Contango Silver & Gold Inc.CTGO
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Contango Silver & Gold Inc. Status update
Review the key takeaways and the transcript of this earnings call.
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Key takeaways
- Contango Silver & Gold completed close to 70,000 meters of drilling this year across its two main projects, including exploration, infill, and expansion drilling.
- The company successfully integrated two merged teams from Contango Or and Dolly Barton Silver to execute a busy and safe operational year with no lost-time injuries.
- At Lucky Shot, underground development and exploration drilling are on track, with a Mineral Resource Estimate (MRE) expected in the first half of next year.
- Johnson Tract saw road building progress ahead of schedule, including completion of the laydown area and connection of the road between camp and the proposed portal site, with permitting substantially complete for tunnel construction.
- The Kitsault project exceeded its planned 40,000-meter drill program, reaching over 50,000 meters despite challenging remote and steep terrain.
- Mill modifications at the Montreal mine to recover higher grade sulfide ore from the South Pit were completed and are operating as planned, expected to improve recoveries to the 80s to low 90s percent range.
- Montreal's pre-stripping is substantially done, with guidance for 75,000 ounces of production next year at sustaining costs of $1,200 to $1,300 per ounce.
- The KM vane discovery at Lucky Shot is a new, previously unexplored high-grade sulfide zone with grades up to 10 ounces per ton, with 1,100 meters of drilling starting soon to outline the zone.
- Surface drilling at Coleman wrapped up with 29 holes, including a 2.45-meter intercept grading over 86 grams per ton, while 10,000 meters of underground drilling will continue through February feeding a feasibility study scheduled for next year.
- Johnson Tract transitioned from permitting to construction with roads, two bridges, and the portal pad completed, setting up for tunnel construction in 2027 and year-round underground work with camp upgrades underway.
- All programs are funded from Montreal cash flow without raising capital, demonstrating financial discipline and careful budget and timing management to accommodate weather and operational challenges.
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