Contango ORE, Inc. (NYSE American: CTGO) filed its Form 10-K for the year ended December 31, 2025, reporting a net loss of $36.1 million despite adjusted net income of $73.0 million. The company's share of production from its Manh Choh mine totaled approximately 60,200 gold equivalent ounces.

The company reported total income from operations of $69.1 million for 2025, compared to $26.3 million in 2024. The net loss included a non-cash expense of $46.0 million from unrealized losses on derivative contracts. Contango's unrestricted cash position increased to $64.8 million as of December 31, 2025, from $20.0 million the previous year.

For 2025, Contango sold 57,800 ounces of gold at cash costs of $1,459 per ounce and all-in-sustaining costs of $1,616 per ounce. The company received $102.0 million in cash distributions from the Peak Gold joint venture and made $37.5 million in principal repayments on its credit facility, reducing the balance to $14.6 million.

The company provided production guidance for 2026 and 2027. For 2026, Contango expects to produce 40,000 to 45,000 ounces of gold with cash costs estimated between $1,900 to $2,000 per ounce. Production is projected to increase significantly in 2027 to 75,000 to 80,000 ounces with lower cash costs of $1,200 to $1,300 per ounce.

Cash distributions from the Peak Gold joint venture are projected to range from $48 million to $54 million in 2026 and $165 million to $175 million in 2027, based on a $3,700 per ounce gold price assumption.

Contango announced a pending merger with Dolly Varden Silver Corporation under an arrangement agreement signed December 8, 2025. The transaction is expected to close in late March 2026, creating a combined entity to be renamed Contango Silver & Gold Inc.