Contango Ore (CTGO) investor relations material

Strategic overview and growth plans

• Focused on three Alaska-based projects: Manh Choh (in production), Lucky Shot (fully permitted), and Johnson Tract (in permitting), aiming to triple gold production in five years through internal financing.

• Management and insiders own about 20% of shares, with a disciplined approach to share structure and debt reduction, now under $15 million from $60 million a year ago.

• Manh Choh leverages existing infrastructure at Fort Knox Mill, enabling rapid production start and significant cost savings.

• Lucky Shot and Johnson Tract are high-grade, simple operations, with Lucky Shot drilling to define a 400,000–500,000 ounce resource and Johnson Tract targeting robust, low-cost underground mining.

• Five-year plan targets growth from 60,000 to 200,000 ounces of gold annually, funded by cash flow from Manh Choh, minimizing shareholder dilution.

Operational performance and financials

• Manh Choh produces 200,000 ounces annually (company share: 60,000 ounces), with $87 million in cash distributions and over $3 free cash flow per share.

• On track to exceed $100 million in free cash flow this year, with high-grade open pit operations and a DSO (direct shipping ore) model reducing capital needs.

• All-in sustaining cost for Manh Choh is $1,400/oz (life of mine), with current costs higher due to pre-stripping and fleet expansion, but expected to decrease next year.

• Johnson Tract's all-in sustaining cost is under $1,000/oz, supported by high grades and thick ore bodies; recent gold sales reached $4,005/oz.

• No significant inflation seen in fuel or equipment costs; hedging and operational efficiency support strong margins.

Permitting, logistics, and stakeholder relations

• DSO model avoids lengthy permitting and large capital outlays by using existing mills, enabling faster production and less dilution.

• Projects are on private land, often owned by Alaska Native corporations, fostering strong local relationships and streamlined permitting.

• Johnson Tract is entering the federal FAST-41 permitting program, aiming for coordinated, expedited permitting within 12–18 months.

• Simple logistics for ore transport via containers by rail, barge, or truck, leveraging Alaska’s infrastructure and coastline.

• Strong federal and state support for mining in Alaska, with a focus on high-grade, high-margin projects.