Contango Ore (CTGO) Sidoti March Small-Cap Virtual Conference summary

Strategic growth and merger plans

• Gold production is set to rise from 60,000 to 200,000 ounces annually by adding Lucky Shot and Johnson Tract mines over the next four years.

• A merger with Dolly Varden Silver will add significant silver resources and create a company with a near $1 billion market cap, listed in New York and Toronto.

• The combined entity, Contango Silver & Gold, will have over 3 million ounces of gold and 100 million ounces of silver in resources.

• Leadership will blend executives from both companies, with a strong, experienced board.

• The merger aims to leverage synergies in processing polymetallic ores and diversify the portfolio.

Operational and financial highlights

• Manh Choh mine achieved production in July 2024, contributing 60,000 ounces of gold and 57,000 ounces of silver in 2025.

• Annual free cash flow exceeds $100 million, with over $100 million in cash on hand post-merger.

• All-in sustaining costs for 2025 were $1,616/oz; 2026 will see higher costs due to pre-stripping, but costs drop in 2027 with higher production.

• Debt and hedge positions are being eliminated, targeting a debt-free, unhedged status by year-end.

• No need for additional financing is anticipated unless a mill purchase opportunity arises.

Project development and exploration

• Lucky Shot mine targets 50,000 ounces of annual gold production, with ongoing underground drilling and resource expansion.

• High-grade discoveries at Lucky Shot, including the KM vein, may accelerate development plans.

• Johnson Tract project, with over 1 million ounces at 9.4 g/t, aims for 100,000 ounces of gold equivalent annually; permitting targets final approval by March 2028.

• Both projects use a direct shipping ore (DSO) model, minimizing permitting and capital requirements.

• Kitsault asset from Dolly Varden brings five historic silver deposits, with a resource update expected in Q2 2026 and a PEA in 2027.