Contango Silver & Gold (CTGO) Status update summary

Macro environment and gold market insights

• Gold prices remain strong, trading between $4,100 and $4,500, supporting robust cash flows for producers.

• Central banks continue to buy gold, reinforcing long-term demand and market stability.

• Recent volatility in gold prices was due to countries selling gold for dollars to buy oil, but this trend is reversing.

Lucky Shot project updates and exploration highlights

• Final assays from initial Lucky Shot drilling include a bonanza-grade intercept of 0.17 meters at 972.10 g/t gold, confirming high-grade potential and visible gold in several veins.

• The geological model has evolved to a complex system of stacked, sub-parallel structures, with the discovery of the cross-cutting KM Vein expanding exploration targets.

• Drilling has improved understanding of the structural complexity and continuity of the Lucky Shot vein system, refining the model and identifying new high-grade targets, especially in the KM vein.

• Updated cross-sections and geological models provide greater confidence in vein geometry, supporting targeted exploration.

Underground development and next steps

• Underground exploration development has resumed, with 43 meters of lateral advancement completed and 800 meters of underground excavation planned over five months.

• The next phase includes 12,000 meters of underground drilling, focusing on the KM Vein and east-west extensions, supported by updated geological models.

• Initial priorities are extending the West Drift to test the KM vein, followed by development of the 2070 East Drift and potential extension of the Enserch Tunnel.

• Development is prioritized for safety and efficiency, with surface drilling planned for the summer.