Contango ORE 6-Month Period Ending December 31,2023 EPS $(4.44) Vs $(3.15) YoY
Portfolio Pulse from Benzinga Newsdesk
Contango ORE, Inc. (CTGO) reported a net loss of $40.8 million or $4.44 per share for the six-month period ending December 31, 2023, compared to a net loss of $21.4 million or $3.15 per share for the same period in 2022. The increased loss was primarily due to a $23.4 million unrealized loss on derivative gold hedging contracts and increased interest and administrative costs. The company completed a senior secured loan facility of up to $70 million, invested $34.4 million in the Peak Gold JV, and raised $30.4 million through a public offering. Construction at the Manh Choh project, operated by Kinross Gold Corporation, is on schedule for initial production in the second half of 2024.
March 14, 2024 | 8:49 pm
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Contango ORE reported a significant increase in net loss for the six-month period ending December 31, 2023, primarily due to unrealized losses on derivative gold hedging contracts and increased costs. The company also completed significant financial transactions, including a senior secured loan facility, investment in the Peak Gold JV, and a public offering.
The significant increase in net loss due to unrealized losses on derivative contracts and increased costs is likely to negatively impact investor sentiment in the short term. However, the completion of financial transactions and progress on the Manh Choh project may provide some positive outlook for the future.
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