John B. Juneau, a director at Contango ORE, Inc. (NYSE:CTGO), has acquired 4,999 shares of the company, according to a recent SEC filing. The purchase, valued at approximately $60,187, was executed at an average price of $12.04 per share. The timing is notable as the stock trades near its 52-week low of $11.36, having declined about 53% over the past six months. These shares were bought in multiple transactions, with prices ranging from $11.79 to $12.25. Following this acquisition, Juneau's direct ownership stands at 311,111 shares. Additionally, he holds indirect stakes through various entities, including AuCuAg Holdings, LLC, Juneau Exploration, L.P., and J5D Enterprises, L.P. According to InvestingPro, analysts have set price targets ranging from $25 to $37, suggesting potential upside, with the stock currently appearing undervalued based on Fair Value analysis. InvestingPro subscribers have access to 10 additional investment tips for CTGO.
In other recent news, Contango ORE has reported significant earnings from its gold mining operations as part of the Peak Gold Joint Venture (JV). The company received cash distributions of $12 million and $19.5 million from two processing campaigns of Manh Choh ore, bringing the total cash distributions to $31.5 million for the year. In addition, the company has updated its financial guidance for the Manh Choh mine, indicating higher anticipated costs and confirming its 2025 gold production target of approximately 60,000 ounces.
Contango ORE has also completed the acquisition of HighGold Mining Inc., which includes the Johnson Tract project, expected to add over 1 million ounces of gold equivalent to the company's resources. Analyst firm Roth/MKM has adjusted Contango ORE's price target to $33.00, down from $38.00, but maintains a Buy rating for the stock.
The company is also negotiating with its lenders to restructure some of its credit facility repayments and related hedge contracts to align with the revised production schedule. These are recent developments in Contango ORE's strategic moves, including a public offering of its common stock and warrants, managed by Canaccord Genuity and Cormark Securities. The company is advancing with its Manh Choh project, expecting the first gold production by the third quarter of 2024.
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