Contango Ore, Inc

7 days ago 1:02:35

Key Highlights

The host sees the roughly $100M a year in free cash flow he says Contango earns from its 30% share of the producing Mancho joint venture as the platform to grow into a much larger mid-tier producer, with expansion paid for from that cash flow.
New Lucky Shot drilling in Alaska returned 140 g/t gold over 0.63m and 18.16 g/t gold over 3.65m, extending the very high-grade vein system the host calls the company's next mine.
The results demonstrate continuity of the Coleman segment and constrain the previously mined zones, feeding an updated resource estimate targeted for the first half of 2027 and then a feasibility study on a five-year mine plan producing 40,000-50,000 oz of gold a year.
The newly discovered KM vein adds a further target, and the host expects consistent news flow from the underground program.
At a C$807M market value, he places Contango at the very start of phase 5 on the Lassonde curve, arguing its development-stage pipeline and exploration spending give it, in his words, a lot of blue sky toward mid-tier valuations.

Sterling Metals' Sioux project near Batchewana Bay, Ontario delivered 44 metres of 1.02% copper equivalent (all metals valued as copper grade) from near surface. Host Allan Barry Laboucan argues grade plus continuity — not grade alone — decides whether a discovery can realistically become a mine. Contango Ore pairs roughly $100 million of yearly free cash flow from its 30% Mancho stake with very high-grade Lucky Shot drilling in Alaska. Banyan Gold's 1.88 g/t gap-zone hit (grams per tonne — metal weight per tonne of rock) hints its two Yukon zones form one bigger pit. Argenta Silver's broad 46-metre gold-copper intercept points to a porphyry (the deep intrusion that feeds epithermal silver veins) near its 50-million-ounce resource.

Contango Silver & Gold: Low-Capex Direct-Ship Ore Model Yields Big Returns

12 days ago 13:52

Key Highlights

Khunkhun says Manh Choh generates about $100 million a year of free cash flow in USD at the company's $3,700/oz budgeted gold price, and that 2027 guidance should lift that to about $200 million.
He guides to cash costs around $2,000/oz for 2026, dropping to a Kinross-guided $1,213-$1,300/oz in 2027, with production of 75,000-80,000 ounces helped by completed pre-stripping and batch campaigning of ore after the move to the South Pit.
Formed this year (2026) through the merger of Contango Ore and Dolly Varden Silver, the company is building a self-funded mid-tier precious metals producer on Alaska and British Columbia assets with only about 33.5 million shares outstanding.
A new mineral resource estimate released in late September 2026 shows a 93% increase in indicated ounces at the KB project, now 150 million-plus silver-equivalent ounces and 90% precious metals, which Khunkhun calls the largest Canadian silver project at over 83 million ounces of silver.
Khunkhun highlights accretive M&A — Johnson Trailing, with a claimed $600 million NPV, was acquired for $37 million in shares — and a direct shipping ore model that took Manh Choh from feasibility to production in two and a half years, with the development pipeline 100%-owned.

President Shawn Khunkhun says Manh Choh's high-grade output self-funds growth, generating roughly $100 million in yearly free cash flow at his $3,700 budgeted gold price. Manh Choh's 2027 guidance: 75,000-80,000 ounces at $1,213-$1,300 cash costs (the direct cost to mine an ounce) as mining shifts into the richer South Pit. The guest argues 2025's rally - gold up 70%, silver 200% - and supportive governments make this mining's best financing market in a century. Management frames the portfolio at about 10 grams per tonne (metal content per tonne), with the new KB estimate lifting indicated silver ounces 93%. Direct shipping ore (DSO - ore sold without on-site processing) needs infrastructure and simple permitting; the guest credits it for Manh Choh's two-and-a-half-year feasibility-to-production timeline.

The Debt Crisis Is Turning Gold Into Money | Shawn Khunkhun - Contango Silver and Gold

The Deep Dive

12 days ago 19:17

Key Highlights

Manh Choh distributed about $102 million last year, and the guest projects roughly $170 million of free cash flow next year at a $3,700 gold budget - about $200 million at spot - complementing around $90 million of cash on hand.
A new Kitsault Valley resource estimate released in September, built on 1,877 drill holes and 433,000 meters of drilling, holds 83 million ounces of silver and 1 million ounces of gold, with the indicated category up almost 100% and billed as Canada's largest silver resource.
Johnson Tract - about 1 million ounces at roughly 10 g/t gold with critical-mineral byproducts - is on the FAST-41 dashboard with final federal permits expected by spring 2028, after a 5 km access road and two bridges were completed this year.
At Lucky Shot, a 20,000-meter drill program is meant to outline a 500,000-ounce resource for a feasibility study and a return to about 50,000 ounces per year of underground production, with the new KM vein running multiple ounces per ton.
The guest values the company at $600-650 million and argues each of its four districts is worth about that much, targeting 200,000 ounces per year of gold plus 5 million ounces of silver from Kitsault Valley and Johnson Tract.

Guest Shawn Khunkhun expects silver's correction to run into 2027 before a breakout to new all-time highs. With US interest costs said to consume 30% of tax receipts, he argues gold and silver remain inexpensive versus other assets. He frames the precious metals space as tiny relative to incoming capital, so the rotation could arrive violently and quickly. Contango (NYSE: CTGO) spans four districts: Kitsault Valley, Johnson Tract, Lucky Shot, and the cash-flowing Manh Choh joint venture. A refreshed resource estimate nearly doubled indicated silver at Kitsault Valley, while projected Manh Choh cash flow funds company growth.

Lab Report | Sep 16 Deep Dives on Generation, Contango, Goliath, Sterling, and New Found Gold

27 days ago 57:22

Key Highlights

Laboucan's top point: at a roughly C$862M valuation he calls Contango a strong opportunity for investors who want gold and silver exposure with less risk than an explorer or a pre-production developer, because Mancho is already in production.
Contango holds a 30% joint-venture interest in the producing Mancho project, which he estimates generates about $100M a year of free cash flow at current prices and serves as the base for growth, with Lucky Strike and a second project both advancing toward near-term production.
Drilling returned 506 g/t silver equivalent over 13.9 m at Torbret and 807 g/t silver equivalent over about 5 m at North Star, including 22,254 g/t over one metre; he describes these as narrow but very high-grade systems.
Step-out drilling has linked the Torbret and North Star zones, which he says could allow two deposits to become one integrated mine plan with shared infrastructure; none of the 2026 drilling is in the resource update due later in September 2026.
Management says over 90% of the silver-equivalent grade comes from silver content rather than base metals, which Laboucan highlights as what makes the Kitsault Valley a primary silver deposit rather than a gold-silver blend.

Generation Mining closed roughly $340 million of final funding for its Ontario copper-palladium project, with Glencore buying the concentrate for domestic processing. Contango's 2026 drilling sits outside its resource update, so connecting the Torbret and North Star silver zones would add unpriced ounces. About 90% of Goliath's Sherbet drill holes returned visible gold, a footprint Laboucan reads as a candidate tier-one high-grade system. New Found Gold cleared commercial production at Hammerdown in Newfoundland on throughput, recovery, and head-grade tests sustained for 60 days. Sterling's 0.81% copper-equivalent core (all metals priced as copper) near Batchawanna Bay matters now that copper trades near $6.50 a pound.

"Contango Offers the Most Leverage to Gold on a Per-Share Basis" explains CEO Rick Van Nieuwenhuyse

29 days ago 31:54

Key Highlights

The guest argues Contango offers the best per-share leverage to gold and silver among juniors because it has only 33 million shares outstanding, versus 300-500 million for most peers in its tier.
CEO outlines a five-year production plan scaling from ~60,000 gold-equivalent ounces today to ~200,000 oz gold plus 5 million oz silver annually, with the silver growth coming mainly from Kitsault Valley.
At a $4,000/oz gold price, Contango expects more than $170 million of free cashflow next year (planning is done at $3,700); the company carries ~$47 million of debt and targets being debt-free by the end of next year, ending this year near $50 million cash.
Manh Choh JV (30% Contango, Kinross partner): guiding 45,000 oz this year with AISC running ~$2,700 in H1 due to pre-stripping; a new oxygen plant is commissioned to handle higher-grade sulfide ore, and 2027 guidance steps up to 75,000 oz at lower cash costs.
Direct-Ship-Ore (DSO) model — Contango mines ore and trucks it to Kinross's Fort Knox mill instead of building its own tailings facility; the guest frames this approach as the way around the Lassonde curve 'valley of death'.

Contango CEO frames the company as an execution story, targeting growth from ~60K to ~200K gold-equivalent ounces plus 5M ounces of silver annually within five years. The Manh Choh JV with Kinross is the cash engine; 2025 is guided as the low-production year (~45K oz, ~$2,700 H1 AISC) with 2026 set to recover to ~75K oz at lower cost. A direct-ship-ore strategy — mining high-grade rock and trucking it to permitted third-party mills — sidesteps tailings-permitting risk across Lucky Shot, Johnson Tract, and Kitsault Valley. Balance sheet sits at roughly $47M of debt and an expected ~$50M cash position; at $4,000 gold the CEO forecasts $170M+ of free cash flow next year and plans to be debt-free by year-end. With only ~33M shares outstanding, Contango offers outsized per-share leverage to gold and silver versus typical junior producers that carry hundreds of millions of diluted shares.

Lab Report | Sep 2 Deep Dive on Radisson, Pirate Gold, KLDC, Amex Gold Mining, Contango

about 1 month ago 54:27

Key Highlights

Top takeaway: the host calls Contango a 'unicorn' — a junior gold producer he thinks can grow into a mid-tier worth $10–20 billion at gold prices around $4,500/oz.
The September 2 release cites 2.45 m grading 86 g/t at the advanced Lucky Shot project in Alaska, with other intercepts in the news reaching 244 g/t, 81 g/t and 49 g/t.
He describes a mixed portfolio: current production where Contango is a 30% partner generating roughly $100 million of free cash flow a year at one mine, plus a near-surface development pipeline.
In the same release, CEO Rick Van Nuenhuis says initial surface results validate the systematic approach to the Coleman vein geometry and add high-priority underground drill targets on KMSL and KAM style veins.
At a roughly $911 million valuation he places Contango between phase four and phase five on the Lassonde curve, with the most upside on the right-hand side as the pipeline matures.

Laboucan's filter is grade plus continuity: a high-grade hit only matters when the system keeps returning it as drilling advances. Radisson's 52.34 grams-per-ton gold hit over 3 meters in Quebec, and he plots it only 30% up the Lassonde curve. Pirate Gold's 299 meters of copper-equivalent mineralization after fewer than 15 holes points to a large, still-unresolved porphyry. Kirkland Lake Discoveries held the same gold system 700 meters west, which Laboucan values as more meaningful than the headline grade. With gold above $4,500 an ounce, cut-off grades and open-pit economics reset, and Laboucan argues old rules of thumb undervalue every project here.

Lab Report | Aug 20 Deep Dive on Contango Silver & Gold

about 2 months ago 48:48

Key Highlights

Management says the company is self-funded by Manh Choh cash flow, with about $90 million in the treasury and only about 33 million shares outstanding, and aims to grow production from roughly 60,000 oz toward a couple hundred thousand ounces without going back to market.
The hedge book was eliminated at about $4,000 gold so all ounces now realize spot; management says the share price has since moved from about $15 to $20, with gold above $4,300 as of the August 20, 2026 interview.
The Kinross-operated Manh Choh joint venture (30% Contango) is in a planned transition year: about 40,000-45,000 oz of production in 2026 during pit pre-stripping, rebounding to roughly 75,000-80,000 oz in 2027, with quarterly dividends expected to double from $9 million to $18 million apiece over the next two quarters.
Lucky Shot is targeted for an updated resource of 400,000-500,000 oz measured and indicated by March, a feasibility-level direct-shipping mine plan of 40,000-50,000 oz per year for 5-10 years by end-2027, and production in 2028, with the Fort Knox mill named a logical processing destination.
On the host's per-100,000-ounce valuation framework the guests argue Contango is cheaply valued: Sean Boyd says any single project could support roughly a half-billion-dollar valuation and calls a $2 billion business the real opportunity.

Contango eliminated its hedge book near $4,000 gold, restoring shareholders' complete exposure to gold price upside. High-grade projects using a direct shipping ore model — rock sent to existing mills — avoid tailings dams, big capital, and slow permitting. Moncho cash flow from the 70/30 joint venture operated by Kinross self-funds seven drill rigs and Johnson Track roadwork on a 33-million-share count. On the speaker's valuation yardstick of $500 million to $2 billion per 100,000 ounces produced, Contango screens cheap against its project portfolio. Decades of consolidation emptied the mid-tier ranks, leaving few growth producers positioned for the next stage of the gold bull market.

Lab Report | Aug 17 Daily Market Overview & Deep Dive on Banyan Gold, Contango, and Equinox Gold

about 2 months ago 41:05

Key Highlights

Top point: he presents Contango Silver and Gold as a cash-generative producer, relaying a cost of "under $1,500. An ounce" and a resulting "very high cash position", and building a valuation argument that is his own screen — "this company has a $919 million valuation. They're only Trading at about nine times their cash in the bank", on "33.44 million shares out". He quotes a gold price in the same breath that does not survive transcription, so no margin should be derived from the pair.
The operational turn he relays from the company's CEO is about sequencing rather than grades: "they've Completed the mining in the north pit. But now the south pit is coming into the highlight", followed by a higher production phase "where they expect grades and tonnage to increase. Through the remainder of the year" and "it'll be hitting on all Cylinders in 2027".
He is explicit that the segment is a preview, not a deep dive: "I'm not going to talk a lot about this, because tomorrow I have a scheduled interview with The company." No Contango executive speaks on the Aug 17, 2026 recording, so the operational and cost detail is relayed by the host from the CEO rather than disclosed by the company.
The upside case is his own forecast, not guidance: "Over the next couple years, maybe a 5x from here or better. And yet, they're still an undiscovered gem", and he expects the company to move "from a junior gold miner category up into the mid-tier" — a move that has not happened, offered as belief.
Two caveats he raises himself: the stock "don't trade a lot on the Canadian side", and a US listing is unconfirmed — "I believe they're working on a US listing. I'll have to ask the boys about that tomorrow." His read of the intraday book is dismissed as algo noise, and he calls the balance sheet pristine.

Debt-service math points to rate cuts rather than the September hike markets price, which is why the host stays bullish gold, silver and copper. A discovery-to-production pipeline he calls broken leaves gold, silver and copper with weak supply chains against strong demand. Banyan Gold rose 6.3% on a 13.03 grams-per-tonne gold intercept over 14.2 metres at a road-accessible Yukon project. Contango Silver and Gold is a preview: the host expects the junior to graduate into a well-run mid-tier with a cash-rich balance sheet. Equinox Gold’s South Railroad permit milestone adds 800,000 ounces a year and, on the host’s view, moves it from mid-tier toward major.

Rick Rule: Copper Has WAY More Potential Than Gold

VRIC Media

2 months ago

Key Highlights

Rick calls the Contango/Dolly Varden merger intelligent and praises the combined company for its clear strategy and abundant free cash flow, but criticizes it for lacking any tier one deposit.
Rick describes the company's plan to use cash flow from Contango's existing Alaska gold mine to develop Lucky Shot as a near-term high-grade direct shipping producer, and then fund another tidewater high-grade direct shipping deposit.
Rick notes former CEO Sean Cunshun stepped aside because he believed Rick Van Neuenhaus had more construction and operating experience, calling the decision selfless and emotionally mature.

Major copper producers need roughly $250 billion just to hold production steady — and they don't have the capital, opening a financing boom for streamers. Wheaton Precious and Franco-Nevada could be the biggest winners — silver byproducts from copper mines earn much higher multiples inside a streamer. Rule is rotating out of Franco, Wheaton, and Agnico into smaller, more speculative juniors to front-run the coming M&A wave. Most majors face a five-year depletion problem — only Agnico and Goldfield, Rule says, have near-term production covered. A red flag in royalty M&A: rapid capital deployment without a structural edge usually signals overpayment, not bargain hunting.

“You Can Buy $CTGO at Just Three Times Next Year’s Free Cash Flow” – Contango’s Shawn Khunkhun

Key Highlights

Khunkhun says the roughly 50% share decline since January 2026 is a broad precious-metals equity sell-off rather than anything company specific, and that at about three times next year's expected free cash flow the shares are worth buying as of July 2026.
He says the hedge book was only ever a debt covenant attached to building the mine, and the residual 15,000 ounces owed into hedge contracts in 2027 were retired with debt at about 7% rather than by issuing equity into a depressed share price, leaving about $90 million in the treasury against $45 million of debt.
Guidance he points to for 2027 is a record production year at the operating Alaska mine, with 75,000 to 80,000 ounces and costs guided to about $1,500 an ounce.
Cash flow is being reinvested rather than returned: about $50 million is going into Lucky Shot for a targeted return to production in 2028 at 40,000 to 50,000 ounces, alongside Johnson Tract permitting and infrastructure work and a 40,000 meter drill program in the Kitsault Valley.
He puts the shares at roughly 0.3 times net asset value, less than half the pure-play average of about 0.75, and argues a move toward one times NAV over the next 18 months would be worth more than a tripling of the share price and would open the door to M&A.

Contango ORE trades at roughly three times next year's expected free cash flow, a multiple the company's president calls attractive. Shares fell about 50% since January, which the guest attributes to a broad precious-metals equity sell-off. The guest expects a mineral resource estimate for Kitsault Valley within weeks, plus drill results supporting a 2028 Lucky Shot restart. Contango retired its hedge book with debt at about 7% interest, leaving roughly $90 million in cash against $45 million of debt. Ore from the Alaska mine is trucked to Kinross's Fort Knox mill under a direct ship ore (DSO) arrangement.

I Asked The Greatest Junior Mining Investors What They Are Buying Right Now | Rule Symposium

Palisades Gold Radio

Key Highlights

Khunkhun uses his own company as the example of how violently small resource shares can move, going from a March low of about $16 a share to an April high of $29 in one month.
He says the shares are back at about $20, which he presents as a good opportunity for investors given how low valuations are across the sector.

Gold and silver fell 30-50% from highs, and multiple guests frame the pullback as a buying window for quality developers, not a trend break. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) explains the margin math: $4,000 gold against a $2,000 AISC. One guest argues gold pays no dividend, so valuation must run against debt, money supply and GDP instead of cash flow. Royalty companies and prospect generators are presented as the safer way to play gold and silver than owning operators outright. Several guests expect a wave of mining M&A, because producers shed high-cost operations and hold cash without a growth pipeline.

Why Silver and Gold Are Headed Back to All-Time Highs | Shawn Khunkhun - Contango Silver & Gold

The Deep Dive

Key Highlights

Khunkhun argues the merged Contango can rerate from roughly 0.3x NAV to the 0.7x gold-peer average, and potentially to 2x NAV once its silver project starts production in about three years.
He projects 2027 production of 75,000-80,000 ounces with potential free cash flow near $200 million, and says he wants the share price 100-200% above its level at the July 2026 interview.
The company uses a direct shipping model, sending high-grade ore to underutilized mills instead of building processing plants or permitting tailings, which he says means less capital and faster timelines to production.
Catalysts he cites include an S-K 1300 resource estimate for Kitsault Valley due in July 2026, 20,000 of 40,000 planned drill meters completed ahead of schedule and on budget, and a new KM discovery at Lucky Shot.
He describes the business as producing and self-funded with $67 million going into its projects, and says Contango retired all its hedges out of conviction that gold was in a bottoming range as of the interview.

Contango retired all its gold hedges, which President Shawn Khunkhun presents as conviction that gold is bottoming even if silver retests $50 to $55. The direct shipping ore model (DSO — selling high-grade rock to outside mills) skips new plants and tailings permitting, cutting capital and timelines. Khunkhun argues the merger discount is fading: gold peers average about 0.7 NAV (net asset value), and silver producers can trade at twice that. A Kitsault Valley resource estimate arrives in July, switched to S-K 1300 reporting after the merger, with 40,000 metres of drilling feeding catalysts. Khunkhun guides 75,000-80,000 ounces in 2027 at a $1,200-1,300 AISC (All-In Sustaining Cost — full production cost per ounce), implying $200 million potential free cash flow.

Toogood Gold ($TGC | $TGGCF): Advancing a District-Scale Gold Project in Nevada

Nordic Funds

Key Highlights

The CEO counts ex-Contango Silver and Gold people in the Toogood team pedigree he credits with over C$4 billion in combined shareholder value creation.

CEO Colin Smith says the never-drilled Table Mountain project in Nevada is a district-scale epithermal (hot-spring style) gold system with multigram gold in surface veins. Band-on-band vein textures record boiling — the process that drops gold out of solution — pointing to shallow drill targets in an intact system. Origin Royalties and Altius Minerals found the project with airborne spectral alteration mapping, mirroring the 16-million-ounce Silicon-Merlin district nearby. In Newfoundland, the Toogood project hit visible gold in 15 of 19 maiden holes, and thin glacial cover makes soil anomalies reliable drill guides. About C$3 million in treasury and 85 million shares out fund the work, with a maiden Nevada drill planned for Q3 or Q4.

Navigating the Sell-Off — Watch Lists, Capitulation, & New Trends with Bill Powers & Brian Leni

Key Highlights

Bill discloses that Contango Ore (named in the conversation as Contango Silver and Gold) sponsors his channel, and describes it as a cash-flowing company that already produces direct ship ore.
Bill says Contango Ore is looking to bring in more direct ship ore deposits, where the ore is mined at the deposit and trucked to a mill that already exists.

Gold's pullback from roughly $5,500 to $4,000 has punished junior mining equities, with one host down 43% on a recent position. Tranche buying spreads entries over time, and pre-assessed downside rather than market noise decides whether a sell-off is an opportunity. Watch lists earn their keep in uncertain markets: assign a value to each company first, then a sell-off becomes a decision, not a reaction. A capitulation bottom is only real if the drop has nothing to do with the company; management exits and forced sellers can mimic bargains. Direct Ship Ore is fashionable, so demand a signed offtake letter and community buy-in before believing the near-term production story.

Fury Hits 7.86 g/t Gold over 9.43m at Eau Claire during PFS Drilling - CEO Tim Clark

4 months ago

Key Highlights

Fury holds about 5.8% of Contango Ore, roughly 1.8 million shares that Tim Clark values at about $45 million as part of Fury's treasury.

Fury Gold Mines is shifting from exploration to development at Eau Claire, targeting a pre-feasibility study (a detailed mine-development study) by the second quarter of next year. Infill drilling between existing holes returned 7.86 g/t gold over 9.43 meters, and the CEO says the deposits keep adding ounces and grade ahead of a resource update. CEO Tim Clark argues Dhilmar, the private producer next door running its Eleanore mill below capacity, is an underestimated potential buyer of the whole James Bay district. The company holds roughly $60 million in liquidity including cash and a 5.8% Contango Ore stake, and management says Asian capital is actively seeking resource exposure. Management expects the resource estimate and pre-feasibility study to be rerate catalysts, with gold-price assumption upgrades alone lifting project net present value.

Gold/Silver Miner Buy The Dip List (June 2026)

Don Durrett

4 months ago

Key Highlights

As of mid-June 2026 he notes Contango has fallen to roughly $15 to $16 from about $27 very recently, one of the sharpest drops among the names he covers.
He says he bid in under $15, around $14.97, did not get filled, and paid $16 instead, while noting Contango is not on his newsletter favourites list.

Gold and silver broke below their 200-day moving averages, and the host calls the 25% to 47% drop a buyable correction in a bull market. His trigger is the gold-to-S&P 500 ratio — gold's price divided by the index — near 0.6 today; 0.8–0.9 signals gold outperforming stocks. The watchlist spans producers, developers and explorers, with price assumptions of $7,000 gold and roughly $175 to $190 silver. Producers adding ounces rank above one-off development stories, since incremental production flows straight to free cash flow and lifts valuations quickly. He expects another, deeper dip before year-end tied to an S&P selloff, so he is assembling names to buy at lower prices.

Shawn Khunkhun, President of Contango Silver & Gold | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media

5 months ago

Key Highlights

Khunkhun presents Contango as a self-funded emerging mid-tier producer, targeting about 5 million oz/year of silver plus 200,000 oz/year of gold without going back to market.
Its Alaska open-pit gold mine produces 60,000 oz/year for Contango (30% of the 200,000 oz total with Kinross) and generated $122 million of free cash flow in 2025, with about $250 million expected next year (2027) on a conservative gold price.
A $50 million investment over two years is meant to restart the permitted, past-producing Lucky Shot mine by 2028, lifting production to about 100,000 oz/year with roughly $100 million of annual free cash flow.
The Johnson Tract project, acquired with HighGold, carries an economic study showing a $615 million NPV on about 1.1 million oz at roughly 10 g/t; Khunkhun cites about a 7-month payback and roughly 100,000 oz/year for at least a decade.
As of the May 2026 interview the market cap is roughly $700 million USD with about $100 million in cash and 33 million shares outstanding, and Khunkhun says the stock trades at about 0.3x NAV versus peers at 0.7x.

Contango says it can reach 5 million ounces of silver and 200,000 of gold annually without dilution, funded by mine cash flow. Direct shipping ore (DSO — high-grade rock sent straight to external processors, no mill built) keeps Contango's capital needs low across Alaska and British Columbia projects. The producing Moncho mine delivered $122 million of free cash flow (cash left after operating costs) in 2025; partner Kinross receives 70 percent of output. The guest cites a $615 million net present value (NPV — future cash flows discounted to today) at Johnson Track from a $37 million acquisition. The guest argues Contango trades at 0.3 times NAV (net asset value — what its projects are worth per share) against 0.7 for comparable high-grade producers.

“Eighty Thousand Ounces of Gold Production in 2027” projects Contango’s CEO Rick Van Nieuwenhuyse