Contango Silver & Gold (CTGO) Investor update summary

Hedge elimination, debt restructuring, and credit facility amendment

• All remaining gold hedges (15,000 ounces) were converted into $33.0 million of debt, fully removing the hedge book and providing full exposure to gold price upside.

• The debt facility increased from $12.6 million to $46.3 million, with the interest rate reduced from 8.9% to 7.4% and no restructuring fees.

• The cost to settle the hedges included $1.5 million for the forward curve and about $2 million in incremental interest if held to term.

• $715,000 was spent on 15,000 put contracts at a $3,100 strike for downside protection, as required by lenders.

• Repayments are scheduled through June 2027, aligning with the original mine plan and production ramp-up.

Production outlook and operational updates

• Manh Choh mine has transitioned from the north pit to pre-stripping in the south pit, with increased sulfide and higher-grade production expected in the next two quarters and record unhedged output in 2027.

• 2027 is projected as a high-output, low-cost year, with guidance of 75,000–80,000 ounces at $1,200–$1,300 cash cost per ounce.

• All future gold production is now unhedged, maximizing leverage to spot gold prices.

• All-in sustaining costs are expected to remain manageable, with oil price fluctuations having a contained impact.

• The company plans to grow from 60,000 to 200,000 ounces of gold and 5 million ounces of silver production over the next four to five years.

Growth projects and exploration

• Kitsault Valley drilling is over halfway through a 40,000 m program, with a new mineral resource estimate expected soon.

• Johnson Tract is progressing through permitting, and Lucky Shot drills are active, with all projects funded by internal cash flow.

• Guidance on Kitsault production timing is expected next year, following completion of the current drilling and resource update.

• Early-stage exploration is ongoing on additional properties in the southern golden triangle area.

• The company is evaluating multiple options for securing a mill for Kitsault and Johnson Tract, which is a current top priority.