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Contango Ore (AMEX:CTGO) Stock, Option Chain

Contango Ore

Contango Ore Inc operates in the United States. The company is engaged in the exploration of gold, silver, and copper ores in the State of Alaska. The company's primary focus is the exploration of a mineral lease with the Native Village of Tetlin whose governmental entity is the Tetlin Tribal Council for the exploration of minerals near Tok, Alaska. It has formed a joint venture to advance exploration of the Tetlin Property, which is prospective for gold and associated minerals. The Tetlin Property is located in the Tetlin Hills and Mentasta Mountains of eastern interior Alaska.

stock-1863880

News

CTGO

Contango shares are trading lower by 21% during Tuesday&#39;s session. The company announced the pricing of its underwritten public offering.

Why Contango (CTGO) Shares Are Getting Hammered

Movers

Intraday Update

Markets

Trading Ideas

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ARRY

BNED

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CAMP

CLSK

CRBP

CURI

CVGW

GWAV

HOTH

KITT

KXIN

LXEH

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MITQ

PIXY

PROK

RAPP

RBOT

SHLS

SIFY

TPET

UBXG

YEXT

Why Contango Ore Shares Are Trading Lower By 18%? Here Are Other Stocks Moving In Tuesday&#39;s Mid-Day Session

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Pre-Market Outlook

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Why Calavo Growers Shares Are Trading Higher By 12%; Here Are 20 Stocks Moving Premarket

Contango Ore Inc

Contango ORE, Inc. ("Contango" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>) announced guidance today for its 30% interest in the Peak Gold JV, including reaffirmation of anticipated 2025 gold production and updated anticipated all-in sustaining costs ("AISC") for the mine and 2025 cash distributions from the Peak Gold JV. In addition, the Company provided an update on its credit facility (the "Facility") and related hedge contracts.
The Company anticipates that its share of 2025 gold production from the Manh Choh mine will be approximately 60,000 ounces ("oz") of gold. The estimated AISC for the life-of-mine ("LOM") is projected to increase to approximately $1,400 per oz of gold equivalent ("AuEq") sold compared to $1,116 per oz of AuEq sold, as estimated in the Manh Choh Technical Report Summary1 (the "TRS"), while the estimated AISC for 2025 on a standalone basis is expected to be approximately $1,625 per oz of AuEq sold. A main factor leading to the AISC increase relates to recent weight restrictions on the Chena Flood Plain Bridge, a bridge along the Manh Choh ore haul route, as well as higher than anticipated moisture content in the Manh Choh ore, which limits the overall amount of ore being transported annually by approximately 20% compared to what was originally projected in the TRS. In addition, the AISC is being impacted by higher processing costs. At current hauling rates, the Company expects the LOM to be four to five years. At assumed spot gold prices of $2,500&nbsp;per oz, Contango projects that the 2025 cash distributions from the Peak Gold JV to Contango will be approximately $50 million ("M").

Contango Forecasts 2025 Gold Production Of 60K Oz At Manh Choh With Increased AISC At $1,625/Oz; Projects $50M Cash Distribution From Peak Gold JV

Contango ORE, Inc. ("Contango" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>)&nbsp;is pleased to announce that the Peak Gold JV paid a cash distribution of $12.0 million on October 24, 2024. These proceeds relate to Contango's 30% of profits from the processing of Manh Choh ore from Campaign #2. In total, Contango has received $31.5 million in cash distributions from the Peak Gold JV since commencing the processing of Manh Choh ore in July 2024.
The Peak Gold JV has completed two campaigns with a third campaign currently underway. Contango's 30% share of production from Campaigns #1 and #2 totals approximately 30,000 ounces of gold with a further 8,500 ounces of gold expected from Campaign #3 for total production in 2024 of approximately 38,500 ounces of gold.

Contracts

Contango Announces That The Peak Gold JV Paid A Cash Distribution Of $12M On October 24, 2024

Roth MKM analyst Mike Niehuser maintains Contango Ore (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#AMEX">CTGO</a>) with a Buy and raises the price target from $33 to $37.

Price Target

Analyst Ratings

Roth MKM Maintains Buy on Contango Ore, Raises Price Target to $37

Contango ORE, Inc. (&quot;Contango&quot; or the &quot;Company&quot;) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>)&nbsp;is pleased to announce that the Peak Gold JV paid a cash distribution of&nbsp;$19.5 million. These proceeds relate to Contango&#39;s&nbsp;30%&nbsp;of profits from the processing Manh Choh ore from Campaign #1. The Peak Gold JV is planning two further campaigns in 2024, the second currently underway, with at least one more cash distribution expected to occur before the end of the year. Contango estimates its share of gold production from the Peak Gold JV for 2024 to be between 30,000 and 40,000 ounces of gold.

Contango ORE Receives $19.5M Cash Distribution from Peak Gold JV, More Expected in 2024, Projects 30K-40,K Ounces of Gold Production for 2024

Contango ORE, Inc. ("Contango" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>)&nbsp;is pleased to announce that the Peak Gold JV has started processing Campaign #2 of Manh Choh ore through the Kinross Fort Knox mill located near Fairbanks, Alaska. &nbsp;Processing of ore for the Second Campaign started on August 27th and will continue into late September. In addition, the Company reported the following general corporate updates:
&nbsp;
<ol>
<li>it received the 404 Wetlands Permit from the US Army Corps of Engineers (the "USCOE") to construct an access road from the Johnson Tract camp site to the proposed portal and laydown area;</li>
<li>it entered into a memo of understanding (the "MOU") with the Department of Natural Resources Office of Project Management and Permitting ("OPMP") to begin permitting the exploration portal and laydown area for the Johnson Tract project;</li>
<li>it has engaged&nbsp;SRK Consulting Canada Inc. ("SRK") to complete a Preliminary Economic Assessment for the Johnson Tract project using our Direct Shipping Ore ("DSO") approach; and</li>
<li>it has completed approximately 1,500 meters (5,000 ft.) or half of the planned 2024 surface drilling program at the Johnson Tract project and plans to complete the program, which remains on budget and schedule, by early October.</li>
</ol>

Contango Starts Second Campaign of Gold Ore Processing at Kinross Fort Knox Mill in Alaska

Contango Ore (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#AMEX">CTGO</a>) reported quarterly losses of $(1.90) per share. This is a 37.68 percent decrease over losses of $(1.38) per share from the same period last year.

Earnings

Contango Ore Q4 EPS $(1.90) Down From $(1.38) YoY

Roth MKM analyst Mike Niehuser maintains Contango Ore (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#AMEX">CTGO</a>) with a Buy and lowers the price target from $38 to $33.

Roth MKM Maintains Buy on Contango Ore, Lowers Price Target to $33

Contango ORE, Inc. ("Contango" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>)is pleased to announce the start of a surface drilling campaign at the Johnson Tract property. The 2024 surface exploration drilling targets 3,000 meters (~9,850 ft) across 20 drill holes and is designed to in-fill the upper one-third of the near vertical resource. In parallel with the in-fill drilling, selected holes will undergo hydrological testing and monitoring to characterize the overall surficial and deposit hydrology and water quality. In addition to assaying the core, selected drill core will undergo advanced metallurgical, geochemical, and specific gravity tests to assist in building a geometallurgical model for the deposit. Camp opened in mid-July and the drilling program is expected to last approximately three months.

Contango Commences Surface Drilling At The Newly Acquired Johnson Tract Deposit

Reported Earlier, Contango ORE And Kinross Announces First Gold Pour From Manh Choh Mine

Contango ORE Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NASDAQ">CTGO</a>) shares are trading lower by 21% to $19.66 during Tuesday&#8217;s session after the company announced the pricing of its <a href="https://www.benzinga.com/pressreleases/24/06/b39268808/contango-ore-announces-pricing-of-15-million-underwritten-public-offering">underwritten public offering</a> of 731,750 units at $20.50 per unit, each comprising one share of common stock and one-half of a warrant, with whole warrants exercisable at $26.00 per share for 36 months.
The units will be sold together but issued separately. The offering aims to raise approximately $15 million in gross proceeds before expenses and is expected to close around June 12.
The net proceeds will be used for general corporate purposes, including working capital and exploration projects, particularly the Lucky Shot Project and the Johnson Tract, with the latter part of a pending acquisition set to close by July 2024.
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<h2 class="wp-block-heading">Should I Sell My CTGO Stock?</h2>
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of Contango have lost 35.5% year to date. This compares to the average annual return of 10.44%, meaning the stock has underperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity. 
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Contango Ore stock currently has an RSI of 56.38, indicating neutral conditions.
For analysis tools, charting data and access to exclusive stock news, check out <a href="https://pro.benzinga.com/">Benzinga PRO. Try it for free.</a>
CTGO has a 52-week high of $32.50 and a 52-week low of $14.03.

Shares of Contango Ore, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>) fell sharply during Tuesday's session after the company announced pricing of $15 million <a href="https://www.benzinga.com/quote/CTGO/news">underwritten public offering</a>.
Contango Ore shares dipped 18.4% to $20.34 on Tuesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Trio Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPET#NYSE">TPET</a>) shares jumped 88.2% to $0.4254 after the company completed its first two exploratory wells.</li>
<li>Airship AI Holdings, Inc.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AISP#NASDAQ">AISP</a>) shares climbed 32.5% to $4.1599. Airship AI announced a six-figure sole-source contract award within the Department of Justice for Acropolis Enterprise Video and Data Management Platform.</li>
<li>Blue World Acquisition Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BWAQ#NASDAQ">BWAQ</a>) shares gained 30.3% to $9.20 after declining around 4% on Monday.</li>
<li>ShiftPixy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIXY#NASDAQ">PIXY</a>) climbed 29.8% to $1.8950.</li>
<li>Kaixin Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KXIN#NASDAQ">KXIN</a>) rose 26.5% to $0.1769 after gaining around 4% on Monday.</li>
<li>U-BX Technology Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBXG#NASDAQ">UBXG</a>) jumped 24% to $11.88.</li>
<li>CuriosityStream Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURI#NASDAQ">CURI</a>) rose 24% to $1.24 as the company announced a share repurchase plan.</li>
<li>Nauticus Robotics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KITT#NASDAQ">KITT</a>) gained 21.4% to $0.2802 after surging 49% on Monday.</li>
<li>E-Home Household Service Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EJH#NASDAQ">EJH</a>) rose 19.7% to $0.5270.</li>
<li>Calavo Growers, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVGW#NASDAQ">CVGW</a>) rose 14.1% to $28.50 after the company reported second-quarter financial results.</li>
<li>Moving iMage Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITQ#NASDAQ">MITQ</a>) shares rose 13.1% to $0.6645.</li>
<li>Shoals Technologies Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHLS#NASDAQ">SHLS</a>) rose 10% to $7.49 after the company authorized a share repurchase program of up to $150 million and entered into a $25 million accelerated share repurchase agreement with Jefferies.</li>
<li>Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) jumped 8.8% to $47.74. RBC Capital analyst Brian Abrahams maintained Corbus Pharmaceuticals with an Outperform and raised the price target from $77 to $82.</li>
<li>Lixiang Education Holding Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LXEH#NASDAQ">LXEH</a>) gained 8.3% to $0.3670.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Big Tree Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DSY#NASDAQ">DSY</a>) dipped 37.1% to $6.78.</li>
<li>Target Hospitality Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TH#NASDAQ">TH</a>) shares fell 35.5% to $6.78 after the company announced that it received notice that the U.S. government intends to terminate the existing South Texas Family Residential Center services agreement with its migrant programming partner.</li>
<li>Greenwave Technology Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GWAV#NASDAQ">GWAV</a>) dipped 32% to $1.98. Greemwabe Technology Solutions recently announced that its downstream processing system generated record revenues in May, 2024 and reaffirmed its confidence in exceeding its revenue guidance.</li>
<li>Barnes &amp; Noble Education, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNED#NYSE">BNED</a>) declined 29.7% to $0.0941. Barnes &amp; Noble Education announced leadership changes and reverse stock split.</li>
<li>Sify Technologies Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIFY#NASDAQ">SIFY</a>) fell 25% to $0.44. Sify Technologies recently announced the voluntary delisting date of its ADS rights from Nasdaq.</li>
<li>CalAmp Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAMP#NASDAQ">CAMP</a>) dipped 23% to $0.5009.</li>
<li>CoreCivic, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXW#NYSE">CXW</a>) shares fell 19.7% to $11.88 after the company announced that it received a notice from the U.S. Immigration and Customs Enforcement that the agency intends to terminate its inter-governmental service agreement for services at the South Texas Family Residential Center.</li>
<li>Vicarious Surgical Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBOT#NYSE">RBOT</a>) declined 19.5% to $0.2878 after the company announced a reverse stock split.</li>
<li>Velo3D, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLD#NYSE">VLD</a>) fell 19% to $0.1151 after the company announced a 1-for-35 reverse stock split.</li>
<li>ProKidney Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PROK#NASDAQ">PROK</a>) shares fell 16.1% to $2.5350 after the company announced a proposed $125 million public offering of class A ordinary shares and concurrent registered direct offering.</li>
<li>ZIM Integrated Shipping Services Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) shares fell 14.9% to $17.48 after gaining 5% on Monday.</li>
<li>MIND Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIND#NASDAQ">MIND</a>) dipped 13.6% to $4.8699 following weak quarterly sales.</li>
<li>Rapport Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RAPP#NASDAQ">RAPP</a>) fell 13.4% to $22.67.</li>
<li>Montana Technologies Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIRJ#NASDAQ">AIRJ</a>) fell 12.8% to $8.80.</li>
<li>Hut 8 Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) fell 8.6% to $9.00</li>
<li>Hoth Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOTH#NASDAQ">HOTH</a>) shares fell 7.8% to $0.9225. Hoth Therapeutics shares fell around 12% on Monday after the company announced a joint development agreement with Wise Systems International to utilize the BioNeMo AI platform of Nvidia.</li>
<li>Array Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) fell 6.9% to $13.02. Array Technologies announced the departure of Chief Financial Officer.</li>
<li>CleanSpark, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) fell 6.6% to $14.66 amid a pullback in Bitcoin.</li>
<li>Yext, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YEXT#NYSE">YEXT</a>) shares declined 6.3% to $4.7208 after the company reported worse-than-expected first-quarter financial results, issued weak second-quarter guidance and announced it will acquire Hearsay Systems.</li>
</ul>
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Why Contango Ore Shares Are Trading Lower By 18%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session

Shares of Calavo Growers, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVGW#NASDAQ">CVGW</a>) rose sharply in today's pre-market trading after the company reported <a href="https://www.benzinga.com/quote/CVGW/earnings">second-quarter financial results</a>.
Total net sales surged 16.5% year-over-year to $184.4 million during the quarter. Adjusted net income surged to $8.9 million, or 50 cents per diluted share, from $5.1 million, or 29 cents per diluted share for the year-ago quarter.
Calavo Growers shares jumped 11.6% to $27.90 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>ShiftPixy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIXY#NASDAQ">PIXY</a>) rose 41.1% to $2.06 in today's pre-market trading.</li>
<li>Nauticus Robotics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KITT#NASDAQ">KITT</a>) shares rose 27.2% to $0.2938 in pre-market trading after surging 49% on Monday.</li>
<li>Northann Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCL#NYSE">NCL</a>) gained 26.3% to $0.5197 in pre-market trading after climbing around 11% on Monday.</li>
<li>Blue World Acquisition Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BWAQ#NASDAQ">BWAQ</a>) shares gained 26.3% to $8.93 in pre-market trading after declining around 4% on Monday.</li>
<li>KWESST Micro Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KWE#NASDAQ">KWE</a>) gained 16.5% to $1.01 in pre-market trading. KWESST Micro Systems shares jumped 120% on Monday after the company was awarded a sub-contract worth up to C$48 million by Thales Canada for software development services.</li>
<li>Moving iMage Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITQ#NASDAQ">MITQ</a>) shares rose 15.6% to $0.68 in pre-market trading.</li>
<li>Cyngn Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYN#NASDAQ">CYN</a>) gained 15.6% to $0.1148 in pre-market trading after gaining around 12% on Monday.</li>
<li>TROOPS Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TROO#NASDAQ">TROO</a>) shares climbed 13.7% to $1.74 in pre-market trading after declining 5% on Monday.</li>
<li>Kaixin Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KXIN#NASDAQ">KXIN</a>) rose 11.5% to $0.1560 in pre-market trading after gaining around 4% on Monday.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Target Hospitality Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TH#NASDAQ">TH</a>) shares declined 30.3% to $7.32 in pre-market trading after the company issued an update on South Texas Family Residential Center located in Dilley Texas.</li>
<li>Hoth Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOTH#NASDAQ">HOTH</a>) shares declined 23% to $0.77 in pre-market trading. Hoth Therapeutics shares fell around 12% on Monday after the company announced a joint development agreement with Wise Systems International to utilize the BioNeMo AI platform of Nvidia..</li>
<li>TCTM Kids IT Education Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCTM#NASDAQ">TCTM</a>) shares dipped 20.1% to $1.11 in pre-market trading after jumping over 9% on Monday.</li>
<li>New Horizon Aircraft Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOVR#NASDAQ">HOVR</a>) shares fell 19% to $0.81 in pre-market trading after jumping around 39% on Monday.</li>
<li>Nutex Health Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUTX#NASDAQ">NUTX</a>) shares fell 17.3% to $0.50 in pre-market trading.</li>
<li>T Stamp Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDAI#NASDAQ">IDAI</a>) fell 17.1% to $0.47 in pre-market trading.</li>
<li>Contango Ore, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>) shares fell 16.4% to $20.83 in pre-market trading after the company announced an underwritten public offering of common stock.</li>
<li>Yext, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YEXT#NYSE">YEXT</a>) shares declined 15.7% to $4.24 in pre-market trading after the company reported worse-than-expected first-quarter financial results, issued weak second-quarter guidance and announced it will acquire Hearsay Systems.</li>
<li>ProKidney Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PROK#NASDAQ">PROK</a>) shares fell 15.5% to $2.55 in pre-market trading after the company announced a proposed $125 million public offering of class A ordinary shares and concurrent registered direct offering.</li>
<li>ZIM Integrated Shipping Services Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) shares fell 10.9% to $18.30 in pre-market trading after gaining 5% on Monday.</li>
</ul>
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Offerings

Contango ORE Announces Pricing Of $15M Public Offering At $20.50 Per Unit, Including Common Stock And Warrants Exercisable At $26.00 For 36 Months

WIIM

Contango Ore shares are trading lower after the company announced the commencement of a public offering of shares of its common stocks and accompanying warrants.

U.S. stock futures were lower this morning, with the Dow futures falling over 100 points on Tuesday.
Shares of Yext, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YEXT#NYSE">YEXT</a>) fell sharply in today's pre-market trading after the company reported worse-than-expected first-quarter financial results, issued weak second-quarter guidance and announced it will <a href="https://www.benzinga.com/news/earnings/24/06/39259544/yext-stock-falls-on-q1-results-acquisition-of-hearsay-systems-the-details">acquire Hearsay Systems</a>.
Yext reported quarterly earnings of 5 cents per share which missed the analyst consensus estimate of 6 cents. Quarterly sales came in at $96 million which missed the analyst consensus estimate of $96.325 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Yext shares dipped 15.7% to $4.24 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Target Hospitality Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TH#NASDAQ">TH</a>) shares declined 30.3% to $7.32 in pre-market trading after the company issued an update on South Texas Family Residential Center located in Dilley Texas.</li>
<li>Contango Ore, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#NYSE">CTGO</a>) shares fell 16.4% to $20.83 in pre-market trading after the company announced an underwritten public offering of common stock.</li>
<li>ZIM Integrated Shipping Services Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) shares fell 10.9% to $18.30 in pre-market trading after gaining 5% on Monday.</li>
<li>Uranium Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UEC#NYSE">UEC</a>) shares declined 6.8% to $5.65 in pre-market trading. Uranium Energy filed fiscal third-quarter report on Monday.</li>
<li>CoreCivic, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXW#NYSE">CXW</a>) shares fell 5.3% to $14.00 in pre-market trading. CoreCivic faced contract termination by ICE for South Texas Family Residential Center and suspended its 2024 financial guidance.</li>
<li>TeraWulf Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WULF#NASDAQ">WULF</a>) shares declined 4.8% to $2.94 in pre-market trading.</li>
<li>IperionX Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IPX#NASDAQ">IPX</a>) shares fell 4.7% to $14.90 in pre-market trading.</li>
</ul>
Now Read This:<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/06/39248562/jim-cramer-isnt-recommending-slb-and-blackberry-nothing-there"> Jim Cramer Isn&#8217;t Recommending SLB, And BlackBerry? &#8216;Nothing There</a>&#8216;
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>

WULF

Yext Posts Downbeat Results, Joins Contango Ore And Other Big Stocks Moving Lower In Tuesday's Pre-Market Session

The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include working capital, continued exploration of the Lucky Shot Project and exploration of HighGold&#39;s Johnson Tract, part of the HighGold acquisition that the Company anticipates closing by July 2024.

Contango ORE Commences Public Offering Of Shares Of Its Common Stock And Accompanying Warrants; No Terms Disclosed

Roth MKM analyst Mike Niehuser maintains Contango Ore (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#AMEX">CTGO</a>) with a Buy and maintains $38 price target.

Roth MKM Maintains Buy on Contango Ore, Maintains $38 Price Target

Contango Ore (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#AMEX">CTGO</a>) reported quarterly losses of $(2.14) per share which missed the analyst consensus estimate of $(0.82) by 160.98 percent.

Earnings Misses

Contango Ore Q3 2024 GAAP EPS $(2.14)

<h2 class="wp-block-heading">Top Stories for May 2, 2024</h2>
Warrior Met Coal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCC#NYSE">HCC</a>): The Brookwood, Alabama-based company <a href="https://www.benzinga.com/news/earnings/24/05/38566954/warrior-met-coal-q1-2024-adj-eps-2-63-misses-2-75-estimate-sales-503-512m-beat-476-593m-estimate">reported Q1 results</a> with net income of $137 million, sales of $503.512 million and adjusted EBITDA of $200.2 million.
<ul>
<li>Warrior Met saw a 17% increase in production volumes for its highest quarterly production in over three years. </li>
<li>After investing in its Blue Creek project, it returned $30.6 million to shareholders via dividends. </li>
<li>Despite reduced demand and lower coal prices, the company reaffirmed its 2024 guidance.</li>
</ul>
Materion (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTRN#NYSE">MTRN</a>): The Mayfield Heights, Ohio-based company reported Q1 results with net sales of $385.3 million. Net income came in at $13.4 million, or 64 cents per diluted share and 96 cents adjusted earnings per share.
<ul>
<li>The company updated its full-year earnings forecast to $5.60 to $6.20 per share, reflecting a 5% annual growth at the midpoint.&nbsp;</li>
<li>Sales declined due to weaker semiconductor and industrial markets, offset by strength in space and defense.&nbsp;</li>
<li>Operating profit was $22.2 million, down from $36.9 million last year and adjusted EBITDA was $45.2 million, maintaining similar margins due to cost improvements despite lower volumes.</li>
</ul>
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/news/24/04/38434933/nigeria-cracks-down-on-dormant-mining-titles-to-stop-license-racketeering">Nigeria Cracks Down On Dormant Mining Titles To Stop &#8216;License Racketeering&#8217;</a>
Contango ORE (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#AMEX">CTGO</a>): The Fairbanks, Alaska-based company will acquire HighGold Mining (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HGMIF#OTC">HGMIF</a>) in a court-approved transaction.
<ul>
<li>HighGold is valued at about $37 million. </li>
<li>HighGold shareholders will receive 0.019 Contango shares per HighGold share, a 59% premium.&nbsp;</li>
<li>Post-transaction, Contango shareholders will own about 85% of the combined company while HighGold shareholders will own the remaining 15%.</li>
</ul>
ArcelorMittal (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMSYF#OTC">AMSYF</a>): The Luxembourg-based company reported its Q1 results, emphasizing health and safety with a significant focus on zero serious injuries. 
<ul>
<li>The period saw a 5% increase in steel shipments and a rise in EBITDA to $2 billion from $1.5 billion in the previous quarter.&nbsp;</li>
<li>Net income was $0.9 billion, recovering from a net loss of $3 billion in Q4 2023, and seasonal investments led to a free cash outflow of $1.4 billion.&nbsp;</li>
<li>The company&#8217;s net debt stood at $4.8 billion, showing strong cash generation despite substantial investments and shareholder returns.</li>
</ul>
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/markets/asia/24/04/38412172/will-indonesias-new-president-continue-nickel-policy-which-undercuts-competitors">Will Indonesia&#8217;s New President Continue Nickel Policy, Which Undercuts Competitors?</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!

Commodities

AMSYF

HGMIF

MTRN

Warrior Met Coal Sees Production Surge; Materion Updates Earnings Forecast; Contango To Acquire HighGold And More: Thursday's Top Mining Stories

Under the terms of the Agreement, each HighGold share will be exchanged for 0.019 shares of Contango common stock based on the respective volume weighted average price of Contango for the five-day period ending on May 1, 2024. The Exchange Ratio implies total consideration of C$0.55 (approximately US$0.40) per HighGold Share and total HighGold equity value of approximately US$37 million (C$51 million).&nbsp;

Contango To Acquire HighGold Mining By Way Of Court Approved Plan Of Arrangement; Stock Exchange Ratio Implies Total HighGold Equity Value $37M

Press Releases

Contango Announces Earnings for Quarter Ended June 30, 2024

Contango Announces Results of the First Batch of Gold Production from Manh Choh Gold Mine, Alaska

Small Cap

Contango Announces Start of Second Campaign of Gold Production from Manh Choh Gold Mine and General Corporate Update

Contango Announces $19.5 Million Cash Distribution Received from the Peak Gold JV

Contango Announces $12.0 Million Cash Distribution Received from the Peak Gold JV and Commencement of Third Campaign

Contango Announces Earnings for the Quarter Ended September 30, 2024

Contango Ore Provides Update and 2024 Drill Results for the Johnson Tract Project, Alaska, USA

Contango Reaffirms and Updates 2025 Manh Choh Guidance

Dividends

Contango Announces $9.0 Million Cash Distribution from the Peak Gold JV

Roth MKM

Cormark Securities

Maxim Group

Roth Capital

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