Shareholders of Silver-Gold Co. With Bonanza Hit in Alaska Take Votes

1. Contango Silver and Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Contango Silver and Gold Inc.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Contango Silver and Gold Inc. (CTGO:TSX; CTGO:NYSE) said several key decisions were made and announcements given at its annual meeting of stockholders on June 18, according to a release from the company.

The company reported the election of seven directors who will serve until the 2027 annual meeting of stockholders, including Clynton Nauman, Rick Van Nieuwenhuyse, Shawn Khunkhun, Michael Cinnamond, Tim Clark, Darren Devine, and Brad Juneau.

In addition to the election of directors, the stockholders approved several significant proposals. Firstly, they ratified the appointment of Baker Tilly US LLP as the independent auditors for the fiscal year ending December 31, 2026. Secondly, they approved, on a non-binding advisory basis, the compensation of the company's named executive officers. Lastly, the stockholders agreed, also on a non-binding advisory basis, to hold the advisory vote on the compensation of the company's named executive officers annually.

On June 14, the company announced the final assay results from the initial phase of its 2025/2026 underground diamond drilling program at the Lucky Shot Project in Alaska. This marked the completion of the first underground drilling phase of Contango's extensive 18,000-meter exploration campaign, which includes both underground and surface exploration at the site.

The final assay results have revealed several significant gold intercepts within the Lucky Shot vein system. Notably, drill hole LSU26091 intercepted the L1d Vein and yielded 0.17 meters grading 972.1 grams per tonne (g/t) gold (Au), with visible gold observed during core logging.

In addition to the assay results, Contango has recommenced underground exploration development work at Lucky Shot. The contract miner, GMS Mine Repair & Maintenance, Inc., has been mobilized to the site and is currently working on advancing exploration access and preparing future underground drill platforms.

"These assays complete the first phase of underground drilling at Lucky Shot and continue to highlight the high-grade potential and structural complexity of the system," Contango Chief Executive Officer Rick Van Nieuwenhuyse said. "The 972.1 g/t gold intercept in LSU26091 is an exceptional result and reinforces what our team has been seeing in core: visible gold, multiple mineralized vein structures, and a geologic model that continues to improve as drilling advances eastward toward the Enserch Tunnel. Just as importantly, we have now re-started underground exploration development, which is a critical step in establishing the access and drill platforms needed for the next phase of drilling and technical studies."

He continued, "I am particularly excited to continue to explore and test the very high-grade KM vein, which intersected approximately 6 meters grading 60 g/t encountered at the very end of the West Drift. By extending the West Drift 100 meters we will be able to test the extent and continuity of this very exciting new discovery."

Highlights from the final results include:

• Hole LSU26091: 0.17 meters grading 972.1 g/t Au from the L1d Vein, with visible gold observed.
• Hole LSU26078: 5.30 meters grading 8.89 g/t Au from the L1c Vein, including 0.6 meters grading 35.15 g/t Au, with visible gold observed.
• Hole LSU26085: 0.3 meters grading 38.97 g/t Au from the CK Vein, with visible gold observed.
• Hole LSU26084: 0.63 meters grading 17.75 g/t Au from the CK Vein.
• Hole LSU26081: 0.21 meters grading 15.41 g/t Au from the CK Vein.
• Hole LSU26092: 0.85 meters grading 9.45 g/t Au from an unassigned vein structure, with visible gold observed.
• Hole LSU26082: 0.71 meters grading 8.56 g/t Au from the CK Vein.
• Hole LSU26079: 0.87 meters grading 2.24 g/t Au from the L2 Vein.
• Hole LSU26088: 0.82 meters grading 4.47 g/t Au from the L1e Vein, with visible gold observed.

Analyst Sees Mixed Performance in Q1

According to an updated research note by Cantor Fitzgerald Analyst Mike Kozak on May 14, the company had just announced its financial results for the first quarter of 2026, delivering what he called a mixed performance.

The company's financial outcomes were notably affected by realized losses on its gold hedge position. Additionally, the operating results for the quarter were adversely impacted by lower throughput and higher unit costs at the Manh Choh site in Alaska, primarily due to exceptionally severe winter conditions.

In terms of financial specifics, the headline earnings per share (EPS) was reported at US$(0.83). However, when excluding US$19 million (US$1.10 per share) of realized gold hedge losses, the adjusted EPS stood at US$0.27, which fell short of the anticipated US$0.36, Kozak said. At the end of the first quarter, CTGO reported having US$97 million in cash, an increase from US$65 million at the end of the fourth quarter of 2025, and total debt decreased slightly to US$33 million from US$34 million.

On the operational front, CTGO's net sales for the first quarter amounted to 8,000 ounces of gold, marking a 29% increase quarter-over-quarter. The production for the quarter was slightly higher at 8,100 ounces of gold, but the all-in sustaining cost (AISC) was reported at US$2,778 per ounce (net by-products), which is above the company's full-year guidance of US$2,200 to US$2,300 per ounce. The company also received a US$9 million cash distribution from the Peak Gold Joint Venture (Manh Choh mine).

Looking ahead, CTGO has reiterated its production guidance for 2027, which was initially set in March 2026, the analyst wrote. The company also plans to eliminate its remaining gold hedge position, which consists of 22,000 ounces at US$2,025 per ounce, by the first half of 2027.

"Incorporating the Q1/26 results and increased cash position vs. our previous estimates drives a modest price target increase from US$29 to US$30/share," Kozak wrote. "We reiterate our Speculative Buy rating on CTGO."

Kitsault Valley MRE Could Move Stock, Analyst Notes

Freedom Broker Analyst Vitaly Kononov also viewed the results as structurally neutral in a Flash Note update on May 14.

He said investors should look forward to updates on Campaign #2 and the timeline for the Kitsault Valley Mineral Resource Estimate (MRE), expected by the end of Q2 2026, for possible catalysts.

There is no change in the FY2026 and FY2027 joint venture distribution guidance, which remains at US$48–54 million and US$165–175 million, respectively, Kononov said. The cost guidance for FY2026 also remains unchanged at US$1,900–US$2,000 per ounce. A significant year-over-year drop of 63% in Q1 JV distribution, from US$24 million in Q1 2025 to US$9 million in Q1 2026, is attributed to lower ore grades and fewer processed ounces during the North-to-South Pit transition at the Manh Choh pit, a factor fully disclosed in the March 15, FY2025 press release.

Regarding financial forecasts, the headline EPS miss might seem alarming initially, but the critical perspective focuses on whether Manh Choh executes its 2026 mine plan and whether Lucky Shot and Kitsault deliver on their H1 2027 milestones, according to the analyst. The adjusted EBITDA forecasts for FY2026 and FY2027 remained at US$146 million and US$187 million, respectively. The US$9 million Q1 distribution is slightly below the expected ~US$12 million run-rate, but the total for FY2026 is expected to increase significantly in the second half of the year during Campaigns #3 and #4.

"Kitsault Valley is the most material near-term re-rating catalyst," Kononov wrote.

An updated Mineral Resource Estimate for the project, which will include results from the 2025 drill program that delivered one of the best silver grade × thickness intervals in North America, is anticipated by the end of Q2 2026, the analyst noted. $25 million exploration budget for 2026 at Kitsault includes approximately 40,000–50,000 meters of surface drilling starting in June 2026. Any upgrade to the current 34.7 million ounces of silver and 166,000 ounces of gold indicated resource could independently catalyze the stock, irrespective of Manh Choh's production cycle.

The Freedom Broker's US$41 per share price target is based on a 50% weighting on DCF (FCFF), 25% on FY2 P/E, and 25% on FY2 EV/EBITDA, with the Q1 2026 results not materially altering any of these inputs. The stock is rated a Buy.

The Catalyst: A Volatile Year for the Precious Metals

Gold and silver prices have experienced significant volatility since the previous autumn, with gold prices reaching new highs almost every month in 2025, according to a report by Tim Maxwell for CBS News MoneyWatch on May 28. Starting at US$3,865 on October 1, 2025, gold surged past the US$5,000 mark for the first time in January and peaked later that month. Silver demonstrated an even more dramatic rise, escalating from US$47 to surpass US$100 per ounce for the first time, eventually hitting a high of US$116 during the same period. However, recent trends have seen a reversal in these prices.

Several key factors have contributed to the downturn in precious metal prices. The ongoing conflict in Iran has driven up energy prices, diverting some investment from traditional safe havens like gold, Maxwell noted. Additionally, the Federal Reserve's interest rate policy has influenced market dynamics. With the prospect of enduring higher interest rates, some investors find yield-generating options such as bonds, certificates of deposit (CDs), and high-yield savings accounts more attractive than non-yielding assets like gold and silver.

Despite the recent pullback, the longer-term outlook for both gold and silver remained positive, the report said. Over the past year, gold has seen a 36% increase, while silver has surged by 133%. After such a significant rally, a period of correction was perhaps inevitable. Given this context, it might be prudent for investors to consider gold and silver as potential investments now, before prices potentially ascend again, Maxwell wrote.

According to a report by the Kitco NewsWire on June 19, the precious metals were under pressure due to the Federal Reserve's hawkish stance, a strengthening U.S. dollar, and a diminishing risk premium related to Middle East tensions. Spot gold traded around US$4,154.70 an ounce, marking a decrease of 1.28%, while spot silver is at US$64.690, down 1.35% for the session.

The U.S. markets were closed today for the Juneteenth holiday, which follows closely after the Federal Reserve's recent decision to maintain the federal funds rate target range at 3.50% to 3.75%. The unanimous decision by the FOMC highlighted that inflation remains above the Committee's 2% target, influenced partly by supply shocks in sectors such as energy. This interest rate environment is proving to be a significant headwind for precious metals.

The U.S. dollar index has strengthened, reaching its highest level since May 2025, and the benchmark 10-year Treasury yield was last noted near 4.5% before the holiday. The sensitivity of gold prices to real interest rates is currently more significant than the impact of reduced oil-risk premiums, with market expectations leaning towards a more restrictive Federal Reserve policy following the June meeting.

Looking ahead, traders are keenly awaiting next week's U.S. economic data to gauge whether the Federal Reserve's concerns about inflation might deepen, the story noted. Key upcoming releases include the S&P Global flash manufacturing and services Purchasing Managers' Index, new home sales, final first-quarter GDP, durable goods, weekly jobless claims, PCE, and revised University of Michigan consumer sentiment. These data points will provide further insights into the economic landscape and potentially influence Fed policy moving forward.

Ownership and Share Structure1

About 8% of Contango is held by insiders, about 37% by institutions, and the rest, 55%, is retail.

Top shareholders include Franklin Advisers Inc. with 4.12%, John P. Juneau with 2.3%, The Vanguard Group Inc. with 2.24%, Kenneth R. Peak Marital Trust with 2.18%, and BlackRock Institutional Trust Co. with 3.72%.

Its market cap is US$547.9 million with 32.27 million shares outstanding. It trades in a 52-week range of US$14.88 and US$34.38.