Contango ORE, Inc. announced the completion of its third production campaign for 2025 at the Peak Gold Joint Venture, with Contango's 30% share totaling approximately 17,000 ounces of gold, exceeding the original guidance of 15,000 ounces. The Peak Gold JV processed 287,000 tons of ore with an average grade of 0.214 ounces per ton.
The company received a cash distribution of $33 million from the Peak Gold JV, bringing the total year-to-date distributions to $87 million. Contango has aggressively reduced its financial obligations, delivering into hedge contracts to bring the balance down to 49,300 ounces and prepaying $8.5 million on its credit facility, reducing the outstanding principal balance by 37% to $14.6 million.
The Village of Dot Lake's lawsuit against the U.S. Army Corps of Engineers, which involved the Peak Gold, LLC as an intervenor-defendant, was dismissed on September 25, 2025, removing a significant operational uncertainty. Contango also outlined plans for a 15,000-meter underground drill program at Lucky Shot, targeting 30,000 to 40,000 ounces of annual gold production using its Direct Shipping Ore model.
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