Contango ORE, Inc. has reported its financial results for the quarter ended March 31, 2025. The company announced a total income from operations of $19.3 million for Q1-2025, a significant improvement from the loss of $2.9 million reported in Q1-2024. Despite this increase in operational income, Contango reported a net loss of $22.3 million for Q1-2025. This loss includes a non-cash expense of $40.5 million due to an unrealized loss on derivative contracts. During Q1-2025, Contango sold 17,382 ounces of gold with cash costs of $1,334 per ounce and all-in-sustaining costs of $1,374 per ounce. The company's unrestricted cash position as of March 31, 2025, was $35.0 million, up from $20.1 million as of December 31, 2024. Notably, the Manh Choh project reported significant production results, with Contango's share at 17,382 ounces of gold sold and 12,770 ounces of silver sold. The company also reported total gold sales amounting to $51.2 million and silver sales of $0.4 million. Additionally, the hedge balance, including the Carry Trade, stood at 74,800 ounces of gold. The company continues to deliver gold into hedge contracts, aiming to reduce the remaining hedge balance further.