Contango Silver & Gold (CTGO) Mining Forum Americas 2026 summary

Strategic growth and production plans

• Five-year plan targets growth from 60,000 to 200,000 ounces of gold and 5 million ounces of silver, primarily from Johnson Tract and Kitsault projects.

• Growth is fully funded by existing cash flows from Manh Choh, with Lucky Shot as an intermediary production step.

• Portfolio features high-grade resources, with 8 million ounces of gold and 83 million ounces of silver in resource.

• Projects are located in Tier 1 jurisdictions, with 33 million shares outstanding and no plans for dilution until production decisions are made.

• Trading at a low multiple, with expectations of a share price re-rating as project milestones are achieved.

Operational execution and financial performance

• Manh Choh mine, a joint venture with Kinross, is in production using a direct shipping ore (DSO) model, reducing permitting time and environmental footprint.

• Achieved production of 60,000 ounces of gold in 2025, generating over $100 million in dividends, with costs slightly above $1,600 per ounce.

• 2024 production guidance is 40,000–45,000 ounces due to pre-stripping, with costs expected to rise to $1,700 per ounce.

• Projected free cash flow of nearly $200 million in 2025, with all hedges eliminated and $45 million debt to be paid off by June 2026.

• DSO model enables rapid permitting and low capital intensity, with all future mines planned as underground operations on private or native land.

Project development and exploration updates

• Lucky Shot aims to outline 400,000–500,000 ounces of gold at 14 g/t, with a five-year mine plan targeting 50,000 ounces per year.

• New KM Vein discovery at Lucky Shot, with ongoing underground drilling and resource expansion.

• Johnson Tract is a wide, high-grade polymetallic deposit, with underground access and permitting underway; production targeted for 2030.

• Kitsault, a silver-rich district, recently released a resource estimate of 89 million ounces silver equivalent, with ongoing drilling and resource updates expected by March 2027.

• Drilling at Kitsault is connecting previously separate deposits, improving mine planning and access efficiency.