Contango ORE Receives $19.5M Cash Distribution from Peak Gold JV, More Expected in 2024, Projects 30K-40,K Ounces of Gold Production for 2024
Portfolio Pulse from Benzinga Newsdesk
Contango ORE, Inc. (NYSE:CTGO) received a $19.5 million cash distribution from the Peak Gold JV, representing 30% of profits from the first campaign. The company expects further distributions in 2024 and projects its share of gold production to be 30,000-40,000 ounces.
September 17, 2024 | 11:26 am
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Contango ORE received a $19.5 million cash distribution from Peak Gold JV, with more expected in 2024. The company projects 30,000-40,000 ounces of gold production for 2024.
The $19.5 million cash distribution boosts Contango's financial position, and the expectation of further distributions and significant gold production in 2024 is positive for future revenue. This news is likely to positively impact CTGO's stock price in the short term.
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