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After the consummation of the Kinross Transactions, CORE Alaska retained a 30% membership interest in the Peak Gold JV.
−Removed: KG Mining now holds a 70.0% membership interest in the Peak Gold JV and Kinross serves as the manager of the Peak Gold JV and operator of the Manh Choh (as defined below) mines.
+Added: KG Mining now holds a 70% membership interest in the Peak Gold JV and KG Mining serves as the manager of the Peak Gold JV, which operates the Manh Choh (as defined below) mines.
The Company conducts its business through the below primary means:
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• its wholly-owned subsidiary, Avidian Gold Alaska Inc., an Alaskan corporation (“Avidian Alaska”), which separately controls the mineral rights to approximately 15,260 acres of State of Alaska mining claims and upland mining leases for exploration, including (i) approximately 1,030 acres (the "Amanita NE Property") located in the Fairbanks Mining District approximately three miles east of the Fort Knox Gold Mine and 20 miles north of Fairbanks, Alaska, and (ii) approximately 10,850 acres (the "Golden Zone Property") located in the Valdez Creek Mining District on the eastern edge of the Alaska Range, located, approximately 150 miles southwest of Fairbanks, Alaska, along the George Parks Highway;
−Removed: and which leases for exploration the mineral rights to approximately 3,380 acres of State of Alaska mining claims, leasehold locations and an upland mining lease, located in the Fairbanks Mining District approximately five miles southwest of the Fort Knox Gold Mine and about 10 miles north of Fairbanks, Alaska (the "Amanita Property" and together with the Amanita NE Property adn the Golden Zone Property, collectively the "Avidian Properties").
+Added: and (iii) which leases for exploration the mineral rights to approximately 3,380 acres of State of Alaska mining claims, leasehold locations and an upland mining lease, located in the Fairbanks Mining District approximately five miles southwest of the Fort Knox Gold Mine and about 10 miles north of Fairbanks, Alaska (the "Amanita Property" and together with the Amanita NE Property and the Golden Zone Property, collectively the "Avidian Properties").
The Johnson Tract Project, Lucky Shot Property, Minerals Property and Avidian Properties are collectively referred to in this Annual Report on Form 10-K as the “Contango Properties”.
+Added: For a more detailed description of our properties, including mineral reserves and resources, property locations, and exploration activities, see “Item 2.
+Added: Properties” below.
The Company’s Manh Choh Project is in the production stage, while all other projects are in the exploration stage.
+Added: 2025 Developments
+Added: During fiscal 2025, the Manh Choh Project, operated through the Peak Gold JV in which the Company holds a 30% interest, continued commercial production.
+Added: The Company received $102.0 million in cash distributions from the Peak Gold JV during fiscal 2025 related to production at Manh Choh.
+Added: For additional information regarding the Manh Choh Project, see “Item 2.
+Added: Properties – Manh Choh Project.”
+Added: On September 25, 2025, the Company completed an underwritten public offering of common stock and pre-funded warrants, receiving gross proceeds of approximately $50.0 million.
+Added: For additional information regarding this offering, see “Note 7 – Stockholders’ Equity” to the consolidated financial statements included in Item 8 of this Form 10-K and “Liquidity and Capital Resources” in Item 7 of this Form 10-K.
+Added: On December 8, 2025, the Company entered into an arrangement agreement with Dolly Varden Silver Corporation to combine the two companies on a merger-of-equals basis pursuant to a statutory plan of arrangement.
+Added: The transaction is expected to close in late March 2026.
+Added: For additional information regarding the pending Dolly Varden transaction, see “Recent Developments” in Item 7 of this Form 10-K and “Note 12 – Commitments and Contingencies” to the consolidated financial statements included in Item 8 of this Form 10-K.
Partnering with strategic industry participants to expand future exploration work and mining operations.
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Acquiring exploration properties .
−Removed: The Company anticipates from time to time acquiring additional properties in Alaska for exploration, subject to the availability of funds.
−Removed: The acquisitions may include leases or similar rights from Alaska Native corporations and/or Tribes may include filing Federal or State of Alaska mining claims by staking claims for exploration.
+Added: The Company anticipates from time to time acquiring additional properties for exploration, subject to the availability of funds.
Acquiring additional properties will likely result in additional expense to the Company for minimum royalties, minimum rents and annual exploratory work requirements.
The Company is open to strategic partnerships or alliances with other companies as a means to enhance its ability to fund new and existing exploration and development opportunities.
−Removed: As of the date of this report, the Company has twelve full-time employees.
+Added: As of the date of this report, the Company has fifteen full-time employees.
Rick Van Nieuwenhuyse, its President and Chief Executive Officer is responsible for the management of the Company.
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The Company also uses the services of independent consultants and contractors to perform various professional services, including land acquisition, legal, environmental and tax services.
−Removed: The Peak Gold JV is managed by Kinross and all permanent positions are filled with Kinross employees seconded over to the Peak Gold JV.
+Added: The Peak Gold JV is managed by KG Mining and all permanent positions are filled with employees of Kinross subsidiaries seconded over to the Peak Gold JV.
In addition, the Peak Gold JV utilizes the services of consultants and independent contractors to perform geological, exploration and drilling operation services and independent third-party engineering firms to evaluate any mineral resources identified.
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Available Information
−Removed: You may read and copy all or any portion of this annual report on Form 10-K, the transition report on Form 10-KT, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments and exhibits to those reports, on the Company's website at http://www.contangoore.com.
+Added: You may read and copy all or any portion of this and past annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments and exhibits to those reports, on the Company's website at http://www.contangoore.com.
Certain other information, including but not limited to the Company’s Corporate Governance Guidelines, the charters of key committees of the Company’s Board of Directors and its Code of Business Conduct and Ethics are also available on the Company’s website.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.