Contango Silver & Gold Inc. (NYSE American: CTGO | TSX: CTGO) released its third-quarter 2026 financial results on November 13, 2026, reporting a net loss of $23.0 million and cash of $56.6 million as of September 30, 2026. The company's 30% share of Manh Choh production totalled 7,333 gold ounces sold in Q3, with a $6 million cash distribution received in October. Alongside the results, Contango launched a new at-the-market equity program of up to $75.0 million, a development investors may be watching closely for its potential impact on the company's capital structure.

Key Points

  • Contango Silver & Gold Inc. (NYSE American: CTGO | TSX: CTGO)
  • Q3-2026 net loss of $23.0 million ($0.66 per fully diluted share); adjusted net loss of $20.9 million; cash position of $56.6 million
  • Fourth 2026 campaign at Manh Choh targeted to produce 13,000–15,000 gold equivalent ounces net to Contango; full-year guidance held at the lower end of 40,000 gold equivalent ounces
  • Investors may watch for updated mineral resource estimates at Kitsault Valley and Lucky Shot, both targeted for the first half of 2027

Manh Choh Operations: Pit Transition Weighs on Q3 Output as Mill Improvements Advance

Contango's 30% share of Manh Choh gold equivalent ounces produced and sold fell 56% year-over-year in Q3-2026, primarily reflecting the ongoing transition from the north pit to the south pit and reduced tons processed. Gold recovery improved to 86.5% from 80.4% in Q2-2026 following installation of a new oxygen sparging system and other mill upgrades to handle higher copper and sulfide content. Cash costs and all-in sustaining costs for Q3-2026 were $2,699 and $2,909 per ounce, respectively. Total cash distributions from the Peak Gold JV since operations commenced in July 2024 stand at $166.5 million, with a further $16 million distribution expected in Q4-2026.

Exploration Portfolio: Kitsault Valley Drilling Exceeds Plan, Lucky Shot Underground Work Ongoing

At the Kitsault Valley Project, the company completed 56,000 metres of drilling, approximately 40% more than originally planned and reportedly on budget. An updated mineral resource estimate incorporating 2026 drilling is targeted for the first half of 2027, to be followed by an Initial Assessment targeted for late 2027. At Lucky Shot, surface and underground drilling totalled over 11,000 metres. Selected surface drill results included 2.45 metres grading 86.05 g/t Au and, subsequent to quarter-end, 0.63 metres grading 140.23 g/t Au. The company noted true widths have not been established. An updated resource estimate and feasibility study are both targeted for 2027.

New $75 Million ATM Program and Credit Facility Position

On November 13, 2026, Contango entered into a new Controlled Equity OfferingSM Sales Agreement with Cantor Fitzgerald & Co. and several other agents, permitting the sale of up to $75.0 million in common stock on an at-the-market basis at the company's option. The company stated proceeds would be used for general corporate purposes. The prior ATM agreement dated June 8, 2023 was simultaneously terminated. As of September 30, 2026, the outstanding principal balance on the secured credit facility stood at $45.3 million, with repayments scheduled through June 30, 2027.

Johnson Tract Section 404 Permit Upheld by Alaska Federal Court

A U.S. District Court ruling on September 14, 2026 upheld the Johnson Tract Section 404 permit in favour of JT Mining, with final judgment entered September 15, 2026. The company completed construction of a 2.6-mile access road connecting the existing camp to the proposed portal site during Q3. Environmental, cultural, and geotechnical surveys are substantially advanced, and the project continues to progress under the FAST-41 permitting timetable, with underground exploration tunnel construction scheduled to begin in 2027.