About Contango

Contango ORE, Inc. (NYSE-A: CTGO) is developing “Alaska’s Next Gold Mines”.  Our 30% interest in the Peak Gold JV with partner/operator Kinross is currently producing gold from our Manh Choh gold mine where first production started in Q3 2024.  The use of the Fort Knox mill has allowed accelerated development of Manh Choh and resulted in reduced capital costs, a smaller environmental footprint, and a shorter permitting/development timeline.  We produced ~43,000 ounces of gold net to Contango in 2024 and expect to produce an average of 60,000 oz of gold on an annual basis from Manh Choh for the 5 year life of mine.

By applying our Direct Ship Ore (DSO) approach we expect to develop our 2 other 100% owned high-quality projects – Lucky Shot and Johnson Tract. The Lucky Shot Project is a high-grade quartz vein-hosted gold deposit and is fully permitted for mining. We have re-furbished the existing infrastructure and initiated underground and surface exploration drilling to further define the Lucky Shot vein down-dip and along strike of historic mining. We have outlined an SK-1300 resource of 110,000 GEO at 14.5 g/t.  Our objective is to define 400,000 to 500,000 GEO over the next two years and develop a mine capable of producing 40,000 to 50,000 GEO annually.  We have completed an S-K 1300 Technical Report Summary Initial Assessment on our Johnson Tract project, demonstrating exceptional economics with a post-tax NPV of $225 million and IRR of 30% with a one-year payback at $2,200 gold. At $3,000 gold, the NPV increases to approximately $400 million with an IRR of 45%. The deposit is open down dip and along strike.  The seven-year life of mine operation will utilize the same successful direct ship ore approach as our Manh Choh mine, with initial capital costs of $214 million and all-in-sustaining costs of $860 per gold equivalent ounce sold.  Permitting is underway to construct underground access to the orebody for Feasibility Level mine planning.  We believe we can become a ~200,000 gold equivalent ounces (GEO)/per year producer within the next 5 years.