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Contango Silver

Silver company, with a project stated to be in BC's Golden Triangle.

NoneCanada — as stated on the recordings

silver NoneCanada
May 2026Covered
7 of 10Topics on record
1 executiveNamed on the record
Primary commodity
Silver
Jurisdiction
BC's Golden Triangle
Latest appearance
20 May 2026
On record
1 interview · 24 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
5 million oz a year of silver
Management-stated Shawn Khunkhun May 2026
Grade
roughly 10 g per ton
Management-stated Shawn Khunkhun May 2026
Money on hand
$100 million
Stated capital need: $250 million next year
Management-stated Shawn Khunkhun May 2026
What happens next
2028
Management-stated Shawn Khunkhun May 2026
The main open question
No independent verification of these projections is on record.
Weighed from the statements below, not our opinion of the company.
Our reading

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Contango Silver's own claims across 1 interview — most-covered theme first.

What outside voices pick up on

No independent commentary on record yet — so far the page carries only the company's own voice.

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the company trades at a 0.3 NAV multiple versus peers at 0.7, backed by $615 million NPV economics on just $7 million study spend.

What it rests on
▶
▶
▶
Evidence: 3 moments from 1 interview
Read the full case

Management says the company trades at a 0.3 NAV multiple versus peers at 0.7, backed by $615 million NPV economics on just $7 million study spend. With $100 million cash on hand, no dilution planned, and a 7-month payback on the Lucky Shot project, management describes a cash-generative path to 5 million oz silver and 200,000 oz gold annually by 2030.

▼ Bear case

No independent verification of these projections is on record.

What it rests on
▶
Evidence: 1 moment from 1 interview
Read the full case

No independent verification of these projections is on record. The economics rest on a single $7 million study and assumes gold prices that support $250 million annual free cash flow — a dependency not stress-tested in the material. Dolly Varden production won't arrive until 2030, and the company's near-term output remains modest at 60,000 oz annually, making near-term cash flow uncertain.

◆ Watch next

June mineral resource estimate for Dolly Varden will be the first test of reserve quality.

What it rests on
▶
▶
Evidence: 2 moments from 1 interview
Read the full case

June mineral resource estimate for Dolly Varden will be the first test of reserve quality. Lucky Shot production restart in 2028 is the critical near-term milestone; delays here would materially compress the cash generation timeline. Contango's ability to fund both Lucky Shot and Dolly without the dilution it rules out should be monitored as capital spend accelerates.

Each moment links to the exact point in the source recording.

Not our view. These cases are assembled from what was said in the interviews below — management's own claims, and the sentiment of independent speakers as expressed in those transcripts. They are a summary of statements on the record, not TranscriptAgent's assessment of the company, not a rating or price target, and not investment advice.

Project 10 statements

The deposit 7

Key takeaway. Regarding the deposit, management stated in May 2026 that the resource contains about 1.1 million ounces of gold and that the grade is roughly 10 grams per ton.

Read the full summary

The company also gave several production estimates for the same period, though these numbers vary: they mentioned 100,000 ounces a year for at least a decade, as well as 60,000 ounces a year (material unspecified), 5 million ounces a year of silver, and 200,000 ounces annually of gold.

What was actually said
grade
roughly 10 g per ton
“Johnson Track project was which is the third project in Alaska, another high-grade gold project which is about 1.1 million ounces of gold at roughly 10 g per ton.”
Shawn Khunkhun· 20 May 2026·
resource size
5 million oz a year of silver
“This is an asset that'll contribute to the production profile about 5 million oz a year of silver.”
Shawn Khunkhun· 20 May 2026·
resource size
100,000 oz a year for at least a decade
“it'll go on to produce about 100,000 oz a year for at least a decade.”
Shawn Khunkhun· 20 May 2026·
Show the other 4 statements
resource size
200,000 oz annually of gold
“Contango silver and gold will be a 5 million oz a year silver producer which also produces 200,000 oz annually of gold.”
Shawn Khunkhun· 20 May 2026·
resource size
100,000 oz a year
“That too will be generating $100 million free cash flow, taking our production profile from the current 60,000 oz to 100,000 oz.”
Shawn Khunkhun· 20 May 2026·
resource size
1.1 million ounces of gold
“Johnson Track project was which is the third project in Alaska, another high-grade gold project which is about 1.1 million ounces of gold at roughly 10 g per ton.”
Shawn Khunkhun· 20 May 2026·
resource size
60,000 oz a year
“It's producing, on average, life of mine, 60,000 oz a year.”
Shawn Khunkhun· 20 May 2026·

Jurisdiction 3

Key takeaway. Management says the company operates in Canada and the US, specifically Alaska and BC's Golden Triangle (all statements from May 2026).

Read the full summary

The company reports that these jurisdictions provide the permitting framework for its projects.

What was actually said
country
Canada and the US
“We're focused in Canada and the US”
Shawn Khunkhun· 20 May 2026·
country
Alaska
“in Alaska, there is an exceptionally high-grade open-pit gold mine called Mancho, and that is our producing asset.”
Shawn Khunkhun· 20 May 2026·
region
BC's Golden Triangle
“it's a high-grade primary silver asset in very very safe jurisdiction in BC's Golden Triangle.”
Shawn Khunkhun· 20 May 2026·

Economics 8 statements

Economics 4

Key takeaway. In May 2026, Contango Silver's management outlined project economics including a payback period of about 7 months, capital expenditures of $50 million over 2 years, and $100 million in operating free cash flow.

Read the full summary

The company also reported an NPV of $615 million.

What was actually said
capex
$50 million over 2 years
“with a $50 million investment over 2 years, we will turn the Lucky Shot back into production by 2028.”
Shawn Khunkhun· 20 May 2026·
npv
$615 million
“With a $7 million spend, a economic study was produced highlighting a $615 million net present value.”
Shawn Khunkhun· 20 May 2026·
operating cost
$100 million free cash flow
“It's generating, on average, about $100 million of free cash flow.”
Shawn Khunkhun· 20 May 2026·
Show the other 1 statement
payback
about 7 months
“That is a project that it it'll pay itself back in about 7 months.”
Shawn Khunkhun· 20 May 2026·

Financing 4

Key takeaway. Management stated in May 2026 that the company has a $100 million cash position and no dilution is planned.

Read the full summary

The CEO reported the company needs $7 million for an economic study and expects a burn rate of $250 million next year.

What was actually said
burn rate
$250 million next year
“When I look at next year, you know, using a conservative gold price, we're we're going to make about $250 million.”
Shawn Khunkhun· 20 May 2026·
capital needed
$7 million for economic study
“With a $7 million spend, a economic study was produced highlighting a $615 million net present value.”
Shawn Khunkhun· 20 May 2026·
cash position
$100 million
“Um we've got about $100 million in the bank.”
Shawn Khunkhun· 20 May 2026·
Show the other 1 statement
dilution
no dilution planned
“we don't plan on any dilution to achieve the goals to get to 5 million oz of silver production and 200,000 oz of gold production.”
Shawn Khunkhun· 20 May 2026·

Timeline 3 statements

Timeline 3

Key takeaway. Management has laid out a multi-step timeline for its Dolly Varden project.

Read the full summary

In May 2026 the company says it expects to complete a mineral resource estimate for Dolly Varden, with first production targeted for 2028 and the operation scheduled to come online in 2030 — though the relationship between the 2028 and 2030 dates is not explained in the same interview.

What was actually said
first production
2028
“we will turn the Lucky Shot back into production by 2028.”
Shawn Khunkhun· 20 May 2026·
milestone
Dolly scheduled to come online in 2030
“Scheduled to come online in 2030.”
Shawn Khunkhun· 20 May 2026·
milestone
June mineral resource estimate for Dolly Varden
“Um there is a new mineral resource estimate that's scheduled to come out in June.”
Shawn Khunkhun· 20 May 2026·

Corporate 3 statements

Share structure 1

What was actually said
shares outstanding
33 million shares
“it only has 33 million shares issued and outstanding.”
Shawn Khunkhun· 20 May 2026·

Market 2

Key takeaway. Management says Contango Silver trades at about a 0.3 NAV multiple as of May 2026, and describes the company as focused on high-grade projects using a direct-ship ore (DSO) model.

What was actually said
cost curve position
high-grade projects focused on DSO model
“We're focused on high-grade projects. We're focused in Canada and the US, and we're specifically focused on projects that fit the DSO model, the direct shipping or model.”
Shawn Khunkhun· 20 May 2026·
cost curve position
trades at about 0.3 NAV multiple
“Today, the company trades at about a 0.3 NAV multiple, where our peer group is trading at 0.7”
Shawn Khunkhun· 20 May 2026·

Sources 1 interview

Every interview 1

DateChannelInterviewStatements
20 May 2026 Rule Investment Media Shawn Khunkhun, President of Contango Silver & Gold | Rule Symposium 2026: Rick Rule interviews 24

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

contango silver & gold 1
dolly varden 1
high gold 1
johnson tract 1
kinross 1
kitsault valley 1
lucky shot 1
manh choh 1

Questions people ask

What is Contango Silver's project and where is it?

Contango Silver is a resource silver company, with a project stated to be in Canada. Everything here is drawn from its executives' own interviews.

Which interviews mention Contango Silver?

We track 1 interview mentioning Contango Silver, across 1 channel (Rule Investment Media).

What are investors saying about Contango Silver?

No independent commentary is on record yet — so far the page carries only the company's own voice.

What do recent interviews with Contango Silver cover?

The most-discussed topics on record are the deposit, economics, financing, timeline — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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