DealsJun 29, 2026, 05:32 PM
Contango Settles Lucky Shot Milestones for $5M Cash, 100K Shares; Gets $9M Peak Gold JV Distribution
AI Summary
Contango Silver & Gold amended its Membership Interest Purchase and Sale Agreement (MIPA) to settle up to $18.75 million in milestone payments for the Lucky Shot Project. The settlement involved a $5 million cash payment and the issuance of 100,000 common shares, valued at $1.57 million. Additionally, the company received a $9 million cash distribution from the Peak Gold JV related to production from the Manh Choh mine. Contango also provided updates on its 2026 programs for the Lucky Shot, Johnson Tract, and Kitsault Valley projects, and announced the full delivery of its 2026 gold hedge contracts.
Key Highlights
- Settled Lucky Shot Project milestone payments of up to $18.75 million.
- Paid $5 million in cash for Lucky Shot milestone settlement.
- Issued 100,000 common shares (valued at $1.57 million) for Lucky Shot settlement.
- Received $9 million cash distribution from Peak Gold JV.
- Lucky Shot surface drill program commenced with 29 holes planned.
- Johnson Tract permitting on schedule; field activities underway.
- Kitsault Valley drill program completed over 14,000 meters.
- Fully delivered 11,000 ounces of 2026 gold hedge contracts.
Price Impact
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