Contango Silver & Gold (CTGO) Q2 2026 earnings summary

Executive summary

• Completed first full quarter as Contango Silver & Gold, integrating Dolly Varden Silver and expanding the asset base with Kitsault Valley and increased exploration in British Columbia and Alaska.

• Manh Choh entered a high-production phase, generating strong cash flows and full repayment of initial investment, unlocking future profits.

• Significant exploration and drilling advanced at Lucky Shot, Johnson Tract, and Kitsault Valley, with key assay results and resource updates expected.

• Maintains a tight share structure with 33 million shares outstanding and dual NYSE/Toronto listings.

Financial highlights

• Total assets increased to $496.8 million as of June 30, 2026, reflecting the Dolly Varden acquisition.

• Cash and cash equivalents rose to $89 million at Q2-2026, with working capital of $5.7 million.

• 30% share of Manh Choh yielded 8,900 ounces produced and 8,627 ounces sold at an average spot price of $4,328 in Q2-2026.

• Cash costs for H1-2026 were $2,665/oz, with all-in sustaining costs at $2,830/oz; full-year cash cost guidance remains $1,900–$2,000/oz.

• Net loss of $9.5 million for H1-2026, with Q2-2026 net income of $4.8 million and total loss from operations of $8.5 million.

Outlook and guidance

• Full-year gold production guidance for Manh Choh/Peak Gold JV remains at 40,000–45,000 ounces for 2026, with 2027 guidance at 75,000–80,000 ounces at lower cash costs.

• Kitsault Valley resource update expected in Q3 2026; Lucky Shot feasibility study targeted for H1 2027.

• Management expects sufficient liquidity for near-term obligations, supported by JV distributions, cash on hand, and capital market access.

• Multiple catalysts expected, including drill results from Lucky Shot and Kitsault, and infrastructure updates at Johnson Tract.