CTGO — Contango Ore (NYSE: CTGO)
Recorded on October 14, 2025. #Millettian
Contango Ore is ramping up fast in Alaska. In this interview, Andy Millette speaks with management about the company’s breakout year — producing well over 60,000 ounces at costs roughly $100/oz below guidance. With a fresh $50 million financing complete, Contango is fully funded to begin year-round underground drilling at Lucky Shot in early November, accelerate work at Johnson Tract, and advance a Direct Shipping Ore (DSO) model that cuts costs, simplifies permitting, and reduces environmental footprint by leveraging existing mills instead of building new infrastructure.
The team outlines how these moves position Contango for a potential ~200,000 oz per-year production profile within 2–5 years, backed by only ~15.5 million shares outstanding — providing rare leverage to gold prices. Every $100 increase in gold adds roughly $5.5 million in annual cash flow, a dynamic that could reshape the company’s valuation as operations scale.
Key Topics Discussed:
2025 production outperformance and cost drivers
Strategic use of the $50 M raise and hedge reductions through 2026
Lucky Shot’s 15 km underground drill plan and DSO transport options (Fort Knox, BC, Asia)
Johnson Tract’s private-land permitting advantage and development timeline
How Contango’s DSO approach avoids mill-build delays and accelerates first ore
Why private land in Alaska matters for speed, cost, and control
Chapters
00:00 Intro & disclosure
00:57 Truck & payload optimizations
02:30 Production vs guidance — “well over 60k oz”
02:55 Costs $100/oz below guide + fuel tailwind
03:41 Analyst interest + $50 M raise
04:46 The 200 k oz/yr goal (2–5 yrs)
05:07 Clearing remaining ~40 k oz hedges by mid-’26
05:30 Lucky Shot plan — DSO routes & partners
06:16 Year-round underground drilling starts November
07:28 Rail + barge transport scenarios
07:50 Johnson Tract permitting tracks & timeline
09:29 +$5.5 M per +$100 gold move
14:07 Next steps — Lucky Shot then Johnson Tract
15:13 Why DSO shrinks footprint & speeds permits
16:01 What a new mill would really cost
16:40 Where to find CTGO online
17:07 Drill newsflow cadence
18:17 Johnson Tract orebody width (≈ 40 m avg)
Guest / Company
Contango Ore (CTGO) — https://www.contangoore.com
Host & Channel Links
🌐 Natural Resource Stocks — Official Channel
Website | https://www.NaturalResourceStocks.net
YouTube | https://www.youtube.com/@NaturalResourceStocks
X (Twitter) | https://twitter.com/NRS_Stocks
LinkedIn | https://www.linkedin.com/company/natural-resource-stocks/
Andy Millette — Host
X | https://twitter.com/AndyMillette
LinkedIn | https://www.linkedin.com/in/andymillette/
Steve Yang — Co-Host
X | https://twitter.com/SteveYang_Market
LinkedIn | https://www.linkedin.com/in/steveyang88/
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