---
title: "Contango ORE Reports 2024 Earnings and Strategic Progress"
description: "Contango ORE (CTGO) reported its Q4 earnings for the fiscal year ending December 31, 2024, showing a net loss of $38 million due to non-cash expenses. However, the company achieved $26.3 million in op"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/232678945.md"
published_at: "2025-03-21T04:09:11.000Z"
---

# Contango ORE Reports 2024 Earnings and Strategic Progress

> Contango ORE (CTGO) reported its Q4 earnings for the fiscal year ending December 31, 2024, showing a net loss of $38 million due to non-cash expenses. However, the company achieved $26.3 million in operational income and improved its cash position to $20.1 million. Key highlights include gold production exceeding expectations at the Manh Choh mine and significant debt reduction. Contango also acquired HighGold Mining Inc. and is focused on maintaining cash flow and advancing its projects, including a preliminary economic assessment for the Johnson Tract.

Contango ORE ( (CTGO) ) has released its Q4 earnings. Here is a breakdown of the information Contango ORE presented to its investors.

Contango ORE, Inc. is a company engaged in the exploration of gold and associated minerals in Alaska, holding significant interests in various mining projects, including the Manh Choh and Johnson Tract projects. In its latest earnings report for the fiscal year ended December 31, 2024, Contango ORE reported a net loss of $38 million, primarily due to a substantial non-cash expense from an unrealized loss on derivative contracts. Despite this, the company achieved a total income from operations of $26.3 million and improved its cash position to $20.1 million by year-end.

Key highlights from the report include the successful gold production at the Manh Choh mine, which exceeded expectations with 41,325 ounces of gold produced for Contango’s share. The company has also made significant progress in reducing its debt and hedge obligations, with a 36% reduction in its credit facility and a 30% reduction in its outstanding hedge contracts. Additionally, Contango completed a strategic acquisition of HighGold Mining Inc., enhancing its position in the Johnson Tract project.

Financially, Contango saw a positive shift in its cash flow from operating activities, which provided $0.7 million compared to previous periods of cash usage. The company also received substantial cash distributions from the Peak Gold JV, aiding its financial stability. Investment activities focused on the Peak Gold JV, while financing activities included debt repayments and equity issuance proceeds.

Looking ahead, Contango ORE is focused on maintaining robust cash flow through its gold production and strategic initiatives. The company aims to deliver a preliminary economic assessment for the Johnson Tract project soon, while continuing to advance its exploration and development activities across its projects. With a solid financial foundation, Contango is well-positioned to capitalize on its mining ventures in the coming years.

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
