Contango Ore Closes $50 Million Underwritten Offering of Common Stock and Pre-funded Warrants

FAIRBANKS, AK – (February 12, 2026) – Contango ORE, Inc. (“Contango”or the “Company”) (NYSE American: CTGO), is pleased to announce that it has closedits previously announced underwritten offering (the “Offering”) of common stock(the “Shares”) of the Company consisting of 1,678,206 Shares at an offeringprice of $24.96 per Share to two institutional investors. In the Offering,Contango also offered pre-funded warrants to purchase 325,000 Shares at apurchase price of $24.95 per Share (the “Pre-funded Warrants”), which equalsthe offering price per Share less the $0.01 exercise price per Share of each Pre-fundedWarrant. Aggregate gross proceeds from the Offering are approximately $50million, before deducting underwriting discounts and commissions and otheroffering expenses, and excluding the exercise of the Pre-funded Warrants.

The Company intends to use approximately $45,000,000 of the netproceeds to buy back gold hedge contracts and approximately $700,000 of the netproceeds to buy gold put contracts for downside protection. Any remainingproceeds will also be used for general corporate purposes, including workingcapital.

Canaccord Genuity acted as Sole Bookrunner for the Offering.  Cantor,National Bank of Canada Capital Markets, and ATB Cormark Capital Markets actedas Co-Managers for the Offering.

The Offering was made pursuant to an effective shelf registrationstatement on Form S-3 (File No. 333-283285) previously filed with the U.S.Securities and Exchange Commission (“SEC”) and declared effective on November27, 2024. A final prospectus supplement and the accompanying prospectusrelating to and describing the terms of the Offering, which form a part of theeffective registration statement, was filed with the SEC and available on theSEC’s website at www.sec.gov/edgar. Copies of the final prospectus supplementand accompanying prospectus relating to the Offering may also be obtained bycontacting Canaccord Genuity LLC, Attention: Syndication Department, 1 PostOffice Square, 30th Floor, Boston, MA 02109, or by email at prospectus@cgf.com.

This press release does not constitute an offer to sell or thesolicitation of an offer to buy these securities, nor shall there be any saleof these securities in any state or other jurisdiction in which such offer,solicitation or sale would be unlawful prior to the registration orqualification under the securities laws of any such state or otherjurisdiction.

ABOUT CONTANGO

Contango is a NYSE American listed company that engages inexploration for and development of gold and associated minerals in Alaska.Contango holds a 30% interest in Peak Gold, LLC (the “Peak Gold JV”), whichleases approximately 675,000 acres of land for exploration and development onthe Manh Choh project, with the remaining 70% owned by KG Mining (Alaska),Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the PeakGold JV. The Company and its subsidiaries also have (i) a lease on the JohnsonTract project from the underlying owner, Cook Inlet Region, Inc.; (ii) a leaseon the Lucky Shot project from the underlying owner, Alaska Hardrock Inc.;(iii) a 100% interests held through it wholly owned subsidiary ContangoMinerals Alaska, LLC in approximately 145,280 acres of State of Alaska miningclaims; and (iv) a 100% interest held through its wholly owned subsidiaryAvidian Gold Alaska Inc. in approximately 11,711 acres of State of Alaskamining claims and leases, including a lease of approximately 3,380 acres atAmanita. Additional information can be found on our web page atwww.contangoore.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements regardingContango that are intended to be covered by the safe harbor for“forward-looking statements” provided by the Private Securities LitigationReform Act of 1995, based on Contango’s current expectations and includesstatements regarding, the expected use of proceeds from the Offering, theassumptions upon which estimates are based and other expectations, beliefs,plans, objectives, assumptions, strategies or statements about future events orperformance (often, but not always, using words such as “expects”, “projects”,“anticipates”, “plans”, “estimates”, “potential”, “possible”, “probable”, or“intends”, “believe,” “ensure,” “if,” “intend,” “forecasts,” “predict,”“outlook,” “aim,” “will,” “could,” “should,” “would,” “seek,” “may,” “might,”“likely,” “plan,” “positioned,” “strategy,” “continue,” “future,” “goingforward,” “designed to,” “proposed,” “contemplate,” and similar expressions orother words of similar meaning, and the negatives thereof, or stating thatcertain actions, events or results “may”, “will”, “should”, or “could” betaken, occur or be achieved). However, the absence of these words does not meanthat the statements are not forward-looking. Forward-looking statements arebased on current expectations, estimates and projections that involve risks anduncertainties, which could cause actual results to differ materially from thosereflected in the statements.  These risksinclude, but are not limited to: the results of unwinding hedging contracts;the risks of the exploration and mining industry (for example, operationalrisks in exploring for, developing mineral reserves; risks and uncertaintiesinvolving geology; the speculative nature of the mining industry; theuncertainty of estimates and projections relating to future production, costsand expenses; the volatility of natural resources prices, including prices ofgold and associated minerals; the existence and extent of commerciallyexploitable minerals in properties acquired by Contango or the Peak Gold JV;ability to realize the anticipated benefits of the Peak Gold JV; potentialdelays or changes in plans with respect to exploration or development projectsor capital expenditures; the interpretation of exploration results and theestimation of mineral resources; the loss of key employees or consultants;health, safety and environmental risks and risks related to weather and othernatural disasters); uncertainties as to the availability and cost of financing;Contango’s inability to retain or maintain its relative ownership interest inthe Peak Gold JV; inability to realize expected value from acquisitions;inability of our management team to execute its plans to meet its goals; theextent of disruptions caused by an outbreak of disease; and the possibilitythat government policies may change, political developments may occur orgovernmental approvals may be delayed or withheld, including as a result ofpresidential and congressional elections in the U.S. or the inability to obtainmining permits. Additional information on these and other factors which couldaffect Contango’s exploration program or financial results are included inContango’s other reports on file with the SEC. Investors are cautioned that any forward-looking statements are notguarantees of future performance and actual results or developments may differmaterially from the projections in the forward-looking statements.  Forward-looking statements are based on theestimates and opinions of management at the time the statements are made.  Contango does not assume any obligation toupdate forward-looking statements should circumstances or management’sestimates or opinions change.

CONTACTS

Contango ORE, Inc.

Rick Van Nieuwenhuyse

(907) 388-7770

www.contangoore.com

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