funded Johnson Tract path, the equity story gets harder to defend.
commodity exposure
post-hedge sensitivity to spot gold
Repurchasing 15,446 ounces of hedge obligations gave CTGO more direct gold price exposure. You will feel that in the stock.
Analyst rankings
earnings predictability
5 / 100
In human-speak: the numbers can swing fast, so do not treat one quarter like a stable trend.
price stability
10 / 100
This stock has not behaved like a steady compounder. It trades more like a commodity-linked project vehicle.
source: institutional data
Institutional activity
institutional ownership data for CTGO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$27
current price
n/a
target midpoint · n/a from current
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