Contango Q1 Net Loss $14.3M; Cash $97.5M; Manh Choh on Track for 2026 Guidance
Contango Silver & Gold Inc. reported a Q1 2026 net loss of $14.3 million, including a $19.0 million loss on derivative contracts, compared to a $22.5 million net loss in Q1 2025. Despite this, the company's unrestricted cash position increased significantly to $97.5 million from $64.8 million at year-end 2025, driven by a $50 million equity offering. Operational highlights include Manh Choh gold production of 8,012 ounces (Contango's share) and a $9 million cash distribution from the Peak Gold JV, with the project on track to meet 2026 guidance of 40,000-45,000 ounces. The company also reduced debt to $13.6 million and completed the Dolly Varden merger, while advancing exploration and development across its Lucky Shot, Johnson Tract, and Kitsault Valley projects.
Key Highlights
- Q1 2026 net loss was $14.3 million, including a $19.0 million loss on derivative contracts.
- Unrestricted cash increased to $97.5 million as of March 31, 2026, from $64.8 million.
- Manh Choh mine (Contango's 30% share) produced 8,012 gold ounces and 15,042 silver ounces.
- Received a $9 million cash distribution from the Peak Gold JV in Q1 2026.
- Manh Choh is on track for 2026 guidance of 40,000-45,000 gold ounces.
- Debt reduced to $13.6 million, with remaining hedge contracts totaling 22,000 ounces.
- Completed merger with Dolly Varden Silver and acquired Lucky Shot lease for $16.07 million.
- Advancing Lucky Shot, Johnson Tract, and Kitsault Valley projects with drilling and permitting.
Price Impact
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