Contango Silver & Gold Inc.

Contango Silver & Gold unwound its remaining Manh Choh gold hedges by converting them into about $33 million of additional term debt at a lower interest margin, buying gold puts instead for downside protection -- freeing up more of its production to benefit from higher gold prices.

debt financing

Contango Silver & Gold settled its remaining earn-out obligation to CRH Funding from the 2021 Lucky Shot purchase for $5 million cash plus 100,000 shares, and separately received its first cash distribution from the Peak Gold joint venture now that Manh Choh is producing.

material agreement

Contango Silver & Gold bought outright ownership of the underlying land and mining claims at its Lucky Shot project for about $16.1 million (cash plus a seller note), eliminating the 2% royalty it previously owed under the site's lease.

debt financing

Contango ORE completed its merger of equals with Dolly Varden Silver and renamed itself "Contango Silver & Gold Inc.": former Dolly Varden holders now own about 50% of the combined company, Dolly Varden's Shawn Khunkhun becomes President while Rick Van Nieuwenhuyse stays CEO, Clynton Nauman becomes Chairman (Brad Juneau stepping down from that role but remaining a director), and the company adds Dolly Varden's Kitsault Valley silver project to its Alaska gold portfolio.

business combination

Contango's shareholders voted overwhelmingly (99.7%) to approve the Dolly Varden Silver merger, clearing the last major hurdle before closing.

business combination

Contango ORE raised about $47.2 million in a stock and pre-funded-warrant offering, earmarking most of it to buy back its Manh Choh gold hedge contracts and buy downside-protection puts instead -- unwinding the fixed-price hedges just as gold prices were rising.

material agreement

Contango ORE agreed to a merger-of-equals with Dolly Varden Silver, a Canadian silver explorer: Dolly Varden shareholders will get about 50% of the combined company, which will be renamed "Contango Silver & Gold Inc." and add Dolly Varden's Kitsault Valley silver project in British Columbia to Contango's Alaska gold assets.

business combination

Contango ORE raised about $47.5 million in a stock and pre-funded-warrant offering to advance its Lucky Shot and (HighGold-acquired) Johnson Tract projects toward production decisions -- its largest capital raise yet outside the Manh Choh joint venture.

material agreement

Contango Silver & Gold Inc. deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Contango ORE completed its acquisition of HighGold Mining, adding the Johnson Tract project and a new board seat for HighGold's former CEO -- closing just two days after the Manh Choh mine poured its first gold.

asset acquisition disposition

Contango ORE announced the first gold pour at the Manh Choh mine, the milestone marking the start of actual production after years of exploration and construction.

production update

Contango ORE agreed to buy Canadian explorer HighGold Mining in an all-stock deal (about $37 million, existing Contango holders keeping ~85%), adding HighGold's Johnson Tract project in Alaska, and separately agreed to buy Avidian Gold's Alaska subsidiary (Golden Zone and Amanita properties) for up to $3.4 million -- the start of Contango diversifying beyond its Peak Gold joint venture.

business combination

Contango ORE raised about $28-32 million in a public stock offering at $19.00/share, adding cash to fund its share of the Manh Choh build and its newer Lucky Shot project.

material agreement

Contango ORE lined up a $70 million project-finance facility from ING and Macquarie to fund its 30% share of building the Manh Choh mine, drawing $10 million at closing with more available as construction milestones are met.

debt financing

Kinross's board approved development of the Peak Gold joint venture's project -- now named Manh Choh -- after a positive feasibility study, the milestone that turns Contango's 30% stake from an exploration bet into a funded mine under construction.

resource reserve update

Contango agreed to issue a $20 million unsecured convertible debenture to Queen's Road Capital Investment at 8% interest, convertible at $30.50/share -- new mezzanine financing ahead of the larger ING/Macquarie project debt facility it would arrange the following year to fund Manh Choh construction.

capital raising announcement

the exchange certified Contango Silver & Gold Inc.'s securities for listing, clearing them to begin trading.

listing compliance notice

Contango ORE bought the Lucky Shot gold project in Alaska from CRH Funding for $5 million cash plus a $6.25 million note, its first material asset outside the Peak Gold joint venture, with further payments due if the project hits production milestones.

asset acquisition disposition

Royal Gold exited: it sold its entire 40% Peak Gold joint-venture stake and its 11.9% Contango shareholding to Kinross Gold, which now owns 70% of the venture and operates it, while Contango sold an additional 10% down to a 30% stake for $32.4 million cash -- Kinross replaces Royal Gold as Contango's JV partner going forward.

asset acquisition disposition

Contango terminated its 2012 shareholder rights plan early and immediately adopted a fresh one -- a defensive poison-pill refresh coinciding with Royal Gold's sale of its 40% Manh Choh joint-venture stake and Contango shares to Kinross Gold that same month.

capital raising announcement

A Preliminary Economic Assessment on the Peak Gold joint venture's Tetlin properties came back positive, an early derisking milestone for the project years before it would become the Manh Choh mine.

resource reserve update

Contango ORE and Royal Gold closed the deal announced in September, forming Peak Gold LLC to hold the Tetlin properties: Contango contributed the assets for 100% of the JV, and Royal Gold can earn up to 40% by investing up to $30 million in exploration through October 2018.

farm in farm out completion

Contango ORE agreed to bring in Royal Gold to fund exploration of its Tetlin gold properties in Alaska through a new joint venture: Royal Gold will invest an initial $5 million and can earn up to a 40% stake by funding up to $30 million by October 2018.

farm in farm out agreement

Contango raised about $14.8 million selling stock-and-warrant units to fund its 2013 Alaska exploration program, and separately raised its poison-pill trigger threshold from 15% to 20% ownership.

capital raising announcement