Contango Silver & Gold (CTGO) Status update summary

Market and Financial Overview

• Gold and silver prices have experienced significant volatility, with recent declines impacting producers more than explorers.

• Central banks continue to buy gold, reflecting ongoing macroeconomic uncertainty and concerns about inflation and debt.

• All 2026 hedge obligations (11,000 ounces) have been delivered ahead of schedule, so future gold sales this year will be at spot prices, increasing exposure to high gold prices.

• The company is focused on paying off debt and aims to remain hedge-free, allowing investors direct exposure to gold price movements.

• Current valuations are seen as an attractive entry point, with shares trading below the net present value of key projects.

Project Updates and Operational Progress

• Lucky Shot is fully permitted, with underground mining and new land acquisitions enabling rapid development; surface drilling began June 22, 2026, with two helicopter-supported rigs mobilized.

• Surface drilling at Lucky Shot targets infill and step-out holes to de-risk and expand the Coleman and Lucky Shot vein systems, with 29 holes totaling approximately 6,800 meters planned.

• Johnson Tract is advancing through the FAST-41 permitting process, with infrastructure work like road construction underway and environmental and cultural baseline studies in progress.

• Kitsault Valley has completed over 14,000 meters of a 40,000-meter drill program, focusing on infill and extensional drilling at multiple targets, with strong team performance and results expected in Q3.

• Resource updates and assay results from Kitsault are expected in late July, with ongoing drilling and news flow anticipated through Q3.

Strategic and Technical Focus

• Lucky Shot drilling is designed to support feasibility-level mine planning, emphasizing geologic confidence and practical mine design over simply increasing ounces.

• The direct shipping ore (DSO) model simplifies permitting and development by eliminating the need for a mill and tailings facility.

• Johnson Tract's permitting benefits from the FAST-41 program, aiming for timely approvals and leveraging existing environmental data.

• Kitsault Valley's consolidated land package allows for efficient resource advancement across multiple deposits.

• M&A activity is currently subdued due to low sector valuations, but strategic mill acquisition remains a focus for future ore processing needs.