Contango Ore, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2022
May 11, 2022 at 01:12 pm EDT
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Contango Ore, Inc. reported earnings results for the third quarter and nine months ended March 31, 2022. For the third quarter, the company reported net loss was USD 6.83 million compared to USD 4.51 million a year ago. Basic loss per share from continuing operations was USD 1.01 compared to USD 0.73 a year ago. Diluted loss per share from continuing operations was USD 1.01 compared to USD 0.73 a year ago.
For the nine months, net loss was USD 16.28 million compared to net income of USD 25.72 million a year ago. Basic loss per share from continuing operations was USD 2.42 compared to basic earnings per share from continuing operations of USD 4.11 a year ago. Diluted loss per share from continuing operations was USD 2.42 compared to diluted earnings per share from continuing operations of USD 4.11 a year ago.
Contango ORE, Inc. is engaged in exploration for gold ore and associated minerals in Alaska. The Company conducts its operations through three primary means. The Company has an approximately 30% membership interest in Peak Gold, LLC, which leases approximately 675,000 acres from the Tetlin Tribal Council. Its subsidiary, Alaska Gold Torrent, LLC, leases the mineral rights to approximately 8,600 acres of the State of Alaska and patented mining claims for exploration from Alaska Hard Rock, Inc. Its subsidiary, Contango Minerals Alaska, LLC, separately owns the mineral rights to approximately 145,280 acres of State of Alaska mining claims for exploration, including approximately 69,780 acres located immediately northwest of the Peak Gold JV Property, approximately 14,800 acres located northeast of the Peak Gold JV Property, approximately 52,700 acres of new property in the Richardson district of Alaska and approximately 8,000 acres located to the north and east of the Lucky Shot Property.