Contango Silver & Gold Inc 8-K, filed Nov 14, 2025
Contango Silver & Gold Inc. (CTGO)
About this 8-K
Contango Silver & Gold Inc filed this 8-K on November 14, 2025, reporting on events of November 13, 2025.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 13, 2025, Contango ORE, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On November 13, 2025, the Company made available a new corporate presentation. A copy of this presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is available on the Company’s website at www.contangoore.com.
The Company’s presentation furnished as Exhibit 99.2 to this Current Report contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Reconciliations of these non-GAAP financial measures are not included in the furnished presentation due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate the most directly comparable GAAP financial measures. In addition, certain of the non-GAAP financial measures have been prepared by Kinross Gold Corporation, the Company’s partner in, and the manager of, Peak Gold, LLC, a joint venture company in which the Company currently holds a 30% interest, and are based on International Financial Reporting Standards (IFRS) accounting standards and detailed information to which the Company has not had access to at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.
The information included herein and in Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Cautionary Note Regarding Forward-Looking Statements
Many of the statements included or incorporated in this Current Report on Form 8-K and the furnished exhibit constitute “forward-looking statements.” In particular, they include statements relating to future actions, strategies, future operating and financial performance, ability to realize the anticipated benefits of various transactions and the Company’s future financial results. These forward-looking statements are based on current expectations and projections about future events. Readers are cautioned that forward-looking statements are not guarantees of future operating and financial performance or results and involve substantial risks and uncertainties that cannot be predicted or quantified, and, consequently, the actual performance of the Company may differ materially from that expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, factors described from time to time in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein).
Item 9.01 Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description of Exhibit |
99.1 |
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99.2 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CONTANGO ORE, INC. |
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Date: |
November 13, 2025 |
By: |
/s/ Mike Clark |
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Chief Finacial Officer and Secretary |
NEWS RELEASE
CONTANGO ORE, INC.
Contango Announces Record High $25 Million in Income from Operations and Cash Position of $107 Million for the Quarter Ended September 30, 2025
FAIRBANKS, AK -- (November 13, 2025) -- Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-Q for the quarter ended September 30, 2025 (“Q3-2025”).
Rick Van Nieuwenhuyse, President and CEO of the Company, stated, “Production during the third quarter of 2025 continued to exceed quarterly guidance with record high income of $25 million from operations and adjusted net income1 of $24.9 million. The Company ended the quarter with $107 million in cash. During the quarter, 16,669 ounces of gold were sold with cash costs per ounce sold of $1,402 and all-in-sustaining costs of $1,597 per ounce sold - below the 2025 target of $1,625 per ounce. The fourth campaign of 2025 is scheduled to commence on November 19, 2025. We expect the last campaign of the year to be lower than the previous three due to the short run time of the last batch of the year and the onset of winter operating conditions. We are guiding to between 6,000 and 8,000 gold ounces for Contango’s 30% share of Q4 production. However, to this we will add the test batch of Manh Choh ore blended with Fort Knox ore, which included 44,447 tons of “low grade oxide” Manh Choh ore grading 0.104 oz/ton blended with typical Fort Knox ore. Recovery in the CIP circuit averaged 94% resulting in 4,366 total gold ounces produced, yielding approximately 1,300 additional gold ounces for Contango’s 30% production and will be added to the regular Q4 Campaign in the next quarterly reporting period. Lastly, we are also excited to announce that we have mobilized a drill rig to the Lucky Shot mine site with the first phase of a 15,000-meter underground in-fill drilling program getting underway soon. We expect assay results to start being reported in the first quarter of 2026. This work, along with detailed engineering, hydrology and geotechnical work will form the basis for a feasibility level mine and transportation plan for Lucky Shot, which we are targeting to produce 30,000 to 40,000 ounces of gold per year using our Direct Shipping Ore (DSO) approach. We expect to complete the feasibility study in 12 to 18 months and make a production decision in 2027.”
Statement of Operations for Q3-2025 compared to Q3-2024:
1 See non-GAAP measure disclosed in press release below.
The Company reported total income from operations of $25.0 million (“M”) in Q3-2025 compared to $22.7 M for the quarter ended September 30, 2024 (“Q3-2024”). In Q3-2025, the Company reported adjusted net income of $24.9 M compared to $19.1 M for Q3-2024. The Company reported net loss of $5.4 M or $0.44 loss per fully diluted. This compares to a net loss of $9.7 M for Q3-2024 or $0.81 loss per fully diluted share. The net loss for Q3-2025 and Q3-2024 includes a non-cash unrealized loss on derivative contracts in the amounts of $14.4M and $22.9 M, respectively. In Q3-2025, Contango sold 16,669 ounces of gold with cash costs on a by-product basis, per ounce sold (“Cash Costs”) of $1,402 and all-in-sustaining costs per ounce sold (“AISC”) of $1,597.
Statement of Cash Flows for the Nine Months Ended September 30, 2025 compared to September 30, 2024:
Net cash provided from operating activities was $60.2 M for the nine months ended September 30, 2025 (“YTD-2025”), a significant improvement compared to $10.6 M for the nine months ended September 30, 2024 (“YTD-2024”). The increase in net cash provided by operating activities was primarily driven by gold production at the Manh Choh mine and the receipt of $87.0 M in cash distributions from the Peak Gold JV. Cash used in investing activities was $361,992 for YTD-2025 compared to $31.9 M in YTD-2024, which related to cash invested in the Peak Gold JV to fund Contango’s share of Manh Choh development costs in 2024. Cash provided by financing activities were $26.9 M for YTD-2025, which primarily related to cash proceeds from an equity offering offset by principal repayments of $29.0 M on its credit facility. This compares to cash inflows of $41.9 M in YTD-2024, primarily related to debt drawdowns of $30.0 M on its credit facility and an equity raise of $15.5 M. The Company’s unrestricted cash position as of September 30, 2025 was $107.0 M compared to $20.1 M as of December 31, 2024.
During Q3-2025 and subsequent to period end, the Company has the following updates:
Manh Choh Mine:
Production results:
Contango's Share (30% basis) |
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Q3-2025 |
YTD-2025 |
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Gold ounces produced |
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17,057 |
52,020 |
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Gold ounces sold |
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16,669 |
51,575 |
oz |
Silver ounces sold |
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16,969 |
45,212 |
oz |
Total gold sales |
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$ |
60,792,664 |
170,176,769 |
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Total silver sales |
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$ |
703,085 |
1,647,050 |
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Remaining hedge balance, excluding Carry Trade |
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62,900 |
62,900 |
oz |
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Gold delivered into Carry Trade2 hedge contracts2 |
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13,600 |
13,600 |
oz |
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Remaining hedge balance, including Carry Trade2 |
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49,300 |
49,300 |
oz |
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Average realized spot gold price |
$ |
3,647 |
3,300 |
per oz sold |
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Cash distributions received from Peak Gold JV |
$ |
33,000,000 |
87,000,000 |
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Cash costs on By-Product Basis, per Ounce Sold3 |
$ |
1,402 |
1,384 |
per oz sold |
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AISC on By-Product Basis, per Ounce Sold3 |
$ |
1,597 |
1,505 |
per oz sold |
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2025 Guidance (30% Basis) |
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2025 gold production guidance |
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60,000 |
oz |
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Lucky Shot Project:
2 The Carry Trade represents 13,600 ounces of gold that were sold at spot price during Q3-2025 and simultaneously locked in with a forward price to settle on the hedge contract that matures on October 31, 2025. The Carry Trade was settled on October 31, 2025 with a net payment of $22.4 million from Contango in exchange for the reduction of 13,600 ounces of gold under the hedge agreement.
3 See non-GAAP measures in Item 2 of the Company’s 10Q for the quarter September 30, 2025.
Johnson Tract Project:
Repayments of Debt, Reduction of Hedge Contracts and Financing:
Adjusted Net Income (Non-GAAP)
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Three Months |
Three Months |
Nine Months |
Nine Months |
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2025 |
2024 |
2025 |
2024 |
Net loss |
(5,392,948) |
(9,712,416) |
(12,016,408) |
(48,755,408) |
Loss on derivative contracts |
30,335,871 |
28,844,179 |
83,656,330 |
57,023,000 |
Adjusted net income |
$24,942,923 |
$19,131,763 |
$71,639,922 |
$8,267,592 |
CONFERENCE CALL AND WEBCAST
Contango will host a conference call and webcast to discuss the second quarter results on Friday, November 14, 2025, at 11:30am EST / 8:30am PST. Participants may join the webcast using the following call-in details: https://6ix.com/event/contango-ore-q3-update.
ABOUT CONTANGO
Contango is a NYSE American listed company that engages in exploration for gold and associated minerals in Alaska. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the Peak Gold JV. The Company and its subsidiaries also have (i) a lease on the Johnson Tract project from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project from the underlying owner, Alaska Hardrock Inc., (iii) 100% ownership of approximately 8,600 acres of peripheral State of Alaska mining claims, and (iv) a 100% interest in approximately 145,000 acres of State of Alaska mining claims that give Contango the exclusive right to explore and develop minerals on these lands. Additional information can be found on our web page at www.contangoore.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding Contango that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995, based on Contango’s current expectations and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as “expects”, “projects”, “anticipates”, “plans”, “estimates”, “potential”, “possible”, “probable”, or “intends”, or stating that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved). Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to: the risks of the exploration and the mining industry (for example, operational risks in exploring for and developing mineral reserves; risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by Contango or the Peak Gold JV; ability to realize the anticipated benefits of the Peak Gold JV; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health,
safety and environmental risks and risks related to weather and other natural disasters); uncertainties as to the availability and cost of financing; Contango’s inability to retain or maintain its relative ownership interest in the Peak Gold JV; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; the extent of disruptions caused by an outbreak of disease, such as the COVID-19 pandemic; and the possibility that government policies may change, political developments may occur or governmental approvals may be delayed or withheld, including as a result of presidential and congressional elections in the U.S. or the inability to obtain mining permits. Additional information on these and other factors which could affect Contango’s exploration program or financial results are included in Contango’s other reports on file with the U.S. Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
CONTACTS:
Contango ORE, Inc.
Rick Van Nieuwenhuyse
(907) 888-4273
www.contangoore.com
FORWARD LOOKING STATEMENTS The Feasibility Study (“FS”) referenced herein that relates to Peak Gold, LLC (“Peak Gold”), was prepared by Kinross Gold Corporation (“Kinross”), which controls the Manager of Peak Gold and holds 70% of its outstanding membership interests, in accordance with Canadian National Instrument 43-101 (NI 43-101). Contango Ore, Inc. (“CORE” or “Contango”) owns the remaining 30% membership interest in Peak Gold, and must rely on Kinross and its affiliates for the FS and related information. Further, CORE is not subject to regulation by Canadian regulatory authorities and no Canadian regulatory authority has reviewed the FS or passed upon its accuracy or compliance with NI 43-101. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” as used in the resource estimate, the FS and this presentation are Canadian mining terms as defined in accordance with NI 43-101. In the United States, mining disclosure is reported under sub-part 1300 of Regulation S-K (“S-K 1300”). Under S-K 1300, the U.S. Securities and Exchange Commission (“SEC”) recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” are substantially similar to international standards. Under S-K 1300, an SEC registrant with material mining operations must disclose specified information in its SEC filings concerning mineral resources, in addition to mineral reserves, which have been determined on one or more of its properties. Such mineral resources and reserves are supported by a technical report summary (the “S-K 1300 Report”), which is dated and signed by a qualified person or persons, and identifies and summarizes the information reviewed and conclusions reached by each qualified person about the SEC registrant’s mineral resources or mineral reserves determined to be on each material property. CORE prepared an S-K 1300 Report, dated May 12, 2023, based on the FS, that presented mineral resource estimates and mineral reserve estimates for the Manh Choh project as of December 31, 2022 (the "Manh Choh S-K 1300 Report"). CORE prepared an additional S-K 1300 Report, dated May 26, 2023, based on historical and recent drill hole assay information, that presented mineral resource estimates for the Lucky Shot project as of May 26, 2023 (the "Lucky Shot S-K 1300 Report"). Investors are cautioned that while the S-K 1300 definitions are “substantially similar” to the NI 43-101 definitions, there are differences between the two. Accordingly, there is no assurance any mineral reserve or mineral resource estimates that Peak Gold may report as “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had CORE prepared the mineral reserve or mineral resource estimates under S-K 1300. Further, U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization that has been characterized as resources has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources or inferred mineral resources that CORE reports are or will be economically or legally mineable. For more detail regarding the FS, please see CORE's press release dated May 26, 2023: https://www.contangoore.com/press-release/contango-ore-announces-completion-of-s-k-1300-technical-report-summary-for-its-manh-choh-project-in-alaska. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. To view a copy of the Manh Choh S-K 1300 Report, see: https://assets.website-files.com/5fc5d36fd44fd675102e4420/6470afdaf94d2ac9f93d93e0_SIMS%20Contango%20Manh%20Choh%20Project%20S-K%201300%20TRS%20FINAL%2020230524%20(1)-compressed.pdf . The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. To view a copy of the Lucky Shot S-K 1300 Report, see: https://assets.website-files.com/5fc5d36fd44fd675102e4420/6487270414e64406df8280bb_Contango%20Lucky%20Shot%20Project%20S-K%201300%20TRS%202023-05-26.pdf. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. For additional details on the Johnson Tract Project, see NI 43-101 Technical Report titled “Updated Mineral Resource Estimate and NI 43-101 Technical Report for the Johnson Tract Project, Alaska”, dated August 25, 2022 (effective date of July 12, 2022) authored by Ray C. Brown, James N. Gray, P.Geo. and Lyn Jones, P.Eng, see: https://cdn.prod.website-files.com/5fc5d36fd44fd675102e4420/66b39f847ac30bd736ac91ad_hg-technical-report-25aug-2022_compressed.pdf. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. For more detail regarding the Johnson Tract IA, please see CORE's press release dated May 6, 2025: https://www.contangoore.com/press-release/contango-announces-s-k-1300-technical-report-summary-with-robust-economics-and-one-year-payback-for-its-johnson-tract-project The information contained in, or otherwise accessible through, the links are not part of and are not incorporated by reference into this investor presentation. This presentation contains "forward-looking statements" within the meaning of applicable United States securities legislation (collectively referred to as "forward-looking information" ("FLI")), and readers should read the cautionary notes related to FLI included later in this presentation. The securities of Contango have not been approved or disapproved by the United States Securities and Exchange Commission, or any other securities commission or regulatory authority in the United States or any other jurisdiction, nor have any of the foregoing authorities passed upon or endorsed the merits this presentation or confirmed the accuracy or adequacy of the information contained in this presentation. Any representation to the contrary is a criminal offense. This presentation does not constitute an offer to sell or the solicitation of an offer to buy the securities of Contango. This presentation does not contain all of the information that would normally appear in a prospectus under applicable United States securities laws. Prospective investors should carefully read Contango's disclosure documents filed on Edgar, especially the risk factors contained in such filings, before making an investment decision with respect to investing in the securities of Contango.
CONTANGO’S FIVE YEAR DEVELOPMENT PIPELINE +3X GROWTH PROFILE MANH CHOH LUCKY SHOT JOHNSON TRACT Fully permitted and producing gold Permits received in less than 2 years Built on time and on budget First gold pour on July 8, 2024 2025 ~60,000 oz annual production1 LOM ~60,000 oz annual production LOM $1400 AISC Fully permitted for mining 110,000 oz at 14.5 g/t GEO 2-3 years to develop 400,000-500,000 GEO resource Plan to start with 30,000-40,000 GEO production Identify potential processing facilities Established 1.1M oz resource at 9.4 g/t GEO Permit to build road from camp to portal site received August 2024 Initial Assessment released May 20252 Post Tax NPV5 = $224.5M and 30.2% IRR 7-year LOM with 1.3 year payback Target for FS with mine construction decision by 2028/2029 2024 2 – 3 Yrs +42,000 GEO 200,000 GEO First gold pour from Manh Choh: +42,000 GEO produced in 2024 ~60,000 GEO1 100,000 GEO Manh Choh 60,000oz annual production Definition resource drilling at Lucky Shot Road and portal development at Johnson Tract Lucky Shot online: target ~30,000 to 40,000 GEO annually UG development, resource definition, FS at Johnson Tract All 3 projects in production 2 – 3 Yrs 2025 See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Fully Funded to Execute Fastest Gold Producing Growth Profile in the Industry
COMPANY PROFILE CAPITAL STRUCTURE TRADING - NYSE AMERICAN: CTGO1 90-Day Avg. Daily Volume 122,000 shares per day 52-week range US$8.85 - $26.88 Market Cap $360 M *Russell 2000 Inclusion - June 26, 2023; GDXJ Inclusion – Sept 19, 2025 CAPITAL STRUCTURE2 Issued & Outstanding 15.5 M Warrants 0.7 M Fully Diluted 16.1 M FINANCIAL POSITION Cash2 $107 M Convertible Debenture2 $20.0 M Debt (ING & Macquarie)1 $14.6 M Institutional Retail / Others Directors & Officers (Insiders) 1. Approximate amounts reported as of November 12, 2025 2. Amounts reported as of September 30, 2025; Issued & Outstanding includes pre-funded warrants
WELL POSITIONED COMPARED TO PEERS PROJECTED ANNUAL OPERATING CASH FLOW PER SHARE (2025E; US$/SHARE) Source: Company Materials, brokers’ estimates Note: As of February 18, 2025 Based on Contango’s 2025E attributable revenue (@ US$2,800/oz) less 2025E AISC and adjusted for hedge losses, divided by Contango’s basic shares outstanding Based on LTM actuals, as of Q3-24 (2) (2) (1) (2) (@ US$2,800/oz)
Drill & Muck at Mine Site Load & Weigh at Mine Site Transport via Rail/Road/Barge Ore mined underground Loaded into covered/sealed containers at the mine site Small environmental footprint Containers loaded and weighed at mine site Ore containers loaded onto trucks Covered/sealed containers prevent “fugitive dust” DSO approach eliminates the need for onsite processing and tailings storage. This drastically reduces the onsite environmental footprint, reduces permitting risk and lowers upfront capital cost. NO TAILINGS FACILITY NO MILL Ore containers are transferred to Rail/Barge Transported to off-site milling facility WHAT IS THE Direct SHIPPING Ore (DSO) APPROACH?
ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production MANH CHOH MINE (30%)1 Production started Q3 2024 1Moz resource with exploration upside ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 LOM = 37% hedge and 63% spot Est. 2025 annual production of ~60,000 GEO2,3 +$100M (at $3,200/oz) ~ $450M LOM3,4 free cash flow (at $3,200/oz) FAIRBANKS ANCHORAGE LUCKY SHOT MINE (100%) 1 Current resource: 110,000 GEO at 14.5 g/t Fully permitted for mining & on road/rail system 2-3 yrs to complete drilling and develop 400,000-500,000 GEO Target 30,000 – 40,000 GEO annual production Identify potential processing facilities JOHNSON TRACT PROJECT (100%) 1 JOHNSON TRACT PROJECT (100%) 1 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” and March 31, 2025 “Contango Announces $24 Million Cash Distribution” 4. LOM = Life of Mine; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Current Resource: 1.1 Moz @ 9.4 g/t GEO Gold-Silver-Copper-Zinc-Lead Goal: complete permitting in 2 yrs and production in 5 yrs Targeting 100,000 GEO annual production Initial Assessment released May 20255 Post Tax NPV5 = $224.5M and 30.2% IRR 7-year LOM with 1.3 year discounted payback period
MANH CHOH – A DSO SUCCESS CONTANGO’S FLAGSHIP PROJECT – COMMERCIAL PRODUCTION AS OF JULY 2024 H1 2025 35,146 oz Gold $54M USD distribution *Images used with permission from Kinross IN PRODUCTION On schedule and on budget Permits and construction completed in under 2 years 3 years to production from formation of JV to first gold pour! Strong projected cash flows Manh Choh to Fort Knox 240 mi Kinross is operator (70% owner) Contract mining & trucking Exploration upside on 675,000 acres
MANH CHOH MINE Q3-2025 RESULTS & 2025 PRODUCTION GUIDANCE 1. The Carry Trade represents 11,900 ounces of gold that were sold at spot price during Q2-2025 and simultaneously locked in with a forward price to settle on the hedge contract that matures on July 31, 2025. The Carry Trade will be settled on July 31, 2025 with a net payment of $15.3 million from Contango in exchange for the reduction of 11,900 ounces of gold under the hedge agreement; As reported in Q3-2025 Financials news release dated November 13, 2025 “Contango Announces Record High $25 Million in Income from Operations and Cash Position of $107 Million for the Quarter Ended September 30, 2025” Campaign 3-2025: 17,000 GEO; $33M Distribution $87M Distribution YTD Campaign 4-2025 starts mid-November Hedge Balance ~42,800 by year end
WELL POSITIONED COMPARED TO PEERS LOWER QUARTILE AISC AMONG PEER GROUP Source: Company Materials, brokers’ estimates Note: Based on average of brokers’ estimates unless otherwise noted Shown on an LTM basis, as of Q3-24 Based on mid-point of management guidance Shown on a by product basis LOM AISC (US$/oz AuEq) (2) (2) (1)(3) (3) (3)
MANH CHOH MINE CTGO SUCCESS OF DSO APPROACH DSO CRITERIA High-grade resources Gold, Silver, Copper focus Near Infrastructure Road Rail Water Simple permitting from a mining perspective Private and State lands Minimal water and wetlands impact Simple mining/processing 2020/2021 2022 2023 2024 JV with Kinross, Community Outreach, PFS/FS, permit applications submitted Construction decision & road construction, mill modifications, campus renovation; 404 Wetlands Permit received Operating permits received; construction completed with groundbreaking ceremony in August; ore transport started in November Ore stockpiled at Manh Choh and Fort Knox; first gold pour in July 2024! FEDERAL PERMITS 1 YR CONSTRUCTION AND RAMP UP 2 YRS Manh Choh deposit before mining
FAIRBANKS ANCHORAGE ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 Current resource: 110,000 GEO at 14.5 g/t Fully permitted for mining & on road/rail system 2-3 yrs to complete drilling and develop 400,000-500,000 GEO Target 30,000 – 40,000 GEO annual production Identify potential processing facilities JOHNSON TRACT PROJECT (100%) 1 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” and March 31, 2025 “Contango Announces $24 Million Cash Distribution” 4. LOM = Life of Mine; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Current Resource: 1.1 Moz @ 9.4 g/t GEO Gold-Silver-Copper-Zinc-Lead Goal: complete permitting in 2 yrs and production in 5 yrs Targeting 100,000 GEO annual production Initial Assessment released May 20255 Post Tax NPV5 = $224.5M and 30.2% IRR 7-year LOM with 1.3 year discounted payback period Production started Q3 2024 1Moz resource with exploration upside ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 LOM = 37% hedge and 63% spot Est. 2025 annual production of ~60,000 GEO2,3 ~$100M (at $3,200/oz) ~ $450M LOM3,4 free cash flow (at $3,200/oz)
LUCKY SHOT – OUR NEXT DSO PROJECT FOCUSED ON RESOURCE EXPANSION OVER THE NEXT 2-3 YEARS DEVELOPMENT Historically producing district: 250,000 ozs averaging 40 g/t Au Mesothermal quartz vein with free gold +1 mi (1.6 km) strike length Contango controls entire district Underground is fully refurbished with new development constructed in 2023 Identify potential processing facilities LUCKY SHOT Coleman Adit Lucky Shot “500” Adit War Baby Adit Looking NNE Enserch Tunnel Classification Tonnes Au Grade Au Ounces (g/t) Measured - - - Indicated 190,092 15.6 95,036 TOTAL 190,092 15.6 95,036 Inferred 74,265 9.9 23,642 Classification Tonnes Au Grade Au Ounces (g/t) Measured - - - Indicated 36,871 8.9 10,584 TOTAL 36,871 8.9 10,584 Inferred 7,793 5.9 1,468 Coleman and Lucky Shot Resources Tables1 Please see S-K 1300 Technical Report Summary on the Lucky Shot Project Alaska, USA https://www.contangoore.com/investors/overview Lucky Shot Segment of Lucky Shot Vein Coleman Segment of Lucky Shot Vein Combined Segments of Lucky Shot Vein Resources Classification Tonnes Au Grade Au Ounces (g/t) Measured - - - Indicated 226,963 14.5 105,620 TOTAL 226,963 14.5 105,620 Inferred 82,058 9.5 25,110 Note 1: Measured, Indicated and Inferred mineral resource classification are assigned according to CIM Definition Standards. Mineral resources, which are not mineral reserves, do not demonstrate economic viability and there is no guarantee that mineral resources will be converted to mineral reserves. This mineral resource estimate was prepared by Sims Resources LLC based on data and information available and has an effective date of May 26, 2023. The Measured, Indicated and Inferred mineral resources are reported using the following parameters: undiluted gold grades; long term gold price of $US1,600 per ounce; reported as contained within a 3.0 g/t Gold underground shapes and applying a 3.0 meter minimum width at a 4.3 g/t gold cutoff grade (“COG”).
LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO LUCKY SHOT FEASIBILITY UNDERWAY Planned 15,000m in-fill drill program for resource definition OBJECTIVES: Define high-grade “ore shoots” Delineate 400,000 to 500,000 GEO Collect data for detailed mine plan Targeting 30,000 to 40,000 initial production
ROTAINER SHIPPING CONTAINERS DSO ORE TRANSPORTATION CONTAINERS
LUCKY SHOT – WILLOW CREEK DISTRICT SCALE OPPORTUNITY DEVELOPMENT Historic High-Grade Gold Mining District Initial Discoveries 1890’s 20+ Historic Mines and Prospects Relatively “unmined” since 1942 Mesothermal, shear hosted quartz +Au veins LUCKY SHOT Lucky Shot ore with visible gold Coleman
FAIRBANKS ANCHORAGE ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production LUCKY SHOT MINE (100%) 1 Current resource: 110,000 GEO at 14.5 g/t Fully permitted for mining & on road/rail system 2-3 yrs to complete drilling and develop 400,000-500,000 GEO Target 30,000 – 40,000 GEO annual production Identify potential processing facilities JOHNSON TRACT PROJECT (100%) 1 MANH CHOH MINE (30%)1 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” and March 31, 2025 “Contango Announces $24 Million Cash Distribution” 4. LOM = Life of Mine; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Current Resource: 1.1 Moz @ 9.4 g/t GEO Gold-Silver-Copper-Zinc-Lead Goal: complete permitting in 2 yrs and production in 5 yrs Targeting 100,000 GEO annual production Initial Assessment released May 20255 Post Tax NPV5 = $224.5M and 30.2% IRR 7-year LOM with 1.3 year discounted payback period Production started Q3 2024 1Moz resource with exploration upside ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 LOM = 37% hedge and 63% spot Est. 2025 annual production of ~60,000 GEO2,3 ~$100M (at $3,200/oz) ~ $450M LOM3,4 free cash flow (at $3,200/oz)
JOHNSON TRACT PERMITTING/DEVELOPMENT Robust grades + thickness ~1.1M oz @ 9.4 g/t GEO 40m true width Located on the coast Marine transport is lowest form of bulk transport Private land owned by CIRI Corporation Ideal for low-cost underground mining Subvertical Bulk-mining widths Ramp access Bottom-up/gravity assist Above the water table District potential – exploration upside JOHNSON TRACT CIRI’s Mission is to promote the economic and social well-being and Alaska Native heritage of its shareholders, now and into the future, through prudent stewardship of the company’s resources, while furthering self-sufficiency among CIRI shareholders and their families. JOHNSON TRACT LEASED FROM CIRI ALASKA NATIVE CORP Map of Alaska Regional Native Corporations. The Red Dog mine, located on NANA Native Corporation land and operated by TECK , is one of the largest, highest grade Zinc mines in the World and is a model of success.
JOHNSON TRACT PERMITTING UNDERWAY – PORTAL, ROAD, AND PORT EASEMENT JOHNSON TRACT Permitting Underground tunnel Site ongoing with State of Alaska DNR Office of Project Management and Planning (OPMP) CIRI Received Right-of-Way Easements for Access Road and Port Facilities Programmatic Agreement with National Park Service nearly complete – this allows permitting for construction of the road and barge landing facilities Roughly 20 mi road to barge landing from Portal Baseline studies underway and will continue through 2025 Community outreach is ongoing Continue to develop strong working relationship with CIRI Portal Road Route Proposed Portal Site PERMITTING/DEVELOPMENT
JOHNSON TRACT Permitting: Two Separate Parallel Tracts Permitting the Underground Exploration Tunnel on South Block of Johnson Tract & Road Access and Barge Landing Site on National Park Service Easements
JOHNSON TRACT PRIVATE SURFACE RIGHTS (CIRI OWNERSHIP) WIDE FLAT VALLEY WITH MINIMAL WETLANDS JOHNSON TRACT Valley is well suited for infrastructure 50-man camp 290 DDH: +83,000m drilled 2024 Program Focused On: Infill drilling at resource Hydrological testing Geotechnical testing Metallurgical testing 404 Wetlands permit issued for Road to Portal site in August 2024 PERMITTING/DEVELOPMENT
JOHNSON TRACT JOHNSON TRACT Potential for short lateral UG ramp to base of the Johnson Tract Deposit Gravity assist, bottom-up mining Highest grade accessed first Exploration/Development tunnel to target >1.5 km mineralized trend Infill drilling from underground to support resource upgrade and advance economic studies for a DSO mine Permitting for underground development, road access, and barge landing starting in H1 2025 View in previous slide JT DEPOSIT ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING PERMITTING/DEVELOPMENT
JOHNSON TRACT ROBUST GRADES WITH THICK INTERCEPTS; GREAT METALLURGY & IDEAL FOR UNDERGOUND MINING METHODS 108.6 m of 10.4 g/t Au, 7.6% Zn, 0.7% Cu, 2.0% Pb and 8 g/t Ag 71.4 m of 20.9 g/t Au, 9.8% Zn, 0.9% Cu, 1.6% Pb, and 9 g/t Ag 99.7 m of 10.1 g/t Au, 6.7 g/t Ag, 0.9% Cu, 1.3% Pb, and 6.3% Zn 137.7 m of 11.3 g/t Au, 2.4% Zn, 0.5% Cu, 0.5% Pb, and 4 g/t Ag 112.2 m of 10.3 g/t Au, 6.35 g/t Ag, 0.7% Cu, 1.5% Pb, and 5.0% Zn 59.0 m of 14.2 g/t Au, 9.3 g/t Ag, 1.0% Cu, 2.2% Pb, and 4.4% Zn 107.8 m of 12.4 g/t Au, 7.1% Zn, 0.9% Cu, 1.6% Pb, and 9 g/t Ag 75.1 m of 10.0 g/t Au, 9.4% Zn, 0.6% Cu, 1.1% Pb, and 6 g/t Ag 74.1 m of 17.9 g/t Au, 7.3% Zn, 0.5% Cu, 1.3% Pb, and 7 g/t Ag 56.6 m of 19.3 g/t Au, 2.4% Zn, 0.5% Cu, 0.4% Pb, and 3.9 g/t Ag 120.5 m of 18.8 g/t Au, 3.9% Zn, 0.6% Cu, 0.9% Pb, and 6 g/t Ag Thick (40m true width & high-grade) True width 10x thicker than high-grade peers Amenable to low-cost underground mining Vein Styles Selected Drill Intercepts
JOHNSON TRACT ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS PLAN VIEW LOOKING NORTHWEST PROPOSED JT TUNNEL JT BLOCK MODEL JOHNSON TRACT DEPOSIT PROPOSED JT TUNNEL NORTH (G/T)
JOHNSON TRACT INITIAL ASSESSMENT ROBUST ECONOMICS WITH 1.3 YEAR PAYBACK JOHNSON TRACT INITIAL ASSESSMENT1 Pre-Tax net present value discounted at 5% (NPV5) of USD $359.0 million Pre-Tax Internal Rate of Return (IRR) of 37.4% Post-Tax NPV5 of USD $224.5 million with a post-tax IRR of 30.2% 7-year LOM LOM annual average production of 102,258 GEO at 7.58g/t GEO Initial Capital costs of $213.6 million, including $36 million in contingency Sustaining Capital costs of USD $61.3 million, including $12.3 million in contingency AISC estimated at $860 per GEO sold Discounted payback period 1.3 years 1 See Contango’s SK1300 Johnson Tract Technical Report Press Release dated May 6, 2025; Initial capex reflects the Initial Assessment study reported in “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Press Release and Initial Assessment dated May 6, 2025 and to be filed on or before May 12, 2025; “GEO” refers to Gold Equivalent Ounces. The information contained in, or otherwise accessible through, the link is not part of, and is not incorporated by reference into this investor presentation. Sensitivity $2,000 Au $2,200 Au $3,000 Au $4,000 Au Post-Tax NPV5 (USD M) $181.0 $224.0 $398.2 $615.4 POST TAX NPV5 GOLD PRICE SENSITIVITY
ROTAINER SHIPPING CONTAINERS DSO ORE TRANSPORTATION CONTAINERS
Ellis Zone discovery 4km NE of JT Deposit 578 g/t Au and 2,023 g/t Ag over 6.4 m JOHNSON TRACT EXPLORATION UPSIDE – NEW GEOPHYSICAL TARGETS 2023 geophysical survey defines 12km (7.5 mi) mineral trend Geophysics, geochemistry and geology define Distinct +10km long epithermal/VMS trend Two potential intrusive related Cu-Au targets (porphyry) Large, shallowly buried, untested alteration systems detected at DC, between DC and JT, and South of Johnson Tract Multiple new drill targets 2023 Airborne MobileMT Survey (3D inversion)
CONTANGO’S FIVE YEAR DEVELOPMENT PIPELINE +3X GROWTH PROFILE MANH CHOH LUCKY SHOT JOHNSON TRACT Fully permitted and producing gold Permits received in less than 2 years Built on time and on budget First gold pour on July 8, 2024 2025 ~60,000 oz annual production1 LOM ~60,000 oz annual production LOM $1400 AISC Fully permitted for mining 110,000 oz at 14.5 g/t GEO 2-3 years to develop 400,000-500,000 GEO resource Plan to start with 30,000-40,000 GEO production Identify potential processing facilities Established 1.1M oz resource at 9.4 g/t GEO Permit to build road from camp to portal site received August 2024 Initial Assessment released May 20252 Post Tax NPV5 = $224.5M and 30.2% IRR 7-year LOM with 1.3 year payback Target for FS with mine construction decision by 2028/2029 2024 2 – 3 Yrs +42,000 GEO 200,000 GEO First gold pour from Manh Choh: +42,000 GEO produced in 2024 ~60,000 GEO1 100,000 GEO Manh Choh 60,000oz annual production Definition resource drilling at Lucky Shot Road and portal development at Johnson Tract Lucky Shot online: target ~30,000 to 40,000 GEO annually UG development, resource definition, FS at Johnson Tract All 3 projects in production 2 – 3 Yrs 2025 See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Fully Funded to Execute Fastest Gold Producing Growth Profile in the Industry
CONTANGO’S GROWTH MODEL – TAKING ADVANTAGE OF THE LASSONDE CURVE By identifying Opportunities with “Orphan Projects” that fit Contango’s DSO Criteria, we can build value for shareholders quicker than the traditional business model 1990’s NOW 5 YEARS 10-20 YEARS ORPHAN PERIOD
BUILDING CONTANGO INTO A HYBRID ROYALTY COMPANY By Applying our DSO model alongside our healthy balance sheet and strong cash flows, we stand out among, not only our peers, but the tech companies in terms of revenue/employee LOW SHARE COUNT NYSE-LISTING ACCESS TO CAPITAL CTGO BUILT ON 3 PILLARS OF SUCCESS Royalty Companies Wheaton Precious Metals, Royal Gold, Franco Nevada Contango Ore – Hybrid Royalty Tech Companies Apple, Meta, Google, Netflix Microsoft, NVIDIA $15 Million $35K - $4 Million ~$20 - $60 Million REVENUE/EMPLOYEE Major Dev Companies Barrick, Anglo American, Kinross, Agnico Eagle, Rio Tinto, Newmont ~$0.5 - $1.5 Million Junior Producers Lion One, Ascot, i-80 Gold Aya Gold & Silver, Andean Resources ~$25K - $500K Source: Company Materials Note a: Based on company H2 Revenue totals and projected to year end STICKING TO OUR DSO CRITERIA High-grade resources Gold, Silver, Copper focus Near Infrastructure Road Rail Water Simple permitting from a mining perspective Minimal water and wetlands impact Simple mining/processing Private and State lands
WELL POSITIONED COMPARED TO PEERS PROJECTED ANNUAL OPERATING CASH FLOW PER SHARE (2025E; US$/SHARE) Source: Company Materials, brokers’ estimates Note: As of February 18, 2025 Based on Contango’s 2025E attributable revenue (@ US$2,800/oz) less 2025E AISC and adjusted for hedge losses, divided by Contango’s basic shares outstanding Based on LTM actuals, as of Q3-24 (2) (2) (1) (2) (@ US$2,800/oz)
THANK YOU 34 Corporate Inquires: info@contangoore.com +1-907-888-4273 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE QUESTIONS?
NON-GAAP RECONCILIATION DISCLAIMER This presentation contains forward looking estimates of all-in sustaining cost (“AISC”), resources, free cash flow and EBITDA, which are financial measures not determined in accordance with United States generally accepted accounting principles (“GAAP”). We cannot provide a reconciliation of estimated AISC, resources and EBITDA to estimated costs of goods sold, assets and net income, which are the GAAP financial measures most directly comparable to such non-GAAP measures, without unreasonable efforts due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate projected AISC, resources and EBITDA. In addition, the estimates of AISC, resources and EBITDA have been prepared by Kinross and are based on IFRS accounting standards and detailed information that the Company does not have access to at this time. These amounts that would require unreasonable effort to quantify could be significant, such that the amount of projected GAAP cost of goods sold, assets and net income would vary substantially from the amount of projected AISC, resources and EBITDA. 35 FORWARD DISCLOSURE SPECIFIC TO HIGHGOLD TRANSACTION This corporate presentation contains forward-looking statements and certain “forward-looking information” (within the meaning of Canadian securities legislation) regarding Contango, production estimates on the Manh Choh Project, expectations with respect to the development of the Johnson Tract Project, Contango’s growth plans and the continued cooperation of Contango with CIRI, that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995, based on Contango’s current expectations or assumptions as to the outcome and timing of such future events and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as “expects”, “believes”, “targets”, “approximately”, “projects”, “anticipates”, “plans”, “estimates”, “potential”, “possible”, “probable”, or “intends”, or stating that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved). Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements. These risks include, but are not limited to: risks inherent to the exploration and mining industry (for example, operational risks in exploring for and, developing mineral reserves; risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by Contango or the Peak Gold JV; ability to realize the anticipated benefits of the Peak Gold JV and the Johnson Tract Project; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks and risks related to weather and other natural disasters); uncertainties as to the availability and cost of financing; Contango’s inability to retain or maintain its relative ownership interest in the Peak Gold JV; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; the extent of disruptions caused by an outbreak of disease, such as the COVID-19 pandemic; and the possibility that government policies may change, political developments may occur or governmental approvals may be delayed or withheld, including as a result of presidential and congressional elections in the U.S. or the inability to obtain mining permits. Additional information on these and other factors which could affect Contango’s exploration program or financial results are included in Contango’s other reports on file with the U.S. Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
BUILDING OUR ESG FRAMEWORK DEVELOPING OUR STRATEGY AROUND OUR BUSINESS MODEL AND CORE VALUES BUILT ON OUR FUNDAMENTAL DSO CRITERIA High-grade resources Gold, Silver, Copper focus Near Infrastructure Road Rail Water Simple permitting from a mining perspective Minimal water and wetlands impact Simple mining/processing Private and State lands Defining the pillars Social - safety of our people and our communities, valued partnerships with Alaskan Natives Environment – responsible practices, minimize our footprint Governance - business conduct, social responsibility and reporting Growth – resulting in a strong, reputable company Working through materiality assessment Evaluating sustainability risk and opportunities ESG data quality and completeness forms reliable basis for the future Consolidating our understanding of risks, opportunities and policies for all our sites
CONTANGO’S CORPORATE STRATEGY 5 YEAR EXECUTION STRATEGY: TO BECOME A MID-TIER GOLD PRODUCER MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 JOHNSON TRACT PROJECT (100%) 1 CONTANGO’S 5-YEAR STRATEGY TO CREATE A 200,000 GEO/YEAR ALASKA PRODUCER USING A DSO APPROACH FOR HIGH QUALITY PROJECTS 1. Reserve and Resource Table can be found in the Appendix; 2. GEO = Gold Equivalent Ounces; 3. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance”; 4. LOM = Life of Mine; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Current resource: 110,000 GEO at 14.5 g/t Fully permitted for mining & on road/rail system 2-3 yrs to complete drilling and develop 400,000-500,000 GEO Target 30,000 – 40,000 GEO annual production Identify potential processing facilities Current Resource: 1.1 Moz @ 9.4 g/t GEO Goal: complete permitting in 2 yrs and production in 5 yrs Target 150,000 GEO annual production PEA released May 20255 Post Tax NPV5 = $224.5M and 30.2% IRR 7-year LOM with 1.3 year discounted payback Production started Q3 2024 1Moz resource with exploration upside ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 LOM = 37% hedge and 63% spot Est. 2025 annual production of ~60,000 GEO2,3 ~$100M (at $3,200/oz) ~ $450M LOM3,4 free cash flow (at $3,200/oz)
MANH CHOH MINE 2025 & LOM GUIDANCE 1 See Contango’s SK1300 Manh Choh Technical Report Press Release dated May 26, 2023; Initial capex reflects the Kinross feasibility study reported in “Q2 Corporate Update ” Press Release and Corporate Presentation dated July 26 and 27, 2022; The optimization for the mineral reserve estimate assumed a $1,300 per ounce gold price; the $189 million estimate reflects remaining funds to be expended between 2022 and 2024; there will be additional capital required at Fort Knox to accommodate Manh Choh ore; and is a Toll Milling charge to the Peak Gold JV; "All-in sustaining cost (AISC) per equivalent ounce sold“ is a non-GAAP ratio. “GEO” refers to Gold Equivalent Ounces. See: https://www.contangoore.com/press-release/contango-ore-announces-completion-of-s-k-1300-technical-report-summary-for-its-manh-choh-project-in-Alaska. The information contained in, or otherwise accessible through, the link is not part of, and is not incorporated by reference into this investor presentation; As reported in Year End 2024 news release dated March 17, 2025 “Contango Announces Earnings for the Year Ended December 31, 2024” and Q2-2025 Financials news release dated August 13, 2025 “Contango Announces Record High $23.0 Million in Income from Operations and $15.9 Million in Net Income for the Quarter Ended June 30, 2025”. Remaining hedge balance End Q2 2025: 62,9001 At gold spot price of $3,100/Ounce LOM +$90 M of annual free cash flow
MANH CHOH REGIONAL EXPLORATION: 675,000 acres Leased from Tetlin Tribe Continuing reconnaissance sampling in the southern target zones Grid soil sampling in gridded target zones 2024 REGIONAL PLAN MANH CHOH 1km2
LUCKY SHOT – OUR NEXT DSO PROJECT FULLY PERMITTED ON PRIVATE PATENT LAND PATENT CLAIMS COLEMAN VEIN LUCKY SHOT VEIN COLEMAN ADIT ENSERCH TUNNEL LUCKY SHOT ADIT LOOKING NORTH FISHHOOK-WILLOW CREEK RD
JOHNSON TRACT INITIAL ASSESSMENT SIMPLE MINE DESIGN – LONG HOLE STOPING WITH MECHANIZED CUT & FILL METHODS Isometric View (Looking Northwest) Plan View Typical Level Layout (Plan View) ~1.5 km
CONTANGO’S RESERVES AND RESOURCES CONTINUED ON NEXT PAGE Notes: Manh Choh Reserves 1. Published from Contango Contango 10K. Reserves current as of 31 December 2024. 2. The definitions for Mineral Resource in S-K 1300 were followed for Mineral Resources. 3. Mineral Reserves were estimated at long term prices of $2,000/oz Au and $25/oz Ag. 4. Mineral Reserves are reported at economic cut-off that varies by process cost and metallurgical recovery, approximately equivalent to 2.5 g/t Au. 5. Mineral Reserve estimates incorporate dilution built in during the re-blocking process and assume 100% mining recovery. 6. Mineral Reserves are reported in dry metric tonnes. 7. Numbers may not add due to rounding. 8. Mineral Reserves reported on 30% Contango Ore ownership basis. Notes: Manh Choh Resources 1. Published from 12MAY23 TRS The Manh Choh Project, Alaska, USA 2. The definitions for Mineral Resource in S-K 1300 were followed for Mineral Resources. 3. Mineral Resources are reported EXCLUSIVE of Mineral Reserves. 4. Mineral Resources were estimated at long term prices of $1,600/oz Au and $22/oz Ag. 5. Mineral Resources are reported using un-diluted Au and Ag grades. 6. Mineral Resources are reported within constraining pit shells. 7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 8. Mineral Resources are reported in dry metric tonnes. 9. Numbers may not add due to rounding. 10. Mineral Resources are reported on a 30% Contango Ore ownership.
CONTANGO’S RESERVES AND RESOURCES Notes: Lucky Shot Resources 1. Mineral Resources were estimated as of 26 MAY 23 under definitions for Mineral Resources in S-K1300. See TRS Lucky shot Project Alaska, USA. 2. Mineral resources are estimated using long term prices of US$1,600/oz Au price. 3. Mineral resources are reported using un-diluted Au grades. 4. Mineral resources are reported as contained within 3.0 g/t Au underground shapes applying a 3.0m min. width at a 4.3 g/t COG. 5. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no mineral reserves for the Lucky Shot Project. 6. Mineral resources are reported in dry metric tonnes. 7. Numbers may not add due to rounding. 8. Mineral resources are reported on a 100% ownership basis Notes: Johnson Tract Resources 1. Mineral Resources were estimates as of 25 AUG 22 under definitions for Mineral Resources in NI 43-101. See Updated Mineral Resource estimate and 43-101 Report for Johnson Tract project, Alaska. 2. Assumed metal prices are US$1650/oz for gold (Au), US$20/oz for silver (Ag), US$3.50/lb. copper (Cu), US$1/lb. lead (Pb), and US$1.50/lb. for zinc (Zn) 3. Gold Equivalent (“AuEq”) is based on assumed metal prices and payable metal recoveries of 97% for Au, 85% for Ag, 85% Cu, 72% Pb and 92% Zn from metallurgical test work completed in 2022. 4. AuEq equals = Au g/t + Ag g/t × 0.01 + Cu% × 1.27 + Pb% × 0.31 + Zn% × 0.59 5. An average bulk density value of 2.84 used as determined by conventional analytical methods for assay samples 6. Capping applied to assays to restrict the impact of high-grade outliers 7. Preliminary underground constrains were applied, including the elimination of isolated or scattered blocks above cut-off grade to define the “reasonable prospects of eventual economic extraction” for the Mineral Resource Estimate 8. Mineral resources as reported are undiluted 9. Mineral resource tonnages have been rounded to reflect the precision of the estimate 10. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability
CONTANGO’S EARLY-STAGE EXPLORATION PORTFOLIO ALL ALONG THE ALASKAN ROAD SYSTEM EAGLE, NW OF MANH CHOH ALASKA HONA, NW OF MANH CHOH ALASKA TRIPLE Z, E OF MANH CHOH ALASKA SHAMROCK, ALASKA (RICHARDSON DISTRICT) AMANITA, ALASKA (FAIRBANKS DISTRICT) GOLDEN ZONE, CENTRAL ALASKA 64,900 acres of State of Alaska Mining claims Overlying favorable stratigraphy on trend with Manh Choh Stream sediment and pan concentrate sampling identified strongly anomalous gold, copper, arsenic Located immediately adjacent to Eagle block IRG target Historic drilling by Kennecott in 1990’s Mag-VTEM survey completed in 2019 2019 drill program intersected wide-spaced gold mineralization worthy of follow-up drilling 95 State mining claims, encompassing 14,810 Acres State land transfer from Federal government completed Jan 2024 Soil Geochem, and Geophysics (ground IP) anomalies suggest large scale Copper-gold-silver-Molybdenum drill ready targets 368 State mining claims encompassing 52,920 Acres. Along Alaska Highway and Trans Alaska Pipeline. Abundant historic gold placer mines on and adjacent to property. Limited historic core drilling and well-defined soil geochem anomalies suggest several types of gold deposits may be present on the property One State upland Mining lease and 54 state mining claims encompassing 3,408 acres Historic Drilling confirm mineralized structures on strike with Kinross Fort Knox Mine approximately 5 Km NE 68 State Mining Claims and 1 State Upland Mining Lease encompassing 10, 710 Acres Mid-way between Fairbanks and Anchorage AK ~ 15 km west of the Parks highway Most developed target is a Breccia Pipe in core of Cretaceous stock and covers an area of 150m x 80m near surface. 2016 NI-43-101 reports Indicated Resource of 267,400 Oz Au and 1,397,800 oz AG (4.187 Mt @ 1.99 g.t Au and 10.38 g.t Ag). Deposit remains open and not tested ad depth and along strike.
CONTANGO MANAGEMENT Mr. Van Nieuwenhuyse was appointed to serve as President, Chief Executive Officer, and director of the Company effective January 6, 2020. He previously served as President and Chief Executive Officer of Trilogy Metals Inc. from January 2012 until December 2019. Between May 1999 and January of 2012, he served as the President and Chief Executive Officer of NOVAGOLD, Inc, a company that he founded. He served as the Vice President of Exploration for Placer Dome from 1990 to 1997. Mr. Van Nieuwenhuyse holds a Candidature degree in Science from Université de Louvain, Belgium and a Master of Science degree in Geology from the University of Arizona. Mr. Van Nieuwenhuyse currently serves on the board of directors of Alexco Resource Corp. He served on the board of directors of Sandfire Resources America, Inc. (formerly, Tintina Resources Inc.) from 2008 until 2016. Mr. Van Nieuwenhuyse has over forty years of experience in the minerals mining industry and brings significant industry and technical knowledge to the Company. Rick Van Nieuwenhuyse PRESIDENT & CEO Mr. Clark was appointed to serve as Executive Vice President - Finance of the Company, effective July 11, 2023. He was then appointed as Chief Financial Officer & Corporate Secretary, effective January 1, 2024. He previously served as Chief Financial Officer and Corporate Secretary for Alexco Resource Corp. from December 2014 to September 2022 at which time Alexco Resource Corp was acquired by Hecla Mining Company. Between 2010 and 2014, Mr. Clark served as Chief Financial Officer of Goldgroup Mining Inc. and from 2007 to 2010 Mr. Clark served as Chief Financial Officer for the Grosso Group and its member companies. Mr. Clark received an undergraduate degree from the British Columbia Institute of Technology and is a Canadian Qualified Chartered Professional Accountant. Between 2016 and 2020, Mr. Clark also served on the Board of Trustees for the Burnaby Hospital Foundation as Chair of the Finance Committee. Mike Clark CHIEF FINANCIAL OFFICER
CONTANGO DIRECTORS Co-founder of Contango Ore Chairman since 2013 Sole Manager of Juneau Exploration – a company involved in the exploration and production of oil and natural gas Petroleum Engineer with years of experience at Zilkha Energy Company, Texas International Company, Enserch Corporation, Contango Oil & Gas, Talos Energy BSc in Petroleum Engineering from Louisiana State University Brad Juneau CHAIRMAN Mike Cinnamond DIRECTOR Clynt Nauman DIRECTOR Rick Van Nieuwenhuyse PRESIDENT & CEO Darwin Green DIRECTOR Richard Shortz DIRECTOR President & CEO of Contango Ore Founder of NovaGold, currently permitting the 40Moz Au Donlin Gold Project Founder of Trilogy Metals, currently developing the Arctic Deposit with South32 Winner of the 2015 Colin Spence award for Excellence in Mineral Exploration from AMEBC Winner of the 2009 Thayer Lindsley Award from the PDAC for the Donlin Gold Discovery Candidature Degree in Science from Universite de Louvain, Belgium and a MSc in Geology from University of Arizona President & CEO of HighGold Mining prior to the acquisition by Contango Ore Executive Chairman of Onyx Gold Corp Previously served as VP Exploration for Constantine Metals Awarded the Commissioner’s Award for Project Excellence by the State of Alaska for overseeing the underground development program at the Niblack deposit BSc from University of British Columbia and an MSc in Economic Geology from Carleton University Was the Chairman and CEO of Alexco Resource Corp – sold to Hecla Mining Previously President of Viceroy Gold Corp Served on the Boards of Directors for NovaGold Resources Inc, NovaCopper Inc (now Trilogy Metals Inc), and Spectrum Gold Inc Was the General Manager of Kennecott Minerals including overseeing the permitting and redevelopment of the Greens Creek Mine, Alaska Holds an Honours Bachelor of Science in Geology from Otago University, New Zealand. Currently Senior Vice President of Finance and Chief Financial Officer of B2Gold Corp Former Audit partner at Pricewaterhouse Coppers LLP President of the Canadian Institute of Mining for 2023-2024 Member of the Institute of Chartered Accounts of British Columbia Holds and LLB designation from the University of Exeter President & CEO of Pavia Capital LLP – a family office investment company Previously served as Partner of Morgan, Lewis & Bockius LLP and Jones Day Reavis & Pogue LLP Previously was an executive at Tosco Corporation and Senior VP, General Counsel BSc in Accounting from Indiana University and a Juris Doctor degree from Harvard Law School
MEET THE CONTANGO TEAM Chris Kennedy General Manager – Lucky Shot Mine Dave Larimer Exploration Manager Allegra Cairns Environment and Permitting Manager Alina Wyatt Lands and Database Manager Kei Quinn Senior Geologist Keith Miles Mine Superintendent – Lucky Shot Mine Mu Li Geologist & Database Carolina Fernandes Senior Accountant