Contango Ore (CTGO) 10-Q 4 Feb 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Dec. 31, 2015	Feb. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016
Entity Registrant Name	Contango ORE, Inc.
Entity Central Index Key	1,502,377
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		3,958,540
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Jun. 30, 2015
CURRENT ASSETS:
Cash	$ 1,447,753	$ 1,947,046
Prepaid Expense, Current	111,336	67,384
Total current assets	1,559,089	2,014,430
PROPERTY AND EQUIPMENT:
Equity Method Investments	0	0
OTHER ASSETS:
Other Assets, Noncurrent	0	0
TOTAL ASSETS	1,559,089	2,014,430
CURRENT LIABILITIES:
Accounts Payable, Current	32,118	24,876
Accrued Liabilities, Current	16,951	78,104
Total current liabilities	49,069	102,980
SHAREHOLDERS' EQUITY:
Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,948,540 shares issued and outstanding at December 31, 2015; 3,876,206 shares issued and outstanding at June 30, 2015	39,485	38,762
Additional Paid in Capital, Common Stock	33,294,535	32,928,038
Accumulated deficit during exploration stage	(31,824,000)	(31,055,350)
SHAREHOLDERS’ EQUITY	1,510,020	1,911,450
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,559,089	$ 2,014,430

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	3,948,540	3,876,206
Common stock, shares outstanding	3,948,540	3,876,206

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
EXPENSES:
Claim rentals and minimum royalties	$ 0	$ 41,217	$ 14,425	$ 80,236
Exploration Expense, Mining	0	113,911	0	214,500
General and administrative expenses	318,158	506,122	754,225	1,403,684
Total expenses	318,158	661,250	768,650	1,698,420
Income (Loss) from Equity Method Investments	0	0	0	0
NET LOSS	$ 318,158	$ 661,250	$ 768,650	$ 1,698,420
LOSS PER SHARE
Earnings Per Share, Basic and Diluted	$ (0.08)	$ (0.17)	$ (0.20)	$ (0.45)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted Average Number of Shares Outstanding, Basic and Diluted	3,917,727	3,817,872	3,889,103	3,811,819

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Jun. 30, 2015	Jan. 08, 2015
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 1,400,000		$ 1,400,000		$ 1,400,000		$ 1,433,886
CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS	(318,158)	$ (661,250)	(768,650)	$ (1,698,420)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			367,220	377,277
Income (Loss) from Equity Method Investments	0	0	0	0	(6,800,000)	$ 1,433,886
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses			(43,952)	(87,053)
Increase (Decrease) in Accounts Payable and Accrued Liabilities			(53,911)	89,183
Net cash used in operating activities			(499,293)	(1,319,013)
CASH FLOWS FROM FINANCING ACTIVITIES:
NET INCREASE IN CASH AND CASH EQUIVALENTS			(499,293)	(1,319,013)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			1,947,046	3,448,501		3,448,501
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 1,447,753	$ 2,129,488	$ 1,447,753	$ 2,129,488	$ 1,447,753	$ 1,947,046

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - 6 months ended Dec. 31, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Defecit Exploration Stage [Member]
Balance at Jun. 30, 2015	$ 1,911,450	$ 38,762	$ 32,928,038	$ (31,055,350)
Balance, shares at Jun. 30, 2015	3,876,206	3,876,206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	72,334
Stock Issued During Period, Value, Stock Options Exercised	$ 723
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options	367,220		367,220
Shares vested	(723)
Net loss for the period	(768,650)			(768,650)
Balance at Dec. 31, 2015	$ 1,510,020	$ 39,485	$ 33,294,535	$ (31,824,000)
Balance, shares at Dec. 31, 2015	3,948,540	3,948,540

Organization and Business

Organization and Business	6 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Contango ORE, Inc. (“CORE” or the “Company”) is a Houston-based company that engages in the exploration in Alaska for gold ore and associated minerals through a joint venture company, Peak Gold, LLC. The Company was formed on September 1, 2010 as a Delaware corporation and through Peak Gold, LLC has leased or has control over 774,356 acres of State of Alaska properties. On November 29, 2010, Contango Mining Company (“Contango Mining”), a wholly owned subsidiary of Contango Oil & Gas Company (“Contango”), assigned its properties and certain other assets and liabilities to Contango. Contango contributed the properties and $3.5 million of cash to the Company, in exchange for approximately 1.6 million shares of the Company’s common stock. The above transactions occurred among companies under common control and was accounted for as transactions among entities under common control, in accordance with Accounting Standards Codification ("ASC") 805, "Business Combinations" whereby the acquired assets and liabilities were recognized in the financial statements at their carrying amounts. Since the Company is still in an exploration stage, an investment in the Company involves a high degree of risk and uncertainty. The Company’s fiscal year end is June 30. The properties contributed by Contango included: (i) a 100% leasehold interest in approximately 675,000 acres (the “Tetlin Lease”) from the Tetlin Village Council, the council formed by the governing body for the Native Village of Tetlin, an Alaska Native Tribe (the "Tetlin Village Council"); (ii) approximately 18,021 acres in unpatented mining claims from the state of Alaska for the exploration of gold ore and associated minerals. If any of the properties are placed into commercial production, the Company would be obligated to pay a 3.0% production royalty to Royal Gold, Inc. ("Royal Gold"). On September 29, 2014, Juneau Exploration L.P. (“JEX”) sold its 3.0% production royalty to Royal Gold. See Note 11 - Related Party Transactions. In September 2012, the Company and JEX entered into an Advisory Agreement in which JEX assisted the Company in acquiring 474 unpatented state of Alaska mining claims consisting of 71,896 acres for the exploration of gold ore and associated minerals in exchange for a 2.0% production royalty on properties acquired after July 1, 2012. If any such properties are placed into commercial production, the Company would be obligated to pay JEX a 2.0% production royalty under the Advisory Agreement. On September 29, 2014, JEX sold its 2.0% production royalty to Royal Gold and the Company terminated its Advisory Agreement with JEX. See Note 11 - Related Party Transactions. On September 29, 2014, the Company entered into a Master Agreement (the “Master Agreement”) with Royal Gold, pursuant to which the parties agreed, subject to the satisfaction of various closing conditions, to form a joint venture to advance exploration and development of the Tetlin Properties (as defined below), prospective for gold ore and associated minerals (the “Transactions”). The Transactions closed on January 8, 2015 (the "Closing"). In connection with the Closing, the Company contributed its Tetlin Lease and state of Alaska mining claims near Tok, Alaska (the "Tetlin Property"), together with other property, to Peak Gold, LLC, a newly formed limited liability company (the “Joint Venture Company”). The Joint Venture Company is managed according to a Limited Liability Company Agreement between subsidiaries of Royal Gold and the Company . At the Closing, Royal Gold made an initial investment of $5 million to fund exploration activity. The initial $5 million does not give Royal Gold an equity stake in the Joint Venture Company. Royal Gold will have the option to obtain up to 40% economic interest in the joint venture by investing up to $30 million (inclusive of the initial $5 million investment) prior to October 2018. Therefore, at Closing, Royal Gold's percentage interest in the Joint Venture Company equaled 0% and the Company's percentage interest in the Joint Venture Company equaled 100% . The proceeds of Royal Gold’s investment will be used by the Joint Venture Company for additional exploration of the Tetlin Property. Royal Gold will initially serve as the Manager of the Joint Venture Company and will manage, direct, and control operations of the Joint Venture Company. The Company has completed five years of exploration efforts on the Tetlin Properties, which has resulted in the discovery of the Peak Zone mineralization within the Chief Danny prospect area on the Tetlin Lease. In 2015, two phases of exploration drilling were completed by the Joint Venture Company on the Tetlin Property. Additionally, the Joint Venture Company acquired 59 new state of Alaska claims consisting of 9,439 acres in the Eagle claim area.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), including instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2015. The results of operations for the six months ended December 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are described below. Management Estimates. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents. Cash equivalents are considered to be highly liquid securities having an original maturity of 90 days or less at the date of acquisition. Mineral Properties. The amount capitalized includes costs paid to acquire mineral property interests as well as the costs paid for federal and state of Alaska unpatented mining claims. Exploration costs are expensed as incurred. Development costs are expensed as incurred until the Company obtains proven and probable reserves within its commercially minable properties. Costs of abandoned projects are charged to earnings upon abandonment. Any properties determined to be impaired are written-down to their estimated fair value. The Company periodically evaluates whether events or changes in circumstances indicate that the carrying value of mineral property interests and any related property, plant and equipment may not be recoverable. Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each award is estimated as of the date of grant using the Black-Scholes option-pricing model. Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognized a full valuation allowance as of December 31, 2015 and June 30, 2015 and has not recognized any tax provision or benefit for any of the periods. The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of December 31, 2015 or June 30, 2015 . Investment in the Joint Venture Company. The Company’s consolidated financial statements include the investment in Peak Gold, LLC utilizing the equity method as the Company has significant influence but not control represented by one of three seats on the Management Committee. The assets contributed by the Company were initially recorded at historical cost. Recently Issued Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The FASB has issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities. The ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, within those fiscal years. The FASB has issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items , required that an entity separately classify, present, and disclose extraordinary events and transactions. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company’s consolidated financial statements.

Investment in Peak Gold, LLC (N

Investment in Peak Gold, LLC (Notes)	6 Months Ended
	Dec. 31, 2015
Investment in Peak Gold LLC [Abstract]
Investment in Peak Gold LLC [Text Block]	The Company recorded its investment at the historical cost of the assets contributed which was approximately $1.4 million . During the quarter ended December 31, 2015, Royal Gold contributed $1.4 million to the Joint Venture Company and earned an interest of 2.8% . Therefore, as of December 31, 2015, the Company holds a 97.2% economic interest in the Joint Venture Company. The following table is a roll-forward of our investment in the Joint Venture Company from January 8, 2015 (Inception) to December 31, 2015: Inception to December 31, 2015 Investment in Peak Gold, LLC at formation $ 1,433,886 Loss from equity investment in Peak Gold, LLC (1,433,886 ) Investment balance $ — The following table presents the condensed balance sheet for Peak Gold, LLC as of December 31, 2015: December 31, 2015 ASSETS Cash and cash equivalents $ 628,567 Mineral properties 1,433,886 TOTAL ASSETS $ 2,062,453 LIABILITIES AND MEMBERS' EQUITY Accounts payable and other liabilities $ 1,030,882 TOTAL LIABILITIES $ 1,030,882 MEMBERS' EQUITY 1,031,571 TOTAL LIABILITIES AND MEMBERS' EQUITY $ 2,062,453 The Company's share in the results of operations for the three and six months ended December 31, 2015 was a loss of $1.2 million and $4.5 million , respectively. The Peak Gold, LLC loss does not include any provisions related to income taxes as Peak Gold, LLC is treated as a partnership for income tax purposes. As of December 31, 2015, the Joint Venture Company's inception-to-date cumulative loss of $6.8 million , exceeds the historical cost of our investment in Peak Gold, LLC, of $1.4 million . Therefore the investment in Peak Gold, LLC has a balance of zero as of December 31, 2015. The Company is not obligated to make additional capital contributions to the Joint Venture Company and therefore only records losses up to the point of the initial investment which was $1.4 million . The portion of the cumulative loss that exceeds the Company's investment will be suspended and recognized against earnings, if any, from the investment in the Joint Venture Company in future periods. The suspended losses for the period from inception to December 31, 2015 are $5.4 million . The following table presents the condensed results of operations for Peak Gold, LLC for the three and six month periods ended December 31, 2015: Three Months Ended Six Months Ended Inception to Date December 31, 2015 December 31, 2015 December 31, 2015 EXPENSES: Exploration expense $ 919,576 $ 3,944,230 $ 5,851,661 General and administrative 265,147 554,803 950,654 Total expenses 1,184,723 4,499,033 6,802,315 NET LOSS $ 1,184,723 $ 4,499,033 $ 6,802,315

Costs Incurred

Costs Incurred	6 Months Ended
	Dec. 31, 2015
Mineral Industries Disclosures [Abstract]
Costs Incurred	Costs Incurred Costs to acquire and explore our Tetlin Lease and other properties were as follows: Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Exploration costs, claim rentals, and minimum royalties $ — $ 155,128 $ 14,425 294,736 Total costs incurred $ — $ 155,128 $ 14,425 $ 294,736 The Tetlin Lease had an initial ten year term beginning July 2008 which was extended for an additional ten years to July 15, 2028, or so long as the Company initiates and continues conducting mining operations on the Tetlin Lease. The current year expense relates to the amortization of claim rental payments with August 2015 expirations. The Joint Venture Company is responsible for making all future claim rental and minimum royalty payments.

Prepaid Expenses

Prepaid Expenses	6 Months Ended
	Dec. 31, 2015
Prepaid Expense, Current [Abstract]
Prepaid Expenses	Prepaid Expenses The Company has prepaid expenses of $111,336 and $67,384 as of December 31, 2015 and June 30, 2015 , respectively. Prepaid expenses primarily relate to prepaid insurance costs and prepaid XBRL filing costs.

Other Assets

Other Assets	6 Months Ended
	Dec. 31, 2015
Other Assets [Abstract]
Other Assets	Other Assets If the Tetlin Lease is placed into commercial production, the Joint Venture Company would be obligated to pay a production royalty to the Tetlin Village Council, which varies from 2.0% to 5.0% , depending on the type of metal produced and the year of production. In June 2011, the Company paid the Tetlin Village Council $75,000 in exchange for reducing the production royalty payable to them by 0.25% . In July 2011, the Company paid the Tetlin Village Council $150,000 in exchange for further reducing the production royalty by 0.50% . These payments lowered the production royalty payable to a range of 1.25% to 4.25% , depending on the type of metal produced and the year of production. On or before July 15, 2020, the Tetlin Village Council has the option to increase their production royalty by (i) 0.25% by payment to the Joint Venture Company of $150,000 , or (ii) 0.50% by payment to the Joint Venture Company of $300,000 , or (iii) 0.75% by payment to the Joint Venture Company of $450,000 . This asset was included in the assets contributed to the Joint Venture Company upon consummation of the Transactions.

Loss Per Share

Loss Per Share	6 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Loss Per Share	. Loss Per Share A reconciliation of the components of basic and diluted net loss per share of common stock is presented below: Three Months ended December 31, 2015 2014 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Basic Loss per Share: Net loss attributable to common stock $ (318,158 ) 3,917,727 $ (0.08 ) $ (661,250 ) 3,817,872 $ (0.17 ) Diluted Loss per Share: Net loss attributable to common stock $ (318,158 ) 3,917,727 $ (0.08 ) $ (661,250 ) 3,817,872 $ (0.17 ) Six Months ended December 31, 2015 2014 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Basic Loss per Share: Net loss attributable to common stock $ (768,650 ) 3,889,103 $ (0.20 ) $ (1,698,420 ) 3,811,819 $ (0.45 ) Diluted Loss per Share: Net loss attributable to common stock $ (768,650 ) 3,889,103 $ (0.20 ) $ (1,698,420 ) 3,811,819 $ (0.45 ) Options and warrants to purchase 1,675,999 and 1,675,999 shares of common stock were outstanding as of December 31, 2015 and 2014, respectively. These options and warrants were not included in the computation of diluted earnings per share for each three month periods ended December 31, 2015 and 2014 because they are anti-dilutive as a result of the Company’s net loss for all periods presented.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity The Company’s authorized capital stock consists of 30,000,000 shares of common stock and 15,000,000 shares of preferred stock. As of December 31, 2015 , we had 3,948,540 shares of common stock outstanding. The Company also had an additional 112,332 shares of unvested restricted stock and options and warrants to purchase 1,675,999 shares of common stock outstanding as of December 31, 2015. No shares of preferred stock have been issued. The remaining restricted stock outstanding will vest in January 2016 through September 2018. Rights Plan On December 19, 2012, the Company adopted a Rights Plan which was amended on March 21, 2013, September 29, 2014, December 18, 2014, and on November 11, 2015. Under the terms of the amended Rights Plan, each right (a "Right") will entitle the holder to purchase 1/100 of a share of Series A Junior Preferred Stock of the Company (the “Preferred Stock”) at an exercise price of $80 per share. The Rights will be exercisable and will trade separately from the shares of common stock only if a person or group, other than the Estate of Mr. Kenneth R. Peak and its affiliates, acquires beneficial ownership of 23% or more of the Company's common stock. Under the terms of the Rights Plan, Rights have been distributed as a dividend at the rate of one Right for each share of common stock that was held as of the close of business on December 20, 2012. Stockholders will not receive certificates for the Rights, but the Rights will become part of each share of common stock. An additional Right will be issued along with each share of common stock that is issued or sold by the Company after December 20, 2012. The Rights are scheduled to expire on December 19, 2018.

Formation of Joint Venture Comp

Formation of Joint Venture Company (Notes)	6 Months Ended
	Dec. 31, 2015
Formation of Joint Venture Company [Abstract]
Formation of Joint Venture Company [Table Text Block]	Formation of Joint Venture Company On January 8, 2015, the Company and Royal Gold, through their wholly-owned subsidiaries, consummated the Transactions contemplated under the Master Agreement, including the formation of a joint venture to advance exploration and development of the Company’s Tetlin Properties, for gold ore and associated minerals prospects. In connection with the Closing of the Transactions, the Company formed the Joint Venture Company. The Company contributed to the Joint Venture Company its Tetlin properties near Tok, Alaska, together with other property (the “Contributed Assets”) with a historical cost of $1.4 million and an agreed fair value of $45.7 million (the “Contributed Assets Value”). At the Closing, the Company and Royal Gold, through their wholly-owned subsidiaries, entered into a Limited Liability Company Agreement for the Joint Venture Company (the “Joint Venture Company LLC Agreement”). Royal Gold will serve as manager of the Joint Venture Company ("the Manager") and will initially manage, direct, and control the operations of the Joint Venture Company. As a condition to the Closing, the Company and the Tetlin Village Council entered into a Stability Agreement dated October 2, 2014, pursuant to which the Company and the Tetlin Village Council, among other things, acknowledged the continued validity of the Tetlin Lease and all its terms notwithstanding any future change in the status of the Tetlin Village Council or the property subject to the Tetlin Lease. At Closing, Royal Gold, as an initial contribution to the Joint Venture Company, contributed $5 million (the “Royal Gold Initial Contribution”). The Royal Gold Initial Contribution did not entitle Royal Gold to a percentage interest in the Joint Venture Company. Therefore, at Closing, Royal Gold’s percentage interest in the Joint Venture Company equaled 0% and the Company’s percentage interest in the Joint Venture Company equaled 100% . In addition, as part of the Closing, Royal Gold paid the Company $750,000 which was utilized to partially reimburse the Company for costs and expenses incurred in the Transactions and is included as an expense reimbursement on our consolidated statements of operations. During the quarter ended December 31, 2015, Royal Gold contributed $1.4 million to the Joint Venture Company and earned a percentage interest of 2.8% . The Joint Venture Company's LLC Agreement provides Royal Gold with the right, but not the obligation, to earn a percentage interest in the Joint Venture Company (up to a maximum of 40% ) by making additional contributions of capital to the Joint Venture Company in an aggregate amount equal to $30 million (inclusive of the Royal Gold Initial Contribution of $5 million ) during the period beginning on the Closing and ending on October 31, 2018. If Royal Gold funds its full $30 million investment by October 31, 2018, it will receive a percentage interest of 40% in the Joint Venture Company, and the Company will retain a percentage interest of 60% in the Joint Venture Company. The proceeds of Royal Gold’s contributions to the Joint Venture Company (including the Royal Gold Initial Contribution) have been used by the Joint Venture Company to fund further exploration activities on the Tetlin Properties included in the Contributed Assets. Other than the Royal Gold's Initial Contribution, Royal Gold was not under any obligation to make capital contributions, to the Joint Venture Company by October 31, 2018 or thereafter. If Royal Gold had not made any additional capital contributions to the Joint Venture Company by October 31, 2018, and assuming there were no other new investors in the Joint Venture Company, the Company’s percentage interest in the Joint Venture Company would have continued to be 100% and Royal Gold will be deemed to have resigned as a member of the Joint Venture Company effective as of October 31, 2018. Both the Company and Royal Gold will have the right to transfer each of their respective percentage interests in the Joint Venture Company to a third party, subject to certain terms and conditions set forth in the Joint Venture Company's LLC Agreement. If either member intends to transfer all or part of its percentage interest to a bona fide third party, the other member will have the right to require the transferring member to include in the intended transfer the other member’s proportionate share of its percentage interests at the same purchase price and terms and conditions. Once Royal Gold has earned a 40% interest in the Joint Venture Company, it will have the additional right to require the Company to sell up to 20% of the Company’s interest in the Joint Venture Company in a sale of Royal Gold’s entire 40% interest to a bona fide third party purchaser. If Royal Gold exercises this right, the Company will be obligated to sell the relevant portion of its percentage interest to a bona fide third party on the same terms and conditions as the interest being sold by Royal Gold. After October 31, 2018, or such earlier time as Royal Gold has earned a 40% interest in the Joint Venture Company, the members will contribute funds to approved programs and budgets in proportion to their respective percentage interests in the Joint Venture Company. If a member elects not to contribute to an approved program and budget or elects to contribute less than its proportionate interest, its percentage interest will be recalculated by dividing (i) the sum of (a) the value of its initial contribution plus (b) the total of all of its capital contributions plus (c) the amount of the capital contribution it elects to fund, by (ii) the sum of (a), (b) and (c) above for both members multiplied by 100. The Joint Venture Company is a variable interest entity since it is dependent on the financial support from Royal Gold to continue its exploration activities. The Company is not the primary beneficiary since it does not currently have the power to direct the activities of the Joint Venture Company. The Company's ownership interest in the Joint Venture Company is therefore accounted under the equity method.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Mr. Brad Juneau, the Company's Chairman, President and Chief Executive Officer, is also the sole manager of JEX, a private company involved in the exploration and production of oil and natural gas. JEX was responsible for securing and negotiating the Tetlin Lease and assisting in obtaining other properties and initially engaged Avalon Development Corporation ("Avalon") to conduct mineral exploration activities on the Tetlin Lease. In agreeing to transfer its interests in such properties to Contango Mining, a predecessor of the Company, JEX retained a 3.0% overriding royalty interest in the properties transferred. In September 2012, the Company and JEX entered into an Advisory Agreement in which JEX provided assistance in acquiring additional properties in Alaska in exchange for a production royalty of 2.0% on properties acquired after July 1, 2012. On September 29, 2014, pursuant to a Royalty Purchase Agreement between JEX and Royal Gold (the “Royalty Purchase Agreement”), JEX sold its entire overriding royalty interest in the Tetlin Property to Royal Gold. On the same date, the Company terminated its Advisory Agreement with JEX. The Company subleases office space from JEX at 3700 Buffalo Speedway, Ste 925, Houston, TX 77098. The Company recently extended its lease expiration to February 2019 and renegotiated the rent to approximately $8,000 per quarter.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock-Based Compensation On September 15, 2010, the Company’s Board of Directors (the “Board”) adopted the Contango ORE, Inc. Equity Compensation Plan (the “2010 Plan”). Under the 2010 Plan, the Board may issue up to 1,000,000 shares of common stock and options to officers, directors, employees or consultants of the Company. Awards made under the 2010 Plan are subject to such restrictions, terms and conditions, including forfeitures, if any, as may be determined by the Board. As of December 31, 2015 , there were 112,332 shares of unvested restricted common stock outstanding and options to purchase 445,000 shares of common stock outstanding issued under the 2010 Plan. Stock-based compensation expense for the periods reflected was as follows: Three Months Ended December 31, Six Months Ended December 31, 2015 2015 2014 2015 2014 Stock-based compensation included in: Exploration expense (1) $ — $ 48,234 $ — $ 105,234 Stock-based compensation expense (2) 146,597 159,192 367,220 272,043 Total stock-based compensation expense $ 146,597 $ 207,426 $ 367,220 $ 377,277 (1) Related to restricted stock and stock option awards to a former technical consultant. (2) Related to restricted stock and stock option awards to the Company’s directors and employees. The amount of compensation expense recognized does not reflect compensation actually received by the individuals, but rather represents the amount recognized by the Company in accordance with GAAP. Restricted Stock. In November 2010, the Company granted 70,429 restricted shares of common stock to its officers and directors and an additional 23,477 restricted shares to a former technical consultant. All of the restricted stock from this grant was fully vested as of December 31, 2015 . In December 2013, the Company's directors, executive officers and a former technical consultant were granted an aggregate of 95,000 shares of restricted stock. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. As of December 31, 2015, all of the restricted stock from this grant is fully vested. In November 2014, the Company granted 27,000 restricted shares of common stock to its employees. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. As of December 31, 2015 , there were 9,000 shares of such restricted stock that remained unvested. In January 2015, the Company granted an aggregate of 30,000 restricted shares of common stock to two of its non-employee directors, 10,000 shares vested immediately and the remaining two-thirds will vest equally over two years. In addition, the Company granted 10,000 restricted shares of common stock to a former technical consultant which vested immediately. The Compensation Committee also elected to immediately vest all of the stock options and restricted stock previously issued to the former technical consultant. As of December 31, 2015 , there were 20,000 shares of such restricted stock that remained unvested. In September 2015, the Company granted 85,000 restricted shares of common stock to its employees. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. As of December 31, 2015 , there were 56,666 shares of such restricted stock that remained unvested. In December 2015, the Company granted 40,000 restricted shares of common stock to its directors. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. As of December 31, 2015 , there were 26,666 shares of such restricted stock that remained unvested. As of December 31, 2015 , the total compensation cost related to unvested awards not yet recognized was $420,575 . The remaining costs will be recognized over the remaining vesting period of the awards. Stock Options. The option awards listed in the table below have been granted to directors, officers, employees and consultants of the Company: Option Awards Period Granted Options Granted Weighted Average Exercise Price Vesting Period (7) Expiration Date September 2011 (1) 50,000 $13.13 Vests over two years, beginning with one-third on the grant date. September 2016 July 2012 (2) 100,000 $10.25 Vests over two years, beginning with one-third on the grant date. July 2017 December 2012 (3) 250,000 $10.20 Vests over two years, beginning with one-third on the grant date. December 2017 June 2013 (4) 37,500 $10.00 Vested Immediately June 2018 July 2013 (5) 5,000 $10.00 Vested Immediately July 2018 September 2013 (6) 37,500 $10.01 Vested Immediately September 2018 September 2013 (6) 15,000 $10.01 Vests over two years, beginning with one-third on the grant date. September 2018 (1) The Company granted 40,000 stock options to its directors and officers and an additional 10,000 stock options to a former technical consultant, for services performed during fiscal year 2011. (2) The Company granted 75,000 stock options to its directors and officers and an additional 25,000 stock options to a former technical consultant for services performed during fiscal year 2012. (3) The Company granted 175,000 stock options to its directors and an additional 75,000 stock options to a former technical consultant for services performed during fiscal year 2013. (4) The Company granted 37,500 stock options to its employees for services performed during fiscal year 2013. (5) The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013. (6) The Company granted 52,500 stock options to its employees for services performed during the first quarter of fiscal year 2014. (7) If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest. The Company's Compensation Committee has determined that the Transactions do not constitute a change of control under the 2010 Plan. The Company applies the fair value method to account for stock option expense. Under this method, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows. See Note 3 – Summary of Significant Accounting Policies. All employee stock option grants are expensed over the stock option’s vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. As of December 31, 2015 , the stock options had a weighted-average remaining life of approximately 2 years. The total compensation cost related to these options had been fully recognized as of December 31, 2015 as all of the options are fully vested. A summary of the status of stock options granted under the 2010 Plan as of December 31, 2015 and changes during the six months then ended, is presented in the table below: Six Months Ended Shares Under Options Weighted Average Exercise Price Outstanding, June 30, 2015 445,000 $10.41 Granted — — Exercised — — Forfeited — — Outstanding, December 31, 2015 445,000 $10.41 Aggregate intrinsic value $ — Exercisable, end of period 445,000 $10.41 Aggregate intrinsic value $ — Available for grant, end of period 299,094

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Tetlin Lease . The Tetlin Lease had an initial ten year term beginning July 2008 which was extended for an additional ten years to July 15, 2028, or so long as the Joint Venture Company initiates and continues to conduct mining operations on the Tetlin Lease. Pursuant to the terms of the Tetlin Lease, the Joint Venture Company is required to spend $350,000 per year in exploration costs until July 15, 2018. However, because exploration funds spent in any year in excess of $350,000 are credited toward future years’ exploration cost requirements, the Joint Venture Company’s exploration expenditures to date have already satisfied this work commitment requirement for the full lease term, through 2018. Additionally, should the Joint Venture Company derive revenues from the properties covered under the Tetlin Lease, the Joint Venture Company is required to pay the Tetlin Village Council a production royalty ranging from 2.0% to 5.0% , depending on the type of metal produced and the year of production. As of December 31, 2015 , the Joint Venture Company has paid the Tetlin Village Council an aggregate of $225,000 in exchange for reducing the production royalty payable to it by 0.75% . These payments lowered the production royalty to a range of 1.25% to 4.25% . On or before July 15, 2020, the Tetlin Village Council has the option to increase its production royalty by (i) 0.25% by payment to the Joint Venture Company of $150,000 (ii) 0.50% by payment to the Joint Venture Company of $300,000 , or (iii) 0.75% by payment to the Joint Venture Company of $450,000 . Until such time as production royalties begin, the Joint Venture Company pays the Tetlin Village Council an advance minimum royalty each year. On July 15, 2012, the advance minimum royalty increased from $50,000 to $75,000 per year, and after July 15, 2013, the advance minimum royalty is escalated by an inflation adjustment. Gold Exploration. The Joint Venture Company’s Triple Z, TOK/Tetlin, Eagle, Bush and ADC 2 claims are all located on state of Alaska lands. The annual claim rentals on these projects total $93,485 per year, and are due and payable in full by November 30 of each year. The Joint Venture Company has met the annual labor requirements for the state of Alaska acreage for the next four years, which is the maximum time allowable by Alaska law. Royal Gold Royalties . Pursuant to the Royalty Purchase Agreement, the Joint Venture Company will pay Royal Gold an overriding royalty of 3.0% should the Joint Venture Company derive revenues from the Tetlin Lease and certain other properties and an overriding royalty of 2.0% should the Joint Venture Company derive revenues from any additional properties.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Management Estimates	Management Estimates. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents. Cash equivalents are considered to be highly liquid securities having an original maturity of 90 days or less at the date of acquisition.
Capitalized Costs	Mineral Properties. The amount capitalized includes costs paid to acquire mineral property interests as well as the costs paid for federal and state of Alaska unpatented mining claims. Exploration costs are expensed as incurred. Development costs are expensed as incurred until the Company obtains proven and probable reserves within its commercially minable properties. Costs of abandoned projects are charged to earnings upon abandonment. Any properties determined to be impaired are written-down to their estimated fair value. The Company periodically evaluates whether events or changes in circumstances indicate that the carrying value of mineral property interests and any related property, plant and equipment may not be recoverable.
Stock-Based Compensation	Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each award is estimated as of the date of grant using the Black-Scholes option-pricing model.
Income Taxes	Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognized a full valuation allowance as of December 31, 2015 and June 30, 2015 and has not recognized any tax provision or benefit for any of the periods. The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of December 31, 2015 or June 30, 2015 .
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Investment in the Joint Venture Company. The Company’s consolidated financial statements include the investment in Peak Gold, LLC utilizing the equity method as the Company has significant influence but not control represented by one of three seats on the Management Committee. The assets contributed by the Company were initially recorded at historical cost.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The FASB has issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities. The ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, within those fiscal years. The FASB has issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items , required that an entity separately classify, present, and disclose extraordinary events and transactions. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company’s consolidated financial statements.

Investment in Peak Gold, LLC (T

Investment in Peak Gold, LLC (Tables)	6 Months Ended
	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Summarized Income Statement of Equity Method Investment [Table Text Block]	The following table presents the condensed results of operations for Peak Gold, LLC for the three and six month periods ended December 31, 2015: Three Months Ended Six Months Ended Inception to Date December 31, 2015 December 31, 2015 December 31, 2015 EXPENSES: Exploration expense $ 919,576 $ 3,944,230 $ 5,851,661 General and administrative 265,147 554,803 950,654 Total expenses 1,184,723 4,499,033 6,802,315 NET LOSS $ 1,184,723 $ 4,499,033 $ 6,802,315
Roll-forward of Equity Method Investment [Table Text Block]	The following table is a roll-forward of our investment in the Joint Venture Company from January 8, 2015 (Inception) to December 31, 2015: Inception to December 31, 2015 Investment in Peak Gold, LLC at formation $ 1,433,886 Loss from equity investment in Peak Gold, LLC (1,433,886 ) Investment balance $ —
Summarized Balance Sheet of Equity Method Investment [Table Text Block]	The following table presents the condensed balance sheet for Peak Gold, LLC as of December 31, 2015: December 31, 2015 ASSETS Cash and cash equivalents $ 628,567 Mineral properties 1,433,886 TOTAL ASSETS $ 2,062,453 LIABILITIES AND MEMBERS' EQUITY Accounts payable and other liabilities $ 1,030,882 TOTAL LIABILITIES $ 1,030,882 MEMBERS' EQUITY 1,031,571 TOTAL LIABILITIES AND MEMBERS' EQUITY $ 2,062,453

Costs Incurred (Tables)

Costs Incurred (Tables)	6 Months Ended
	Dec. 31, 2015
Mineral Industries Disclosures [Abstract]
Costs to Acquire and Explore the Properties	Costs to acquire and explore our Tetlin Lease and other properties were as follows: Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Exploration costs, claim rentals, and minimum royalties $ — $ 155,128 $ 14,425 294,736 Total costs incurred $ — $ 155,128 $ 14,425 $ 294,736

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Dec. 31, 2015
Basic and Diluted Net Loss Per Share of Common Stock	A reconciliation of the components of basic and diluted net loss per share of common stock is presented below: Three Months ended December 31, 2015 2014 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Basic Loss per Share: Net loss attributable to common stock $ (318,158 ) 3,917,727 $ (0.08 ) $ (661,250 ) 3,817,872 $ (0.17 ) Diluted Loss per Share: Net loss attributable to common stock $ (318,158 ) 3,917,727 $ (0.08 ) $ (661,250 ) 3,817,872 $ (0.17 ) Six Months ended December 31, 2015 2014 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Basic Loss per Share: Net loss attributable to common stock $ (768,650 ) 3,889,103 $ (0.20 ) $ (1,698,420 ) 3,811,819 $ (0.45 ) Diluted Loss per Share: Net loss attributable to common stock $ (768,650 ) 3,889,103 $ (0.20 ) $ (1,698,420 ) 3,811,819 $ (0.45 )

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based Compensation Expense, Allocation of Recognized Period Costs	Stock-based compensation expense for the periods reflected was as follows: Three Months Ended December 31, Six Months Ended December 31, 2015 2015 2014 2015 2014 Stock-based compensation included in: Exploration expense (1) $ — $ 48,234 $ — $ 105,234 Stock-based compensation expense (2) 146,597 159,192 367,220 272,043 Total stock-based compensation expense $ 146,597 $ 207,426 $ 367,220 $ 377,277 (1) Related to restricted stock and stock option awards to a former technical consultant. (2) Related to restricted stock and stock option awards to the Company’s directors and employees.
Schedule of Restricted Stock and Stock Options	Stock Options. The option awards listed in the table below have been granted to directors, officers, employees and consultants of the Company: Option Awards Period Granted Options Granted Weighted Average Exercise Price Vesting Period (7) Expiration Date September 2011 (1) 50,000 $13.13 Vests over two years, beginning with one-third on the grant date. September 2016 July 2012 (2) 100,000 $10.25 Vests over two years, beginning with one-third on the grant date. July 2017 December 2012 (3) 250,000 $10.20 Vests over two years, beginning with one-third on the grant date. December 2017 June 2013 (4) 37,500 $10.00 Vested Immediately June 2018 July 2013 (5) 5,000 $10.00 Vested Immediately July 2018 September 2013 (6) 37,500 $10.01 Vested Immediately September 2018 September 2013 (6) 15,000 $10.01 Vests over two years, beginning with one-third on the grant date. September 2018 (1) The Company granted 40,000 stock options to its directors and officers and an additional 10,000 stock options to a former technical consultant, for services performed during fiscal year 2011. (2) The Company granted 75,000 stock options to its directors and officers and an additional 25,000 stock options to a former technical consultant for services performed during fiscal year 2012. (3) The Company granted 175,000 stock options to its directors and an additional 75,000 stock options to a former technical consultant for services performed during fiscal year 2013. (4) The Company granted 37,500 stock options to its employees for services performed during fiscal year 2013. (5) The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013. (6) The Company granted 52,500 stock options to its employees for services performed during the first quarter of fiscal year 2014. (7) If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest.
2010 Plan [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the status of stock options granted under the 2010 Plan as of December 31, 2015 and changes during the six months then ended, is presented in the table below: Six Months Ended Shares Under Options Weighted Average Exercise Price Outstanding, June 30, 2015 445,000 $10.41 Granted — — Exercised — — Forfeited — — Outstanding, December 31, 2015 445,000 $10.41 Aggregate intrinsic value $ — Exercisable, end of period 445,000 $10.41 Aggregate intrinsic value $ — Available for grant, end of period 299,094

Organization and Business (Deta

Organization and Business (Details) shares in Millions, $ in Millions	Nov. 29, 2010USD ($)ashares	Dec. 31, 2015a	Dec. 31, 2015a	Oct. 31, 2018USD ($)	Mar. 31, 2015a	Jan. 08, 2015USD ($)	Sep. 29, 2014
Subsidiary shares issued | shares	1.6
Acreage of Unpatented Mining Claims-Alaska					71,896
Royal Gold initial investment | $						$ 5
Royal Gold percentage of interest in Joint Venture					0.00%
Contango's percentage of interest in Joint Venture Company						100.00%
royalgoldjointventure | $				$ 30
joint adventure economic interest						40.00%
additional new mining claims-state of Alaska		59	59
unpatented mining claims-Eagle		9,439	9,439
Native Village of Tetlin Land [Member]
Percentage of Leasehold Interest	100.00%
Leasehold Interest Acreage	675,000
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage		10 years	10 years
Contango [Member]
Parent contribution | $	$ 3.5
JEX [Member]
Overriding royalty interest		3.00%	3.00%
JEX [Member] | ALASKA
the number of unpatented state of Alaska mining claims					474
Overriding royalty interest		2.00%	2.00%				2.00%
Unpatented Mining Claims from the State of Alaska for Gold and Minerals [Member]
Acreage of Unpatented Mining Claims	18,021

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2015	Jun. 30, 2015	Jan. 08, 2015
Jointly Owned Utility Plant Interests [Line Items]
Royal Gold initial investment			$ 5
Contango's percentage of interest in Joint Venture Company			100.00%
Common stock, shares authorized	30,000,000	30,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	3,948,540	3,876,206
Common stock, shares outstanding	3,948,540	3,876,206

Investment in Peak Gold, LLC (D

Investment in Peak Gold, LLC (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Jun. 30, 2015	Jan. 08, 2015
Schedule of Equity Method Investments [Line Items]
Exploration expense of equity method investment			$ 3,944,230		$ 5,851,661
General and Administrative Expense of Equity Method Investment			554,803		950,654
Total Expenses of Equity Method Investment			4,499,033		6,802,315
Equity Method Investment, Summarized Financial Information, Current Assets	$ 628,567		628,567		628,567
Equity Method Investment, Summarized Financial Information, Noncurrent Assets	1,433,886		1,433,886		1,433,886
Suspended Losses					5,400,000
Income (Loss) from Equity Method Investments	0	$ 0	0	$ 0	6,800,000	$ (1,433,886)
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 1,400,000		$ 1,400,000		$ 1,400,000		$ 1,433,886
Royal Alaska Joint Venture Percentage	2.80%		2.80%		2.80%
Contango Joint Venture Percentage	97.00%		97.00%		97.00%		100.00%
Equity Method Investments	$ 0		$ 0		$ 0	$ 0
Equity Method Investment, Summarized Financial Information, Assets	2,062,453		2,062,453		2,062,453
Equity Method Investment, Summarized Financial Information, Current Liabilities	1,030,882		1,030,882		1,030,882
Equity Method Investment, Summarized Financial Information, Liabilities	1,030,882		1,030,882		1,030,882
Equity Method Investment Summarized Financial Information, Equity	1,031,571		1,031,571		1,031,571
Equity Method Investment, Summarized Financial Information, Liabilities and Equity	2,062,453		2,062,453		2,062,453
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 1,184,723		$ 4,499,033		$ 6,802,315

Costs Incurred (Details)

Costs Incurred (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 29, 2010a
Costs Incurred to acquire and explore mining properties [Line Items]
Exploration costs and claim rentals	$ 0	$ 155,128	$ 14,425	$ 294,736
Total costs incurred	$ 0	$ 155,128	$ 14,425	$ 294,736
Native Village of Tetlin Land [Member]
Costs Incurred to acquire and explore mining properties [Line Items]
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage	10 years		10 years
Leasehold Interest Acreage | a					675,000

Prepaid Expenses (Details)

Prepaid Expenses (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Prepaid Expense, Current	$ 111,336	$ 67,384

Other Assets (Details)

Other Assets (Details) - USD ($)	1 Months Ended		13 Months Ended
	Jul. 31, 2011	Jun. 30, 2011	Jun. 30, 2012	Dec. 31, 2015	May. 31, 2011
Royalties [Line Items]
Payment to Tetlin to reduce royalty rate	$ 150,000	$ 75,000
Decrease in royalty rates	0.50%	0.25%
Tetlin Lease [Member]
Royalties [Line Items]
Payment to Tetlin to reduce royalty rate			$ 225,000
Decrease in royalty rates				0.75%
Tetlin Lease [Member] | Minimum [Member]
Royalties [Line Items]
Royalty rate	1.25%				2.00%
Tetlin Lease [Member] | Maximum [Member]
Royalties [Line Items]
Royalty rate	4.25%				5.00%
Tetlin Lease [Member] | Scenario 1 [Member]
Royalties [Line Items]
Increase in royalty rates				0.25%
Payment by Tetlin to increase royalty rate				$ 150,000
Tetlin Lease [Member] | Scenario 2 [Member]
Royalties [Line Items]
Increase in royalty rates				0.50%
Payment by Tetlin to increase royalty rate				$ 300,000
Tetlin Lease [Member] | Scenario 3 [Member]
Royalties [Line Items]
Increase in royalty rates				0.75%
Payment by Tetlin to increase royalty rate				$ 450,000

Loss Per Share (Details)

Loss Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss for the period			$ (768,650)
Net Income (Loss) Attributable to Parent	$ 318,158	$ 661,250	$ 768,650	$ 1,698,420
Weighted Average Number of Shares Outstanding, Basic and Diluted	3,917,727	3,817,872	3,889,103	3,811,819
Earnings Per Share, Basic and Diluted	$ 0.08	$ 0.17	$ 0.20	$ 0.45
Options and warrants outstanding	1,675,999	1,675,999	1,675,999	1,675,999
Earnings Per Share, Basic [Abstract]
Net loss attributable to common stock, Per Share	$ (0.08)	$ (0.17)
Earnings Per Share, Diluted [Abstract]
Net loss attributable to common stock, Per Share	$ (0.08)	$ (0.17)	$ (0.20)	$ (0.45)
2010 Plan [Member] | Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	445,000		445,000		445,000
Accumulated Defecit Exploration Stage [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss for the period			$ (768,650)

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 29, 2010	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 19, 2012
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, shares authorized		30,000,000	30,000,000
Preferred stock, shares authorized		15,000,000
Common stock, shares outstanding		3,948,540	3,876,206
Common Stock, Shares, Issued		3,948,540	3,876,206
Options and warrants outstanding		1,675,999		1,675,999
Distribution [Abstract]
Subsidiary shares issued	1,600,000
Private Placement [Abstract]
Number of shares preferential right will allow holder to purchase		1/100
Common stock, par value		$ 0.01	$ 0.01
Percentage of Preferred Stock Holder Can Under the Rights Plan		1,675,999			0.01
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 80
Rate of Rights Distribution					100.00%
Contango [Member]
Distribution [Abstract]
Parent contribution	$ 3.5
Restricted Stock [Member]
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Nonvested balance (in shares)		112,332

Formation of Joint Venture Co33

Formation of Joint Venture Company (Details) - USD ($)	Dec. 31, 2015	Jan. 08, 2015
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 1,400,000	$ 1,433,886
Royal Alaska Joint Venture Percentage	2.80%
joint adventure investment		$ 45,700,000
Royal Gold percentage of interest		0.00%
Royal Gold initial investment		$ 5,000,000
joint adventure economic interest		40.00%
Royal Gold aggregate amount of investment		$ 30,000,000
joint adventure interest retained in the Company		60.00%
Contango Joint Venture Percentage	97.00%	100.00%
royalgoldadditionalinvestment		$ 750,000
ADDITIONAL ECONOMIC INTEREST SELLABLE		20.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Dec. 31, 2015	Sep. 29, 2014
Related Party Transaction [Line Items]
Accrued Rent	$ 8,000
JEX [Member]
Related Party Transaction [Line Items]
Overriding royalty interest	3.00%
ALASKA | JEX [Member]
Related Party Transaction [Line Items]
Overriding royalty interest	2.00%	2.00%

Stock Based Compensation Alloca

Stock Based Compensation Allocation of Recognized Period Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 146,597	$ 207,426	$ 367,220	$ 377,277
Exploration expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	0	48,234	0	105,234
Stock-based compensation expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 146,597	$ 159,192	$ 367,220	$ 272,043

Stock Based Compensation RSUs (

Stock Based Compensation RSUs (Details) - shares	1 Months Ended				3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Nov. 30, 2014	Nov. 30, 2010	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)			27,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance (in shares)	112,332
2010 Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	40,000	85,000			95,000
Directors and Officers [Member] | 2010 Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)				70,429
December 2015 grant [Member] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance (in shares)	26,666
November 2014 grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance (in shares)	9,000

Stock Based Compensation Stock

Stock Based Compensation Stock Options (Details) - USD ($)	1 Months Ended				3 Months Ended				6 Months Ended
	Jul. 31, 2013	Dec. 31, 2012	Jul. 31, 2012	Sep. 30, 2011	Dec. 31, 2015	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Exercised (in shares)									(72,334)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Granted (Weighted Average Exercise Price)		$ 10.20	$ 10.25	$ 13.13			$ 10.01	$ 10
2010 Plan [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Grants (in shares)					0		52,500
2010 Plan [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)									445,000
Grants (in shares)		250,000	100,000	50,000			37,500	37,500
Exercised (in shares)					0
Forfeited (in shares)					0
Outstanding, end of period (in shares)					445,000				445,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (Weighted Average Exercise Price)									$ 10.41
Granted (Weighted Average Exercise Price)					$ 0
Exercised (Weighted Average Exercise Price)					0
Forfeited (Weighted Average Exercise Price)					0
Outstanding, end of period (Weighted Average Exercise Price)					$ 10.41				$ 10.41
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate intrinsic value, outstanding					$ 0				$ 0
Exercisable, end of period (in shares)					445,000				445,000
Exercisable, end of period (Weighted Average Exercise Price)					$ 10.41				$ 10.41
Aggregate intrinsic value, exercisable					$ 0				$ 0
Available for grant, end of period (in shares)					299,094				299,094
Directors and Officers [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Grants (in shares)			75,000	40,000		175,000
technical consultant [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Grants (in shares)			25,000	10,000		75,000
technical consultant [Member] | 2010 Plan [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Grants (in shares)	5,000					5,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Granted (Weighted Average Exercise Price)	$ 10
Chief Financial Officer [Member] | 2010 Plan [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Grants (in shares)							15,000

Stock Based Compensation Narrat

Stock Based Compensation Narrative (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

24 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Nov. 30, 2014

Dec. 31, 2012

Jul. 31, 2012

Sep. 30, 2011

Nov. 30, 2010

Dec. 31, 2015

Mar. 31, 2014

Sep. 30, 2013

Jun. 30, 2013

Dec. 31, 2015

Jan. 08, 2017

Jun. 30, 2015

Jan. 08, 2015

Dec. 08, 2011

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 10.20

$ 10.25

$ 13.13

$ 10.01

$ 10

Restricted shares granted during period

27,000

restricted stock issued shares DIRECTORS

30,000

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options

10,000

remaining shares to be vested

two-thirds

restricted stock issued shares

10,000

restricted stock issued shares DIRECTORS unvested

20,000

20,000

20,000

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nonvested balance (in shares)

112,332

112,332

112,332

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options

$ 420,575

$ 420,575

$ 420,575

2010 Plan [Member] | Stock Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock and options authorized under plan

1,000,000

2010 Plan [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

2 years

Options outstanding

445,000

445,000

445,000

445,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 0

Weighted-average exercise price (USD per share)

$ 0

2010 Plan [Member] | Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted during period

40,000

85,000

95,000

Directors and Officers [Member] | 2010 Plan [Member] | Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted during period

70,429

Owner of Avalon Development Corporation [Member] | 2010 Plan [Member] | Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted during period

23,477

November 2014 grant [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nonvested balance (in shares)

9,000

9,000

9,000

September 2015 grant [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nonvested balance (in shares)

56,666

56,666

56,666

Commitments and Contingencies R

Commitments and Contingencies Royalties (Details)	1 Months Ended		13 Months Ended
	Jul. 31, 2011USD ($)	Jun. 30, 2011USD ($)	Jun. 30, 2012USD ($)	Dec. 31, 2015USD ($)	Sep. 29, 2014	Jul. 15, 2012USD ($)	May. 31, 2011	Nov. 29, 2010a
Royalties [Line Items]
Payment to Tetlin to reduce royalty rate	$ 150,000	$ 75,000
Decrease in royalty rates	0.50%	0.25%
Tetlin Lease [Member]
Royalties [Line Items]
Contractual annual exploration costs				$ 350,000
Payment to Tetlin to reduce royalty rate			$ 225,000
Decrease in royalty rates				0.75%
Tetlin Lease [Member] | Minimum [Member]
Royalties [Line Items]
Royalty rate	1.25%						2.00%
Advance royalties				$ 50,000		$ 75,000
Tetlin Lease [Member] | Maximum [Member]
Royalties [Line Items]
Royalty rate	4.25%						5.00%
Tetlin Lease [Member] | Scenario 1 [Member]
Royalties [Line Items]
Increase in royalty rates				0.25%
Payment by Tetlin to increase royalty rate				$ 150,000
Tetlin Lease [Member] | Scenario 2 [Member]
Royalties [Line Items]
Increase in royalty rates				0.50%
Payment by Tetlin to increase royalty rate				$ 300,000
Tetlin Lease [Member] | Scenario 3 [Member]
Royalties [Line Items]
Increase in royalty rates				0.75%
Payment by Tetlin to increase royalty rate				$ 450,000
JEX [Member]
Royalties [Line Items]
Overriding royalty interest				3.00%
Native Village of Tetlin Land [Member]
Royalties [Line Items]
Leasehold Interest Acreage | a								675,000
ALASKA | JEX [Member]
Royalties [Line Items]
Overriding royalty interest				2.00%	2.00%

Commitments and Contingencies C

Commitments and Contingencies Claim Rentals (Details)	3 Months Ended	6 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Tetlin Lease [Member]
Claim Rentals [Line Items]
Contractual Annual Exploration Costs	$ 350,000	$ 350,000
Gold Properties [Member]
Claim Rentals [Line Items]
Annual claim rentals	$ 93,485	$ 93,485
Native Village of Tetlin Land [Member]
Claim Rentals [Line Items]
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage	10 years	10 years