Contango Silver & Gold (CTGO) Status update summary

Operational execution and project updates

• Successfully integrated teams post-merger, executing over 70,000 meters of drilling across main projects, with all activities on time and on budget.

• Completed 2026 field programs across all core assets, meeting safety, timing, and budget goals.

• Lucky Shot surface drill program finished early with 5,800 meters drilled; transitioning to a 10,000-meter underground campaign, with a maiden resource estimate expected in the first half of next year.

• Kitsault drill program surpassed planned meters due to team efficiencies, with over 50,000 meters drilled in challenging terrain, and the Kitsault Valley program surpassed 46,000 meters across 123 holes.

• All field activities were completed safely, with no lost time incidents reported.

Project development and permitting progress

• Johnson Tract road building exceeded expectations, completing the laydown area ahead of schedule and achieving substantial permitting for the portal site.

• Johnson Tract permitting for infrastructure remains on schedule, with environmental and cultural studies nearly complete.

• Geotechnical drilling and road construction at Johnson Tract finished on time and on budget, de-risking the project.

• Camp facility expansion at Johnson Tract planned for 2027, supporting future development.

Financial discipline and capital allocation

• All major exploration and development programs were funded from Manh Choh cash flow, avoiding the need to raise additional capital.

• Budgeting and timing are closely managed, with contingency planning for weather-related delays and a focus on safe, efficient operations.

• Net debt is currently around $47 million and is expected to be eliminated by the end of next year.

• 2027 production guidance targets 80,000 ounces at $1,500 AISC, with potential operating cash flows exceeding $200 million at a $5,000 gold price.