HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that it has filed its Form 10-Q for the quarter ended March 31, 2018 with the Securities and Exchange Commission.
The Company reported a net loss of $0.9 million, or ($0.15) per basic and diluted share, for the three months ended March 31, 2018 compared to a net loss of $0.5 million or $(0.11) per basic and diluted share for the same period last year. For the nine months ended March 31, 2018, the Company reported a net loss of $2.4 million, or ($0.43) per basic and diluted share, compared to a net loss of $2.1 million, or ($0.46) per basic and diluted share, for the same period last year.
Royal Alaska, LLC (“Royal Alaska”), a wholly owned subsidiary of Royal Gold, Inc. (‘RGLD”) our partner in Peak Gold, LLC (“the Joint Venture”) has contributed approximately $29.7 million in total through March 31, 2018 toward exploration, development and project management of the Joint Venture properties near Tok, Alaska. As of March 31, 2018, Royal Alaska has earned a percentage interest of 39.6% in the Joint Venture. On April 26, 2018 Royal Gold funded an additional $0.3 million to the Joint Venture to bring its total contributions to $30.0 million and its ownership percentage to 40%.
Brad Juneau, President and CEO of the Company, commented, “We are excited to begin drilling exploratory targets for gold as soon as weather permits, which is expected in the next two weeks. The Joint Venture is continuing work on the Preliminary Economic Assessment relative to Peak and North Peak and we expect to receive the results in the fall of this calendar year.”
CORE is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through Peak Gold, LLC, its joint venture company with Royal Gold, Inc. Additional information can be found on our web page at www.contangoore.com.
This press release contains forward-looking statements regarding CORE that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on CORE’s current expectations and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", “projects”, "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements. These risks include, but are not limited to: the risks of the exploration and the mining industry (for example, operational risks in exploring for, developing mineral reserves; risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by CORE; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks and risks related to weather and other natural disasters); uncertainties as to the availability and cost of financing; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; and the possibility that government policies may change or governmental approvals may be delayed or withheld, including the inability to obtain any mining permits. Additional information on these and other factors which could affect CORE’s exploration program or financial results are included in CORE’s other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. CORE does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.