HOUSTON--(BUSINESS WIRE)--May 16, 2023--Contango ORE, Inc. (“Contango,” "CORE" or the “Company”) (NYSE American: CTGO) announced that it had a net loss of $(7.9) million, or $(1.09) per basic and diluted share, for the three months ended March 31, 2023 compared to a net loss of $(6.8) million or $(1.01) per basic and diluted share for the same period last year. For the nine months ended March 31, 2023, the Company reported a net loss of $(29.3) million, or $(4.23) per basic and diluted share, compared to a net loss of $(16.3) million or $(2.42) per basic and diluted share for the same period last year. The increase in net loss for the nine-month period ended March 31, 2023, is primarily due to an increase in loss from equity investment in the Company’s equity interest in Peak Gold, LLC, a subsidiary of Kinross Gold Corporation (the “Peak Gold JV”), as the Peak Gold JV moved into the development phase in early 2022, and has been incurring costs in preparation for the first production at the Manh Choh mine in 2024.

The Company also announced that it raised $6.9 million in cash, as a result of some of its warrant holders early exercising their warrants. The Company’s current cash balance is approximately $9.5 million. The Company also announced that it filed its Form 10-Q for the quarter ended March 31, 2023, with the Securities and Exchange Commission.

ABOUT CORE

CORE is a company that engages in the exploration in Alaska for gold and associated minerals through a 30% interest in PGJV, which leases approximately 675,000 acres for exploration and development, and through a 100% owned subsidiary, Contango Minerals Alaska, LLC, which leases approximately 137,000 acres for exploration. The Company also owns the rights to the Lucky Shot, Coleman and War Baby mines, and approximately 16,600 acres of surrounding mining claims located in the Willow Mining District about 75 miles north of Anchorage, Alaska. Additional information can be found on our web page at www.contangoore.com.