Contango Silver & Gold Inc 2025年度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-KցANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For fiscal year ended December 31, 2025ORտTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-35770CONTANGO ORE, INC.(Exact name of registrant as specified in its charter)Delaware27-3431051(State or other jurisdiction ofincorporation or organization)516 2nd Avenue, Suite 401Fairbanks, Alaska(Address of principal executive offices)(IRS EmployerIdentification No.)99701(Zip Code)(907) 388-7770(Registrant’s telephone number, including area code)Securities registered pursuant to Section12(b) of the Act:Title of each classTrading symbol(s)Name of each exchange on which registeredCommon Stock, $0.01 par valueCTGONYSE AmericanSecurities registered pursuantto Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesտNoց Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YesտNoց Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesցNoտ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesցNoտ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerտAccelerated filerտNon-accelerated filerցSmaller reporting companyցEmerging growth companyտ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.տ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.տ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).տ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesտNoց As of June 30, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates (based upon the closing sale price of such common stock as reportedon the NYSE American) was $395,263,918. As of March 16, 2026, there were 16,821,321 shares of the registrant’s common stock outstanding. Documents Incorporated by Reference The information required by Items 10, 11, 12, 13 and 14 of Part III has been omitted from this report and is incorporated by reference from the registrant's proxy statementor will be included in an amendment to this Annual Report on Form 10-K, to be filed not later than 120 days after the close of its fiscal year. CONTANGO ORE, INC.ANNUAL REPORT ON FORM 10-KFOR THE PERIOD ENDED DECEMBER 31, 2025TABLE OF CONTENTS PageItem 1.BUSINESS5Item 1A.RISK FACTORS8Item 1B.UNRESOLVED STAFF COMMENTS16Item 1C.CYBERSECURITY17Item 2.PROPERTIES17Item 3.LEGAL PROCEEDINGS52Item 4.MINE SAFETY DISCLOSURES53Item 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERSAND ISSUER PURCHASES OF EQUITY SECURITIES54Item 6.RESERVED54Item 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS55Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK61Item 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA61Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE61Item 9A.CONTROLS AND PROCEDURES61Item 9B.OTHER INFORMATION62Item 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS62Item 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE63Item 11.EXECUTIVE COMPENSATION63Item 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT ANDRELATED STOCKHOLDER MATTERS63Item 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORINDEPENDENCE63Item 14.PRIN