Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources
29 September 2023
Contango Holdings Plc
("Contango" or the "Company")
Audited Final Results for the Year Ended 31 May 2023
Contango Holdings Plc, the producing London listed natural resource development company operating the Muchesu coal mine in Zimbabwe, is pleased to announce its audited results for the year ended 31 May 2023.
A copy of the full report and accounts can be found on the Company's website at www.contango-holdings-plc.co.uk.
· £7.5 million raised in October 2022 to fund the Muchesu coal project into production
· Commenced production of washed coking coal in May 2023
· Offtake agreement with TransOre in July 2023 for the sale of up to 20,000 tonnes per month of washed coking coal
· Formal opening of the mine on 2 August 2023 officiated by His Excellency Dr Emmerson Mnangagwa
· First sales from Muchesu took place in August 2023
Carl Esprey, Chief Executive Officer of Contango Holdings, said:
"The progress made this financial year has been significant and has seen Contango transition from an exploration and development company to a production and, most recently, a revenue generating company. Activities during this period were focussed on achieving first stable production of coking coal at the Muchesu Coal Project and we were thrilled to announce production of washed coal in May, and first sales in August. We now look forward to providing shareholders with operational updates in early Q4 2023.
"We are now focussed on revenue growth and the optimisation and expansion of mining operations and given the size of our resource and the clear demand for our product, I am optimistic of the outlook for the remainder of our financial year. I would like to thank the whole team for their hard work in bringing this mine into production, and it is extremely rewarding to see this dedication, in addition to the significant level of investment, return tangible results.
"Finally, I would like to thank shareholders for their patience and support during the period. Whilst things have not always progressed as quickly as hoped, I believe the efforts and value creation during the last year, as well as our subsequent plans for the future, will ultimately be reflected in the public market valuation of your company."
For further information, please visit www.contango-holdings-plc.co.uk or contact:
Contango Holdings plc
Chief Executive Officer
Tavira Financial Limited
Financial Adviser & Broker
T: +44 (0)20 7100 5100
St Brides Partners Ltd
Financial PR & Investor Relations
Susie Geliher / Zoe Briggs
T: +44 (0)20 7236 1177