Contango ORE Inc. (NYSE American: CTGO)
Recorded on November 19, 2025.
In this Natural Resource Stocks interview, host Andy Millette speaks with Rick Van Nieuwenhuyse of Contango ORE about a record third quarter, how the Manh Choh mine is running ahead of plan, and why costs came in below guidance while gold trades near 4000. They walk through the direct ship ore strategy with Kinross and the Fort Knox mill, the path to paying off the hedge book, and how Contango is positioning for an unhedged profile over the next cycle.
Rick explains how the company agreed with its banks to deliver roughly seventy percent of near-term production into hedges at about 2025 per ounce while thirty percent is sold at spot, and how stronger-than-planned output has allowed them to accelerate hedge paydown. He details the carry trade approach that locks in margins while they work through the remaining book and why they have no intention of hedging again once this structure is retired.
The discussion then moves to growth. At Lucky Shot, a historic high-grade mine in Alaska, Contango is turning the drill bit on a fifteen-thousand-meter underground program aimed at outlining roughly four hundred to five hundred thousand ounces of measured and indicated resources, with a target reserve on the order of a quarter million ounces. Rick lays out a plan to ramp from thirty to forty thousand ounces of annual production toward fifty to sixty thousand ounces over time using the same direct ship ore model, leveraging nearby rail, existing milling options, and a fully permitted site.
He also compares Contango’s cash flow profile to a royalty company. With about fifteen and a half million shares outstanding, modest warrant overhang, a tight float and roughly one hundred million in free cash flow supported by a very small team, free cash flow per share and per employee are central metrics. That ties into a broader discussion about the shortage of skilled people in mining, the lack of domestic refining capacity for critical minerals, and why simple, capital-efficient business models matter in North America’s new resource cycle.
Finally, Rick reminds viewers that Contango ORE is focused on developing Alaska’s next gold mines through its interest in the Peak Gold joint venture at Manh Choh, plus 100%-owned projects such as Lucky Shot and Johnson Tract, all within the Tintina Gold Belt in Alaska.
Contango ORE (Guest)
Website: https://www.contangoore.com/
Natural Resource Stocks and host
Website: https://naturalresourcestocks.net/
YouTube: https://www.youtube.com/@naturalresourcestocks
YouTube Clips: https://www.youtube.com/@NaturalResoureStocksClips
Host Andy (X): https://x.com/theandymillette
Disclosure
The host is a shareholder of Contango ORE Inc. Contango ORE is a paid sponsor of NaturalResourceStocks.net. Natural Resource Stocks receives compensation from Contango ORE for marketing and media work.
Disclaimer
This interview is for informational and educational purposes only. It is not investment advice, an offer to buy or sell any security, or a solicitation of any kind. Natural Resource Stocks and its principals are not registered investment advisers or dealers. All investing involves risk, including the possible loss of principal. Viewers should do their own due diligence and consult a licensed financial adviser before making any investment decision.
This conversation may contain forward-looking statements about Contango ORE and its projects. Actual results may differ materially due to risks and uncertainties in exploration, development, permitting, financing, commodity prices and other factors. For full details, refer to the company website and its official filings and disclosures on the applicable securities exchange and regulatory sites.
Natural Resource Stocks, the host and guests may hold positions in any discussed securities and may change those positions at any time without notice.
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