Contango Posts 60,200 GEO, $73M Adjusted Net Income and $64.8M Cash Position
Contango's FY2025 saw its share of Manh Choh production reach 60,200 gold equivalent ounces, with adjusted net income of $73.0 M and a $36.1 M net loss driven by a $46.0 M non-cash derivative loss. Unrestricted cash jumped to $64.8 M from $20.0 M as of December 31, 2024.
1. FY2025 Financial Results
Contango reported a net loss of $36.1 M for the year ended December 31, 2025, including a $46.0 M non-cash unrealized derivative loss. Adjusted net income reached $73.0 M, while unrestricted cash climbed to $64.8 M versus $20.0 M at year-end 2024.
2. Production, Costs and Balance Sheet Actions
The company’s 30% share of Manh Choh output totaled 60,200 gold equivalent ounces, with cash costs of $1,459 per ounce sold and all-in sustaining costs of $1,616 per ounce. Contango delivered 43,739 ounces into hedge contracts, repaid $37.5 M of credit facility principal, and reduced its debt balance to $14.6 M.
3. Exploration and Near-Term Milestones
At Lucky Shot, a 15,000-meter underground drilling program began in Q4 2025 to target 400,000–500,000 measured and indicated gold ounces and 40,000–50,000 ounces of annual production via DSO. Permitting advances at Johnson Tract continue under FAST-41, and the Dolly Varden merger remains on track for late-March closing, pending approvals.