Silver Hits $63: CTGO’s Top 10 Catalysts for 2026
Silver has just hit a new all-time high this morning of $63 per oz!
Contango ORE (CTGO)’s Top 10 Catalysts for 2026
Why CTGO Is Transforming into North America’s Next High-Grade, High-Margin Mid-Tier Silver/Gold Producer
2026 is setting up to be the most important year in Contango ORE (CTGO)’s history. For the first time ever, CTGO will control multiple ultra-high-grade silver and gold districts across both Alaska and the Golden Triangle, while also generating an estimated $100+ million per year in free cash flow from its Manh Choh DSO operation.
Most investors still have no clue how dramatically CTGO’s fundamentals are about to improve over the next 12 months. Below are 10 major catalysts for 2026 that could drive a powerful re-rating.
1) Massive Dolly Varden Silver Resource Update
Dolly Varden has completed over 200,000 meters of drilling that has not yet been incorporated into its NI 43-101 resource. The 2026 update is expected to:
- Dramatically increase total ounces.
- Upgrade a large portion of ounces into the indicated category.
- Increase silver-equivalent grades on a consolidated basis.
This could reposition Kitsault Valley as one of the highest-quality undeveloped silver districts in North America (ex-Mexico) and may help trigger an estimated $50+ million of forced ETF buying.
2) Kitsault Valley PEA Using the DSO Model
In 2026, the company plans to deliver a new PEA for the Kitsault Valley Project using Contango’s proven Direct Shipping Ore (DSO) model. Because no on-site mill or tailings facility is required:
- Permitting can be much faster and simpler.
- Capex is dramatically reduced.
- Environmental footprint is minimized.
- Projected IRRs can be extremely high due to grade and logistics.
Kitsault Valley has the potential to become CTGO’s first major primary silver producer and could realistically move into production before Johnson Tract.
3) Lucky Shot: 18,000m Drill Program & Resource Growth
CTGO is currently undertaking an approximately 18,000-meter drill program at Lucky Shot, targeting:
- 400,000–500,000 ounces of high-grade gold along a known mesothermal vein.
- Resource definition sufficient to support a DSO mining scenario.
The goal is to outline a mine plan capable of producing 30,000–50,000 ounces of gold per year, potentially beginning as early as 2027, very similar to CTGO’s Manh Choh trucking model.
4) Manh Choh Free Cash Flow Inflection as Hedges Roll Off
CTGO’s joint-venture Manh Choh mine is already producing gold via the DSO model, with ore trucked to Kinross’s Fort Knox mill. As legacy hedge contracts roll off, CTGO expects its share of revenue to rise by approximately 70% at current gold prices, making it:
- One of the highest-margin junior gold producers in North America.
- Self-funded for all exploration and development initiatives.
5) Johnson Tract FAST-41 Permitting Momentum
Johnson Tract is a high-grade, polymetallic gold–silver–zinc–copper–lead deposit located on private Alaska Native corporation land and now benefits from FAST-41, the U.S. federal permitting coordination program.
In 2026, key milestones are expected to include:
- Advancement of road access and infrastructure planning.
- Ongoing resource expansion drilling.
- Progress toward a permitting framework targeting production around 2030.
At $4,000 per oz gold, Johnson Tract’s after-tax NPV is estimated to be US$615.4 million. This does not include the Ellis Zone where CTGO intercepted 577 g/t gold over 6.44m.
6) 70,000+ Meters of Combined Annual Drilling
The merged company is expected to become a constant newsflow machine, with ongoing drilling across:
- Lucky Shot (Alaska).
- Kitsault Valley (Golden Triangle, BC).
- Johnson Tract (Alaska).
Management has discussed a combined target of at least 70,000 meters of drilling per year, with an emphasis on high-grade step-outs and resource expansion that could drive a series of major discovery headlines throughout 2026.
7) Dual Listing Uplift: NYSE American + TSX Main Board
Following the merger, CTGO will trade on both the NYSE American and the TSX main board. Combined trading is expected to average roughly $9 million per day in dollar volume, dramatically improving liquidity.
This enhanced profile increases CTGO’s eligibility for inclusion in major silver and gold mining indices and ETFs, further amplifying buying pressure during a bull market.
8) First-Time High-Grade Silver Leverage
Historically, CTGO was almost purely a gold story. The combination with Dolly Varden transforms CTGO into a high-grade silver & gold hybrid with:
- Primary silver grades often in the 300–1,400 g/t range.
- Meaningful gold credits that boost silver-equivalent grades even further.
Silver typically outperforms gold by 2–3x during strong bull legs, giving CTGO a powerful new torque to rising precious metal prices.
9) Deep Institutional & Strategic Shareholder Base
The merged company unites two completely different but complementary shareholder bases, with virtually no overlap prior to the transaction. Major institutions backing the story include:
- Fidelity
- Franklin Templeton
- BlackRock
- Hecla Mining
- Fury Gold
- Eric Sprott
This dramatically strengthens CTGO’s capital markets profile and provides a strong foundation for future growth, financings, and potential acquisitions.
10) A True M&A Platform for the Next Decade
Management has been very clear that this merger is only the beginning. CTGO is being positioned as a platform for ongoing accretive acquisitions targeting ultra-high-grade, DSO-compatible deposits in safe jurisdictions.
With:
- Strong free cash flow from Manh Choh,
- A rapidly growing silver and gold resource base,
- A tight share structure on the order of only ~31 million shares,
- And dual-listed, index-eligible liquidity,
CTGO is being positioned to evolve from a successful junior into a multi-billion dollar high-grade mid-tier silver and gold producer.
NIA’s Opinion: 2026 is shaping up as the year that Contango ORE finally begins to be valued not as a small niche Alaskan junior, but as a rapidly emerging North American high-grade silver & gold mid-tier with a 20+ year growth pipeline.
Past performance is not an indicator of future returns. NIA is not an investment advisor. Always do your own research. NIA’s President has purchased 5,000 shares of CTGO in the open market and intends to buy more shares. NIA has received compensation from CTGO of US$80,000 cash for a ten-month marketing contract. This message is for informational and educational purposes only.
