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Contango Updates 2026 Drilling Progress, Permitting Advances, and Hedge Settlement

Jun 23, 2026, 8:04 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Concrete near-term catalysts include FAST-41 permitting progress, surface drilling results, and a late-July MRE update; hedging completion reduces downside exposure and could lift cash-flow visibility. Positive assay results or faster-permitting timelines could cue a re-rating, while delays would temper upside.

AI summary

What happened, with direct paths to the underlying reporting

Contango provided updates on its 2026 programs across Lucky Shot, Johnson Tract, and Kitsault Valley, highlighting drilling start at Lucky Shot (6,800m across 29 holes) and FAST-41 permitting progress at Johnson Tract that could unlock a 2027 underground tunnel. Kitsault Valley continues with 14,000m drilled toward a late-July MRE release, while hedge settlements reduce 2026 exposure.

Lucky Shot starts; 29 holes across 5 platforms (~6,800m).
Johnson Tract permitting advances under FAST-41; six actions completed.
Kitsault Valley drilled 14,000m of 40,000m plan; MRE due July.
Hedge: 11,000 oz for 2026 delivered; 15,000 oz due H1 2027.
Conference call scheduled for June 24, 2026 (3pm EST).

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