Contango Silver & Gold (CTGO) Status update summary

Market and macroeconomic context

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

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

• The Federal Reserve has shifted away from providing forward guidance, increasing market uncertainty.

• Current market conditions are seen as a buying opportunity for undervalued mining stocks.

Project updates and operational progress

• Lucky Shot is fully permitted, with underground mining underway and a new land acquisition supporting development.

• Johnson Tract is advancing through the FAST-41 permitting process, with infrastructure work focused on road construction and environmental studies.

• Kitsault Valley's 40,000-meter drill program is ahead of schedule, with strong team performance and multiple targets being tested.

• Geotechnical drilling and construction of a 2.6-mile road on CIRI land are ongoing at Johnson Tract, with activities expected to extend into October.

• Conference call and webcast to discuss project updates is scheduled for June 24, 2026, at 3:00 pm EST / 12:00 pm PST.

Exploration and technical advancements

• Lucky Shot's surface drilling began June 22, 2026, with two helicopter-supported rigs mobilized to site.

• 29 holes totaling approximately 6,800 meters are planned to infill and test structural continuity between Coleman and Lucky Shot vein systems.

• Kitsault Valley drilling is focused on infill and extensional work at Torbrit and North Star, with Wolf and Red Point expanding exploration potential.

• First samples from Torbrit and North Star sent for analysis; results expected to begin in Q3.

• Progress on the West Drift tunnel is enabling testing of the KM vein, with promising geological indicators observed.