Contango ORE is a small gold mining and exploration company focused entirely on Alaska. Its core producing asset is a 30% minority interest in the Peak Gold Joint Venture, which operates the Manh Choh gold mine near Tok, Alaska. Kinross Gold holds the remaining 70% and manages all operations. Manh Choh uses a direct shipping ore (DSO) model: rather than building its own mill, the JV mines high-grade ore, hauls it roughly 250 miles by truck to Kinross's Fort Knox mine near Fairbanks, and processes it through the existing Fort Knox mill. This eliminates the need for a dedicated mill and tailings facility, reducing capital requirements and permitting complexity. Contango receives its 30% share of JV cash distributions after costs. A key near-term headwind is that roughly 70% of 2025 gold production is hedged at ~$2,025/oz, well below current spot prices; retiring these hedges is management's top capital allocation priority, targeted by mid-2027. Beyond Manh Choh, Contango is advancing two exploration-stage projects toward production using the same DSO approach: Lucky Shot, a high-grade underground gold asset north of Anchorage (~14 g/t), where a production decision could come as early as 2027; and Johnson Tract, a ~1 million gold-equivalent ounce deposit southwest of Anchorage (~9.5 g/t), still in permitting. Contango's long-term goal is ~200,000 ounces per year of production across its portfolio. The company is also pursuing M&A, with a pending merger with Dolly Varden Silver announced in late 2025.