Contango Ore (CTGO) Investor Update summary

Updated mine plan and operational impacts

• A new mine plan for 2025 and the life of mine was developed following a joint venture meeting, driven by a reduction in bridge weight limits imposed by the Alaska Department of Transportation, resulting in 20% fewer tons deliverable to the Fort Knox mill.

• The bridge weight restriction is considered a worst-case scenario and may be subject to change as mitigation strategies are explored.

• The mine life is extended from 2028 to 2029 due to the reduced tonnage deliverable per year, with life-of-mine for Manh Choh expected to be four to five years at current hauling rates.

• The restriction only affects the Manh Choh to Fort Knox route and does not impact other projects like Lucky Shot or Johnson Tract.

• The bridge weight limits are reviewed annually and could change if the state updates or repairs the bridge.

2025 production and cost guidance

• Anticipates 60,000 ounces of gold production in 2025 from its 30% share of the Manh Choh mine.

• 2025 all-in sustaining cost (AISC) expected at $1,625 per ounce AuEq, with life-of-mine AISC at $1,400 per ounce AuEq.

• AISC increase driven by weight restrictions on the Chena Flood Plain Bridge, higher ore moisture, and increased processing costs.

• Projected 2025 cash distributions from Peak Gold JV to Contango estimated at $50 million, assuming $2,500/oz gold price.

• If gold prices rise to $3,000/oz, most negative cash flow impacts from the bridge restriction would be mitigated.

Operational and financial updates

• Discussions are ongoing with lenders to adjust principal repayments and hedges, aiming to push repayments by two months to address 2025 cash flow needs.

• Focus remains on paying down credit facility and advancing Lucky Shot and Johnson Tract projects.

• Manh Choh project expected to generate significant free cash flow despite operational challenges.

• No immediate need for dilution is anticipated, with focus on lender negotiations and maintaining production.

• Contango holds a 30% interest in Peak Gold JV, with the remainder owned by a Kinross Gold subsidiary.