Earnings Call Insights: Contango Ore, Inc. (CTGO) Q4 2025 Management View Rick Van Nieuwenhuyse, President and CEO, highlighted that all-in sustaining costs (AISC) for 2025 came in at $1,616 per ounce, nearly matching the guidance of $1,625. He explained, "we're pleased to be slightly under guidance. I think guidance was $1,625. So I think a good job there." Van Nieuwenhuyse attributed the forecas...
Earnings Call Insights: Contango Ore, Inc. (CTGO) Q4 2025 Management View Rick Van Nieuwenhuyse, President and CEO, highlighted that all-in sustaining costs (AISC) for 2025 came in at $1,616 per ounce, nearly matching the guidance of $1,625. He explained, "we're pleased to be slightly under guidance. I think guidance was $1,625. So I think a good job there." Van Nieuwenhuyse attributed the forecasted increase in 2026 AISC to $2,200–$2,300 per ounce to mine plan sequencing, particularly pre-stripping activities as the operation transitions from the North to the South pit, as well as potential cost inflation from external geopolitical events and fuel price risks. The CEO also noted the upcoming merger with Dolly Varden, emphasizing, "once the merger is completed, which is coming up here very shortly and get -- Dolly Varden comes with a significant amount of cash. So Mike $60 million number is actually going to grow significantly over $100 million, so with the Dolly Varden merger." J. Clark, Executive VP, CFO, & Corporate Secretary, reported that distributions from the Peak Gold JV totaled $102 million for 2025, with Contango recognizing $88.6 million in net income from its 30% JV stake. Clark explained, "the cash increase from $20 million to start the year to $65 million at the end of the year, that was primarily driven by the equity investment -- equity raise we did in September." He added that profits from Manh Choh were used to pay down debt and cover realized hedge losses. Outlook Management confirmed 2026 AISC guidance of $2,200 to $2,300 per ounce, citing the shift to the South pit and increased pre-stripping. For 2027, gold production guidance is 75,000–80,000 ounces at a cash cost of $1,200–$1,300, with Van Nieuwenhuyse stating, "that's pretty wild margin." CFO Clark stated, "our cash should stay relatively flat for this year. So we should finish the year around, say, $60 million. But then going into '27 and '28, you're going to be debt-free, hedge-free and ge...