Contango ORE completes $50 million public offering of stock and warrants

Contango ORE Inc. (NYSE American: CTGO) closed an underwritten public offering that raised approximately $50 million in gross proceeds, according to a company statement.

The Alaska-based mining exploration company sold 1,975,000 shares of common stock at $20.00 per share to two institutional investors. The offering also included pre-funded warrants to purchase 525,000 shares at $19.99 per share, which represents the public offering price minus the $0.01 exercise price per warrant.

The company plans to use net proceeds to advance its Lucky Shot project toward a mine production decision over the next two years through underground and surface drilling and development work. Funds will also support the Johnson Tract project, including road construction to a planned portal, camp winterization, exploration tunnel construction, and feasibility-level mine planning, subject to permit approval.

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

The offering was conducted under an effective shelf registration statement filed with the Securities and Exchange Commission in November 2024. Contango engages in gold and mineral exploration in Alaska and holds a 30% interest in Peak Gold LLC, which operates the Manh Choh project in partnership with Kinross Gold Corporation subsidiary KG Mining (Alaska) Inc.

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