Cantor Fitzgerald analyst Mike Kozak reiterated a Speculative Buy rating on Contango ORE. The analyst raised the one-year price target to $32.00. This represents an increase from the previous $30.00 target. The new target implies a potential 86% return.
The revision follows a July 6 announcement that Contango converted its remaining gold hedge contracts into debt. This move leaves the company fully unhedged. Contango can now capitalize directly on spot gold price movements.
Kozak also expects materially higher gold grades at the Manh Choh mine starting in 2027. Kinross operates the Manh Choh project.