Contango ORE Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
CTGO$16.55+6.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Financial Statements
Item 1 - Financial Statements
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash | $36,165,442 | $15,504,819 |
| Restricted cash | 235,364 | 232,572 |
| Prepaid expenses and other | 1,083,910 | 1,112,910 |
| Total current assets | 37,484,716 | 16,850,301 |
| LONG-TERM ASSETS: | ||
| Investment in Peak Gold, LLC | 67,544,376 | 28,064,405 |
| Property & equipment, net | 52,485,380 | 13,326,347 |
| Commitment fee | 76,696 | 350,575 |
| Marketable securities | 740,700 | — |
| Total long-term assets | 120,847,152 | 41,741,327 |
| TOTAL ASSETS | $158,331,868 | $58,591,628 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $2,378,654 | $250,739 |
| Accrued liabilities | 12,227,927 | 2,241,087 |
| Derivative contract liability | 30,254,431 | 2,679,784 |
| Debt, current portion | 34,900,000 | 7,900,000 |
| Income taxes payable | 718,827 | — |
| Total current liabilities | 80,479,839 | 13,071,610 |
| NON-CURRENT LIABILITIES: | ||
| Advance royalty reimbursement | 1,135,611 | 1,200,000 |
| Asset retirement obligations | 255,769 | 246,227 |
| Contingent consideration liability | 1,100,480 | 1,100,480 |
| Derivative contract liability | 44,285,191 | 20,737,997 |
| Debt non-current portion, net | 38,962,344 | 36,779,859 |
| Deferred tax liability | 2,330,577 | — |
| Total non-current liabilities | 88,069,972 | 60,064,563 |
| TOTAL LIABILITIES | 168,549,811 | 73,136,173 |
| COMMITMENTS AND CONTINGENCIES (NOTE 11) | ||
| STOCKHOLDERS’ EQUITY/(DEFICIT): | ||
| Preferred Stock, 15,000,000 shares authorized | — | — |
| Common Stock, $0.01 par value, 45,000,000 shares authorized; 12,226,238shares issued and 12,223,758 shares outstanding as of September 30, 2024; 9,454,233 shares issued and 9,451,753 shares outstanding as of December 31, 2023 | 122,261 | 94,542 |
| Additional paid-in capital | 177,505,358 | 124,451,067 |
| Treasury stock at cost (2,480 at September 30, 2024; and 2,480 shares at December 31, 2023) | (48,308) | (48,308) |
| Accumulated deficit | (187,797,254) | (139,041,846) |
| TOTAL STOCKHOLDERS’ EQUITY/(DEFICIT) | (10,217,943) | (14,544,545) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY/(DEFICIT) | $158,331,868 | $58,591,628 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| EXPENSES: | ||||
| Claim rental expense | $(180,276) | $(127,006) | $(436,510) | $(379,909) |
| Exploration expense | (2,957,498) | (1,081,927) | (3,079,930) | (2,344,307) |
| Depreciation expense | (34,253) | (25,997) | (88,245) | (94,070) |
| Accretion expense | (3,221) | (3,183) | (9,542) | (9,069) |
| Impairment from loss, net of recovery | — | — | — | (7,111) |
| General and administrative expense | (2,611,625) | (2,767,477) | (7,272,026) | (7,258,440) |
| Total expenses | (5,786,873) | (4,005,590) | (10,886,253) | (10,092,906) |
| Income/(loss) from equity investment in Peak Gold, LLC | 28,525,857 | (5,609,288) | 27,689,971 | (17,419,288) |
| Total income/(expense) from operations | 22,738,984 | (9,614,878) | 16,803,718 | (27,512,194) |
| OTHER INCOME/(EXPENSE): | ||||
| Interest income | 76,313 | 39,045 | 98,772 | 52,352 |
| Interest expense | (3,683,150) | (847,983) | (8,634,514) | (1,911,472) |
| Gain/(loss) on derivative contracts | (28,844,179) | (2,725,411) | (57,023,000) | (2,725,411) |
| Gain/(loss) on metal sales | 873,984 | — | 873,984 | — |
| Unrealized gain/(loss) on marketable securities | (219,930) | — | (219,930) | — |
| Other income | 64,389 | — | 64,389 | 606,499 |
| Total other income/(expense) | (31,732,573) | (3,534,349) | (64,840,299) | (3,978,032) |
| (Loss)/income before income taxes | (8,993,589) | (13,149,227) | (48,036,581) | (31,490,226) |
| Income tax expense | (718,827) | — | (718,827) | — |
| NET LOSS | $(9,712,416) | $(13,149,227) | $(48,755,408) | $(31,490,226) |
| LOSS PER SHARE | ||||
| Basic and diluted | $(0.81) | $(1.47) | $(4.67) | $(3.93) |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
| Basic and diluted | 11,973,992 | 8,935,863 | 10,447,870 | 8,009,699 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.