Contango Silver & Gold Inc. (CTGO) SEC Filings & Earnings Calls

Exploration-stage project; no production or revenue from Lucky Shot yet; feasibility study and MRE pending.

“Company targets updated MRE in H1 2027 and feasibility study; no current production.”

True widths of reported intervals not yet known; may materially differ from downhole lengths.

“All reported assay interval lengths are downhole core lengths. True widths are not yet known and may be materially different.” · word for word

No material risk signals; filing is a routine technical update.

Exploration results are preliminary; resource estimates and mine plans subject to further drilling and feasibility.

“Forward-looking statements caution about uncertainties in exploration and development.”

Exploration and development projects subject to permitting, weather, and operational risks.

“Early snowfall wrapped up surface drilling at Lucky Shot a bit ahead of schedule.” · word for word

Exploration stage; no production or revenue yet.

“Company is in exploration phase with no current production.”

Exploration and development projects (Kitsault Valley, Lucky Shot, Johnson Tract) carry execution and permitting risks.

“updated Mineral Resource estimate has taken longer to complete than expected...permitting is progressing on schedule under the FAST-41 program.” · word for word

Dependence on Kinross Gold as JV operator and mill processor at Fort Knox.

“Kinross Gold Corporation, the Company’s partner in, and the manager of, Peak Gold, LLC.” · word for word

Transition to higher-grade ore may cause near-term production volatility

“During the first half of 2026, production at Manh Choh focused on mining and processing lower grade ore and processing less tons from the North Pit as Manh Choh transitions to the higher-grade portions of the South Pit.” · word for word

Derivative losses from gold hedging

“The $8.7 million loss on derivative contracts for the six months ended June 30, 2026 consisted of an unrealized gain of $42.2 million and a realized loss of $50.9 million.” · word for word

Increased debt load with near-term repayment schedule: $1M Sep 2026, $1M Dec 2026, $15.5M Mar 2027, $28.8M Jun 2027.

“principal repayments scheduled as follows: September 30, 2026 - $1 M; December 31, 2026 - $1 M; March 31, 2027 - $15.5 M; June 30, 2027 - $28.8 M”

Share issuance for milestone settlement may cause dilution.

“100,000 newly issued shares of the Company’s common stock” · word for word

Exploration-stage company with no production revenue; drill results do not guarantee economic viability.

“Forward-looking statements caution that actual results may differ materially; no proven reserves disclosed.”

Derivative losses of $19M in Q1 2026; hedge contracts reduced to 22,000 oz but still expose to gold price volatility.

“The Company reported a net loss of $14.3 M, including a $19.0 M loss on derivative contracts for Q1-2026.” · word for word

Operational challenges due to harsh winter conditions impacted Q1 throughput and costs.

“harsh winter conditions and operational challenges impacted Q1 throughput and costs” · word for word

Derivative liability risk

“Derivative contract liability - current $58,251,663 and non-current $13,946,223 as of March 31, 2026.”

Gold hedge delivery obligation

“The Company has delivered or cash settled 102,600 ounces of gold into the hedging agreements, resulting in a remaining balance of the hedge agreements is 22,000 gold ounces as of March 31, 2026.”

Litigation risk - Johnson Tract

“On May 20, 2025, Cook Inletkeeper, Chickaloon Village Traditional Council, Center for Biological Diversity, and an individual plaintiff filed suit ... challenging the Corps’ issuance of the Section 404 permit.”

Dilution Risk

“Two equity offerings in 6 months raised $100M, significantly increasing share count.”

Integration Risk

“The Dolly Varden acquisition is a large transformative merger; integration risks are inherent.”

Project Development Risk

“Lucky Shot project is still in exploration/feasibility stage; no production decision yet.”

Gold Price Risk

“Company's financial performance is highly dependent on gold prices.”

Gold price volatility

“Gold prices have experienced significant increases in recent periods, reaching historically high levels. While elevated gold prices generally improve project economics and increase revenues, they also create risks for the Company.” · word for word

Operational control by Kinross

“Kinross has management and operational control of the Manh Choh Project and the Peak Gold JV Property. KG Mining is the Manager of the Peak Gold JV and has appointed two of the three designates to the JV Management Committee.” · word for word

Dilution risk from equity offerings

“Any additional issuances of common stock or securities convertible into, or exercisable or exchangeable for, common stock may ultimately result in dilution to the holders of common stock, dilution in any future earnings per share of the Company and may have a material adverse effect upon the market price of the common stock of the Company.” · word for word

Gold price volatility and hedge book exposure; unrealized derivative loss of $46M in FY2025.

“non-cash expense of $46.0 M from an unrealized loss on derivative contracts for FY 2025.” · word for word

Merger integration risk with Dolly Varden; shareholder and regulatory approvals pending.

“the Dolly Varden merger, currently targeted to close by late March, subject to shareholder and final regulatory approvals.” · word for word

Exploration stage projects (Lucky Shot, Johnson Tract) carry execution and permitting risk.

“We expect to complete the feasibility study in 12 to 18 months and make a production decision in 2027.” · word for word

Gold price volatility: hedge contracts and derivative losses impact reported earnings.

“Net loss includes non-cash unrealized loss on derivative contracts of $14.4M.”

Operational seasonality: Q4 production expected lower due to winter conditions and shorter campaign.

“We expect the last campaign of the year to be lower than the previous three due to the short run time of the last batch of the year and the onset of winter operating conditions.” · word for word

Lucky Shot project execution risk: feasibility study and production decision still 12-18 months away.

“We expect to complete the feasibility study in 12 to 18 months and make a production decision in 2027.” · word for word

Derivative liability risk

“Derivative contract liability - current $72,377,342 and non-current $42,297,830 as of September 30, 2025.”

Gold hedge delivery obligation

“The Company has delivered 61,700 ounces of gold into the hedging agreements as of September 30, 2025, resulting in a remaining balance of the hedge agreements is 62,900 ounces.” · word for word

Litigation risk - Johnson Tract

“On May 20, 2025, Cook Inletkeeper, Chickaloon Village Traditional Council, Center for Biological Diversity, and an individual plaintiff filed suit ... challenging the Corps’ issuance of the Section 404 permit.”