The Q1 miss is severe but management attributes it to winter conditions and mine sequencing, maintaining 2026 guidance. Watch for Q2 production data (second campaign started May 13) and the Kitsault Valley MRE expected by late June. If Q2 production does not recover toward the 10,000 oz guided for the second campaign, the 2026 guidance may be at risk.
Price Chart
Executive Summary
Contango Silver & Gold reported Q1 2026 results with a sharp operational decline: total income from operations fell 75% YoY to $4.8M, adjusted net income dropped 74% to $4.7M, and gold production fell 87% to 8,012 oz due to winter conditions and mine sequencing. The company maintained 2026 production guidance of 40,000-45,000 oz and reaffirmed a transformative 2027 ramp to 75,000-80,000 oz, while cash grew to $97.5M and debt was reduced to $13.6M. The stock will move on whether the market views this as a one-quarter operational trough or a sign of structural execution risk.
Key Financial Metrics
Key Facts
- Total income from operations fell 75% YoY to $4.8M (Q1 2025: $19.3M)
- Adjusted net income fell 74% YoY to $4.7M (Q1 2025: $17.9M)
- Gold production sold fell 87% to 8,012 oz (Q1 2025: ~60,000 oz annual run-rate)
- Cash costs surged to $2,692/oz vs 2025 average of $1,459/oz
- AISC surged to $2,778/oz vs 2025 average of $1,616/oz
- Cash grew to $97.5M from $64.8M at year-end 2025
- Debt reduced to $13.6M; hedge contracts reduced to 22,000 oz
- 2026 production guidance maintained at 40,000-45,000 oz; 2027 guided at 75,000-80,000 oz
- Completed merger with Dolly Varden Silver; Lucky Shot lease acquisition for $16.1M
- Net loss of $14.3M included $19.0M loss on derivative contracts
Financial Impact
Q1 2026 revenue from gold sales was $38.9M vs Q1 2025 implied run-rate of ~$49M (based on 60,200 GEO at ~$3,400/oz); adjusted net income fell 74% to $4.7M
Risk Factors
- Q1 production miss may extend into Q2 if mine sequencing delays persist
- Cash costs of $2,692/oz are well above the $1,900-$2,000/oz 2026 guidance range
- Operating cash flow was negative $49.6M vs positive $28.6M in Q1 2025
- Lucky Shot acquisition adds $10M promissory note and development spend
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-226963 |
| Document: ctgo-ex99_2.htm | 0001193125-26-226963 |
| Document: ctgo-20260514.htm | 0001193125-26-226963 |
| Document: 0001193125-26-226963-index-headers.html | 0001193125-26-226963 |
| Document: 0001193125-26-226963-index.html | 0001193125-26-226963 |
| Document: 0001193125-26-226963.txt | 0001193125-26-226963 |
| 8-K Data (Synthetic) | 0001193125-26-226963 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 21d ago | 8-K | $17.16 $16.25 | ▼ −5.30% | ▼ −5.06% | $15.00 (−12.59%) |
Sep 22, 2026 5w ago | 8-K | $19.82 $18.38 | ▼ −7.27% | ▼ −6.55% | $15.00 (−24.32%) |
Sep 9, 2026 6w ago | 8-K | $19.78 $18.88 | ▼ −4.55% | ▼ −3.95% | $15.00 (−24.17%) |
Sep 2, 2026 7w ago | 8-K | $19.61 $20.14 | ▲ +2.70% | ▲ +1.66% | $15.00 (−23.51%) |
Jun 29, 2026 17w ago | 8-K | $15.79 $15.99 | ▲ +1.27% | ▲ +1.40% | $15.00 (−5.00%) |
Jun 26, 2026 17w ago | Insider Buy | $15.67 $15.79 | ▲ +0.77% | ▼ −0.01% | $15.00 (−4.28%) |
Jun 26, 2026 17w ago | 8-K | $15.67 $15.79 | ▲ +0.77% | ▼ −0.01% | $15.00 (−4.28%) |
Jun 25, 2026 17w ago | S-3ASR | $15.74 $15.67 | ▲ +0.44% | ▲ +2.09% | $15.00 (+4.70%) |
Jun 18, 2026 18w ago | 8-K | $15.97 $15.64 | ▼ −2.07% | ▼ −0.61% | $15.00 (−6.07%) |
Jun 11, 2026 19w ago | Institutional Cluster | $16.51 $17.13 | ▲ +3.76% | ▲ +1.99% | $15.00 (−9.15%) |
US Market Status
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