CTGO prices $50 million stock offering at $20 per share

Contango ORE, Inc. (NYSE American: CTGO) priced an underwritten public offering of 1,975,000 shares of common stock at $20.00 per share to two institutional investors, the Alaska-based mining exploration company announced.

The offering also includes pre-funded warrants to purchase 525,000 shares at $19.99 per share, which equals the public offering price minus the $0.01 exercise price per warrant. The company expects to receive approximately $50 million in gross proceeds before deducting underwriting fees and other expenses.

The offering is scheduled to close on September 26, 2025, subject to customary closing conditions. All shares and warrants are being sold by the company.

Contango stated it plans to use net proceeds to advance its Lucky Shot project toward a production decision over the next two years through underground and surface drilling and development work. Funds will also support the Johnson Tract project, including equipment mobilization for road construction, camp winterization, exploration tunnel construction, and feasibility-level mine planning activities.

Canaccord Genuity serves as sole bookrunner for the offering, with Cormark Securities as lead manager. Maxim Group LLC, Roth Capital Partners, and Freedom Capital Markets act as co-managers.

The offering proceeds under an effective shelf registration statement filed with the Securities and Exchange Commission. Contango holds a 30% interest in Peak Gold, LLC, which leases approximately 675,000 acres for the Manh Choh project, with Kinross Gold Corporation's subsidiary owning the remaining 70%.

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