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
