Contango Q1 Cash Jumps to $97.5M, Reaffirms 40k–45k Oz Gold Guidance
CTGO•Contango reported Q1 2026 results with $97.5M cash, $9M JV distribution and a $14.3M net loss including $19M derivative losses. Manh Choh contributed Contango’s 30% share of 8,012 ounces of gold and 15,042 ounces of silver, and full-year gold production guidance remains 40,000–45,000 ounces at $1,900–$2,000 cash costs per ounce.
1. Q1-2026 Financial Results
During Q1 2026, Contango generated $4.8M in operating income, $4.7M adjusted net income and recorded a $14.3M net loss that included $19M in derivative contract losses. The company received a $9M cash distribution from its Peak Gold JV and ended the quarter with $97.5M in unrestricted cash, up from $64.8M at year-end.
2. Production Guidance
Contango’s 30% share of Manh Choh delivered 8,012 ounces of gold and 15,042 ounces of silver in the quarter. Full-year guidance remains 40,000–45,000 ounces of gold at cash costs of $1,900–$2,000 per ounce and AISC of $2,200–$2,300 per ounce sold, with a view to lower costs in 2027.
3. Exploration and Corporate Updates
Post-merger integration with Dolly Varden is complete and the company is advancing underground drilling at Lucky Shot while planning a 40,000-meter surface program at Kitsault Valley, with a resource estimate due by late June. At Johnson Tract, FAST-41 permitting is progressing and heavy equipment mobilization is underway for year-round field operations.
