Contango ORE, Inc.
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 16, 2026
CTGO$15.21-8.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STAT EMENTS OF CASH FLOWS
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | $(36,086,645) | $(38,030,291) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Stock-based compensation | 3,356,510 | 2,638,635 |
| Depreciation expense | 140,729 | 121,876 |
| Accretion expense | — | 9,542 |
| Non-cash portion for lease expense | 47,529 | 180 |
| Equity earnings from investment in Peak Gold, LLC | (88,585,112) | (41,669,216) |
| Cash distribution from Peak Gold, LLC | 102,000,000 | 40,500,000 |
| Unrealized loss from derivative contracts | 45,965,233 | 34,274,326 |
| Unrealized (gain)/loss from marketable securities | (4,020,712) | 199,018 |
| Realized gain from marketable securities | (728,600) | — |
| Interest expense paid in stock | 466,610 | 400,048 |
| Amortization of debt discount and debt issuance fees | 2,388,559 | 4,108,887 |
| Drawdown of silver royalty | (584,589) | (127,366) |
| Deferred tax expense/(benefit) | 310,358 | (90,511) |
| Changes in operating assets and liabilities: | ||
| (Increase)/decrease in prepaid expenses and other | 71,572 | 339,627 |
| Increase/(decrease) in accounts payable and accrued liabilities | 449,730 | (1,326,643) |
| Decrease/(increase) in income taxes receivable | 542,882 | (649,125) |
| Net cash provided by operating activities | 25,734,054 | 698,987 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Cash invested in Peak Gold, LLC | — | (31,290,000) |
| Proceeds from the sale of marketable securities | 1,025,674 | — |
| Cash consideration paid for Avidian Alaska Acquisition | (350,000) | (815,613) |
| Acquisition of property and equipment | (162,492) | (23,667) |
| Net cash provided by/(used in) investing activities | 513,182 | (32,129,280) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Cash proceeds from debt | — | 30,000,000 |
| Principal repayments on debt | (37,500,000) | (7,900,000) |
| Cash proceeds from common stock and warrant issuance, net | 56,540,503 | 15,477,398 |
| Shares repurchased for tax withholdings on share-based awards | (659,279) | — |
| Debt issuance costs | — | (1,568,974) |
| Net cash provided by financing activities | 18,381,224 | 36,008,424 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 44,628,460 | 4,578,131 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 20,315,522 | 15,737,391 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | 64,943,982 | 20,315,522 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for: | ||
| Total income tax paid, net of received | (550,000) | 656,235 |
| Interest expense | 3,817,877 | 7,229,674 |
| Non-cash investing and financing activities | ||
| Commitment fee derecognized and added to debt discount | — | 787,306 |
| Shares issued for acquisitions | 207,945 | 35,331,402 |
| Change in estimate in contingent consideration liability | 1,657,472 | — |
| Capitalized deferred acquisition costs | 2,231,519 | — |
| Consideration payable for Avidian acquisition | — | 557,945 |
| Accrued transaction costs for HighGold acquisition | — | 21,919 |
| Total non-cash investing and financing activities | 4,096,936 | 36,698,572 |
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