Contango Settles $18.75M Lucky Shot Payment for $5M Cash and 100K Shares, Receives $9M JV Payout
CTGO•Contango settled $18.75 million in Lucky Shot milestone obligations by paying $5 million in cash and issuing 100,000 common shares valued at $1.57 million. The company also received a $9 million cash distribution from the Peak Gold joint venture's second 2026 production campaign.
1. Settlement of Lucky Shot Obligations
Contango entered into an agreement to settle $18.75 million in milestone payments on the Lucky Shot Project by paying $5 million in cash and issuing 100,000 common shares valued at $1.57 million, securing 100% unencumbered control of the asset.
2. $9M Distribution from Peak Gold JV
On June 25, 2026, Contango received a $9 million cash distribution from its 30% interest in the Peak Gold joint venture, reflecting proceeds from the second production campaign of the Manh Choh mine this year.
3. Strategic Impact and Next Steps
By eliminating its remaining payment obligations and de-risking Lucky Shot, Contango aims to advance the project toward feasibility, leverage ongoing drill programs, and maximize shareholder value from the high-grade gold system.
