New Risk • Mar 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (UK£7.39m market cap, or US$9.85m). Announcement • Nov 06
Contango Holdings plc, Annual General Meeting, Dec 02, 2025 Contango Holdings plc, Annual General Meeting, Dec 02, 2025. Location: the offices of tavira financial limited, 13th floor, 88 wood street, ec2v 7da, london United Kingdom Announcement • Jun 19
Contango Holdings plc Announces Chief Executive Officer Changes Contango Holdings Plc announced that Mr. Daniel dos Santos has been appointed to the Board of the Company as Chief Executive Officer. Mr. Dos Santos, aged 41, is a Zimbabwean dual national. Mr. Dos Santos is the Chief Executive Officer of Discovery Resources (Pvt) Ltd. ("Discovery Resources"), a company he founded in 2013. Discovery Resources is a commodity brokerage business specialising in mineral transactions and has brokered a number of high-value mining deals across the Southern African region, in lithium, gold, chrome and coal. In 2015 Mr. Dos Santos founded ZW Investments (PTY) Ltd. ("ZWI"), a Zimbabwe-based intermediary with a focus on natural resources and real estate. In his roles at Discovery Resources and ZWI, Mr. Dos Santos has been influential in the financing and development of a number of mines in Zimbabwe and Southern Africa. In June 2024, Mr. Dos Santos was appointed as a director of Monaf Investments (Private) Limited, the in-country operating company of the Muchesu project, where he has focused on developing the relationship with Huo Investments as the Definitive Agreements are finalised. Following Mr. Dos Santos' appointment, Carl Esprey has resigned from his role as CEO. Mr. Esprey will continue as an Executive Director of the Company for a period of six months to help manage the transition and ensure continuity with the Company's shareholders. New Risk • Apr 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.77m (US$9.96m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Market cap is less than US$10m (UK£7.77m market cap, or US$9.96m). Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Announcement • Apr 01
Contango Holdings plc Announces Board Changes Contango Holdings plc announced Resignation of Roy Pitchford as Chairman and Appointment of Gordon Thompson, a current Non-Executive Director, as the new Chairman. Roy Pitchford has elected to step down from the Board as Chairman to pursue other interests. Roy has served as Chairman since the IPO in 2020 and brought his extensive mining, operational and in-country experience to the Board. His efforts and guidance during this period are greatly appreciated by the Board. Existing Non-Executive Director Gordon Thompson will now assume the role of Non-Executive Chairman of the Board with immediate effect. Announcement • Mar 13
Contango Holdings plc (LSE:CGO) signed a letter of intent to acquire an additional 6.50% stake in Monaf Investments (Private) Ltd. from a minority shareholder. Contango Holdings plc (LSE:CGO) signed a letter of intent to acquire an additional 6.50% stake in Monaf Investments (Private) Ltd. from a minority shareholder on March 12, 2025. Upon completion, Contango Holdings plc will own 57.50% stake in Monaf Investments (Private) Ltd.
The transaction is subject to definitive agreement. New Risk • Jan 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 68% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risk Market cap is less than US$100m (UK£11.4m market cap, or US$14.1m). Board Change • Dec 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Gordon Thompson was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 08
Contango Holdings plc, Annual General Meeting, Nov 29, 2024 Contango Holdings plc, Annual General Meeting, Nov 29, 2024. Location: the clubhouse, 8 st jamess square, sw1y 4ju, london United Kingdom Announcement • May 03
Contango Holdings plc Provides Operational Update Contango Holdings plc announced that following the capital raise of £940,000 (‘Placing’) in early April 2024, the Company has now been able to continue operations on site to satisfy requests from potential offtake customers for samples. Coking and Industrial Coal Operations: Since the Placing, 120 tonnes of product have been mined, screened and washed for two new potential industrial customers in the southern African region. These potential off takers have arranged to collect the two 60-tonne samples this week. Additional samples had already been sent to other identified potential off takers prior to the Placing. Collectively ongoing offtake discussions represent demand of more than 50,000 tonnes per month. Whilst the Company does not expect all these discussions to result in a positive outcome, the Company reasonably believes several contracts are likely to materialise from these interested parties during this quarter to June 2024, along with ongoing discussions with respect to coking coal offtake. Thermal Coal: A further 250 tonnes of thermal coal has now been extracted and will next week be collected by a potential offtake partner, which will subsequently undertake a 'burn test'. Assuming the results are as expected, the Company believes it will be able to enter into a sizeable long-term thermal offtake contract. Announcement • Apr 10
Contango Holdings plc has completed a Follow-on Equity Offering in the amount of £0.94 million. Contango Holdings plc has completed a Follow-on Equity Offering in the amount of £0.94 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 94,000,000
Price\Range: £0.01
Transaction Features: Subsequent Direct Listing Announcement • Nov 04
Contango Holdings plc, Annual General Meeting, Nov 29, 2023 Contango Holdings plc, Annual General Meeting, Nov 29, 2023, at 09:00 Coordinated Universal Time. Location: The Clubhouse, 8 St James's Square, SW1Y 4JU Londoon United Kingdom New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (46% increase in shares outstanding). Market cap is less than US$100m (UK£19.6m market cap, or US$25.0m). Announcement • May 24
Contango Holdings plc Announces Washed Coal Production Commences At Lubu Contango Holdings Plc advised that the production of washed coking coal commenced on Tuesday 23 May 2023 at its Lubu Coking Coal Project in Zimbabwe. This followed dry and wet runs of the wash plant over the preceding days and the integration of the screen with the broader processing facilities. Stockpiles of coking coal have already been established by the Wirtgen Surface Miner, which, as previously reported, can mine at a rate of up to 1,000 tonnes per hour of coking coal. The Surface Miner continues to extract coking coal and is increasing the wash plant stockpiles further. The Company will continue to undertake studies on washed coal production to ensure optimisation. Samples will also be sent to several parties who have indicated they would look to enter into long-term offtake contracts. This includes the Company's potential Strategic Partner under a Memorandum of Understanding and complements Contango's existing offtake for 10,000t a month of washed coal. All coking coal produced, including coal dispatched as samples, will be sold at factory gate, with the current MMCZ price still set at USD 120 per tonne. The Company expects to announce the first sales of washed coking coal in June 2023. Announcement • May 10
Contango Holdings plc Provides Update on Operations At Its Lubu Coking Coal Project in Zimbabwe Contango Holdings Plc provided a further update on operations at its Lubu coking coal project in Zimbabwe. Since the last update on 28 March 2023 the Company has now completed a number of key activities with regard to commencing production at Lubu. These have included: Completion of grade control drilling; Completion of the pollution control dam and 600,000 liter settling ponds; Removal of overburden enabling access to the targeted coking coal seam; Studies and training in the laboratories; Connection of power to key infrastructure on site including the wash plant and laboratories; Installation of the ramp and bins to feed the wash plant with Lubu coal. This week the Company will connect its fully refurbished 600 tonnes-per-hour screen to the wash plant, which is the final equipment requiring installation ahead of first production. Accordingly, the Company anticipates the commencement of processing and production of coking coal from next week, as well as calibration of the processing equipment to optimise output. Further updates will be released as appropriate. Announcement • Feb 07
Contango Holdings plc Provides an Update on its Lubu Coal Project in Zimbabwe Contango Holdings Plc provided an update on its Lubu Coal Project in Zimbabwe ("Lubu") ahead of scheduled first coking coal production and sales by the end of First Quarter 2023. The Company reported that the wash plant arrived at site on 3 February and has been unloaded ahead of assembly. The wash plant site and foundations were prepared in anticipation of its delivery, therefore construction and assembly is expected to take approximately 3-4 weeks, with commissioning following thereafter. Once calibrated and operating efficiently the wash plant is expected to be able to produce 20,000 tonnes of washed coking coal per month. In addition, the Company also expects to take delivery at site of its surface miner (Wirtgen 2200SM) in the coming days. The surface miner has a cutting width of 2200mm, ideal for selective mining, and can mine up to 500 tonnes per hour. Finally, the laboratory is also expected to arrive at site in the first half of February. Following its delivery, all significant capital items will be at site enabling the Company to ramp up activity ahead of first production and sales at the end of First Quarter 2023. Announcement • Jan 05
Contango Holdings plc, Annual General Meeting, Jan 30, 2023 Contango Holdings plc, Annual General Meeting, Jan 30, 2023, at 10:30 Coordinated Universal Time. Location: at 88 Wood Street, 13th floor EC2V 7DA London United Kingdom Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Chairman Roy Pitchford was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 28
Contango Holdings plc to Report Fiscal Year 2022 Results on Nov 30, 2022 Contango Holdings plc announced that they will report fiscal year 2022 results on Nov 30, 2022 Announcement • Sep 16
Contango Holdings plc Provides an Update with Respect to Developments Regarding the Thermal Coal At Lubu Contango Holdings Plc provides an update with respect to developments regarding the thermal coal at Lubu. Thermal Coal Strategy; The Company has in recent months received a number of unsolicited approaches from buyers of thermal coal (ranging from trading houses to industrial consumers) from Africa, Europe and Asia. In the last 12 months, itb is well documented that thermal coal prices have increased dramatically from approximately US$125 per tonne to US$450 per tonne due to the increased demand from energy displacement and severe shortage of supply due to closure of thermal coal mines. The Lubu deposit contains significant quantities of both coking and thermal coal and has a current NI 43-101 resource totalling more than 1 billion tonnes of coal. The Company has initially focused on extraction of coking coal from Block 2, given the seams have strong coking coal characteristics and thermal coal was historically seen as a by-product. At Block 2, it is expected that approximately 60% of coal extracted will be thermal coal, whilst 40% will be coking coal. The Company continues to focus on delivering the coking coal and coke development strategy outlined below, however, it believes it can create substantial additional shareholder value by also selling thermal coal internationally. The Company believes the development of thermal coal sales would only require modest capital costs, funded from internal cash flow, to increase the scale of operations and infrastructure whilst the cost of mining is negligible as the thermal coal is effectively a by-product of the coking coal mined. Given the thermal coal price movements and current interest expressed in the product, the Company is now exploring the feasibility of exporting thermal coal internationally via ports outside of South Africa (which no longer has export capacity). The Company anticipates that it will be able to deliver 10,000t of coking coal and 10,000t of thermal coal per month based on current capacity. Also, the Company believes it can expect to benefit from margins of US$100-150 per tonne on sales of thermal coal based on recent offtake discussions and in the current thermal coal pricing environment. The Company anticipates it can begin delivering thermal coal in H1 2023 subject to finalising transport and export routes. Coking Coal & Coke Development Scenario; The Company expects to commence first sales of washed coking coal under its existing initial 10,000 tonnes per month offtake agreement with AtoZ Investments (Pty) Ltd. ("AtoZ") by year end. Margins on this contract are expected to be at a base level of $70-80 per tonne, based on the Minerals Marketing Corporation of Zimbabwe ("MMCZ") market price of $120 per tonne, which itself has the potential for further uplift given current global benchmark pricing of circa US$340 per tonne. The Company is continuing to progress discussions with groups on the financing of coke batteries from pre-pay offtake agreements. The coke batteries will enable the Company to generate a higher value product and potential long-term margins of $350 per tonne (for further information please see RNS 14 June 2022). In the event that the Company does not secure financing for the coke batteries from these discussions, the cash flow from the sale of coking coal (and now potentially thermal coal) is expected to be sufficien t to fund any capital requirements. Announcement • Sep 07
Contango Holdings plc Announces Positive Results from Lubu Coking Coal and Coke Tests Contango Holdings Plc provided an update on its continuing coking coal and coke product tests. Test Results for Coking Coal and Coke In tandem with the ongoing mine construction and development, which remains on track for completion and first coal sales next quarter, the Company's technical team has undertaken further testwork on parts of the Lubu coking coal deposit. Tests were undertaken through a newly installed 1 tonne per hour test plant located on site, supplied and supervised by OneVision, the company that is currently installing the larger 100 tonne per hour throughput wash plant. An initial 60 tonnes have now been processed from the same horizon Lubu is to be initially mined from. This processing has confirmed that, after passing through the wash plant, the coking coal product is of excellent quality. The tests yielded the following results: An additional test was undertaken on 15kg of washed coking coal from both the NUTTS and PEAS sections. These were processed through a mini-coking test plant as a first determinant of how the coking coal would react when processed into coke. The coke results are better than expected, exceeding the Company's pre-test expectations. Particularly encouraging was the P% being less than 0.06%, the S% less than 0.5%, the ASH well within acceptable ranges and the Fixed Carbon above 80%. The Company remains in ongoing discussions with a number of potential coke offtake partners who have also reacted positively to this data and the characteristics of Lubu coking coal and coke products. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Chairman Roy Pitchford was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 30
Contango Holdings plc Commences Production at Lubu Coking Coal Project Contango Holdings Plc confirmed that production commenced at the Lubu site on 29 March 2022. Production is underway on Block 2, which was selected given the high-quality coking coal found at that location and its proximity to surface. Studies have defined an estimated 96Mt of coking coal within Block 2, which forms part of the broader Lubu complex, where an estimated 1.25 billion tonne Indicated and Inferred resource has been identified to NI 43-101 levels. The Company is targeting an initial stabilised mining rate of 5,000 tonnes per month. As previously reported, Contango will stockpile production during Second Quarter 2022 pending the installation of the wash plant in the same period, thereby providing sufficient feedstock to ensure continuity of supply. Work continues to prepare the site for the installation of the crushing unit, wash plant and associated infrastructure. Following the installation of the wash plant the Company expects to sell washed coking coal to regional buyers as well as exporting to South Africa, where the Company has held recent discussions with interested parties. Later in 2022 Contango expects to be able to capture the full value for its product by subsequently manufacturing coke at site for use in the steel and ferro-alloy industries. An initial smaller scale coke battery of 36,000 tonnes per annum has been sourced and a larger coke battery of 150,000 tonnes per annum is expected to be installed towards year end. Whilst sales prices are subject to offtake and future global pricing, the Company is confident that margins in excess of USD 300/tonne should be achievable based on ongoing discussions with potential off-takers. Announcement • Feb 16
Contango Holdings plc Reports Garalo-Ntiela Gold Project Update Contango Holdings Plc provided an update relating to operations at the 100%-owned Garalo-Ntiela Gold Project in Mali ('Garalo-Ntiela'). The combined Garalo-Ntiela Project covers an area of 161.5km2 and is in the department of Bougouni within the Sikasso region in southern Mali, 200km south-south-east of Bamako and close to the Guinea border. The project is surrounded by several multi-million-ounce gold deposits and the region is home to some of the gold miners, which has helped to establish Mali as the third gold producer in Africa. The Company believes that there is still room for improvement over and above this threshold as, in addition to G1 and G3 targets (the basis for 2Moz), numerous other clusters of anomalous zones with potential for gold discovery have been identified in both the Garalo and contiguous Ntiela permit area. With this background and given the excellent infrastructure in the vicinity, historical exploration, and the deposit's surface location, the Company believes that the project could support a processing hub, capable of supporting multiple open pit operations. Announcement • Jun 03
Contango Holdings Plc to Provide Summary of Recent Work Undertaken at the Garalo-Ntiela Gold Project Area ('The Project') in Southern Mali Contango Holdings Plc to provide a summary of recent work undertaken at the Garalo-Ntiela Gold Project Area ('the Project') in Southern Mali. The work programme was designed to assist in the Company's previously reported focus of fast tracking the Project into production by the end of 2021, as well as further increasing the understanding of the wider prospectivity of the licences. Given the focus on early production and cash generation, most of the exploration activities have centred on the Garalo permit, which has demonstrated potential for a 2Moz Resource. However, work on the more recently acquired Ntiela concession, has also continued to yield encouraging results with the intersection of two major structures already. Planned work programme: Aeromagnetics and airborne geophysics for the collection of magnetic and radiometric data - expected to commence in July 2021. 8,000m of RC drilling to further increase the resource and understanding of the orebody. Core will be sent for oxide /sulphide testing to support final design work for the initial low-cost early production plant. First production remains targeted for end 2021. The combined Garalo-Ntiela Project covers an area of 161.5km2 and is in the department of Bougouni within the Sikasso region in southern Mali, 200km south-south-east of Bamako and close to the Guinea border. The Project is surrounded by several multi-million-ounce gold deposits and the region is home to some of the gold miners, which has helped to establish Mali as the third large gold producer in Africa. An NI 43-101 Independent Technical Report delivered in March 2021 highlighted the potential for the Garalo to have up to 2Moz Resource. The Company believes that there is still room for improvement over and above this threshold as, in addition to G1 and G3 targets (the basis for 2Moz), numerous other clusters of anomalous zones with potential for gold discovery have been identified in both the Garalo and contiguous Ntiela permit area. With this background and given the excellent infrastructure in the vicinity, historical exploration, and the deposit's surface location, the Company aims to establish a processing hub in the region, capable of supporting multiple open pit operations targeting initial production of gold in Fourth Quarter 2021 in conjunction with an exploration programme including expansion drilling. Accordingly, as part of the exploration programme, Contango has completed a detailed regolith mapping exercise across both permits to gain a better understanding of the geology/structures of the area, as well as collecting key data like anomalous structural site, gold endowment, hydrothermal alteration, and mineralisation, and deep mantle related fertility indicators. The Company has also undertaken an interpretation exercise relating to historical data which has identified multiple new gold anomalies. To facilitate the exploration and development campaigns now gaining momentum at Garalo-Ntiela, a camp is being constructed capable of supporting up to 20 employees and contractors, along with a secure storage building for drill core. Ground clearance has now been completed at the selected site and the specialist camp buildings are due to be shipped from South Africa to Mali in the next 3 weeks. This camp will support a permanent presence on site at Garalo-Ntiela as work programmes intensify ahead of first production. These work programmes will begin with an aeromagnetics and airborne geophysics campaign and this will be followed by 8,000m of RC drilling. The over-arching strategy of this work is to better define the extents and characteristics of the orebody, considering the significant increase in resource quantum that is now contemplated at Garalo. As previously announced, the Company is advancing the development of a 30,000oz per annum heap leach operation from the shallow oxides given the high margins and low capex for its development. Given the increased resource potential highlighted in the NI 43-101 Independent Technical Report released in March 2021, the proposed drilling campaign is designed to complement this strategy and help realise and optimise the asset's full potential, as Contango looks to establish a large standalone gold mine with multiple open pit operations across both permit areas. Announcement • Mar 18
Contango Holdings plc Announces the Receipt of an NI 43-101 Independent Technical Report on the Garalo Gold Project Located in the Sikasso Region of Southern Mali Contango Holdings plc announced the receipt of an NI 43-101 Independent Technical Report on the Garalo Gold Project located in the Sikasso region of southern Mali, 200km south-east of the capital Bamako and close to the Guinea border. Garalo consists of an exploration licence for gold and associated minerals covering a surface area of 62.50 km² which is valid for two years and is renewable for another term of two years. The permit is surrounded by a number of multi-million ounce gold deposits and the region is home to some of the gold miners, including IAMGOLD, Barrick, B2 Gold, Endeavour Mining and Hummingbird Resources, which has helped to establish Mali as the third large gold producer in Africa. Announcement • Mar 07
Contango Holdings plc (LSE:CGO) acquired Ntiela Gold Project. Contango Holdings plc (LSE:CGO) acquired Ntiela Gold Project on March 5, 2021. The consideration paid involves a cash consideration of £0.35 million and the issuance of 4,000,000 new Ordinary Shares in Contango. The cash component will be paid in two instalments during 2021, whilst the shares will be issued during the second half of 2021 and will be subject to a 12-month lock up. Jonathan Evans of Brandon Hill Capital Limited acted as financial advisor to Contango Holdings plc (LSE:CGO).
Contango Holdings plc (LSE:CGO) completed the acquisition of Ntiela Gold Project on March 5, 2021 Announcement • Jan 31
Contango Holdings Plc Provides Lubu Coking Coal Project Update Contango Holdings Plc provided an update on recent and upcoming planned activities at the Lubu Coking Coal Project ('Lubu') in Zimbabwe. Despite the 30-day national lockdown that has been in place throughout Zimbabwe since 5 January 2021, Contango has been able to continue to advance Lubu, as mining is classified as an 'essential' industry by the Zimbabwean Government. The site was recently inspected by the Environment Management Agency ("EMA") following the camp site rehabilitation and access upgrades that have now been completed. A meeting with the Binga District Council ('BDC') has now been scheduled in early February 2021 to outline the two pit locations at Lubu ahead of pit development. This was originally expected to have taken place before the end of January 2021, however given the national lockdown, representatives are now expected within the next two weeks, in line with the proposed start-up timetable. Contango expects to finalise its discussions with the proposed mining contractor imminently ahead of opening the two pits at Lubu in February 2021. This will be a significant milestone for Contango and will enable ongoing coking coal offtake discussions to be finalised. In addition, it will allow the requested bulk samples, which will provide first revenues from Lubu to Contango, to be delivered to a number of multi-national companies who are assessing the viability of constructing coke plants at Lubu. As previously reported, the manufacture of coke at site would provide a significant boost to the value of the product generated at Lubu, which is already considered to be highly valuable. Announcement • Jan 30
Contango Holdings plc, Annual General Meeting, Feb 22, 2021 Contango Holdings plc, Annual General Meeting, Feb 22, 2021, at 11:00 Coordinated Universal Time. Location: 25 Green Street, London United Kingdom Announcement • Dec 30
Contango Holdings plc Updates on Operations At Its Lubu Coking Coal Project Contango Holdings Plc provided a brief update on operations at its Lubu Coking Coal Project in Zimbabwe and the Garalo Gold Project in Mali. The Binga Camp, the base of operations for the first phase of development of Lubu, has been successfully rehabilitated over the last month, including upgrades to access. The Company can advise it consequently expects to be able to open the pit next month. This will be a material event for Contango, helping finalise ongoing offtake discussions for coking coal. In addition, several multi-national companies have requested significant bulk samples, which will also provide short-term revenue to the Company, to enable them to assess the viability of constructing coke plants at Lubu. The manufacture of coke at Lubu would command a significantly higher price than the Company's coking coal, which is already considered to be highly economic. A comprehensive update on Lubu is expected to be provided next month once the pit is open. Following the release of an Independent Technical Report on Garalo, which saw the potential gold resource increase by +460% to 1.8Moz, both in-house and external geologists have continued with further assessment of the deposit. Whilst this has been focused principally on the identified resource within the Report, additional works have also been undertaken on some of the potential targets identified in the Report, outside of the potential resource envelope, with some highly encouraging results. This work is on-going and the Company will provide a further update next month. Announcement • Dec 16
Contango Holdings plc Announces Resource Potential At Garalo Contango Holdings Plc announced the receipt of an Independent Technical Report on the Garalo Gold Project located in the Sikasso region of southern Mali, 200km south-east of the capital Bamako and close to the Guinea border. The permit is surrounded by a number of multi-million ounce gold deposits and the region is home to some of the world's gold miners, including AngloGold Ashanti, IAMGOLD, Barrick, B2 Gold, Endeavour Mining and Hummingbird Resources, which has helped to establish Mali as the third large gold producer in Africa. As announced on 19 October, Garalo is an advanced discovery and has a non-independent resource of 320Koz Au at an average grade of 1.5g/t across three dominant structural trends. Garalo has been subject to the following work to date: regolith mapping and interpretation; soil geochemistry; airborne magnetic and radiometric surveys; over 900 drill holes, which have returned grades of up to 43g/t. To date, drilling has focused on the G1A and G3 targets, which cover a relatively small footprint of the licence and remain open along strike, indicating further resource upside. The Report was conducted by Birima Gold Resources Consulting ('Birima), an international mineral exploration consulting company with significant experience in West Africa, ranging from grassroots to mine-site exploration and mineral deposit expansion. Specialisms include gold exploration and management of all aspects of mineral exploration programmes from data compilation and project design through to all levels of implementation and management. Birima's principal geologists are members of The Australasian Institute of Mining & Metallurgy (AuSIMM) (Membership Number 316918) and collaborate with other professional geologists with specific expertise to produce 43-101 Mineral Resource Estimates (Azimuth Consulting SARL) and are qualified to write National Instrument 43-101 Technical Reports. Announcement • Oct 20
Contango Holdings plc (LSE:CGO) signed an agreement to acquire 75% of the Garalo Gold Project for $1 million. Contango Holdings plc (LSE:CGO) signed an agreement to acquire 75% of the Garalo Gold Project for $1 million on October 19, 2020. $0.1 million paid as upfront payment and the balance of the acquisition cost, being $0.9 million, falls due in February 2021. The vendor will retain 25% stake of Garalo Gold Project. The vendor's interest is not free carried and will dilute in the event the vendor does not provide his pro rata contribution to the development of Garalo. In conjunction with the acquisition the Contango has raised $2.33 million in order to fund the project. Jonathan Evans of Brandon Hill Capital Limited acted as financial advisor for Contango Holdings 
