Contango Drops Freshly Ratified Auditor Six Days After Shareholder Vote
Post Merger Transition
Company Background
Contango Silver & Gold Inc. is a dual-listed gold and silver producer formed when Contango ORE, Inc. completed a merger-of-equals with Dolly Varden Silver Corporation on March 26, 2026. The combined company trades on the NYSE American and, since April 13, 2026, on the Toronto Stock Exchange under the same ticker, CTGO. Its primary income engine is a 30% stake in the Peak Gold joint venture at the Manh Choh mine in Alaska, operated by a Kinross Gold subsidiary, which generated $102 million in cash distributions to Contango in 2025. The company also holds three wholly-owned development-stage projects: Lucky Shot and Johnson Tract in Alaska, and the Kitsault Valley silver-gold complex in British Columbia — the latter acquired through the Dolly Varden merger.
Financially, Contango has been in strong shape. For fiscal 2025 it reported adjusted net income of $73 million and ended the year with $64.8 million in unrestricted cash, which grew to $97.5 million by March 31, 2026, after a $50 million equity offering in February. Debt has been reduced aggressively, from roughly $68 million at the start of 2025 to $13.6 million as of the first quarter of 2026. Management has guided to full debt elimination and full hedge elimination by year-end 2026, setting up a higher-production 2027 as Manh Choh sequences into its higher-grade South Pit.
What Was Disclosed
Contango's Audit Committee dismissed Baker Tilly US, LLP as the company's independent registered public accounting firm on June 24, 2026, simultaneously appointing BDO Canada LLP to serve for fiscal year 2026 and related interim periods. The company disclosed no disagreements with Baker Tilly on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure during fiscal years 2024 and 2025 or the subsequent interim period through the dismissal date. There were also no reportable events under Item 304(a)(1)(v) of Regulation S-K. Baker Tilly's audit reports on the company's 2024 and 2025 consolidated financial statements contained no adverse opinions, no disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.