Contango Silver & Gold (CTGO) investor relations material

Strategic positioning and growth outlook

• Positioned as a high-grade, mid-tier North American silver and gold producer with operations in Alaska and British Columbia.

• Portfolio includes Manh Choh (in production), Lucky Shot (advancing to feasibility), Johnson Tract (advanced exploration), and Kitsault Valley (exploration).

• Targeting over 200,000 oz Au and 5M oz Ag annual production within five years, fully funded for rapid growth.

• Cash flow from Manh Choh is set to fund near-term project execution and exploration without shareholder dilution.

• Dual-listed on NYSE American and TSX, included in major indices, and supported by strong institutional ownership.

Project highlights and operational performance

• Manh Choh mine began production in Q3 2024, with 60,200 oz gold and 57,315 oz silver produced in 2025; $102M cash distribution and AISC of $1,616/oz.

• Lucky Shot mine targets 400,000–500,000 oz Au resource, with feasibility underway and 40,000–50,000 oz annual production expected by 2028.

• Johnson Tract project has a 1.1 Moz AuEq resource, targeting 100,000 oz AuEq annual production by 2030; post-tax NPV5 of $615.4M and 60% IRR at $4,000 gold.

• Kitsault Valley holds ~65 Moz Ag and ~1 Moz Au resources, with a new resource estimate and 40,000m drill program planned for 2026.

• Direct Ship Ore (DSO) model reduces environmental footprint, permitting risk, and upfront capital costs by eliminating onsite processing and tailings.

Financial and capital structure

• Market cap of $825M, with $97.5M cash, $20M convertible debenture, and $13.6M debt as of March 2026.

• 32.9M shares outstanding (34.0M fully diluted); management/insiders and institutions each hold ~45%.

• Current P/NAV of 0.54x, trading at a significant discount to peer average of 0.71x, indicating potential for re-rating.

• Highly leveraged to silver and gold prices, with industry-leading resource grades and resource exposure per share.