$CTGO

Contango Silver & Gold Inc.

CIK:0001502377|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
EXPENSES:
Claim rental	$ (141,851)	$ (115,315)	$ (270,112)	$ (224,154)
Exploration	(12,264,382)	(1,038,469)	(16,099,198)	(1,498,472)
Depreciation	(39,924)	(21,237)	(79,514)	(54,859)
Accretion	(85,429)	0	(167,761)	0
General and administrative	(5,261,892)	(3,114,052)	(9,125,733)	(5,562,117)
Total expenses	(17,793,478)	(4,289,073)	(25,742,318)	(7,339,602)
Income from equity investment in Peak Gold, LLC	9,289,390	27,326,184	22,047,618	49,646,218
Total (loss)/income from operations	(8,504,088)	23,037,111	(3,694,700)	42,306,616
OTHER INCOME/(EXPENSE):
Interest and other income	903,033	326,609	1,773,053	558,549
Interest and finance expense	(936,304)	(2,033,871)	(1,856,012)	(4,781,584)
Loss on derivative contracts	10,308,985	(12,844,803)	(8,717,397)	(53,320,459)
Gain on metal sales	605,226	959,453	1,277,539	2,130,273
Gain/(loss) on marketable securities	541,959	6,427,915	(192,270)	6,654,375
Total other income/(expense)	11,422,899	(7,164,697)	(7,715,087)	(48,758,846)
Income/(loss) before income taxes	2,918,811	15,872,414	(11,409,787)	(6,452,230)
Income tax benefit/(expense)	1,868,176	52,451	1,891,184	(171,230)
NET INCOME/(LOSS)	4,786,987	15,924,865	(9,518,603)	(6,623,460)
Other comprehensive loss	(2,229,538)		(2,229,538)
NET COMPREHENSIVE INCOME/(LOSS)	$ 2,557,449	$ 15,924,865	$ (11,748,141)	$ (6,623,460)
Net Income/(Loss) Per Share
Net Income/(loss) per share, basic	$ 0.14	$ 1.26	$ (0.38)	$ (0.55)
Net Income/(loss) per share, diluted	$ 0.14	$ 1.24	$ (0.38)	$ (0.55)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average number of shares outstanding, basic	32,866,494	12,116,897	25,085,470	12,070,370
Weighted average number of shares outstanding, diluted	33,097,811	12,328,749	25,085,470	12,070,370

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,518,603)	$ (6,623,460)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation	2,334,377	1,291,705
Depreciation expense	79,514	67,363
Accretion expense	167,761	0
Non-cash portion for lease expense	111,860	24,360
Equity earnings from investment in Peak Gold, LLC	(22,047,618)	(49,646,218)
Cash distribution from Peak Gold, LLC	18,000,000	54,000,000
Amortization of flow through liability	(1,707,476)	0
Loss from derivative contracts	8,717,397	53,320,459
Cash paid to settle derivative contracts	(50,895,505)	(10,738,049)
Unrealized (gain)/loss from marketable securities	192,270	(6,654,375)
Interest expense paid in stock	199,990	199,983
Amortization of debt discount and debt issuance fees	256,082	1,573,864
Drawdown of silver royalty	(488,045)	(244,527)
Deferred tax (benefit)/expense	(394,255)	171,230
Changes in operating assets and liabilities, net of acquisition:
Increase in prepaid expenses and other	(355,922)	281,689
Increase in inventory	0	(803,825)
(Decrease)/increase in accounts payable and accrued liabilities	5,015,032	716,189
Net cash (used in)/provided by operating activities	(50,333,141)	36,936,388
CASH FLOWS FROM INVESTING ACTIVITIES:
Transaction costs paid as part of the Dolly Varden acquisition	(7,171,739)	0
Cash acquired as part of the Dolly Varden acquisition	36,022,607	0
Cash consideration paid for Avidian Alaska Acquisition	0	(150,000)
Acquisition of property and equipment	(8,416,645)	(9,870)
Net cash provided by/(used in) investing activities	20,434,223	(159,870)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash proceeds from the exercise of pre-funded warrants	8,500	0
Cash proceeds from the exercise of options	1,270,283	0
Principal repayments on debt	(2,000,000)	(22,000,000)
Cash proceeds from common stock and warrant issuance, net	55,554,266	2,127,029
Shares repurchased for tax withholdings on share-based awards	0	(659,279)
Net cash provided by/(used in) financing activities	54,833,049	(20,532,250)
Effect of exchange rate changes on cash and cash equivalents	(731,757)	0
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	24,202,374	16,244,268
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	64,943,982	20,315,522
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	89,146,356	36,559,790
Supplemental disclosure of cash flow information
Interest expense	1,550,726	3,056,129
Non-cash investing and financing activities
Common stock issuance for acquisition	229,997,981	0
Exchangeable shares issuance for acquisition	26,658,954	0
Replacement options issuance for acquisition	2,138,173	0
Total non-cash investing and financing activities	$ 258,795,107	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 89,038,319	$ 64,837,617
Restricted cash	108,037	106,365
Prepaid expenses and other	5,795,200	3,290,962
Income taxes receivable	106,244	106,244
Total current assets	95,047,800	68,341,188
LONG-TERM ASSETS:
Investment in Peak Gold, LLC	51,156,351	47,108,733
Property & equipment, net	346,368,297	52,065,293
Marketable securities	4,243,743	4,436,013
Total long-term assets	401,768,391	103,610,039
TOTAL ASSETS	496,816,191	171,951,227
CURRENT LIABILITIES:
Accounts payable	9,522,149	1,014,233
Accrued liabilities	2,492,135	4,336,813
Liability on flow-through share issuances	3,282,104	0
Royalty reimbursement advance	0	488,045
Derivative contract liability	61,479,232	66,465,622
Debt, current portion	12,600,000	4,000,000
Total current liabilities	89,375,620	76,304,713
NON-CURRENT LIABILITIES:
Asset retirement obligations	132,509	123,444
Contingent consideration liability	0	2,757,952
Derivative contract liability	0	37,191,718
Debt non-current portion, net	19,513,840	29,857,758
Deferred tax liability	56,281,550	617,353
Total non-current liabilities	75,927,899	70,548,225
TOTAL LIABILITIES	165,303,519	146,852,938
COMMITMENTS AND CONTINGENCIES (NOTE 11)
STOCKHOLDERS' EQUITY:
Preferred Stock
Additional paid-in capital	556,096,145	238,155,692
Treasury stock at cost (nil at June 30, 2026; and 2,480 shares at December 31, 2025)	0	(48,308)
Accumulated other comprehensive loss	(2,229,538)	(0)
Accumulated deficit	(222,677,385)	(213,158,782)
TOTAL STOCKHOLDERS' EQUITY	331,512,672	25,098,289
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	496,816,191	171,951,227
Series A Special Voting Preferred Stock [Member]
STOCKHOLDERS' EQUITY:
Preferred Stock
Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common Stock	323,450	149,687
Exchangeable Shares [Member]
STOCKHOLDERS' EQUITY:
Common Stock	$ 0	$ 0