MeritValue

Contango Silver & Gold Inc.

CTGOdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Contango Silver & Gold Inc. earns about -48% on invested capital, but has diluted owners by 92% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2023FY 2024FY 2025
Revenue—————
Net income−$23.5M1−$39.7M2−$59.1M2−$38M3−$36.1M3
Operating cash flow−$13.9M4−$14.7M5−$13.6M5$698,9876$25.7M6
Capital expenditure$43,9897$07———
Free cash flow (derived)−$14M4−$14.7M5———
Total debt$19.3B8$25.5B8$89.4M9$137.9M10$67.7M10
Cash & equivalents$23.1M11$11.6M11$15.5M12$20.1M13$64.8M13
Diluted shares6.7M7.1M8.3M10.9M12.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$19.45
your share of equity
Profit it earned you last year
−$27.97
Free cash flow it threw off
—
Debt you’d be carrying
$52.48

10 shares is a claim on $19.45 of net worth that earned you −$27.97 last year, against $52.48 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-48% avg · 5y
FY22 -0%FY23 -0%FY23 -83%FY24 -33%FY25 -123%

It earned an average -48% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+92% shares · 5y

Share count is up 92% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0001437749-23-025785 (NetIncomeLoss)
  2. 10-K · period ending 2023-06-30 · accession 0000950170-25-039841 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-107141 (NetIncomeLoss)
  4. 10-K · period ending 2022-06-30 · accession 0001437749-23-025785 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-06-30 · accession 0000950170-25-039841 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-107141 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-06-30 · accession 0001437749-23-025785 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-06-30 · accession 0001437749-23-025785 (LongTermDebtNoncurrent)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-039841 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-107141 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-06-30 · accession 0001437749-23-025785 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-039841 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-107141 (CashAndCashEquivalentsAtCarryingValue)