Contango ORE, Inc. (“CORE” or the “Company”) (NYSE American: CTGO) announced today that the Company held its annual meeting of stockholders on November 10, 2022 and the following directors were elected to serve until the 2023 annual meeting of stockholders:
Brad Juneau
Rick Van Nieuwenhuyse
Joseph S. Compofelice
Curtis J. Freeman
Richard A. Shortz
The following proposals were also approved by the stockholders:
1) The approval of the Second Amendment to the Amended and Restated 2010 Equity Compensation Plan;
2) The ratification of the appointment of Moss Adams LLP as the independent auditors of the Company for the fiscal year ending June 30, 2023;
3) The approval, on a non-binding advisory basis, of the compensation of the Company’s named executive officers;
4) The grant of discretionary authority to the Chairman of the Annual Meeting to adjourn the Annual Meeting, if necessary to solicit additional proxies.
The Company also announced that it filed its Form 10-Q for the quarter ended September 30, 2022 with the Securities and Exchange Commission on November 10, 2022.
The Company reported a net loss of $7.1 million or ($1.05) per basic and diluted share for the three months ended September 30, 2022, compared to a net loss of $4.6 million or ($0.68) per basic and diluted share for the same period last year. The increase in net loss is due to the increased exploration efforts at the Company’s Lucky Shot project as compared to the prior year.
Rick Van Nieuwenhuyse, the Company’s President and CEO commented, “Since receipt of our 404 `Wet Lands’ permit this summer, Kinross has been busy advancing road and camp construction at the Manh Choh project. Construction activities will slow down during the winter months and pick back up in the spring time. Meanwhile, we have been very busy at our 100% owned Lucky Shot project where we have so far completed 23 drill holes. I am pleased to report that all of the drill holes have intersected the Lucky Shot vein with our geologists logging and sampling the holes. As everyone in the industry is experiencing, assaying is slower than desired, but we are looking forward to releasing our initial pending results in the coming weeks.”
ABOUT CORE
CORE is a company that engages in the exploration in Alaska for gold and associated minerals through a 30% interest in Peak Gold, LLC, which leases approximately 675,000 acres for exploration and development, and through Contango Minerals Alaska, LLC, its wholly owned subsidiary, which leases approximately 200,000 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 Willow Mining District about 75 miles north of Anchorage, Alaska. Additional information can be found on our web page at www.contangoore.com.
