Latest news with #MikeClark
Yahoo
16-05-2025
- Business
- Yahoo
Contango Ore Inc (CTGO) Q1 2025 Earnings Call Highlights: Strategic Moves Amidst Market Challenges
Release Date: May 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Contango Ore Inc (CTGO) recorded $19 million in income from operations, including $22.3 million in equity income from the Peak Gold JV. The company sold over 17,000 ounces of gold with an additional 3,800 ounces in recoverable inventory. Contango Ore Inc (CTGO) completed the quarter with $35 million in cash and increased marketable securities to about $4 million. The company made significant principal repayments, reducing the facility balance to $30 million. Contango Ore Inc (CTGO) has started delivering into July hedges, with about 2,800 ounces delivered so far. Contango Ore Inc (CTGO) recorded a net loss of $22.5 million for the quarter, primarily due to an unrealized loss of $40.5 million related to hedge contracts. The company's cash costs were $1,334 per ounce of gold sold, with an all-in sustaining cost (AISC) of $1,374 per ounce. The AISC is expected to increase in later quarters due to sustaining capital expenditures and a $5.7 million exploration drill program. The hedge liability increased due to rising gold prices, although the company has implemented a carry trade to manage this. The company is still facing weight restrictions on a bridge, affecting transportation logistics. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Q: Can you provide more details about the carry trade and hedge delivery schedule? A: Mike Clark, CFO: The carry trade allows us to sell gold at spot prices as shipments occur, using proceeds to pay the JV for the gold and later settle the hedge in cash with lenders. We started the quarter with 86,000 ounces of hedges and ended with the same, but the carry trade effectively reduced it to just below 75,000 ounces. As of today, it's closer to 71,000 ounces. Q: Where did the Onyx shares come from that are now worth $5 million? A: Mike Clark, CFO: We acquired 5 million shares of Onyx, initially valued at around $500,000 to $600,000. They were worth $900,000 at the end of the quarter and are now valued at about CAD 5 million. Q: Can you discuss the dismissed lawsuit and its implications? A: Rick Van Nieuwenhuyse, CEO: The lawsuit by Citizens for Safe Communities aimed to halt our truck haul program. It was pending for nearly two years, with most arguments dismissed by the court. The final argument was settled without prejudice, which is positive for our project and mining in Alaska. Q: What are the capital allocation priorities for the remainder of this year? A: Rick Van Nieuwenhuyse, CEO: Our focus is on paying down debt, delivering into hedges, and reviewing our budget. We aim to ensure sufficient cash for our main business, including permitting Johnson Tract and considering a drill program at Lucky Shot. Q: How does Contango balance the benefits of spot prices against hedge obligations? A: Mike Clark, CFO: We are selling 30% of gold at spot prices and 70% into hedges. Our focus is on delivering into hedges and managing carry trades to maintain a 70/30 ratio. By year-end, we aim to have 43,000 ounces in hedges and reduce debt to $15 million. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Contango Ore Inc (CTGO) Q1 2025 Earnings Call Highlights: Strategic Moves Amidst Market Challenges
Release Date: May 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Contango Ore Inc (CTGO) recorded $19 million in income from operations, including $22.3 million in equity income from the Peak Gold JV. The company sold over 17,000 ounces of gold with an additional 3,800 ounces in recoverable inventory. Contango Ore Inc (CTGO) completed the quarter with $35 million in cash and increased marketable securities to about $4 million. The company made significant principal repayments, reducing the facility balance to $30 million. Contango Ore Inc (CTGO) has started delivering into July hedges, with about 2,800 ounces delivered so far. Contango Ore Inc (CTGO) recorded a net loss of $22.5 million for the quarter, primarily due to an unrealized loss of $40.5 million related to hedge contracts. The company's cash costs were $1,334 per ounce of gold sold, with an all-in sustaining cost (AISC) of $1,374 per ounce. The AISC is expected to increase in later quarters due to sustaining capital expenditures and a $5.7 million exploration drill program. The hedge liability increased due to rising gold prices, although the company has implemented a carry trade to manage this. The company is still facing weight restrictions on a bridge, affecting transportation logistics. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Q: Can you provide more details about the carry trade and hedge delivery schedule? A: Mike Clark, CFO: The carry trade allows us to sell gold at spot prices as shipments occur, using proceeds to pay the JV for the gold and later settle the hedge in cash with lenders. We started the quarter with 86,000 ounces of hedges and ended with the same, but the carry trade effectively reduced it to just below 75,000 ounces. As of today, it's closer to 71,000 ounces. Q: Where did the Onyx shares come from that are now worth $5 million? A: Mike Clark, CFO: We acquired 5 million shares of Onyx, initially valued at around $500,000 to $600,000. They were worth $900,000 at the end of the quarter and are now valued at about CAD 5 million. Q: Can you discuss the dismissed lawsuit and its implications? A: Rick Van Nieuwenhuyse, CEO: The lawsuit by Citizens for Safe Communities aimed to halt our truck haul program. It was pending for nearly two years, with most arguments dismissed by the court. The final argument was settled without prejudice, which is positive for our project and mining in Alaska. Q: What are the capital allocation priorities for the remainder of this year? A: Rick Van Nieuwenhuyse, CEO: Our focus is on paying down debt, delivering into hedges, and reviewing our budget. We aim to ensure sufficient cash for our main business, including permitting Johnson Tract and considering a drill program at Lucky Shot. Q: How does Contango balance the benefits of spot prices against hedge obligations? A: Mike Clark, CFO: We are selling 30% of gold at spot prices and 70% into hedges. Our focus is on delivering into hedges and managing carry trades to maintain a 70/30 ratio. By year-end, we aim to have 43,000 ounces in hedges and reduce debt to $15 million. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-04-2025
- Politics
- Yahoo
House approves Indigenous Peoples' Day
The Montana State Flag and tribal flags fly in front of the Montana State Capitol in Helena on Wednesday, April 26, 2023. (Photo by Mike Clark for the Daily Montanan) Montana will soon have a new holiday on the books, after the House approved of Senate Bill 224 to add Indigenous Peoples' Day to the list of legal state holidays. The House on Wednesday passed the bill 87-12, establishing the holiday to be celebrated on the second Monday of October, in addition to recognizing Columbus Day the same day. 'The day has morphed into something to recognize everyone. Always going to be a strong presence of Montana Indians, but this effort is trying to incorporate and include everyone,' said Rep. Tyson Running Wolf, D-Browning, who carried the bill in the House. 'It's a day that celebrates the ancestral lineage of all Montanans, again, all Montanans. 'And it's a day that is shaped and molded by each community and how that community wants to celebrate each other. So this bill gets away from eliminating a holiday and simply gives Montanans the option to celebrate what they prefer on the second Monday in October.' Attempts to recognize Indigenous Peoples' Day in previous sessions were unsuccessful, partially due to some versions of legislation eliminating Columbus Day completely. The current version of the bill passed the Senate in February with just three opponents. The co-celebration of the two holidays in October is done in Rhode Island, Nebraska and Alabama, while four states and Washington, D.C., have established Indigenous Peoples' Day as a standalone state holiday. Running Wolf said in the committee hearing many Montanans came and shared stories about their backgrounds — some Native, some from other parts of the world. One man with Irish heritage came in and spoke the Irish language, sharing its meaning to his own history. 'And it was beautiful. And we celebrated it all together,' Running Wolf said. '… What we heard in the hearing is that people want to learn about each other and the rich heritage that so many Montanans bring to Montana.' During floor debate, Rep. Ed Byrne, R-Bigfork, introduced an amendment to change the order of holidays in the bill, to make Columbus Day listed first to maintain 'its precedence of establishment.' Running Wolf said his biggest concern was that it would delay the process by sending the bill back to the Senate and cost more taxpayer money. The amendment failed to pass 27-70. 'Indigenous Peoples' Day is a testament to our shared history values as Montanans, it celebrates the collaborative efforts to the stewards of our land, educates us about the profound knowledge and contributions of all Montana communities, and highlights our shared strength and responsibility,' Running Wolf said. 'By honoring this day we take pride in our past, foster a deep understanding of all Indigenous entities and work together protect our cherish holiday heritage for future generations.' The bill made one additional change to recognized state holidays by updating 'Lincoln's and Washington's Birthdays' to 'Presidents' Day.'
Yahoo
28-03-2025
- Business
- Yahoo
Montana legislators scrutinize budget, strategize, in face of federal appetite for cuts
The Montana State Capitol in Helena on Wednesday, April 26, 2023. (Photo by Mike Clark for the Daily Montanan) It's a lot of money — $7.3 billion. Those are the federal dollars accounted for in the main budget bill for the state of Montana, nearly half of the $16.4 billion total for the next biennium. Now, some of those dollars might be at risk, or at least subject to stricter scrutiny. President Donald Trump, newly sworn into a second term, has embarked on an aggressive plan to cut federal spending with help from billionaire Elon Musk and DOGE, the Department of Government Efficiency. Montanans have already seen some results — both praised and criticized. Supporters see red tape slashed and less bureaucracy ahead, but others see dollars for food banks disappearing, U.S. Forest Service workers laid off, and closed bathrooms on federal lands. In the meantime, the 2025 Montana Legislature is in session, and lawmakers are combing through billions of dollars in House Bill 2, the big budget bill, along with statutory appropriations. So what happens to the state budget if federal dollars to Montana start drying up? 'I don't want to speak too soon, but I definitely think that we might have to come back for a special session, because you can't craft a budget when a large percentage of it is dependent on those federal dollars,' said Rep. Donovan Hawk, D-Butte, at a recent press availability. He and other Democrats said they'd like to have more open discussions to plan ahead for federal cuts and even a possible downturn in the economy. In the meantime, Republican Chairman of House Appropriations Llew Jones said he'd like to squirrel away reserves — a strategy he said can be controversial because some people would rather spend the dollars on social services. Jones, of Conrad, also said he's planning to put 'triggers' in legislation to bring the Legislative Finance Committee back to Helena for closer budget scrutiny if changes in Washington, D.C., meet certain thresholds and become more than just 'noise.' 'I would like to not run red ink,' Jones said. Gov. Greg Gianforte's office did not respond to an email about how the cuts at the federal level might affect the way the governor is thinking about the budget. However, Jones said the separate finance teams for the governor and the legislature have a good working relationship — not always in agreement, but not adversarial — and will communicate about any hardships. He said it may be that the budget for the current biennium ends up skirting any emergency, and the 2027 legislature ends up dealing with a drop in federal dollars. So a special session isn't a given, although legislators such as Sen. Carl Glimm, R-Kila, have sounded warning bells about the possibility, specifically related to Medicaid expansion. Federal money currently pays for 90% of Medicaid expansion, a program set to continue in Montana with a bill signed this week by Gianforte. 'We're going to be back here, and I'm going to tell you, 'I told you so,'' said Glimm during an earlier debate. Federal dollars account for different portions of the budget for different agencies. They're a big chunk of the budget of the Department of Public Health and Human Services' budget — an estimated $4.7 billion out of $7 billion for the biennium as proposed in the governor's budget. That's an estimated 67%. At a recent press availability, Rep. Mary Caferro, D-Helena, said one concern she has is that the rules for balancing the budget don't include doing so without cutting things like health services. Caferro said the state has plenty of money, and in the meantime, the Trump administration has been unpredictable, and she'd like to see preparations. Federal dollars from the Covid-19 pandemic buoyed the state budget, but only temporarily. 'This sugar high, as they call it when they talk about human services stuff, is not going to last forever,' Caferro said. She said a bill she's sponsoring calls for a Medicaid stabilization fund and would help on one front. House Bill 880, scheduled to be heard Monday in House Appropriations, would capture any excess money from the state for Medicaid that the health department didn't use, Caferro said. Usually, she said, that unused money goes back to the general fund, but HB 880 would set it aside and allow the governor to tap it to avoid cuts if needed. Jones said protecting the health department is one reason he would like to ensure the state has adequate reserves, and in multiple places. He said lots of money goes to education, but the state can't cut a teacher's salary halfway through the year, and some constitutional protections apply. '(But) nothing says that you can't cut provider rates. That just sucks to be you,' Jones said of the situation he wants the state to avoid. The most recent special session took place in 2017, and the Montana Budget and Policy Center said the health department experienced some of the deepest cuts. 'The loser, when you run in red ink, is DPHHS,' Jones said. 'It will be again if there's not reserves.' Federal dollars are a smaller part of other agencies' budgets. For example, they're just 5% for the Montana University System, albeit still $37 million. 'The Federal Special Revenue funds authorized in HB 2 cover programs like GEAR UP, Perkins and TRiO programs,' said Galen Hollenbaugh, spokesperson for the Office of the Commissioner of Higher Education, in an email. GEAR UP stands for Gaining Early Awareness and Readiness for Undergraduate Programs. According to the Montana University System, the grant serves students in 7th through 12th grades to improve high school graduation and college enrollment rates, and it will have served 8,800 students altogether, including 5,800 Native American students, in its duration. Perkins supports career and technical education, and TriO helps first generation, low-income or disabled students. At the Department of Environmental Quality, federal dollars make up an estimated 37%, or $52.9 million of $143.9 million, based on the governor's proposed budget for the biennium. As proposed, federal funds account for 9% of the Department of Justice budget, $31 million out of $338 million for the same period. At the Office of Public Instruction, federal money for the biennium is $368.7 million, or about 13.6%. At a recent press availability, Rep. Eric Matthews, D-Bozeman, said legislators received assurances from OPI that funding streams for education remain intact in Montana for the moment, but he said uncertainty exists. Even though the money from the federal government isn't 'a hugely significant portion' of the overall education budget, Matthews, who is a teacher, said schools already are behind due to inflation, and they're already having a hard time hiring teachers and support staff. He said cuts could make it more difficult to keep up with inflation and hire educators. Federal dollars fund special education, and he said it would be hard to provide services to students with IEPs, or Individualized Education Plans. 'It would just open up all sorts of potential for lawsuits from parents,' Matthews said. 'The worst-case-scenario is pretty scary.' Earlier this month, Superintendent of Public Instruction Susie Hedalen said the Trump administration has assured her the money that's supposed to flow to Montana will continue to be sent to the state. Senate President Matt Regier, R-Kalispell, said the budget started with a $552 million cushion. But the governor proposed a 'very healthy' budget, he said. If legislators approve a big tax cut and 'seismic shifts' take place at the federal level, he could see the need to hit the 'reset button' in a special session. 'In the big picture, change flips pretty darn quick,' Regier said at a press availability this week. The triggers that Jones is working on would call for additional Legislative Fiscal Committee meetings if Congress passes a law or the president signs an executive order that means income from the feds hits a certain problematic threshold or the general fund runs into trouble. That way, he said, lawmakers can figure out if they can work through it in the moment, if they need to have a special session, or if they can hold off until the next regular session, starting in January 2027. To try to keep the budget steady, Jones also said he's a 'reserve freak,' although he said some legislators in his party disagree with his approach and would rather see spending decrease if federal money dries up. He said a sizable portion of state income is volatile, 70% from income tax, so to him, that means setting more aside. 'The more variable you make it, the more reserves I want, because the more it gets reactive to recession,' Jones said. To prepare, he said he requests support from the Legislative Fiscal Division: 'I want you to model the amount of money we need to keep on hand to survive a 20-year recession without slashing and burning everything.' Jones said it means roughly three to six months of income, similar to what a financial manager will tell a household. For the state, though, it's $1.2 billion, and he said some criticism comes with that high amount. 'They say, 'Geez, you're keeping $1.2 billion in reserve. How dare you?' Well, we're a big budget,' Jones said.
USA Today
22-03-2025
- Business
- USA Today
'Ewww:' Is AOL yellow now? Users poke fun at new color scheme that ditched classic blue
'Ewww:' Is AOL yellow now? Users poke fun at new color scheme that ditched classic blue AOL's recent transformation has not gone unnoticed. AOL ditched its classic blue interface, opting for a bright yellow color scheme on its app. It's not immediately clear when the New York-based web portal and online service provider made the change, but it happened. And many who still use AOL aren't all that thrilled. "I've been a loyal @AOL user since the 90s. Most of my jr high girl drama was carried out over AIM. I've stuck with them even when people give me a hard time about it," Ashlee Hightower wrote in a Monday X post. "But AOL changing the color scheme of their app to yellow might be my jumping off point." Though the majority of AOL users who voiced their thoughts about the change on social media were anti-yellow, one AOL user does "love" the yellow. "It seems as though 80% of my apps are blue - the new AOL logo sticks out like a sore thumb," Mike Clark wrote on X Tuesday. Well done. *and yes - I still have AOL." Apollo Global Management, a private equity firm that purchased AOL from Verizon, did not immediately respond to USA TODAY's request for comment about the color scheme change on Friday. AOL users react to sudden color scheme change on social media Though the logic or motivation behind AOL's new look isn't clear, the move may have been a nod to the retired "yellow running man" that defined the AOL brand through the mid 2000s, online publication Distractify reported. JoRoan Lazaro, then-creative director at The Martin Agency in New York and AOL's logo designer, told The Atlantic in 2014 that the inspiration behind the memorable "yellow running man" came from 1940s and '50s postwar American logos and trademarks. "If you go back to '40s and '50s logos and trademarks, you'll see that there's actually quite a few men that were used − a silhouette that either had curved legs or angular legs and a round head, in addition to the ones that looked quite a bit more stylized or looked really, really human," Lazaro told the publication. "The running man was really inspired by those." The "yellow running man" was officially retired in 2017. Current AOL users do not seem to have noticed the connection between the old logo and the new color scheme. See what some AOL users have said about AOL's new look on social media. What is AOL? AOL, previously known as America Online, was a computer service company turned internet service provider that got its start in 1985, Time reported. Eight years later, AOL introduced its own version of electronic mail services, email addresses, a Windows version and access to the rest of the Internet for its users. By 2000, it was the nation's biggest internet provider and worth $125 billion, later merging with Time Warner, according to reporting by Time. AOL and Time Warner split by 2009 as a result of financial strain from slowing subscriber growth and declining ad revenue, Time reported. "For me, watching AOL over the last ten years has been hard because in the 90s it really was the dominant company that helped define the internet for so many people, helped bring so many people online for the first time but it's been a struggle," AOL co-founder Steven Case said in a 2010 interview. AOL continued to "chug along," making money off of its dial-up business and through the acquisition of media properties like the Huffington Post in 2011, Time reported. Verizon purchased both AOL and search engine Yahoo four years later. AOL and Yahoo are now owned by private equity firm Apollo Global Management.
