Contango Silver & Gold (NYSE: CTGO) swings to Q2 operating loss but boosts cash, reshapes hedges
Rhea-AI Filing Summary
Contango Silver & Gold Inc. reported mixed Q2‑2026 results alongside major balance-sheet and portfolio moves. For the quarter ended June 30, 2026, it recorded a loss from operations of $8.5 M versus income of $23.0 M in Q2‑2025, while a large $10.3 M gain on derivative contracts drove net income of $4.8 M (or $0.14 per diluted share). Adjusted net loss was $5.5 M, compared with adjusted net income of $28.8 M a year earlier.
At the Manh Choh mine, on a 30% basis to Contango, Q2‑2026 production totaled 8,885 oz of gold and 9,015 gold‑equivalent ounces, with 8,627 oz of gold and 10,319 oz of silver sold, generating $36.8 M in gold sales and $0.7 M in silver sales. Cash costs were elevated at $2,641/oz and AISC at $2,877/oz on a by‑product basis. The Peak Gold JV distributed $9.0 M in cash during the quarter.
Liquidity strengthened, with cash and cash equivalents of $89.0 M at June 30, 2026, up from $64.8 M at year‑end 2025, but net cash used in operating activities was $50.3 M year‑to‑date versus $36.9 M provided in YTD‑2025. Contango repaid $1.0 M on its credit facility (outstanding $12.6 M at quarter‑end) and subsequently amended the facility on July 1, 2026, eliminating 15,000 oz of 2027 gold hedge deliveries in exchange for increasing secured debt to $46.3 M and purchasing 15,000 put options at $3,100/oz. It also completed the $16.07 M Lucky Shot lease/2% NSR acquisition and settled $18.75 M of Lucky Shot milestones for $6.6 M, consolidating 100% ownership.
Positive
- Manh Choh investment fully repaid, with cumulative returns of $160 M on an initial $105 M capital outlay, meaning future Manh Choh cash flows are described as net profit and upside.
- Liquidity improved, as cash and cash equivalents rose to $89.0 M at June 30, 2026 from $64.8 M at December 31, 2025, supported by $9.0 M JV distributions and equity financing.
- The company eliminated its remaining gold hedge book (including 2027 hedge deliveries) via a credit facility amendment, gaining full exposure to future gold prices while securing additional liquidity of $33.7 M.
- Contango consolidated 100% ownership of Lucky Shot by purchasing the underlying lease and 2% NSR royalty for $16.07 M and settling $18.75 M of milestone payments for $6.6 M, reducing long‑term obligations.
Negative
- Operating performance weakened sharply: Q2‑2026 showed a $8.5 M loss from operations versus $23.0 M income in Q2‑2025, and adjusted net loss of $5.5 M versus adjusted net income of $28.8 M.
- Operating cash flow deteriorated materially, with $50.3 M net cash used in operating activities year‑to‑date 2026 compared to $36.9 M provided by operations in year‑to‑date 2025, driven in part by hedge settlements.
- Manh Choh unit economics were pressured in Q2‑2026, with cash costs of $2,641/oz and AISC of $2,877/oz on a by‑product basis, indicating high current cost per ounce sold.
- The July 2026 credit amendment raised secured debt to $46.3 M and introduced a back‑loaded repayment schedule (including $15.5 M due March 31, 2027 and $28.8 M due June 30, 2027), increasing medium‑term refinancing and repayment pressure.
Filing Explained
A 100,000-share Lucky Shot settlement dilutes existing ownership; 11,000 ounces of carry-trade contracts remain scheduled for 2026.
This Form 8-K furnishes the company’s second-quarter results and corporate presentation, and it also discloses a completed Lucky Shot settlement involving an issuance of common shares.
On
Issuing those additional shares increases the share count and reduces existing holders’ percentage ownership, absent offsetting changes.
Although the release says the hedge book is fully liquidated and provides “100% unhedged upside,” it separately reports 11,000 ounces of remaining carry-trade contracts maturing in
The amended credit facility’s scheduled principal repayments are
8-K Event Classification
Key Figures
Key Terms
All-in sustaining cost (AISC) financial
gold equivalent ounces financial
Direct Shipping Ore (DSO) technical
FAST-41 regulatory
Mineral Resource Estimate (MRE) technical
S-K 1300 Report regulatory
Earnings Snapshot
The company reiterated 2026 Manh Choh production guidance of 40,000 to 45,000 gold ounces and guided 2027 production to 75,000 to 80,000 ounces at cash costs of $1,200 to $1,300 per ounce and AISC of $1,300 to $1,400 per ounce sold.
FAQ
How did Contango Silver & Gold (CTGO) perform financially in Q2-2026?
What were Contango Silver & Gold’s (CTGO) production and sales from Manh Choh in Q2-2026?
What is Contango Silver & Gold’s (CTGO) cash and debt position as of June 30, 2026?
How did hedge contracts affect Contango Silver & Gold (CTGO) in Q2-2026?
What major strategic moves did Contango Silver & Gold (CTGO) make at Lucky Shot in 2026?
How has Contango Silver & Gold’s (CTGO) operating cash flow changed year-to-date 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
Date of Report (Date of earliest event reported): |
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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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Trading |
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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 August 13, 2026, Contango Silver & Gold Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. 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.
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 7.01 Regulation FD Disclosure.
On August 13, 2026, 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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description of Exhibit |
99.1 |
Press Release of the Company, dated August 13, 2026. |
99.2 |
Corporate presentation, dated August 13, 2026. |
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 Silver & Gold Inc. |
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August 14, 2026 |
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/s/ "Mike Clark" |
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Mike Clark, Chief Financial Officer |
NEWS RELEASE
CONTANGO SILVER & GOLD
Contango Announces Results for the Quarter Ended June 30, 2026
FAIRBANKS, AK - (August 13, 2026) - Contango Silver and Gold Inc. ("Contango" or the "Company") (NYSE American / TSX: CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-Q for the quarter ended June 30, 2026 (“Q2-2026”).
Rick Van Nieuwenhuyse, Chief Executive Officer of the Company, stated, "The second quarter of 2026 was a transformative period of operational execution and financial restructuring for Contango across all four projects. At Manh Choh, having completed mining in the North Pit, we are entering a high-production phase as we transition into the higher-grade portions of the South Pit where we expect both processed ore tonnage and grades to increase through the remainder of the year. Operational enhancements are being implemented at the Fort Knox mill to optimize recoveries ahead of our third 2026 campaign later this month with anticipated production of 11,000 to 12,000 gold equivalent ounces net to Contango, keeping us firmly on track to meet our 2026 production guidance of 40,000 to 45,000 gold ounces. Looking ahead, this sets the stage for a dramatic step-up in 2027, where we are guiding to 75,000 to 80,000 ounces of gold production at cash costs of $1,200 to $1,300 per ounce and AISC of $1,300 to $1,400 per ounce sold.
“Crucially, we hit a major milestone with Manh Choh this quarter: against our initial capital investment of $105 million (“M”), total returns to date have now reached $160 M—meaning our initial investment is fully repaid, and all future cash flows from the asset represent pure upside and clear profit. Supported by a $9.0 M distribution from the Peak Gold JV during the quarter, we ended Q2 with $89.0 M in cash, up from $64.8 M at year-end 2025. We leveraged this balance sheet strength to systematically simplify our capital structure and de-risk our growth assets. On July 1, 2026, we amended our credit facility and converted the remaining 15,000 ounces of 2027 gold hedges into debt. Combined with the early delivery of our 2026 hedge obligations in June, our hedge book is now fully liquidated, giving us 100% unhedged upside to gold prices. In parallel, we extinguished long-term liabilities by buying out the underlying Lucky Shot lease and 2% NSR royalty to secure 100% ownership, while also settling outstanding milestone payment obligations."
Mr. Van Nieuwenhuyse continued "Operationally, our expanded portfolio is advancing rapidly. Following our merger with Dolly Varden Silver, team integration is complete and yielding immediate results. At Kitsault Valley, an updated Mineral Resource estimate has taken longer to complete than expected and is now due later this quarter. Meanwhile, drilling this year has completed over 35,000 meters of our 40,000-meter campaign – well ahead of schedule and well under budget. Consequently, we are planning to drill an additional 5,000 to 10,000 meters on high-quality targets. At Lucky Shot, underground and surface
drilling are on track and providing clear structural continuity of the Lucky Shot vein system. Finally, at Johnson Tract, earthworks are progressing on the access road between Camp and the proposed underground portal site, and permitting is progressing on schedule under the FAST-41 program. With the hedges extinguished and Manh Choh generating strong cash flows, the Company is well positioned to execute our plan to grow production from our current average of 60,000 gold equivalent ounces to over 200,000 ounces of gold and 5 M ounces of silver production annually.
During Q2-2026, the Company had the following updates:
In Q2-2026, Contango’s share of production sold from the Manh Choh mine, jointly held by Kinross and Contango, totaled 8,627 ounces of gold and 10,319 ounces of silver. During the quarter, the Company also received a cash distribution of $9 M from the Peak Gold JV. The Company reported a total loss from operations of $8.5 M, net income of $4.8 M and an adjusted net loss1 of $5.5 M. The Company's unrestricted cash position as of June 30, 2026 was $89.0 M compared to $64.8 M as of December 31, 2025.
Manh Choh Production Results
Peak Gold JV (on a 100% basis)1 |
Q2-2026 |
YTD 2026 |
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Total tons mined |
2.73 |
4.69 |
M tons |
1 See non-GAAP measures at end of this press release for calculation of Adjusted Net Income
Ore tons mined |
261,941 |
482,819 |
tons |
Gold oz mined |
45,341 |
83,756 |
oz |
Ore tons processed |
253,494 |
440,973 |
tons |
Gold grade processed |
0.145 |
0.139 |
oz/t |
Gold recovery |
80.4 |
83.6 |
% |
Gold oz produced |
29,618 |
56,508 |
oz |
Gold oz sold |
28,758 |
55,468 |
oz |
Silver oz sold |
34,397 |
84,539 |
oz |
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Contango's Share (on a 30% basis)1 |
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Gold oz produced |
8,885 |
16,952 |
oz |
Gold oz sold |
8,627 |
16,639 |
oz |
Total gold equivalent oz produced2&3 |
9,015 |
17,393 |
oz |
Silver oz sold |
10,319 |
25,361 |
oz |
Total gold sales |
$36,750,118 |
$75,682,854 |
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Total silver sales |
$749,096 |
$2,007,485 |
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Cash costs on a by-product basis, per oz sold3 |
$2,641 |
$2,665 |
per oz sold |
AISC on a by-product basis, per oz sold3 |
$2,877 |
$2,830 |
per oz sold |
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Principal debt repayments |
$1,000,000 |
$2,000,000 |
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Remaining debt balance |
$12,600,000 |
$12,600,000 |
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Average realized spot gold price |
$4,328 |
$4,621 |
per oz sold |
Cash distributions received from Peak Gold JV |
$9,000,000 |
$18,000,000 |
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Notes:
Manh Choh Mine:
Peak Gold JV delivered a $9 M cash distribution to Contango during the second quarter. Operational momentum continues on schedule, with the third mining campaign of 2026 set to commence in late August. Production for this campaign is guided at 11,000 to 12,000 gold equivalent ounces to Contango’s account.
Lucky Shot Project:
Underground Drilling & Development: Underground infill drilling continued to support a Feasibility Study targeted for H1 2027, paving the way for a 2027 production decision focused on a high-grade Direct Shipping Ore (DSO) model targeting 40,000 to 50,000 gold ounces per year. Assays from the initial underground phase continue to yield high-grade intercepts, highlighted by 0.17 meters grading 972.10 g/t Au (including visible gold in hole LSU26091, previously released May 5, 2026 and June 16, 2026). Underground development has re-commenced with contractor GMS on site advancing access and drill platforms along the main Enserch tunnel, West drift, and new East drift.
Surface Drilling Underway: Surface drilling commenced on June 22, 2026, with two helicopter-supported rigs mobilized to site. A 26-hole, 6,000-meter campaign is currently underway to infill the Coleman resource and execute step-out drilling testing structural continuity toward the Lucky Shot vein system. The surface program has completed approximately 3,500 meters of a 6,000 meter drill program to date.
Kitsault Valley Project:
40,000-Meter Drill Campaign: A $25 M surface drilling program launched in late May, with over 20,000 meters completed by the end of Q2. The program is infilling known resources across Homestake, Wolf, Dolly Varden, North Star, and Torbrit, while testing exploration targets across the company’s wider holdings in the southern corner of B.C.’s Golden Triangle.
Path to Development: An updated Mineral Resource Estimate (“MRE”) is expected in Q3 2026, which will form the backbone of an Initial Assessment (“IA”) preliminary development plan targeted for release in 2027.
Johnson Tract Project:
Road & Portal Access: Earthworks are actively advancing on the 2.6-mile access road linking camp to the proposed portal site. Equipment mobilization via barge and helicopter continued through July, with earthworks ongoing and planned to continue through October.
Permitting & Site Preparation: Environmental and baseline field programs are in full swing for the season. Several FAST-41 permitting milestones already completed and the project remains on schedule for underground exploration tunnel construction to begin in 2027.
Repayments of Debt, Reduction of Hedge Contracts and Financing:
Corporate Development Activities
Amendment to the Credit Facility:
On July 1, 2026, the Company amended its Credit Agreement pursuant to which the delivery of a total 15,000 hedge contracts maturing between March and June 2027 were eliminated in exchange for (i) an increase of $33.7 M on the Company's secured credit facility and (ii) the purchase of 15,000 put option contracts with a strike price of $3,100 per ounce and maturities in March and June 2027. As a result of the amendment, the aggregate principal amount outstanding under the secured credit facility increased to $46.3 M.
Principal repayments of the secured credit facility are amended as follows:
Purchase of Underlying Lease and NSR for Lucky Shot Project:
On May 4, 2026, the Company entered into a purchase agreement (the “LSA Purchase Agreement”) with Alaska Hardrock Inc. for the purchase of mineral claims, including a 2% net smelter return royalty, property, equipment and improvements for a total consideration of $16,074,000 comprised of: (i) $300,000 advance (paid); (ii) $1,709,250 deposit payable upon signing of the agreement (paid); (iii) $4,064,750 payable at closing; and (iv) $10,000,000 secured promissory note bearing 5% per annum, compounded monthly, and maturing four years after closing date. The transaction closed on July 1, 2026 with a payment of $4,064,750.
Settlement of Milestone Payments for Lucky Shot Project:
On June 26, 2026, the Company settled $18.75 M of milestone payments on the Lucky Shot project with a payment of $5.0 M and the issuance of 100,000 shares of common stock for total consideration of $6.6 M.
Statement of Operations for Q2-2026 compared to Q2-2025:
The Company reported total loss from operations of $8.5 M in Q2-2026 compared to income of $23.0 M for Q2-2025. In Q2-2026, the Company reported adjusted net loss of $5.5 M compared to net income of $28.8 M for Q2-2025. The Company reported net income of $4.8 M or $0.14 income per fully diluted share. This compares to a net income of $15.9 M for Q2-2025 or $1.24 income per fully diluted share. The net income for Q2-2026 and Q2-2025 includes a gain/(loss) on derivative contracts related to the hedges in the amounts of $10.3 M and ($12.8) M, respectively.
Statement of Cash Flows for YTD-2026 compared to YTD-2025:
Net cash used in operating activities was $50.3 M for YTD-2026 compared to $36.9 M provided by operating activities in YTD-2025. The reduction in net cash provided by operating activities was primarily driven by the settlement of hedge contracts and lower cash distributions received from the Peak Gold JV recognized during YTD-2026. Cash provided by investing activities was $20.4 M for YTD-2026 compared to $nil M in YTD-2025. Cash provided by financing activities in YTD-2026 was $54.8 M, primarily related to cash proceeds from an equity offering offset by principal repayments of $2.0 M on the credit facility. This compares to cash outflows of $20.5 M in YTD-2025, primarily related to principal repayments of $22.0 M on the credit facility. The Company’s cash and cash equivalents position as of June 30, 2026 was $89.0 M compared to $64.8 M as of December 31, 2025.
Adjusted Net Income/(Loss) (Non-GAAP)
Management uses Adjusted Net Income/(Loss) to evaluate the Company’s operating performance, and to plan and forecast operations. The Company believes the use of Adjusted Net Income/(Loss) reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted Net Income/(Loss) is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income/(loss) (GAAP) is reconciled to Adjusted net income/(loss) (Non-GAAP) adjusted for (gain)/loss on derivative contracts in the following table:
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Q2-2026 |
Q2-2025 |
YTD-2026 |
YTD-2025 |
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($) |
($) |
($) |
($) |
Net income/(loss) |
4,786,987 |
15,924,865 |
(9,518,603) |
(6,623,460) |
(Gain)/loss on derivative contracts |
(10,308,985) |
12,844,803 |
8,717,397 |
53,320,459 |
Adjusted net income/(loss) |
(5,521,998) |
28,769,668 |
(801,206) |
46,696,999 |
Conference Call and Webcast
Contango will host a conference call and webcast to discuss the first quarter results on Friday, August 14, 2026, at 12:00pm EST / 9:00am PST. Participants may join the webcast using the following call-in details: https://6ix.com/event/contango-silver-and-gold-q2-financials-2026.
ABOUT CONTANGO
Contango is an NYSE American and TSX-listed mining company that engages in the exploration for and development of silver, gold, and associated minerals with a growth strategy focused on district-scale silver and gold exploration in British Columbia’s Golden Triangle funded by high-grade gold production in Alaska. The Company's flagship Canadian asset comprises approximately 247,000 acres (100,000 hectares) of prospective silver-gold mineral tenures in and around the Kitsault Valley, the southern cornerstone of the Golden Triangle. In Alaska, Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for production and exploration 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 hold: (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI; (ii) 100% ownership of the Lucky Shot project, which consists of mineral rights to approximately 8,600 acres of State of Alaska and patented mining claims located in the Willow Mining District about 75 miles north of Anchorage, Alaska; (iii) mineral rights to approximately 145,000 acres of State of Alaska mining claims; and (iv) mineral rights to approximately 11,700 acres of State of Alaska mining claims and upland mining leases, all of which 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 information and forward-looking statements within the meaning of applicable securities (“Forward-looking Statements”). These include statements regarding Contango’s plans and expectations for its properties and operations, the content within future annual filings, operations in respect of Contango mineral properties and any benefits of investment in Contango. The Forward-looking Statements regarding Contango 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”, “intends”, “believes”, “ensures”, “forecasts”, “predicts”, “proposes”, “contemplates”, “aims”, “seeks”,
“continues”, “potential”, “positioned”, “strategy”, “outlook”, “future”, “going forward”, “designed to”, and similar expressions or other words of similar meaning, and the negatives thereof, or stating that certain actions, events or results “may”, “might”, “will”, “should”, “would”, or “could” be taken, or that they are “possible”, “probable”, or “likely” to occur or be achieved). However, the absence of these words does not mean that the statements are not forward-looking. 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; risks related to weather and other natural disasters; uncertainties as to the availability and cost of financing; risks relating to the Company's indebtedness under the Amended Credit Facility, including its ability to service or repay that debt on or ahead of schedule and the effect of changes in interest rates; the Company's unhedged exposure to gold prices and the effectiveness of its price protection strategy; and the Company's ability to achieve anticipated production and grades at Manh Choh, which depends in part on the operator of the Peak Gold JV; 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 operations 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 Silver & Gold Inc.
Rick Van Nieuwenhuyse
(907) 388-7770
www.contangoore.com
DISCLAIMER FORWARD-LOOKING STATEMENTS AND INFORMATION 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 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 Silver & Gold Inc. (the “Company” 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, Contango 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. Contango 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"). Contango 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 Contango 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 Contango reports are or will be economically or legally mineable. For more detail regarding the FS, please see Contango'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 Contango'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. The technical information in this presentation related to the Kitsault Valley Project (owned by Dolly Varden Silver Corporation (“Dolly Varden”), a wholly-owned subsidiary of Contango) has been reviewed and approved by Robert van Egmond, P.Geo. VP Exploration - Canada, who is considered, by virtue of his education, experience and professional association, a qualified person under NI 43-101. Mr. van Egmond is not considered independent for purposes of NI 43-101 as he is an employee of Dolly Varden. This presentation also contains references to estimates of mineral resources (as such term is defined in NI 43-101). The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from Dolly Varden’s projects, if any, the anticipated amounts and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Some of the mineral resources at the Kitsault Valley Project are categorized as indicated and some as inferred mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. Certain information in this presentation is based upon, and certain information is extracted directly from, an NI 43-101 compliant technical report prepared by Dolly Varden for the Kitsault Valley Project (the “Technical Report”), a copy of which is available under its SEDAR+ profile at www.sedarplus.ca. The Technical Report includes relevant information regarding the effective date and the assumptions, parameters and methods of the mineral resource estimates cited in this presentation, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this presentation in respect of the Kitsault Valley Project. You are encouraged to read the Technical Report in full and any information summarized or extracted therefrom in this presentation should not be read or relied upon out of context. All such technical information in this presentation is subject to the assumptions and qualifications contained in the Technical Report. The Technical Report was not prepared in accordance with S-K 1300. A qualified person has not done sufficient work to classify the mineral resource estimates derived from the Technical Report and included in this presentation as current estimates of S-K 1300 mineral resources. 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.
WWW.CONTANGOORE.COM
33.5 M SHARES O/S NYSE / TSX CTGO DUAL LISTED Fairbanks AK HEADQUARTERS NORTH AMERICAN SILVER & GOLD PRODUCER ~2 Moz Au Gold ~65 Moz Ag Silver TOTAL RESOURCES $89M CASH ON HAND $100M+ 2025 FREE CASH FLOW
STRONG CAPITAL MARKETS PROFILE Approximate amounts reported as of August 12, 2026; Cash reported as of June 30, 2026 CTGO convertible debt (convertible into 655,738 shares at US$30.50) Reported as of June 30, 2026 which includes settlement of remaining hedges Capital IQ, SEDI and Bloomberg publicly disclosed data Ownership2,3 Shareholder Summary5 Analyst Coverage Current ETF Inclusion GDXJ Dual Listing Russell 2000 CAPITAL STRUCTURE TRADING - NYSE AMERICAN: CTGO1 90-Day Avg. Daily Volume ~530,000 shares per day 52-week range US$14.50 - $34.38 Market Cap $657M CAPITAL STRUCTURE2 Issued & Outstanding 33.5 M Warrants 0.4 M Options 0.5 M Fully Diluted 34.4 M FINANCIAL POSITION Cash2 $89 M Convertible Debenture3 $20.0 M Debt (ING & Macquarie)4 $43.6 M Hedge Contracts4 nil Alyeska Investment ~45% ~45% ~10% Institutional / HNW Retail Management / Insiders
HIGHLY LEVERAGED TO SILVER & GOLD Source: Company Materials, brokers’ estimates as of April 2026; Calculated at spot Au & Ag prices, excludes base metal credits GRADE IS KING Positioned for Re-Rating: Significant NAV Discount with Unmatched Upside Potential
CONTANGO’S FIVE YEAR DEVELOPMENT PIPELINE TARGET 200k oz Au + 5M oz Ag 2 Yrs 100,000 GEO 2 – 3 Yrs 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 ~60,000 GEO1 KITSAULT VALLEY ~40,000 m drill program 247,000 acres (100,000 ha) of prospective land New MRE expected in Q3 2026 Road Upgrades to Torbrit Mine New exploration targets for 2026 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 $1,700 AISC Fully permitted for mining 110,000 oz at 14.5 g/t Au 2 years to develop 400,000-500,000 oz Au resource Target 40,000-50,000 oz Au production Identify potential processing facilities Established 1.1M oz resource at 9.4 g/t GEO Federal permitting under FAST 41 Initial Assessment released May 20252 Post Tax NPV5 = $615.4M and +60% IRR at $4,000 gold Building road to portal site in 2026 Target for FS with mine construction decision by 2028/2029 GEO = Gold Equivalent Ounces 200,000 oz Au 5.0 Moz Ag
PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated March 16, 2026 “Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 4. LOM = Life of Mine, MRE = Mineral Resource Estimate; 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 ” MANH CHOH MINE (30%)1 1M oz at 8 g/t Au reserve (on 100% basis) Private land owned by Tetlin Native Tribe ~25 km from Alaska Highway 1 year for Federal Permitting Production started Q3 2024 Avg LOM ~60,000 oz Au 2,3 ~ $550M LOM3,4 free cash flow (at $4,000/oz) JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 LUCKY SHOT MINE (100%) 1 DSO Routes
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 MANH CHOH MINE CTGO SUCCESS OF DSO APPROACH
YEAR END 2025 RESULTS & LOM GUIDANCE 60,200 oz of gold produced 57,315 oz of silver produced $102 million cash distribution to Contango AISC = $1,616 per oz sold Manh Choh to Fort Knox 240 mi Kinross is operator (70% owner) On schedule and on budget State and Federal permits received within 18 months Construction and Ramp Up completed in 2 years First gold pour in July 2024 Contract mining & trucking MANH CHOH MINE – DEMONSTRATED DSO SUCCESS IN PRODUCTION , as of July 1, 2026
WHAT IS THE DIRECT SHIPPING ORE (DSO) APPROACH? 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
FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated March 16, 2026 “Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 4. LOM = Life of Mine, MRE = Mineral Resource Estimate; 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 ” MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 Current resource: 110,000 oz Au at 14.5 g/t Private land Fully permitted for mining On road/rail system Currently drilling to develop 400,000-500,000 oz Au Target 40,000 – 50,000 oz Au annual production in 2028 Identified multiple potential processing facilities JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
FEASIBILITY UNDERWAY Current 18,000m in-fill and expansion drill program for resource definition OBJECTIVES: Define high-grade “ore shoots” Delineate 400,000 to 500,000 oz Au measured and indicated resource Collect data for detailed feasibility-level mine and transportation plan Anticipate $50 - $60 million spend over 2026-27 to reach production decision Targeting 40,000 to 50,000 oz Au annual production in 2028 TARGETING INITIAL RESOURCE OF 400,000 to 500,000 oz Au LUCKY SHOT – OUR NEXT DSO PROJECT 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 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”). 2026 / 2027 PROGRAM
High Grade KM Vein 5.92m @ 60.24 g/t Au 0.31m @ 99.75 g/t Au 1.5m @ 59 g/t Au Close-in opportunity to define ~50,000 Oz Au in a 100m x 100m area directly below the West Drift extension. VG and Ga KW Vn projection 100m W. Drift Extension (Proposed) Lucky Shot Fault ? new discovery – Keith Miles vein (km)
FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated March 16, 2026 “Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 4. LOM = Life of Mine, MRE = Mineral Resource Estimate; 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 ” MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 JOHNSON TRACT PROJECT (100%) 1 Current Resource: 1.1 Moz @ 9.4 g/t Au Eq Critical Metals Project: Gold-Silver-Copper-Zinc-Lead Private land owned by Cook Inlet Regional Inc. (CIRI) Federal permitting currently in FAST 41; targeting mid-2028 construction decision 100,000 oz Au Eq annual production annual production in 2030 Initial Assessment released May 20255 Post Tax NPV5 = $615.4M and +60% IRR at $4,000 gold 1 year payback KITSAULT VALLEY PROJECT (100%) 1 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
EXPLORATION / PERMITTING 2026 WORK PROGRAM JOHNSON TRACT – FAST 41 PERMITTING JOHNSON TRACT INITIAL ASSESSMENT1 Post-Tax NPV5 of USD $615.4 million with a post-tax IRR of +60% at $4,000 LOM annual average production of 102,258 oz Au Eq at 7.58 g/t Au Eq 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 Au Eq sold Payback period ~1 year 7-year LOM 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 Build road from camp to Portal Site Mobilize equipment and build laydown Start preparation for camp winterization Environmental studies, geotechnical drilling for barge landing, and community outreach Continue Federal permitting on FAST-41 dashboard 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.
FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated March 16, 2026 “Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 4. LOM = Life of Mine, MRE = Mineral Resource Estimate; 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 ” MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 Current M&I Resource: 166k oz Gold and 34.7 M oz Silver; Inferred Resource: 817k oz Gold and 29.3 M oz Silver Silver-Gold polymetallic district New MRE expected in Q3 20264 ~40,000 m 2026 drilling program Environmental baseline, Metallurgical, Permitting planned for 2026 PEA and IBA in 2027 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
KITSAULT VALLEY PROJECT KITSAULT VALLEY – THE SILVER LINING OF GOLDEN TRIANGLE 18 WOLF VEIN HOMESTAKE 2026 PROGRAM New Mineral Resource Estimate due in late July 2026 ~40,000 meters drilling planned for 2026 Environmental Baseline Studies Community Engagement First Nations Engagement Working towards formal IBA PEA in H1 2027 65 M OZ SILVER & 1 M OZ GOLD
The Contango Value Proposition: High Margin, High Torque, Proven Results An Emerging Mid-Tier Silver-Gold Producer 19 North America – Ag-Focused Developers North America – Producers North America – Au-Focused Developers
20 info@contangoore.com +1-907-388-7770 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE CORPORATE INQUIRIES NYSE-A / TSX: CTGO
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. 21
LEADERSHIP TEAM Rick Van Nieuwenhuyse CEO & Director 40+ years of experience in the mining industry. He previously served as President and CEO of Trilogy Metals and founded NOVAGOLD where he served as President and CEO. Shawn Khunkhun President & Director 20+ years of experience in capital markets and mineral exploration, development and production. Founder and Director of Gold X2 and Gladiator Metals. Partner at the Fiore Group. Clynt Nauman Chairman of Board & Director 45+ years of experience in mining industry. Served as Chairman and CEO of Alexco Resource, President and Director of Viceroy Gold, Director of NOVAGOLD and Director of Spectrum Gold. Board of Directors Michael Clark CFO 20+ years of experience in corporate finance and financial reporting. He is currently a Director of Avino and has served as CFO of Alexco Resources, Goldgroup Mining and Grosso Group. Darren Devine Director Principal of CDM Capital Partners, a corporate advisory firm and acts as a director to junior companies in the natural resource sector. Completed transactions including Centric Energy’s sale of Eastern African assets to Africa Oil. Tim Clark Director 23+ years of experience in capital markets, corporate strategy and financial analysis for corporations within the commodities and mining sectors. Currently serves as the CEO and Director of Fury Gold Mines. Brad Juneau Director Co-founder of Contango and previously served as President, CEO and Director from August 2012 to January 2020. He has served as Chairman of the Board for Contango since April 2013. Mike Cinnamond Director 25+ years of experience in the mining sector, bringing significant industry and financial knowledge. He has served as the Senior Vice President and CFO of B2Gold since April 2014. 40+ years of experience in the mining industry. He previously served as President and CEO of Trilogy Metals and founded NOVAGOLD where he served as President and CEO. Shawn Khunkhun President & Director 20+ years of experience in capital markets and mineral exploration, development and production. Founder and Director of Gold X2 and Gladiator Metals. Partner at the Fiore Group. Proven Leadership Team with a Demonstrated Track Record of Value Creation in the North American Mining Sector Rick Van Nieuwenhuyse CEO & Director
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
Gold Contango Resources & Grade Asset Diversification, Increased Scale and Significant Exposure to Gold and Silver in Neighbouring Tier I Jurisdictions M&I Inferred HIGH-GRADE ASSET PORTFOLIO M&I Inferred Silver Contango 1.9 Moz 65.3 Moz Effective date of December 31, 2024 – refer to Corporate Reserve/Resource table in Appendix Shown on a 30% Contango ownership basis Effective date of May 26, 2023 - refer to Corporate Reserve/Resource table in Appendix Effective date of May 12, 2025 – refer to Corporate Reserve/Resource table in Appendix Effective date of September 28, 2022 - refer to Corporate Reserve/Resource table in Appendix Manh Choh1,2 Lucky Shot3 Johnson Tract4 Homestake5 Dolly Varden5 Reserve (koz AuEq) 194 - - - - M&I (koz AuEq) 22 106 1,053 194 507 Inferred (koz AuEq) - 25 108 1,091 176
CONTANGO’S RESERVES AND RESOURCES CONTINUED ON NEXT PAGE Notes: Manh Choh Reserves 1 - Published from Contango 10K. Reserves Current as of 31DEC25 2 -The definitions for mineral reserves in S-K 1300 were followed for mineral reserves. 3 - Mineral reserves were estimated at long term prices of $2,000/oz Au and $23.50/oz Ag. 4 - Mineral reserves are reported at an economic cut-off that varies by process cost and metallurgical recovery, approximately equivalent to 2.50 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 total due to rounding. 8- Mineral reserves are reconciled and incorporate depletion from 2024 and 2025 production 9. Mineral Reserves reported on 30% Contango Ore ownership basis. Notes: Manh Choh Resources 1 - Published from Contango 10K. Reserves Current as of 31DEC25 2 -Mineral Resources are reported on a 30% Contango Ore ownership. 3 -The definitions for mineral resources in S-K 1300 were followed for mineral resources. 4 -Mineral resources are reported exclusive of mineral reserves. 5 -Mineral resources are estimated using long term prices of US$2,000/oz Au price and US$23.53/oz Ag price. 6 -Mineral resources are reported using un-diluted Au and Ag grades. 7 -Mineral resources are reported within constraining pit shells. 8 -Mineral resources that are not mineral reserves do not have demonstrated economic viability. 9 -Mineral resources are reported in dry metric tonnes. 10 -Numbers may not total due to rounding. 11- Mineral resources are reconciled and incorporate depletion from 2024 and 2025 production.
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 Notes: Kitsalt Valley Resources (Homestake and Dolly Varden) 1 -Mineral resources are not mineral reserves, as they do not have demonstrated economic viability although, as per Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) requirements, the mineral resources reported above have been determined to have demonstrated reasonable prospects for eventual economic extraction. 2 -The mineral resources were estimated in accordance with the CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 3 - The resources reported above are derived from the Technical Report on The Combined Kitsault Valley Project, British Columbia, Canada dated effective September 28, 2022 (“Kitsault Valley Project Technical Report”) 4 -The cut-off grade for the Homestake claim block mineral resources is 2.0 g/t AuEq, which was determined using average block grade values within the estimation domains and a Au price of $1,300 per troy ounce (“per tr oz”), a Ag price of US$20.00/tr oz and a Cu price of US$2.50/pound, and mill recoveries of 92% for Au, 88% from Ag and 87.5% for Cu and combined mining, milling, and general and administrative costs of approximately US$109/ton. 5 - The cut-off grade for the Dolly Varden claim block mineral resource is 150 g/t Ag, which was determined using a Ag price of US$20.00/tr oz, a recovery of 90% and combined mining, milling, and general and administrative costs of US$80/ton and was supported by comparison to similar projects. 6 - Differences may occur in totals due to rounding
MANH CHOH REGIONAL EXPLORATION: 675,000 acres Leased from Tetlin Tribe $5M exploration program focused on Mine-X, Near-Mine and Generative targets 2026 REGIONAL PLAN MANH CHOH 1km2
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 LUCKY SHOT – WILLOW CREEK DISTRICT SCALE OPPORTUNITY 28
PLAN VIEW LOOKING NORTHWEST PROPOSED JT TUNNEL JT BLOCK MODEL JOHNSON TRACT DEPOSIT PROPOSED JT TUNNEL NORTH (G/T) JOHNSON TRACT 29 ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS
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)
KITSAULT VALLEY – PREMIER MINING DISTRICT 2 centers of gravity at Kitsault Valley: Gold-focused on northern tract Silver focused on silver tract District scale exploration opportunities Porter Idaho – Historic Mine Mountain Boy – Historic Mine PREMIERE MINING DISTRICT Richest 20km on the planet for gold and silver, from Seabridge's KSM to Newmont's Brucejack 150M ounces of Gold 1.2B ounces of Silver Discovered in just the past 3 decades CORNERSTONE IN THE GOLDEN TRIANGLE, BC
2026 2027 2028 2029+ CASH FLOW FUNDED GROWTH ENGINE Catalyst Rich Portfolio of Advanced Exploration-Stage Assets Supported by Cash Flows from Manh Choh Production Accelerating Growth: Catalysts & Project Pipeline 40,000m drill program + baseline env. Advance PEA / IA + initiate permitting Target PEA / IA Study Camp upgrades + initial construction Surface infrastructure permit (FAST 41) Johnson Tract Lucky Shot Manh Choh Kitsault Valley UG tunnel construction + infill drilling Complete road from Camp to Barge Target Fully Permitted / Construction Mine decision; final permits issued Target Feasibility / FID Continued gold production ~2,500m drill program Targeting 60koz p.a. average GEO production Continued exploration initiatives Infill drilling + technical studies UG in-fill drilling program, consisting of 18,000m of total drilling Target Feasibility Study / FID Q2-2026: Updated Resource UG tunnel construction+ infill drilling Construct site infrastructure + infill drilling Target Production Utilizing Manh Choh Cash Flow to Drive Near-Term Execution
Source: Company Materials, brokers’ estimates as of April 2026 HIGHLY LEVERAGED TO SILVER & GOLD