Contango ORE, Inc. (CTGO) announced on December 2 2025 that its Johnson Tract Critical Metals Project has been accepted as a covered project under the Federal Permitting Improvement Steering Council’s FAST‑41 program. The acceptance, which took place on December 1 2025, places the project on a federal permitting dashboard designed to accelerate approvals and improve transparency for large infrastructure and mining projects.
FAST‑41, established under the Fixing America’s Surface Transportation Act, coordinates federal, state, and local agencies to streamline environmental reviews and authorizations. Mining was added as an eligible sector in 2021, and a 2023 rule focused the program on critical‑minerals projects. The dashboard provides real‑time status updates and promotes interagency coordination, reducing the typical multi‑year permitting cycle.
Johnson Tract is a polymetallic deposit in Alaska that contains gold, zinc, copper, silver, and lead. The project sits on a high‑grade resource and is located near tidewater, enabling a Direct‑Ship Ore (DSO) strategy that transports ore directly to existing processing facilities. The lease is held from Cook Inlet Region, Inc. (CIRI), and the project is positioned for near‑term production.
The FAST‑41 inclusion is a key regulatory milestone that is expected to shorten permitting timelines for access roads, barge landings, and other infrastructure needed for the DSO model. Faster approvals reduce capital expenditures and accelerate the company’s path to bringing the Johnson Tract mine online, supporting its goal of becoming largely debt‑free and unhedged.
Contango’s financial profile reflects a disciplined balance sheet. The company’s debt‑to‑equity ratio stands at 88.1 %, with total debt of $42.1 million against assets of $217.7 million. Q3 2025 earnings surpassed expectations, with an EPS of $2.04 versus a consensus of $0.465, driven by strong operational performance and cost control. Management projects a 2025 EPS of $5.72, indicating confidence in continued profitability.
Rick Van Nieuwenhuyse, President & CEO, said the FAST‑41 acceptance “reinforces our commitment to efficient permitting and positions the Johnson Tract project for rapid development.” He added that the company remains focused on maintaining a strong cash position and reducing leverage while pursuing high‑grade projects.
In addition to Johnson Tract, Contango holds a 30 % interest in the Peak Gold Joint Venture, which operates the Manh Choh mine, and owns the fully permitted Lucky Shot project. These assets provide a diversified portfolio of high‑grade deposits that align with the company’s mid‑tier gold producer strategy.
The regulatory approval marks a significant step forward for Contango’s development pipeline. By leveraging the FAST‑41 program, the company can accelerate the Johnson Tract project’s timeline, reduce capital costs, and strengthen its competitive position in the critical‑minerals market.
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