Contango ORE, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Contango ORE, Inc. has filed its Q1 2024 10-Q report, detailing financial activities and mining operations in Alaska.</b>

AI Summary

Contango ORE, Inc. (CTGO) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Contango ORE, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to Contango Minerals and mining claims in Alaska. Key dates mentioned include May 1, 2024, for subsequent events related to Avidian Gold Corp. and Highgold Acquisition. Financial instruments like unsecured convertible debentures and credit agreements are referenced. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking Contango ORE, Inc., this filing contains several important signals. This 10-Q filing provides an update on Contango ORE's financial position and operational developments for the first quarter of 2024, crucial for investors tracking the company's progress in the mining sector. The report highlights specific assets and liabilities, including mining claims and financial instruments, offering insights into the company's asset base and financing structure.

Risk Assessment

Risk Level: low — Contango ORE, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure rather than urgent news.

Analyst Insight

Monitor future filings for updates on the Avidian Gold Corp. and Highgold Acquisition events mentioned as subsequent events.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-14 — Filing Date (FILED AS OF DATE)
• 2024-05-01 — Subsequent Event Date (ctgo:TrancheThreeMember)
• 2023-12-31 — Prior Year End Date (2023-12-31)

Key Players & Entities

• Contango ORE, Inc. (company) — FILER
• CTGO (company) — tk
• Contango Minerals (company) — ctgo:ContangoMineralsMember
• Avidian Gold Corp (company) — ctgo:AvidianGoldCorpMember
• Highgold Acquisition (company) — ctgo:HighgoldAcquisitionMember
• Alaska (location) — ctgo:StateOfAlaskaMiningClaimsLocatedNorthAndNorthwestOfTetlinLeaseMember
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-14 (date) — FILED AS OF DATE

FAQ

Industry Context

Contango ORE, Inc. operates in the gold and silver ores industry, focusing on exploration and development of mineral properties.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Review the details of the subsequent events concerning Avidian Gold Corp. and Highgold Acquisition.
2. Analyze any disclosed financial statements or operational updates within the full 10-Q document.
3. Track future SEC filings for ongoing developments in Contango ORE's mining projects.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2024-05-01: Subsequent Event — Date of events occurring after the balance sheet date but before filing, related to Avidian Gold Corp. and Highgold Acquisition.

Year-Over-Year Comparison

This is the initial 10-Q filing for the 2024 fiscal year, following the 2023 annual report.

Key Financial Figures

• $0.01 — ch registered Common Stock, Par Value $0.01 per share CTGO NYSE American Indi
• $0.2 million — ement for net proceeds of approximately $0.2 million and $5.2 million, respectively. $ 34.6
• $5.2 m — ceeds of approximately $0.2 million and $5.2 million, respectively. $ 34.6 million of
• $28.2 million — The net proceeds from the Offering were $28.2 million after deducting underwriting discounts

Filing Documents

• ctgo-20240331.htm (10-Q) — 1459KB
• ctgo-ex4_9.htm (EX-4.9) — 22KB
• ctgo-ex10_1.htm (EX-10.1) — 89KB
• ctgo-ex10_2.htm (EX-10.2) — 121KB
• ctgo-ex31_1.htm (EX-31.1) — 24KB
• ctgo-ex31_2.htm (EX-31.2) — 24KB
• ctgo-ex32_1.htm (EX-32.1) — 13KB
• ctgo-ex32_2.htm (EX-32.2) — 13KB
• 0000950170-24-059574.txt (&nbsp;) — 7857KB
• ctgo-20240331.xsd (EX-101.SCH) — 1346KB
• ctgo-20240331_htm.xml (XML) — 1223KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statement of Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30 All references in this Form 10-Q to the " Company " , " CORE " , " we " , " us " or " our " are to Contango ORE, Inc. 2 Table of Contents CONTANGO ORE, INC. CONDENSED CONSO LIDATED BALANCE SHEETS (Unaudited)

- Financial Statements

Item 1 - Financial Statements March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash $ 7,618,414 $ 15,504,819 Restricted cash 233,501 232,572 Prepaid expenses and other 1,189,852 1,112,910 Total current assets 9,041,767 16,850,301 LONG-TERM ASSETS: Investment in Peak Gold, LLC 43,374,152 28,064,405 Property & equipment, net 13,306,851 13,326,347 Commitment fee 436,333 350,575 Total long-term assets 57,117,336 41,741,327 TOTAL ASSETS $ 66,159,103 $ 58,591,628 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 420,850 $ 250,739 Accrued liabilities 1,117,107 2,241,087 Derivative contract liability 9,494,487 2,679,784 Debt, current portion 21,700,000 7,900,000 Total current liabilities 32,732,444 13,071,610 NON-CURRENT LIABILITIES: Advance royalty reimbursement 1,200,000 1,200,000 Asset retirement obligations 249,367 246,227 Contingent consideration liability 1,100,480 1,100,480 Derivative contract liability 29,548,624 20,737,997 Debt, net 35,378,008 36,779,859 Total non-current liabilities 67,476,479 60,064,563 TOTAL LIABILITIES 100,208,923 73,136,173 COMMITMENTS AND CONTINGENCIES (NOTE 12) STOCKHOLDERS' EQUITY/(DEFICIT): Preferred Stock, 15,000,000 shares authorized — — Common Stock, $ 0.01 par value, 45,000,000 shares authorized; 9,616,084 shares issued and 9,613,604 shares outstanding as of March 31, 2024; 9,454,233 shares issued and 9,451,753 shares outstanding as of December 31, 2023 96,160 94,542 Additional paid-in capital 125,441,413 124,451,067 Treasury stock at cost ( 2,480 at March 31, 2024; and 2,480 shares at December 31, 2023) ( 48,308 ) ( 48,308 ) Accumulated deficit ( 159,539,085 ) ( 139,041,846 ) TOTAL STOCKHOLDERS' EQUITY/(DEFICIT) ( 34,049,820 ) ( 14,544,545 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(D