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CTGO on NYSE

Contango Silver & Gold Inc.

Contango Silver & Gold Inc. is an American Gold and Silver Ores company based in Houston, listed on NYSE (CTGO).1

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Last updated Oct 21, 2026.

Overview

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  • TickerCTGO on NYSE1
  • IndustryGold and Silver Ores1
  • HeadquartersFairbanks, Alaska1
  • Incorporated inDE2
  • Business address516 2Nd Avenue, Suite 401, Fairbanks, Ak 997012
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Contango ORE, Inc. (“CORE” or the “Company”) was formed on September 1, 2010 as a Delaware corporation for the purpose of engaging in the exploration for and development of gold ore and associated minerals in the State of Alaska. On January 8, 2015, CORE Alaska, LLC, a wholly-owned subsidiary of the Company (“CORE Alaska”), and a subsidiary of Royal Gold, Inc. (“Royal Gold”) formed Peak Gold, LLC (the “Peak Gold JV”). On September 30, 2020, CORE Alaska sold a 30% membership interest in the Peak Gold JV to KG Mining (Alaska), Inc. (“KG Mining”), an indirect wholly-owned subsidiary of Kinross Gold Corporation (“Kinross”), a large gold producer with a diverse global portfolio and extensive operating experience in Alaska. The sale is referred to herein as the “CORE Transactions”.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income56$69.1M in 2025
-$50.0M0$50.0M$100.0M2023: -$33.1M-$33.1M20232024: $26.3M$26.3M20242025: $69.1M$69.1M2025+163%
Net income7891056-$36.1M in 2025+332% since 2019
-$75.0M-$50.0M-$25.0M0$25.0M2019: -$8.4M-$8.4M20192020: -$9.2M-$9.2M2020+11%2021: $23.9M$23.9M20212022: -$23.5M-$23.5M20222023: -$59.1M-$59.1M2023+151%2024: -$38.0M-$38.0M2024−36%2025: -$36.1M-$36.1M2025−5%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Claim rental expense-$463.9K-$589.5K
Exploration expense-$5.8M-$4.1M
Depreciation expense-$140.7K-$121.9K
Accretion expense$0-$9.5K
General and administrative expense-$13.1M-$10.6M
Total expenses-$19.5M-$15.4M
Income (loss) from equity investment in Peak Gold, LLC$88.6M$41.7M
Total income from operations$69.1M$26.3M
Interest and other income$1.8M$480.2K
Interest and finance expense-$7.6M-$11.7M
Loss on derivative contracts-$109.1M-$54.2M
Gain on metal sales$5.3M$1.2M
Gain/(loss) on marketable securities$4.7M-$199.0K
Total other income/(expense)-$104.9M-$64.4M
Loss before income taxes-$35.8M-$38.1M
Income tax (expense) / benefit-$303.2K$83.4K
NET LOSS-$36.1M-$38.0M
Net loss per share, basic-$2.80-$3.49
Net loss per share, diluted-$2.80-$3.49
Weighted average number of shares outstanding, basic12.9M shares10.9M shares
Weighted average number of shares outstanding, diluted12.9M shares10.9M shares

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Corporate structure

Contango Silver & Gold Inc. sits at the top of its group. 6 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Contango Silver & Gold Inc.

  • State Street Corporation Filed SCHEDULE 13G on Contango Silver & Gold Inc., latest Aug 7, 2026
  • BlackRock Filed SCHEDULE 13G on Contango Silver & Gold Inc., latest Jul 29, 2026 (4 filings since Oct 22, 2024)
  • Alyeska Investment Group, L.P. Filed SCHEDULE 13G/A on Contango Silver & Gold Inc., latest May 15, 2026 (2 filings since Nov 14, 2025)
  • Franklin Templeton Investments Filed SCHEDULE 13G/A on Contango Silver & Gold Inc., latest Apr 29, 2026 (2 filings since Nov 4, 2025)
  • Queen's Road Capital Investment Ltd. Filed SCHEDULE 13G/A on Contango Silver & Gold Inc., latest Feb 13, 2026 (3 filings since Nov 15, 2024)
  • Kenneth R. Peak Marital Trust Filed SCHEDULE 13D on Contango Silver & Gold Inc., latest Oct 30, 2025
  • Douglas Scharbauer Filed SCHEDULE 13G/A on Contango Silver & Gold Inc., latest Feb 14, 2025 (3 filings since Jun 28, 2024)
  • SPROTT INC. Filed SC 13G/A on Contango Silver & Gold Inc., latest Nov 14, 2024 (3 filings since Feb 14, 2023)
  • John B. Juneau Filed SC 13D/A on Contango Silver & Gold Inc., latest Mar 31, 2023
  • Nieuwenhuyse Rick Van Filed SC 13D/A on Contango Silver & Gold Inc., latest Mar 31, 2023
  • Contango Silver & Gold Inc. Fairbanks, Alaska
    • Avidian Gold Alaska, Inc. Subsidiary · Alaska, United States
    • Contango Lucky Shot Alaska, LLC Subsidiary · Alaska, United States
    • Contango Minerals Alaska, LLC Subsidiary · Alaska, United States
    • Contango Mining Canada, Inc. Subsidiary · Canada
    • CORE Alaska, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Contango Silver & Gold Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$559.7K6 Dec 31, 2025$362.7K6 Dec 31, 2024+54.3%
Property and equipment, net$52.1M6 Dec 31, 2025$50.6M6 Dec 31, 2024+2.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$64.8M6 Dec 31, 2025$20.1M6 Dec 31, 2024+223.2%
Marketable securities, non-current$4.4M6 Dec 31, 2025$712.4K6 Dec 31, 2024+522.7%
Stakes in other companies (equity method)$47.1M6 Dec 31, 2025$60.5M6 Dec 31, 2024−22.2%

Properties, in its own words

Information concerning the Company’s mining properties in this Form 10-K have been prepared in accordance with the requirements of S-K 1300.

As used in this Form 10-K, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with S-K 1300. Under S-K 1300, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person (“Qualified Person”), as defined in S-K 1300, that the mineral resources can be the basis of an economically viable project. Readers are specifically cautioned not to assume that any part or all of the mineral deposits (including any mineral resources) in these categories will ever be converted into mineral reserves. If mineral reserves are established on the Company's project, there is no guarantee that mining of those mineral reserves will be economically viable for the Company.

The rest of Item 2

Readers are also cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources are estimates based on limited geological evidence and sampling and have a too high of a degree of uncertainty as to their existence to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Estimates of inferred mineral resources may not be converted directly to a mineral reserve and it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may be upgraded to a higher category. Therefore, readers are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category. Likewise, readers are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves. See “Part I. Item 1A Risk Factors” of this Form 10-K.

The information that follows is derived, for the most part, from, and in some instances is an extract from, the Manh Choh TRS as of May 12, 2023, the Lucky Shot Technical Report Summary (“TRS”) as of May 26, 2023, and the Johnson Tract TRS as of May 12, 2025. The Manh Choh TRS, Lucky Shot TRS, and Johnson Tract TRS were prepared in compliance with the Item 601(b)(96) and S-K 1300. Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein. Reference should be made to the full text of the Manh Choh TRS, Lucky Shot TRS, and Johson Tract TRS, filed as Exhibits 96.1, 96.2 and 96.3, respectively, to this Form 10-K and incorporated herein by reference.

Property Summary

On January 8, 2015, the Company and a subsidiary of Royal Gold, formed the Peak Gold JV and the Company contributed its leasehold interest in a mineral lease with the Native Village of Tetlin whose governmental entity is the Tetlin Tribal Council (“Tetlin Tribal Council”) for the exploration of minerals near Tok, Alaska on a currently estimated 675,000 acres (the “Tetlin Lease”) to the Peak Gold JV. In addition to the Tetlin Lease, the Peak Gold JV also holds 159 State of Alaska mining claims covering approximately 13,000 acres for the exploration of gold and associated minerals (together with the Tetlin Lease, the “Peak Gold JV Property”). As of December 31, 2025, the Company held a 30% membership interest, and KG Mining held a 70% membership interest in and manages the Peak Gold JV. The Peak Gold JV Property contains the Main and North Manh Choh deposits (the “Manh Choh Project”), which the Company currently considers its only material property.

The Company also separately controls the mineral rights to approximately 190,190 acres of State of Alaska and patented mining claims, upland leases, and fee simple leases for exploration through its wholly-owned subsidiaries LSA (consisting of the Lucky Shot Property), Contango Minerals (consisting of the Eagle/Hona, Triple Z, and Shamrock prospects and additional state mining claims in the Willow Mining District), Contango Mining Canada (consisting of Johnson Tract) and Avidian Alaska (consisting of the Golden Zone, Amanita and Amanita NE properties), and has begun allocating more annual resources to exploration of those properties and other new opportunities. Encumbrances on each property, such as royalties, are discussed within the property descriptions.

The Company believes that it and the Peak Gold JV hold good title to their respective properties, in accordance with standards generally accepted in the mineral industry. As is customary in the mineral industry, the Company conducted only a preliminary title examination at the time it entered into the Tetlin Lease. The Peak Gold JV conducted a title examination prior to the assignment of the Tetlin Lease to the Peak Gold JV and performed certain curative title work.

The following table outlines the land ownership of the five legal entities that control mineral rights in Alaska: the Company's 30% ownership of the Peak Gold JV (through CORE Alaska); LSA; Contango Minerals; JT Mining, Inc., and Avidian Alaska; each as of December 31, 2025:

Property · Location · Commodities · Claims · Estimated Acres · Type

Peak Gold JV (30% Interest):

Tetlin Lease · Eastern Interior · Gold, Copper, Silver · — · 675,000 · Lease

Tok/Eagle · Eastern Interior · Gold, Copper, Silver · 159 · 13,000 · State Mining Claims

159 · 688,000

J T Mining (Leased from Cook Inlet Region, Inc.) (100% Interest):

Johnson Tract · South Central · Gold, Silver, Lead, Zinc, Copper · — · 21,000 · Lease

0 · 21,000

Item 2 of the 10-K filed Mar 16, 2026.4

Leadership

Who has led Contango Silver & Gold Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kenneth R. Peak2010–2012
  2. John B. Juneau2012–2020
  3. Nieuwenhuyse Rick Van2020–now

Chair

  1. Kenneth R. Peak2010–2012
  2. John B. Juneau2020–2024

President

  1. John B. Juneau2012–2020
  2. Nieuwenhuyse Rick Van2020–2026
  3. Shawn Khunkhun2026–now

Chief financial officer

  1. Sergio Castro2010–2013
  2. Leah S. Gaines2013–2023
  3. Michael Aaron Clark2024–now
201520202025
Board members and other officers (16)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorRick Van Nieuwenhuyse named Dec 22, 202236
  • DirectorBrad Juneau named Dec 22, 202236

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Avidian Gold Alaska, Inc. Alaska3
  • CORE Alaska, LLC Delaware3
  • Contango Lucky Shot Alaska, LLC Alaska3
  • Contango Minerals Alaska, LLC Alaska3
  • Contango Mining Canada, Inc. Canada3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Contango ORE, Inc.Sep 29, 2010 to Mar 30, 20262

Timeline

  1. Oct 6, 20268-K Regulation FD disclosure37
  2. Sep 22, 20268-K Regulation FD disclosure; Other events38
  3. Sep 15, 20268-K Regulation FD disclosure39
  4. Sep 9, 20268-K Regulation FD disclosure40
  5. Sep 2, 20268-K Regulation FD disclosure41
  6. Aug 19, 20268-K Bylaws or fiscal year changed42
  7. Aug 14, 20268-K Results of operations; Regulation FD disclosure43
  8. Jul 17, 20268-K Regulation FD disclosure44
  9. Jul 8, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure45
  10. Jun 29, 20268-K Entered a material agreement; Regulation FD disclosure46
  11. Jun 26, 20268-K Change of auditor47
  12. Jun 18, 20268-K Shareholder vote; Regulation FD disclosure48
  13. Jan 8, 2020New chief executive Nieuwenhuyse Rick Van becomes CEO14
  14. Aug 15, 2012New chief executive John B. Juneau becomes CEO15
  15. Dec 29, 2010New chief executive Kenneth R. Peak becomes CEO16

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $2.01 a share, on Nov 13, 2025.49

When it reported results

  1. Aug 14, 2026Reported quarterly or annual results43
  2. May 15, 2026Reported quarterly or annual results50
  3. Mar 16, 2026Reported quarterly or annual results51
  4. Nov 14, 2025Reported quarterly or annual results52
  5. Aug 14, 2025Reported quarterly or annual results53
  6. May 14, 2025Reported quarterly or annual results54
  7. Mar 17, 2025Reported quarterly or annual results55
  8. Nov 14, 2024Reported quarterly or annual results56

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

357 filings to the SEC since October 2021: 9 annual reports, 15 quarterly reports, 113 major events, 115 insider forms, 21 large holders, 1 private raises, 83 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Sep 22, 20268-K EDGAR
  3. Sep 15, 20268-K EDGAR
  4. Sep 9, 20268-K EDGAR
  5. Sep 2, 20268-K EDGAR
  6. Aug 19, 20264 EDGAR
  7. Aug 19, 20264 EDGAR
  8. Aug 19, 20268-K EDGAR
  9. Aug 14, 20268-K EDGAR
  10. Aug 13, 202610-Q EDGAR
  11. Aug 7, 2026SCHEDULE 13G EDGAR
  12. Jul 29, 2026SCHEDULE 13G EDGAR
  13. Jul 17, 20268-K EDGAR
  14. Jul 8, 20268-K EDGAR
  15. Jul 1, 2026424B7 EDGAR
  16. Jun 29, 20268-K EDGAR
  17. Jun 26, 20264 EDGAR
  18. Jun 26, 20268-K EDGAR
  19. Jun 25, 2026S-3ASR EDGAR
  20. Jun 18, 20268-K EDGAR

The 357 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

48 open-market trades by officers, directors and large owners since October 2021: 12 buys and 36 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 19, 2026Clark Michael AaronCFOSale1,289$20.94$27.0KForm 4
Aug 19, 2026Larimer David GregoryVP ExplorationSale96$20.94$2.0KForm 4
Jun 25, 2026Van Nieuwenhuyse RickPresident & CEOBuy4,111$15.24$62.7KForm 4
Apr 1, 2026Nauman Clynton R.DirectorBuy10,000$18.56$185.6KForm 4
Mar 19, 2026Clark Michael AaronCFOSale10,075$17.92$180.5KForm 4
Mar 19, 2026Larimer David GregoryVP ExplorationSale2,775$17.92$49.7KForm 4
Mar 19, 2026Van Nieuwenhuyse RickPresident & CEOSale21,621$17.92$387.4KForm 4
Jan 8, 2026Clark Michael AaronCFOSale10,097$26.00$262.5KForm 4
Jan 8, 2026Van Nieuwenhuyse RickPresident & CEOSale19,608$26.00$509.8KForm 4
Aug 18, 2025Clark Michael AaronCFOSale2,822$21.66$61.1KForm 4
Aug 18, 2025Shortz RichardDirectorSale33,150$21.08$698.8KForm 4
Jul 10, 2025Green DarwinDirectorSale1,818$20.23$36.8KForm 4
Apr 22, 2025Van Nieuwenhuyse RickPresident & CEOBuy7,500$13.70$102.8KForm 4
Apr 1, 2025Van Nieuwenhuyse RickPresident & CEOBuy5,000$10.22$51.1KForm 4
Mar 31, 2025Green DarwinDirectorSale1,500$10.40$15.6KForm 4
Mar 25, 2025Van Nieuwenhuyse RickPresident & CEOBuy10,000$9.98$99.8KForm 4
Dec 13, 2024JUNEAU JOHN BDirectorBuy8,300$11.83$98.2KForm 4
Dec 10, 2024Van Nieuwenhuyse RickPresident & CEOBuy10,000$12.89$128.9KForm 4
Dec 10, 2024COMPOFELICE JOSEPH SDirectorBuy10,000$12.10$121.0KForm 4
Dec 9, 2024JUNEAU JOHN BDirectorBuy4,999$12.04$60.2KForm 4

All 48 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Rick Van Nieuwenhuyse70$500.0K$2.3M67
2025Mike Clark44$325.0K$1.1M67
2024President and Chief Executive Officer$500.0K$1.6M67
2024EVPChief Financial Officer and Secretary$300.0K$733.5K67

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Dec 9, 2022Raised $5.7 million in a private offering of equity Form D: $10 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
State Street Corp2,337,677$36.9M0.0%+2,061,916
BlackRock, Inc.2,164,928$34.2M0.0%+839,137
Alyeska Investment Group, L.P.2,127,579$33.6M0.1%+750,000
Franklin Resources Inc1,287,609$20.3M0.0%+24,836
Vanguard Capital Management LLC1,217,000$19.2M0.0%+529,014
Van Eck Associates Corp819,087$12.9M0.0%+364,062
Geode Capital Management, LLC668,160$10.6M0.0%+85,478
Barings LLC476,190$7.5M0.1%No change
Ninepoint Partners LP361,899$5.7M0.5%No change
Marshall Wace, Llp266,752$4.2M0.0%−36,237
Raffles Associates LP226,112$3.6M1.6%+154,706
Northern Trust Corp212,642$3.4M0.0%+39,971
Vanguard Fiduciary Trust Co186,840$3.0M0.0%+28,723
Vanguard Portfolio Management LLC181,434$2.9M0.0%+3,457
UBS Group AG139,078$2.2M0.0%+27,181
Morgan Stanley135,702$2.1M0.0%+22,150
Bank Of America Corp /de/131,892$2.1M0.0%−75,949
Gabelli Funds LLC126,479$2.0M0.0%No change
Susquehanna International Group, Llp115,709$1.8M0.0%−17,634
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC95,339$1.5M0.0%+95,000
Sprott Inc.94,584$1.5M0.1%+22,968
Manufacturers Life Insurance Company, The90,252$1.4M0.0%New
Russell Investments Group, Ltd.87,496$1.4M0.0%+6,178
Federated Hermes, Inc.83,507$1.3M0.0%−204,777
Charles Schwab Investment Management Inc80,558$1.3M0.0%+18,274

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Contango Silver & Gold Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARContango Silver & Gold Inc.1
  • CIK0001502377
  • Employer ID (EIN)27-34310514
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1040 Gold and Silver Ores1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address516 2Nd Avenue, Suite 401, Fairbanks, AK 997011
  • Phone907-388-77701
  • Shares outstanding33,440,691 as of Aug 13, 202612
  • Public float$395.3M as of Jun 30, 20254
  • AuditorBaker Tilly US, LLP, Houston, Texas PCAOB ID 23; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceSep 29, 20101
  • Filings704 in all: 4 (247), 8-K (168), 10-Q (47), 144 (24), 3 (24), SC 13D/A (19), 10-K (15), DEF 14A (15)1
    All 44 form types

    UPLOAD (15), CORRESP (13), 4/A (11), SC 13D (9), SC 13G/A (9), 424B5 (8), SC 13G (8), 10-K/A (7), SCHEDULE 13G/A (7), S-8 (6), DEFA14A (5), 8-K/A (4), EFFECT (4), S-3 (4), S-3/A (4), SCHEDULE 13G (4), FWP (3), 10-12G/A (2), 10-Q/A (2), 8-A12B (2), ARS (2), PRE 14A (2), 10-12G (1), 10-KT (1), 10-KT/A (1), 15-12G (1), 424B7 (1), 8-A12G (1), 8-A12G/A (1), CERT (1), D (1), DEFM14A (1), NT 10-K (1), PREM14A (1), S-3ASR (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueCTGONYSE

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Contango Silver & Gold Inc. names in Item 1A of its 10-K filed Mar 16, 2026: 32 risks under these headings, as written.4

  • Risks related to global economic instability, including inflation and fuel and energy costs may affect the Company’s business.
  • Kinross has management and operational control of the Manh Choh Project and the Peak Gold JV Property.
  • Failure to proportionately fund the operations of the Peak Gold JV or to elect not to contribute to an approved program and budget or contributes less than our proportionate membership interest could reduce the Company's interest in the Peak Gold JV.
  • There can be no assurance that Kinross will continue to fund the Peak Gold JV to continue exploration work.
  • Kinross has far greater technical and financial resources than the Company.
  • The A&R JV LLCA restricts the Company’s right to transfer or encumber its interests in the Peak Gold JV.
  • The price of gold is volatile and market fluctuations in the prices of minerals could adversely affect the Company’s and Peak Gold JV’s business.
  • The Company’s ability to successfully execute its business plan is dependent on its ability to obtain adequate financing.
  • The Company’s continued viability depends on continued commercial production of the Peak Gold JV Property and the exploration, permitting, development and commercial production of the Company’s other properties.
  • The Company may never recover minerals at the Contango Properties in commercial quantities.
  • Some of the Company's assets are located in regions of Alaska that may limit activities by weather and impact access for infrastructure.
  • Concentrating capital investment in the State of Alaska increases exposure to risk.
The other 20 risks
  • The Company will primarily rely on the accuracy of the estimates in reports provided to the Company by the Peak Gold JV’s Manager and outside consultants and engineers.
  • Exploration activities involve a high degree of risk, and exploratory drilling activities may not be successful.
  • Underground exploration and development work are subject to unique risks.
  • The Company and the Peak Gold JV cannot provide assurance that the title to their properties will not be challenged.
  • The Tetlin Lease was executed with a Native American tribe for the exploration of gold ore and associated minerals. The enforcement of contractual rights against Native American tribes with sovereign powers may be difficult.
  • We may not be able to grow successfully through future acquisitions or successfully manage future growth.
  • Competition in the mineral exploration industry is intense, and the Company is smaller and has a much more limited operating history than most of its competitors.
  • Our business depends on the continued contributions made by Rick Van Nieuwenhuyse, as our key executive officer, whose loss could have a material adverse effect on our business.
  • The Peak Gold JV is subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.
  • Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business.
  • Opposition to our operations and those of the Peak Gold JV from local stakeholders or non-governmental organizations could have a material adverse effect on us.
  • The Peak Gold JV may be unable to obtain, maintain or renew permits necessary for the exploration, development or operation of any mining activities, which could have a material adverse effect on its business, financial condition or results of operation.
  • Anti-takeover provisions of the Company’s certificate of incorporation, bylaws and Delaware law could adversely affect a potential acquisition by third parties.
  • The Company’s common stock is thinly traded.
  • The Company does not intend to pay dividends in the foreseeable future.
  • We face risks related to health epidemics and other outbreaks or fear of such an event.
  • Our insurance will not cover all of the potential risks associated with mining operations.
  • The Company is dependent upon information technology systems, which are subject to disruption, cyber-attacks, damage, failure and risks associated with implementation and integration.
  • The proposed arrangement with Dolly Varden Silver Corporation may not be completed on the terms or timeline currently anticipated, or at all, which could adversely affect our business, financial condition, and stock price.
  • We may not realize the anticipated benefits of the proposed arrangement with Dolly Varden, and the integration of the two companies may present significant challenges.

Legal proceedings

On October 20, 2023, the Committee for Safe Communities (“CSC”), an Alaskan non-profit corporation inclusive of certain vacation home owners along the Manh Choh ore haul route, formed for the purpose of opposing the Manh Choh project, filed suit in the Superior Court in Fairbanks, Alaska against the State of Alaska Department of Transportation and Public Facilities (“DOT”). The Complaint sought injunctive relief against the DOT with respect to its oversight of the Peak Gold JV’s ore haul plan. On May 9, 2025, and at CSC’s request, the Court entered an Order of Dismissal Without Prejudice as to CSC’s one remaining claim, vacated the trial date and closed the case.

On July 1, 2024, the Village of Dot Lake, a federally recognized Indian Tribe, located approximately 50 miles from the Manh Choh mine on the ore haul route along the Alaska Highway (“Dot Lake”), filed a Complaint in the U.S. District Court for the District of Alaska against U.S. Army Corps of Engineers (the “Corps”) and Lt. General Scott A. Spellmon, in his official capacity as Chief of Engineers and Commanding General of the Corps. The Complaint sought declaratory and injunctive relief based on the Corps’ alleged failure to consult with Dot Lake and to undertake an adequate environmental review with respect to the Corps’ issuance in September 2022 of a wetlands disturbance permit in connection with the overall permitting of the Manh Choh mine as to approximately five acres of wetlands located on Tetlin Village land. The Peak Gold JV was not named as a defendant in the Complaint, but sought and was granted the right to intervene in the action, and joined the partial motion to dismiss the lawsuit that the Corps filed on August 23, 2024. On September 29, 2025, the Court entered an Order dismissing the action with prejudice based on the Stipulated Dismissal of Action filed by the parties and the Court closed the case.

The opening of Item 3, Legal Proceedings.4

Sources

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