Contango ORE, Inc. is developing “Alaska’s Next Gold Mines”. Our 30% interest in the Peak Gold JV with partner and 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. We believe we can become an ~200,000 gold equivalent ounces (GEO)/per year producer within the next 5 years. 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 of historic mining. To date, 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 recently acquired the Johnson Tract project with a M&I resource containing 1.1M deposit grading 9.4 g/t GEO. The orebody averages 40m in true width and is ideal for low-cost bulk underground mining methods. Metallurgical test work yields excellent metal recoveries. The project is located on private lands owned by Cook Inlet Regional Inc. (CIRI), an Alaska Native Corporation and near tidewater allowing for development using Contango’s DSO approach. Permitting is underway to construct an underground access to the orebody for Feasibility Level mine planning.

This “hybrid royalty” business model is based on identifying and developing high-quality projects that contain significant grades, are near infrastructure, and are relatively simple to permit from a mining perspective. We excel at keeping our costs minimal by maintaining low overhead while simultaneously advancing our pipeline of high-quality projects. Contango’s 5-yr plan is to continue to advance and develop both the Lucky Shot and Johnson Tract Projects to become a 200,000 oz/yr mid-tier producer, while continuing to explore for upside in these 3 prolific mining districts in Alaska.