Contango ORE, Inc. Reports Net Loss of $39.7 Million for FY2023

Houston-based mining company, Contango ORE, Inc. [CTGO], has released its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $39.7 million for the year, reflecting a challenging period for the mining industry. Despite the loss, Contango ORE, Inc. saw annual revenue of $## million, indicating resilience in its operations during a difficult economic environment.

Financial Performance

Contango ORE, Inc. faced several headwinds during the fiscal year, resulting in a net loss of $39.7 million. This is a significant increase from the net loss of $23.5 million reported in the previous fiscal year. The company's operating income was not provided in the financial statements. However, it is important to note that the mining industry has been heavily impacted by various factors, including commodity price fluctuations, increased costs of production, and regulatory challenges.