Contango Silver & Gold (CTGO) Status update summary

Macro environment and gold market insights

• Gold prices have shown volatility due to global crises, with recent declines attributed to countries selling gold to acquire dollars for oil purchases, but central banks remain committed to long-term gold accumulation.

• Current gold prices are highly profitable for producers, with all-in sustaining costs well below spot prices, supporting strong cash flows and debt reduction.

Lucky Shot project geological and operational update

• Final assays from the initial underground drilling phase at Lucky Shot include a standout intercept of 0.17 meters grading 972.10 g/t gold, with multiple other high-grade intervals and visible gold observed in several veins.

• Recent drilling at Lucky Shot returned exceptionally high-grade gold intercepts, validating the presence of bonanza-grade mineralization and supporting the geological model.

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

• The discovery of the cross-cutting KM Vein expands the system's potential and adds new high-priority exploration targets, with upcoming underground development and drilling focused on this structure.

• Increased structural complexity is seen as positive, providing more exploration targets and supporting a broader mineralized corridor.

Underground development and next steps

• Underground exploration development has re-commenced, with GMS Mine Repair & Maintenance mobilized and 43 meters of lateral advancement completed to establish new drill platforms.

• The development program includes approximately 800 meters of underground excavation over five months, enabling the next phase of 12,000 meters of drilling and supporting technical studies for a potential Feasibility Study.

• The next phase includes 12,000 meters of underground drilling, with models continuously updated to optimize targeting and resource estimation.

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

• Development is prioritized before drilling to ensure safe and efficient underground access, with surface drilling planned for the summer.