Contango Silver & Gold (CTGO) Investor update summary

Surface drilling and resource plan

• Surface drilling concluded August 31 after 5,800 m in 27 holes across five pads; two holes fell short of target due to early snow and steep-ground safety concerns.

• LSS26018 returned 140.23 g/t Au over 0.63 m and 9.97 g/t over 4.57 m, including 86.98 g/t over 0.39 m; LSS26019 returned 13.80 g/t over 2.74 m, including 118.36 g/t over 0.30 m.

• LSS26021 returned 18.16 g/t over 3.65 m, including 61.73 g/t over 0.52 m; LSS26017 returned 46.32 g/t and 15.86 g/t over separate 0.30 m intervals.

• Infill drilling tested vein continuity down dip and along strike; an updated resource estimate is targeted for H1 2027, with a feasibility-level study targeting a five-year mine plan.

• Existing resource cited at 110,000 oz grading 14.5 g/t; target is 400,000-500,000 oz at 10-12 g/t, accounting for dilution and minimum mining width.

Geology and exploration findings

• Coleman 4 is an important vein traced across multiple pads; closely spaced drilling supports continuity and targets the core of the system for resource classification and de-risking.

• Six Coleman veins are currently named; naming is expected to be clarified with the next resource update based on updated geological interpretation.

• Closely spaced drilling is refining vein geometry, intersections, widths and structural boundaries to support resource-to-reserve conversion and mine planning.

• Two holes with no significant assays intersected the Lucky Shot Fault, constraining its surface position and the Coleman offset, defining the Coleman limit and redirecting planned drilling footage.

• Multi-element analyses are assessing fluid pathways and geochemical vectors, including silver, tellurium, bismuth, arsenic and antimony; tellurium was reported at single-digit ppm levels.

Underground work and operating concept

• Development reached 450 m of 830 m planned (~54%); the 2090W West Drift Extension is complete, with work advancing in other headings.

• KM vein drilling began September 16; 10 of 17 planned holes, totaling ~1,140 m, were complete, testing vein geometry, continuity and its interpreted relationship to the Lucky Shot Fault and vein system; assays were expected in Q4 2026.

• Underground development provides access for short KM vein drill holes and stations to test the eastern Lucky Shot system; two drill rigs are planned once development is complete.

• KM is flatter and differently oriented from the Lucky Shot vein; drilling is intended to clarify fault offsets and the structural relationship between the veins.

• Near-term development focuses above the water table and on a concentrated mineable area; more distant or water-affected targets are deferred.