Contango Silver & Gold (CTGO) Investor update summary

Geology and Resource Development

• Recent drilling at Lucky Shot has revealed repeatable high-grade gold across multiple vein structures, including new veins L1E and CK, indicating a structurally controlled high-grade vein array with strong continuity and complexity.

• High-grade gold intercepts include 2.89m @ 16.06 g/t Au (CK Vein) and 0.30m @ 55.45 g/t Au (L1c Vein), with visible gold observed in multiple intervals.

• Discovery of an intersecting fault and multiple stacked mineralized structures has clarified the structural dynamics, aiding accurate modeling and future mining plans.

• Underground development of 800 meters is set to provide new drilling platforms, enhance geological understanding, and feed into a feasibility study targeted for H1 2027.

• The focus remains on disciplined, data-driven resource growth, with a current target of 400,000–500,000 oz and annual production guidance of 40,000–50,000 oz.

Acquisition and Financial Structure

• Acquired 100% ownership of Lucky Shot, including real property, mining claims, and equipment, for $16.1 million, extinguishing a 2% NSR royalty.

• The acquisition optimizes financial structure, enhances project economics, and restores full project control.

• Extinguishing the 2% NSR is expected to reduce all-in sustaining costs by about $80/oz, with an estimated value of $3–4 million per year over a five-year mine life.

• Sufficient cash is available to cover near-term payments, and the promissory note is structured for repayment from future production.

• The timing of the acquisition was driven by drilling success, a strong balance sheet, favorable gold prices, and a rare opportunity to consolidate royalties.

Project Pipeline and Operational Outlook

• Lucky Shot is the most advanced project after Manh Choh, which is currently in production; Johnson Tract and Kitsault Valley follow in the development pipeline.

• Lucky Shot production is expected to dovetail with Manh Choh’s depletion, targeting production in 2028, with Johnson Tract about two years behind.

• Plans for Lucky Shot include a DSO (Direct Shipping Ore) model, leveraging proximity to rail and highway infrastructure for cost-effective transport.

• Ongoing exploration at Manh Choh aims to optimize and potentially expand current resources.