REG - Contango HoldingsPLC - Final Results for the Year Ended 31 May 2023

Contango HoldingsAnnouncement

29/09/2023 18:15

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RNS Number : 2520O  Contango Holdings PLC  29 September 2023

Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources

 

29 September 2023

 

Contango Holdings Plc

("Contango" or the "Company")

 

Audited Final Results for the Year Ended 31 May 2023

 

Contango Holdings Plc, the producing London listed natural resource
development company operating the Muchesu coal mine in Zimbabwe, is pleased to
announce its audited results for the year ended 31 May 2023.

 

A copy of the full report and accounts can be found on the Company's website
at www.contango-holdings-plc.co.uk (http://www.contango-holdings-plc.co.uk) .

 

Highlights

 

·    £7.5 million raised in October 2022 to fund the Muchesu coal project
into production

·    Commenced production of washed coking coal in May 2023

·    Offtake agreement with TransOre in July 2023 for the sale of up to
20,000 tonnes per month of washed coking coal

·    Formal opening of the mine on 2 August 2023 officiated by His
Excellency Dr Emmerson Mnangagwa

·    First sales from Muchesu took place in August 2023

 

Carl Esprey, Chief Executive Officer of Contango Holdings, said:

 

"The progress made this financial year has been significant and has seen
Contango transition from an exploration and development company to a
production and, most recently, a revenue generating company. Activities during
this period were focussed on achieving first stable production of coking coal
at the Muchesu Coal Project and we were thrilled to announce production of
washed coal in May, and first sales in August.  We now look forward to
providing shareholders with operational updates in early Q4 2023.

 

"We are now focussed on revenue growth and the optimisation and expansion of
mining operations and given the size of our resource and the clear demand for
our product, I am optimistic of the outlook for the remainder of our financial
year.  I would like to thank the whole team for their hard work in bringing
this mine into production, and it is extremely rewarding to see this
dedication, in addition to the significant level of investment, return
tangible results.

 

"Finally, I would like to thank shareholders for their patience and support
during the period. Whilst things have not always progressed as quickly as
hoped, I believe the efforts and value creation during the last year, as well
as our subsequent plans for the future, will ultimately be reflected in the
public market valuation of your company."

 

**ENDS**

 

For further information, please visit www.contango-holdings-plc.co.uk or
contact:

 

 Contango Holdings plc                   E: contango@stbridespartners.co.uk

 Chief Executive Officer

 Carl Esprey

 Tavira Financial Limited                T: +44 (0)20 7100 5100

 Financial Adviser & Broker

 Jonathan Evans

 St Brides Partners Ltd                  T: +44 (0)20 7236 1177

 Financial PR & Investor Relations

 Susie Geliher / Zoe Briggs

 

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