Contango Silver & Gold Reaffirms Production Guidance Amid Improved Cash Costs

Contango Silver & Gold (CTGO) held its Q2 2026 earnings call, where management reaffirmed their production guidance of 40,000-45,000 ounces. The company's 30% share in the Manh Choh joint venture produced approximately 8,900 ounces in Q2, with an average spot gold price of $4,328 per ounce.

The first-half cash costs were $2,665 per ounce and all-in sustaining costs were $2,830 per ounce. Management expects these costs to improve in the second half as South pit production ramps up.

Contango has eliminated its hedge book, and every ounce will be sold at spot beginning in Q3. The company estimates full-year joint venture distributions slightly above $60 million if gold remains at $4,400 per ounce.