Contango Silver & Gold Inc. (CTGO) Form 8-K — May 15, 2026
Contango Silver & Gold reported a Q1 2026 GAAP net loss of $14.3 million, primarily driven by a $19.0 million mark-to-market loss on gold hedge contracts. Excluding these derivative losses, the company generated adjusted net income of $4.7 million and total income from operations of $4.8 million, reflecting strong underlying operational performance at its Manh Choh mine. The company’s financial position strengthened significantly, with unrestricted cash rising to $97.5 million from $64.8 million at year-end 2025. This increase was fueled by a $50 million equity offering in February, a $9 million cash distribution from its Peak Gold joint venture, and reduced debt levels of $13.6 million.
Key figures
- Guidance
- 2026 gold production 40,000-45,000 oz; 2027 gold production 75,000-80,000 oz; 2026 cash costs $1,900-$2,000/oz; 2026 AISC $2,200-$2,300/oz
- Total Debt
- 13600000
- Cash Position
- 97500000
- Deal Value Usd
- 16074000
- Gross Proceeds
- 50000000
- Offering Price
- 24.96
- Shares Offered
- 1678206
- Hedge Loss
- 19026382
- Gold Oz Sold
- 8012
- Silver Oz Sold
- 15042
- Debt Repayment
- 1000000
- Remaining Hedge Oz
- 22000
- Adjusted Net Income
- 4720792
- Hedge Settlement Cost
- 46400000
- Income From Operations
- 4800000
- Cash Distribution From JV
- 9000000
- Lucky Shot Promissory Note
- 10000000
- Lucky Shot Acquisition Price
- 16074000
Price after filing
Close on the filing date to close N calendar days later (from $24.71). Historical, not a forecast.
AI analysis
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