Contango Ore (CTGO) Nordic Funds & Mines Conference 2025 summary

Strategic overview and growth plans

• Focused on three Alaska-based projects: Manh Choh (in production), Lucky Shot (fully permitted), and Johnson Tract (in permitting).

• Five-year plan aims to triple gold production, targeting 200,000 ounces annually, financed internally.

• Management and insiders own about 20% of shares, aligning interests with shareholders.

• Share structure remains tight with 15.5 million shares outstanding and significant debt reduction underway.

• Projects are located on private land, often owned by Alaska Native corporations, ensuring local support.

Operational execution and financial performance

• Manh Choh project leverages existing infrastructure at Fort Knox Mill, reducing capital needs and permitting time.

• Manh Choh produces 200,000 ounces of gold annually (company share: 60,000 ounces), generating over $100 million in free cash flow this year.

• Free cash flow per share exceeds $3, supported by high-grade ore and a streamlined DSO (direct shipping ore) model.

• All-in sustaining cost for Manh Choh is $1,400/oz, with expectations for cost reductions as pre-stripping and fleet expansion are completed.

• No significant inflationary pressures observed, especially in fuel costs, which remain stable.

Project pipeline and development

• Lucky Shot is fully permitted, with drilling to define a 400,000–500,000 ounce resource over the next 12–18 months.

• Lucky Shot expected to start at 30,000–40,000 ounces/year, ramping to 50,000–60,000 ounces.

• Johnson Tract features a thick, high-grade ore body (9.4 g/t, 40m thick) and is advancing through the federal FAST-41 permitting process.

• Johnson Tract's all-in sustaining cost is under $1,000/oz, with robust economics at current and higher gold prices.

• Both projects use the DSO model, minimizing permitting and capital requirements.