Contango ORE (CTGO) Shares Soar 9.40% on $9M Distribution

Contango ORE (CTGO) shares surged by 9.40%, reaching their highest level since November 2024, with an intraday gain of 13.73%.

Contango ORE recently received a $9 million cash distribution from the Peak Gold Joint Venture. This distribution is part of ongoing financial activities related to the company's 30% interest in the Peak Gold JV, which is involved in the exploration and development of the Manh Choh project. The company anticipates producing 60,000 ounces of gold in 2025 at a price of $1,625 per ounce. These factors are relevant to the current stock price movement, and the recent distribution contributes to a total of $33 million in distributions for 2025, highlighting the company's ongoing financial health and potential for growth.