Contango ORE loses some shine after $50 mln equity raise

Canaccord Genuity

25/09/2025 13:30

** Shares of gold miner Contango ORE CTGO.A down 10.3% before bell to $22.20 after $50 mln equity raise

    ** Fairbanks, Alaska-based firm says it priced offering of 2.5 mln shares, including 525,000 pre-funded warrants, to two institutional investors

    ** Offering price of $20 is 19.2% discount to stock's last sale of $24.75 on Weds

    ** Co says intends to use net offering proceeds to fund advancement of its fully permitted Lucky Shot project to a mine production decision over the next two years, and to advance its J
    ohnson Tract project

    ** Canaccord Genuity is sole bookrunner for the offering

** Co has ~12.98 mln shares outstanding as of Sept 24, per the prospectus, giving it about $320 mln market cap

** CTGO shares on Weds ended up 5.3%, putting them up 147% YTD

    ** All 5 analysts covering the stock rate it "buy" and median PT is $32, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))