Contango ORE Announces Earnings For the Quarter Ended March 31, 2023
16 Mayo 2023 - 6:11PM
Business Wire
Contango ORE, Inc. (“Contango,” "CORE" or the “Company”) (NYSE
American: CTGO) announced that it had a net loss of $(7.9) million,
or $(1.09) per basic and diluted share, for the three months ended
March 31, 2023 compared to a net loss of $(6.8) million or $(1.01)
per basic and diluted share for the same period last year. For the
nine months ended March 31, 2023, the Company reported a net loss
of $(29.3) million, or $(4.23) per basic and diluted share,
compared to a net loss of $(16.3) million or $(2.42) per basic and
diluted share for the same period last year. The increase in net
loss for the nine-month period ended March 31, 2023, is primarily
due to an increase in loss from equity investment in the Company’s
equity interest in Peak Gold, LLC, a subsidiary of Kinross Gold
Corporation (the “Peak Gold JV”), as the Peak Gold JV moved into
the development phase in early 2022, and has been incurring costs
in preparation for the first production at the Manh Choh mine in
2024.
The Company also announced that it raised $6.9 million in cash,
as a result of some of its warrant holders early exercising their
warrants. The Company’s current cash balance is approximately $9.5
million. The Company also announced that it filed its Form 10-Q for
the quarter ended March 31, 2023, with the Securities and Exchange
Commission.
ABOUT CORE
CORE is a company that engages in the exploration in Alaska for
gold and associated minerals through a 30% interest in PGJV, which
leases approximately 675,000 acres for exploration and development,
and through a 100% owned subsidiary, Contango Minerals Alaska, LLC,
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 PGJV; 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 an
outbreak of disease, such as the COVID-19 pandemic; 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 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/20230516006065/en/
Contango ORE, Inc. Rick Van Nieuwenhuyse (713) 877-1311
www.contangoore.com
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