EI024 - Contango

Company Overview

• Contango Ore Inc is a company listed on the NYSE American and is engaged in the exploration for gold and associated minerals, primarily in Alaska.

Projects

• Manh Choh Project: This project is operated by Kinross, with Contango holding a 30% interest through the Peak Gold JV. The project commenced gold and silver production on July 8, 2024, and is on track to meet its planned production for the year. Contango received a $12 million cash distribution from the Peak Gold JV subsequent to Q3 2024.
• Johnson Tract Project: Contango acquired 100% of the equity interests of HighGold Mining Inc. on July 10, 2024. The company has commenced a surface drilling campaign targeting 3,000 meters across 20 drill holes. The drilling program is designed to in-fill the upper one-third of the near-vertical resource and includes hydrological testing and advanced metallurgical tests. Drill results and a Preliminary Economic Assessment (PEA) are expected to be released soon.
• Lucky Shot Project: Contango has a lease on this project from Alaska Hardrock Inc. and plans to advance this project towards a production decision using the Direct Shipping Ore (DSO) approach.

Financial Performance

• Q3 2024: Contango reported robust gold sales with 28,000 ounces produced, generating over $62 million in revenue at a realized gold price of $2,250 per ounce. The company had a net loss of $9.7 million, largely due to unrealized losses on derivative contracts. Contango ended Q3 with $36.2 million in cash and received a $19.5 million distribution from the Peak Gold JV.
• Debt and Cash Flow: The company has a current debt balance of $52 million and plans to reduce it to $10 million by the end of 2025. Contango is prioritizing debt repayment while advancing its projects.

Future Plans

• Production Guidance: Contango is on track to meet the higher end of its annual production guidance of 30,000 to 40,000 ounces of gold for 2024 and plans to increase production to approximately 60,000 ounces in 2025.
• Project Advancement: The company will release drill results from the Johnson Tract project and a PEA by year-end. It is also focusing on advancing the Lucky Shot project using the DSO approach.

Given the information, there is no specific data available on an "EI024 - Contango oil project." The sources provided are related to Contango Ore Inc's activities in gold and mineral exploration, not oil and gas projects. If you are looking for information on an oil and gas project, it appears to be unrelated to the Contango Ore Inc discussed here.