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M E RGE R TO CREATE A NE W NO RTH AM E RICAN HIGH -GRADE , M ID -TIE R SILV E R & GO L D PRO DUCER AND DEVELO PER D E C E M B E R 2 0 2 5 W W W . C O N T A N G O O R E . C O M W W W . D O L L Y V A R D E N S I L V E R . C O M NYSE-A:CTGO TSX-V:DV | NYSE-A:DVS I N V E S T O R P R E S E N TAT I O N
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DISCLAIMER 2 LEGAL DISCLAIMER The information contained in this presentation furnished by or on behalf of Dolly Varden Silver Corporation (“Dolly Varden”) or Contango ORE, Inc. (“Contango”) has been prepared in respect of the proposed transaction described herein involving Dolly Varden and Contango (the “Transaction”) and does not purport to contain all of the information a recipient hereof may require about Dolly Varden, Contango or the Transaction. No federal, state, provincial or territorial securities commission of any jurisdiction has approved or disapproved of the securities or passed upon the adequacy of this presentation. Dolly Varden and Contango obtained the industry, market and competitive position data used throughout this presentation from internal estimates and research as well as from industry publications and research, surveys and studies conducted by third parties. Certain market data information in this presentation is based on management's estimates. While the parties believe these sources to be reliable, this information may prove to be inaccurate because of the method by which the parties obtained some of the data for its estimates or because this information cannot always be verified due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. Statements contained in this presentation describing any studies, documents and agreements are summaries only and such summaries are qualified in their entirety by reference to such studies, documents and agreements. FORWARD-LOOKING STATEMENTS AND INFORMATION This presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively, “Forward-looking Information”). Forward-looking Information is generally identified by the use of words like “will”, “create”, “enhance”, “improve”, “potential”, “expect”, “upside”, “growth”, “plan”, “estimate”, “intend”, “believe”, “budget”, “scheduled”, “forecast”, “anticipate”, “potential”, “base case” and similar expressions and phrases or statements that certain actions, events or results “will”, “may”, “might”, “occur”, “be achieved”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. These include, but are not limited to, statements regarding Contango and Dolly Varden’s intent, or the beliefs or current expectations of the officers and directors of Contango and Dolly Varden for the issuer resulting from the Transaction (the “Resulting Issuer”) post-closing. Actual results and outcomes of the Transaction may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information may relate to: future outlook and anticipated events and the related risks, such as the consummation and timing of the Transaction; the strategic vision for the Resulting Issuer following the closing of the Transaction and expectations regarding exploration potential, production capabilities and future financial or operating performance of the Resulting Issuer post-closing, including investment returns and share price performance; production and cost guidance; changes in the gold or silver price; the potential valuation of the Resulting Issuer following the closing of the Transaction; the ownership interests of existing Contango and Dolly Varden shareholders in the Resulting Issuer; the expected name of the Resulting Issuer; the accuracy of the pro forma financial position and outlook of the Resulting Issuer following the closing of the Transaction; the composition and success of the new management team and the board of directors of the Resulting Issuer; the satisfaction of the conditions precedent to the Transaction; the timing of the shareholder meetings of Dolly Varden and Contango and the mailing of the Dolly Varden information circular and Contango proxy statement in connection therewith; the treatment of stock options and restricted share units of Dolly Varden in connection with the Transaction; the issuance and conversion of the exchangeable shares; the intention to apply to list the Resulting Issuer on the Toronto Stock Exchange following closing of the Transaction; the conversion of Mineral Resources and Mineral Reserves; the success of Dolly Varden and Contango in combining operations upon closing of the Transaction; the success, timing and costs of completing exploration, development and production activities at the combined projects of the Resulting Issuer; the production and operating capabilities, including expectations thereof, of the Manh Choh Gold Mine; the potential of the Resulting Issuer to meet industry targets, public profile and expectations; disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the financial impact that tariffs placed on Canada by the United States and risks related to retaliatory tariffs placed on the United States by Canada; permitting timelines and requirements; requirements for additional capital; environmental requirements; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof; future plans, projections, objectives, estimates and forecasts and the timing related thereto; and other risks described from time to time in Dolly Varden’s most recent recently filed continuous disclosure filings, including, but not limited to, its annual information form, financial statements and MD&A which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar, and in Contango’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”) (including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein) which are available on EDGAR at www.sec.gov/edgar.
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DISCLAIMER (CONT’D) 3 Although Contango and Dolly Varden believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Contango and Dolly Varden as of that time with respect to future events and are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden, Contango or the Resulting Issuer to be materially different from any future results, performance, or achievements expressed or implied by the Forward-looking Information. In disclosing such information, management has made assumptions regarding, among other things: the accuracy of the estimation of mineral resources and mineral reserves; that exploration activities and studies will provide results that support anticipated development activities; results from production; that infrastructure anticipated to be developed or operated by third parties will be developed as currently anticipated; that laws, rules and regulations are fairly and impartially observed and enforced; and that the market prices for relevant commodities remain at levels that justify development. Forward-looking Information relates to, among other things, Dolly Varden’s, Contango’s and the Resulting Issuer’s corporate strategies, mineral resource estimates, mineral reserves, plans for productions and plans for further exploration and development, which will require additional funding. Forward-looking Information is designed to help readers understand Dolly Varden and Contango’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Dolly Varden and Contango assume no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If either Dolly Varden or Contango updates the Forward-looking Information, no inference should be drawn that the either company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this presentation is expressly qualified in its entirety by this cautionary statement. SCIENTIFIC AND TECHNICAL INFORMATION OF CONTANGO 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 - Standard of Disclosure for Mineral Projects (“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 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 (i) 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"), (ii) 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"), (iii) dated May 6, 2025, based on historical and recent drill hole assay information, that presented mineral resource estimates for the Johnson Tract project as of April 6, 2022 (the "Johnson Tract 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-projectin- 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.
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DISCLAIMER (CONT’D) 4 To view a copy of the Manh Choh S-K 1300 Report, see: https://www.sec.gov/Archives/edgar/data/1502377/000115752323000931/a53408787_ex961.htm. 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://www.sec.gov/Archives/edgar/data/1502377/000115752323000976/a53418247ex96_1.htm. 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 Johnson Tract S-K 1300 Report, see: https://www.sec.gov/Archives/edgar/data/1502377/000119312525117458/d90137dex961.htm. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. SCIENTIFIC AND TECHNICAL INFORMATION OF DOLLY VARDEN The technical information in this presentation related to Dolly Varden has been reviewed and approved by Robert van Egmond, P.Geo. VP Exploration for Dolly Varden, 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. Dolly Varden is not subject to the SEC’s mineral disclosure standards under S-K 1300. 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.
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PRESENTERS Rick Van Nieuwenhuyse President, CEO & Director Contango Shawn Khunkhun President, CEO & Director Dolly Varden 5
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TRANSACTION HIGHLIGHTS & STRATEGIC RATIONALE 6 COMPLEMENTARY ASSETS ▪ Creation of a North-American focused multi-stage silver and gold company, with an asset portfolio ranging from advanced-stage exploration to current production WELL-FUNDED ▪ Over US$100 million combined cash on hand, only US$15 million in debt and annual cash flow from the producing high-grade Manh Choh gold mine in Alaska, operated in partnership with Kinross Gold Corporation HIGH-GRADE PROJECTS ▪ Leverage to high-grade development of assets anchored by the Lucky Shot and Johnson Tract projects in Alaska, and the Kitsault Valley silver-gold project in British Columbia – all strategically located near existing infrastructure supporting a Direct Ship Ore (“DSO”) approach SHARED CAPEX STRATEGY ▪ Common development philosophy to pursue low-capex DSO projects that can be developed using existing processing facilities EXPLORATION POTENTIAL ▪ Track-record of high-grade exploration success across the portfolio ENHANCED CAPITAL MARKETS PROFILE ▪ The combined company’s shareholders to benefit from greater critical mass with a combined market capitalization of approximately US$812 million (C$1.1 billion), as well as increased trading liquidity, index inclusion, research coverage and institutional ownership INSIDER AND INSTITUTIONAL SUPPORT ▪ All directors and officers of Contango and Dolly Varden, as well as significant shareholders of both companies, have signed voting support agreements in favour of the Transaction, representing ~22% of the outstanding Contango shares and ~22% of the outstanding Dolly Varden shares EXPANDED PRESENCE ▪ Listing on the NYSE American, and intention to apply to list on the Toronto Stock Exchange following closing of the Transaction
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7 TRANSACTION ▪ Combination of Contango and Dolly Varden on a merger-of-equals basis pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) CONSIDERATION ▪ Dolly Varden shareholders to receive 0.1652 of a Contango share for each Dolly Varden share IMPLIED VALUE ▪ Implies a FDITM equity value of US$812 million1 for the pro forma entity OWNERSHIP ▪ Existing Contango and Dolly Varden shareholders will each own approximately 50% of the outstanding common shares of combined company, on a fully diluted in-the-money basis APPROVALS AND KEY CONDITIONS ▪ Approval of Dolly Varden shareholders (66 2/3% vote) ▪ Affirmative vote of a majority of the Contango shares present in person or by proxy and entitled to vote ▪ Customary regulatory, exchange and court approvals LEADERSHIP AND GOVERNANCE ▪ CEO: Rick Van Nieuwenhuyse; President: Shawn Khunkhun; Executive Vice President and CFO: Mike Clark ▪ Board of directors of combined company to consist of 7 directors (4 Contango directors; 3 Dolly Varden directors) VOTING SUPPORT AGREEMENTS ▪ Directors, officers and significant shareholders of Dolly Varden and Contango, who collectively hold ~22% and ~22% of each company’s outstanding shares, respectively, have entered into VSAs to vote in favour of the Transaction DEAL PROTECTION ▪ Reciprocal termination fee of US$15.0M payable by either Contango or Dolly Varden RESULTING ISSUER ▪ Contango Silver & Gold Inc., trading under the ticker CTGO on the NYSE American and TSX upon closing PROPOSED TIMING ▪ The Transaction is expected to close in late February or early March, 2026 1) As of December 5, 2025 market close KEY TERMS OF THE TRANSACTION
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52% 46% 2% DV 1) Effective date of December 31, 2024 – refer to Appendix slides 39 & 40 2) Shown on a 30% Contango ownership basis 3) Effective date of May 26, 2023 - refer to Appendix slides 39 & 40 4) Effective date of May 12, 2025 – refer to Appendix slides 39 & 40 5) Effective date of September 28, 2022 - refer to Appendix slide 41 Metals Mix Contango 80% 1% 19% CTGO Resources & Grade Gold Silver Base Metals Asset Diversification, Increased Scale and Significant Exposure to Gold and Silver in Neighbouring Tier I Jurisdictions 8 Metals Mix Dolly Varden Gold Silver Base Metals Manh Choh1,2 Lucky Shot3 Johnson Tract4 Dolly Varden5 M&I (koz AuEq) 278 106 1,053 707 g/t (AuEq) 7.9 14.5 9.4 5.3 Inferred (koz AuEq) - 25 108 1,310 g/t (AuEq) - 9.5 4.8 6.0 COMPLEMENTARY HIGH-GRADE ASSET PORTFOLIO
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Manh Choh (“MC”) • Fully permitted and producing gold • Permits received in less than 2 years • Exploration upside on 675,000 acres Johnson Tract (“JT”) • Goal: complete permitting in 2 years and production in 5 years • Target FS with mine construction decision by 2028/2029 • Assays pending from 56,131m drill program • 85,000 ha of prospective land acquired in 2025 • New exploration targets for 2026 Kitsault Valley (“KV”) Manh Choh free cash flow to fund portfolio development Lucky Shot (“LS”) • Fully permitted for mining • 2-3 years to develop 400,000-500,000 GEO resource • Identify potential processing facilities 2026 2027 2028 2029+ MULTI-PHASE GROWTH PLATFORM SUPPORTED BY CASH FLOWS Contango Assets Dolly Varden Assets Advanced Exploration/Development Production Catalyst Rich Portfolio of Advanced Exploration-Stage Assets Supported by Cash Flows from Manh Choh Production Go-Forward Development Timeline • 50,000m drill program + baseline env. • Advance PEA / IA + initiate permitting Target PEA / IA Study • Camp upgrades + initial construction • Surface infrastructure permit (FAST 41)JT LS MC KV • UG tunnel construction + infill drilling • Complete road from Camp to Barge Target Feasibility Study / FID • Mine decision; final permits issued Target Production • Continued gold production • 5,000m drill program Targeting 60koz p.a. 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 Q1-2026: Updated Resource 9 • UG tunnel construction+ infill drilling • Construct site infrastructure + infill drilling Target Production
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Management & Insiders: 6% Retail & HNW: 47% Strategic: 13% Institutional: 35% $924 $812 $609 $599 $523 $406 $406 PPTA SKE SGD VZLA ODV PF DC TLG FVL CTGO DV DV 50% CTGO 50% ENHANCED CAPITAL MARKETS PROFILE 1) Based on an exchange ratio of 0.1652 CTGO shares issued per DV share 2) On a fully diluted, in-the-money (ITM) treasury stock method (TSM) basis 3) Includes CTGO convertible debt (convertible into 655,738 shares at US$30.50) Contango ORE Dolly Varden Combined Company Standalone Standalone Pro Forma1 Basic Shares Outstanding 14,964,048 91,866,780 30,240,491 ITM Warrants (TSM) 527,870 - 527,870 ITM Options (TSM) - 1,305,533 215,674 Restricted Stock Units - 605,636 - FDITM Shares Outstanding (TSM) 15,491,918 93,777,949 30,984,035 FDITM Market Cap. (C$M)2 $563 $608 $1,126 FDITM Market Cap. (US$M)2 $406 $439 $812 Cash (US$M)5,6 $98 $46 $145 Debt (US$M)3,6 $35 - $35 Pro Forma Ownership1,2 Pro Forma Shareholder Summary4 Pro Forma Share Structure Analyst Coverage 4) Capital IQ, SEDI and Bloomberg publicly disclosed data 5) Dolly Varden cash as of October 23, 2025 6) Contango debt and cash as of September 30, 2025 (adjusted for Oct. 2, 2025 repayment) 10 Dual Listing, Potential Index Re-Balancing, a Deep Institutional Share Registry and Increased Research Coverage to Drive Re-Rating Current ETF Inclusion GDXJ✓ Dual Listing Upon Closing North American Gold Developer Peers – Market Cap. (US$ millions) CTGO and DV traded a combined >US$1.1 billion of value in the last 12-month period Bolstered Liquidity and Exposure to U.S. and Canadian Capital Markets SILJ✓ SIL✓ Russell 2000✓ $3,153 $2,665 $2,050 $1,720
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11 (Ag project in Mexico) CTGO + DV +++ STRATEGICALLY POSITIONED AMID SECTOR SCARCITY North America – Ag-Focused Developers North America – Producers North America – Au-Focused Developers The Merger Strategically Positions the Pro Forma Company Amid Scarcity of Multi-Stage, Mid-Tier North American Au-Ag Companies Criteria: Production & Development Projects in Canada or the United States.
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Dolly Varden • 3rd best silver grade x thickness interval in 2024 (3 of the best 15 holes) • 2nd best silver grade x thickness interval in 2025 with recent 22m of 1,422 g/t in a step out at the Wolf Vein • 12th best gold grade x thickness interval in 2024 at Homestake Ridge Contango • 2nd best gold grade x thickness interval in 2024 (Johnson Tract) TOP NORTH AMERICAN EXPLORER 12 2024 Best Holes: North American Silver Top-Performing Drilling Results Across CTGO and DV Assets 2025 Best Holes to Date: North American Silver 2024 Best Holes: North American Gold Source: S&P Global Market Intelligence Metals & Mining Drill Hole Database. Criteria: Exploration & Development Projects in Canada or the United States. Property Name Reporting Company State / Province Reported Date Hole ID Interval (meters) Interval Grade (g/t) Grade x Interval Hycroft Hycroft Mining Nevada 24-Oct-24 H24D-6010 18.20 1,987.35 36,170 Hercules Hercules Metals Idaho 28-Feb-24 HER-23-17 112.20 193.00 21,655 Homestake Silver Dolly Varden BC 16-Jan-24 HR23-416 93.95 213.00 20,011 Hycroft Hycroft Mining Nevada 09-Jan-24 H23C-5790 20.18 869.90 17,555 Hog Heaven Ivanhoe Electric Montana 05-Feb-24 HHD-007 348.00 40.48 14,087 Wolf Vein Dolly Varden BC 09-Sep-24 DV24-408 27.19 513.00 13,948 Hycroft Hycroft Mining Nevada 03-Oct-24 H24D-6001 124.40 102.59 12,762 Maestro Quartz Mountain BC 09-Apr-24 PR-23-02 351.00 36.00 12,636 Macmillan Pass Fireweed Metals Yukon 09-Jan-24 NB23-028 477.00 23.30 11,114 Ruby Hill i-80 Gold Nevada 17-Jan-24 iRH23-56 23.60 469.40 11,078 Atlanta Nevada King Gold Nevada 23-Sep-24 AT23NS-172 24.40 440.60 10,751 DeLamar Integra Resources Idaho 24-Jan-24 DH-DLM-23-MET22 41.45 257.43 10,670 Ruby Hill i-80 Gold Nevada 17-Jan-24 iRH23-54 32.00 332.90 10,653 Wolf Vein Dolly Varden BC 12-Aug-24 DV24-404 9.38 1,091.00 10,234 Hycroft Hycroft Mining Nevada 03-Oct-24 H24D-6002 100.92 100.65 10,158 Property Name Reporting Company State / Province Reported Date Hole ID Interval (meters) Interval Grade (g/t) Grade x Interval Queensway New Found Gold NFLD 11-Nov-24 NFGC-21-182 10.00 219.43 2,194 Johnson Tract Contango Ore Alaska 21-Nov-24 GT24-008 223.50 8.89 1,987 Queensway New Found Gold NFLD 02-Dec-24 KM-24-01-64 4.05 455.33 1,844 Queensway New Found Gold NFLD 23-Sep-24 KM-24-01-17 5.10 300.36 1,532 Arthur Altius Minerals Nevada 08-Aug-24 AMC_08.08.2024 144.50 10.53 1,522 Great Bear Kinross Gold Ontario 14-Feb-24 BR-843AC1A 15.40 89.14 1,373 O'Brien Radisson Mining Quebec 30-Dec-24 OB-24-347 2.10 643.10 1,351 Atlanta Nevada King Gold Nevada 06-Feb-24 AT23WS-44 108.20 11.64 1,259 Rogue Snowline Gold Yukon 07-Aug-24 V-24-075 471.60 2.38 1,122 Queensway New Found Gold NFLD 23-Sep-24 KM-24-01-12 5.21 214.97 1,120 Queensway New Found Gold NFLD 02-Dec-24 KM-24-01-53 6.95 147.98 1,028 Homestake Ridge Dolly Varden BC 12-Feb-24 HR23-389 66.50 15.26 1,015 Rogue Snowline Gold Yukon 10-Sep-24 V-24-078 244.90 4.05 992 Arthur Orogen Royalties Nevada 26-Aug-24 MER-23-243-RD 161.6 5.85 945 Queensway New Found Gold NFLD 2-Dec-24 KM-24-01-56 2.85 330.71 943 Property Name Reporting Company State / Province Reported Date Hole ID Interval (meters) Interval Grade (g/t) Grade x Interval Hycroft Hycroft Mining Nevada 14-Jan-25 H24D-6018 21.20 2,359.68 50,025 Wolf Vein Dolly Varden BC 02-Sep-25 DV25-446 21.70 1,422.00 30,857 Maestro Quartz Mountain BC 24-Jun-25 PR23-02 435.00 30.00 13,050 Bayhorse Bayhorse Silver Oregon 07-Oct-25 BHS2025-12 10.60 1,104.00 11,702 Hycroft Hycroft Mining Nevada 30-Apr-25 H24D-6011 53.30 218.92 11,668 Haldane Silver North Yukon 17-Nov-25 HLD25-31 13.15 818.00 10,757 Maverick Springs Sun Silver Nevada 25-Jun-25 MR24-197 106.70 86.70 9,251 Hycroft Hycroft Mining Nevada 30-Apr-25 H24D-6020 28.80 320.70 9,236 Maverick Springs Sun Silver Nevada 25-Jun-25 MR24-199 102.10 84.50 8,627 Maverick Springs Sun Silver Nevada 25-Jun-25 MR127 114.30 73.00 8,344 Wolf Vein Dolly Varden BC 07-Jan-25 DV24-421 21.69 379.00 8,221 Tombstone Aztec Minerals Arizona 28-Jan-25 TR24-16 106.40 76.23 8,111 Hycroft Hycroft Mining Nevada 31-Jul-25 H23C-5790 0.30 26,745.00 8,024 Maverick Springs Sun Silver Nevada 20-Nov-25 MR25-250 102.14 72.40 7,395 Maestro Quartz Mountain BC 24-Jun-05 PR25-03 603.40 12.00 7,241 Wolf Vein Dolly Varden BC 07-Jan-25 DV24-405 42.36 131.00 5,549 Hycroft Hycroft Mining Nevada 30-Apr-25 H24D-6012 50.70 101.82 5,162
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COMBINED COMPANY 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 ContangoDolly Varden Michael Clark CFO 20+ years of experience in corporate finance and financial reporting. He 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. 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. Proven Leadership Team with a Demonstrated Track Record of Value Creation in the North American Mining Sector 13
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COMBINED COMPANY PORTFOLIO OVERVIEW
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FAIRBANKS ANCHORAGE JOHNSON TRACT PROJECT (100%) 1 FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Resources) Production MANH CHOH MINE (30%)1 • Production started Q3 2024 • M&I 278 koz 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 MINE (100%) 1 • M&I: 106 koz at 14.5 g/t Au; Inf: 25 koz at 9.5 g/t Au • 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 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 ” • M&I: 1,053 koz at 9.4 g/t Au; Inf: 108 koz at 4.8 g/t Au • Gold-Silver-Copper-Zinc-Lead • FAST-41 project dashboard - complete permitting and be in production by 2030 • 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 15 ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO)
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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 16
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CONTANGO’S 5 YEAR DEVELOPMENT PIPELINE ➔ +3X GROWTH PROFILE 17 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 GEOFirst 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 Fully Funded to Execute Fastest Gold Producing Growth Profile in the Industry 1. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” 2. 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 ”
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CORNERSTONE IN THE GOLDEN TRIANGLE, BC 18
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KITSAULT VALLEY PROJECT KITSAULT VALLEY PROJECT 19 WOLF VEIN HOMESTAKE
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TORBRIT, KITSOL and DOLLY VARDEN SILVER 20 DV20-211 DV18-163 550 m DV22-283 DV20-217 TORBRIT KITSOL DV18-163: 419 g/t Ag, 0.28%Pb, 0.14% Zn over 65.3m true width incl. 16m at 1,240 g/t Ag Torbrit Main and North Discovery DV22-283: 50.18m (~30.0m true width) averaging 414 g/t Ag incl. 7.15m (4.29m true width) averaging 646 g/t Ag Kitsol DV20-211: 351 g/t Ag over 12.75 m incl. 1,083 g/t Ag over 2.70 m Torbrit East Expansion DV20-217: 302 g/t Ag over 31.95 m incl. 642 g/t Ag over 4.00 m Torbrit Infill
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SUMMARY Merger of Equals Increases Scale and Benefits to All Shareholders 21 Complementary Assets Creation of a mid-tier North American silver-gold company Non-Dilutive Funding Exposure to cash flow from the producing high-grade Manh Choh Gold Mine High-Grade Projects Leverage to a continuum of high-grade advanced exploration and development assets 2025 Enhanced Capital Markets Profile Greater scale, liquidity, index inclusion, research coverage and institutional ownership Exploration Potential Track-record of high-grade exploration success across a half million hectare portfolio
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Q&A MERGER TO CREATE A NEW NORTH AMERICAN HIGH - GRADE, MID -TIER SILVER & GOLD PRODUCER AND DEVELOPER
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APPENDIX
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TIMELINE OF THE MERGER Plan of Arrangement Transaction Anticipated to Close in Q1 2026 24 2025 2026 JANUARY ✓ Record Date ✓ Interim Court Order Hearing ✓ Mail Special Meeting Materials FEBRUARY - MARCH ✓ Shareholder Votes ✓ Final Court Order Approving Merger ✓ Anticipated Closing DECEMBER ✓ Merger Announcement 2025
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YTD 2025 RESULTS & LOM GUIDANCE • ~52,000 oz of gold produced year to date • ~50,000 oz of silver produced year to date • $87 million cash distribution to Contango • AISC = $1,505 per oz sold Contango Production Guidance (30% basis) Units Gold Production (30% Basis) ~60,000 oz 2025 AISC 1,625$ per oz sold LOM AISC 1,400$ per oz sold Cumulative Cash for 2025 (approximate) 100,000,000$ at $3,200 gold LOM Cumulative Cash (approximate) 450,000,000$ at $3,200 gold Remaining Hedge Balance - End of Q4 2025 ~42,800 oz • 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 25 MANH CHOH – A DSO SUCCESS
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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 26 CTGO SUCCESS OF DSO APPROACH
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1,422 g/t Silver over 21.70m, including 10,700 g/t Silver over 1.00m at Wolf Vein WOLF VEIN 27
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Homestake Silver NQ drill core from hole HR25-469 of a sample interval grading 91 g/t Au over 0.63 meters compared to a slab with similar gold grade from the 320 level at Ascot Resources Ltd. ’s Premier Mine near Stewart, BC. Similar Mineralogy both hosted in multi phase vein and vein breccias with strong pyrite, chalcopyrite, galena, sphalerite and visible gold HOMESTAKE SILVER RESULTS 28 26.74 g/t Gold over 14.76 meters, including 122 g/t Gold over 2.85 meters at Homestake Silver Deposit
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FAIRBANKS ANCHORAGE FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 • M&I: 106 koz at 14.5 g/t Au; Inf: 25 koz at 9.5 g/t Au • 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 ” • M&I: 1,053 koz at 9.4 g/t Au; Inf: 108 koz at 4.8 g/t Au • 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 • M&I 278 koz 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) ALASKAN FOCUSED PORTFOLIO 29 EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO)
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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 30 FOCUSED ON RESOURCE EXPANSION OVER THE NEXT 2-3 YEARS
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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 LUCKY SHOT – OUR NEXT DSO PROJECT 31 POTENTIAL OF 400,000 to 500,000 GEO
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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 32
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FAIRBANKS ANCHORAGE FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production LUCKY SHOT MINE (100%) 1 • M&I: 106 koz at 14.5 g/t Au; Inf: 25 koz at 9.5 g/t Au • 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 ” • M&I: 1,053 koz at 9.4 g/t Au; Inf: 108 koz at 4.8 g/t Au • 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 • M&I 278 koz 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) ALASKAN FOCUSED PORTFOLIO 33 EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO)
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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 • Johnson Tract Project accepted into the FAST-41 program on Dec 2, 2025 and officially on the Project Dashboard PERMITTING/DEVELOPMENT JOHNSON TRACT 34 PRIVATE SURFACE RIGHTS (CIRI OWNERSHIP) WIDE FLAT VALLEY WITH MINIMAL WETLANDS
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35 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 35 ROBUST GRADES WITH THICK INTERCEPTS; GREAT METALLURGY & IDEAL FOR UNDERGOUND MINING METHODS
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36 PLAN VIEW LOOKING NORTHWEST JT BLOCK MODEL JOHNSON TRACT DEPOSIT NORTH (G/T) JOHNSON TRACT 36 ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS
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37 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% at the base-case $2,200/oz Au • 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 $224.5 $398.2 $615.4 POST TAX NPV5 GOLD PRICE SENSITIVITY JOHNSON TRACT INITIAL ASSESSMENT 37 ROBUST ECONOMICS WITH 1.3 YEAR PAYBACK
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CONTINUED ON NEXT PAGE CONTANGO’S RESERVES AND RESOURCES 38 PROJECT CLASSIFICATION TONNES (000) Au Grade (g/t) Au Ounces (000) Ag Grade (g/t) Ag Ounces (000) Cu (%) Cu (M Lb) Pb (%) Pb (M Lb) Zn (%) Zn (M Lb) AuEq (g/t) AuEq Ounces (000) Manh Choh Measured - - - - - Indicated 110 2.7 33 10.4 37 33 Sub-total 110 2.7 33 10.4 37 33 Lucky Shot Measured - - - Indicated 227 14.5 106 106 Sub-total 227 14.5 106 106 Johnson Tract Measured - - - - - - - - - - - - - Indicated 3,489 5.3 598 6.0 673 0.56 43.1 0.67 51.5 5.21 400.8 9.39 1,053 Sub-total 3,489 5.3 598 6.0 673 0.56 43.1 0.67 51.5 5.21 400.8 9.39 1,053 TOTAL METAL 737 710 43.1 51.5 400.8 Total AuEQ 1,790 CONTANGO OWNED RESOURCES PROJECT CLASSIFICATION TONNES (000) Au Grade (g/t) Au Ounces (000) Ag Grade (g/t) Ag Ounces (000) Cu (%) Cu (M Lb) Pb (%) Pb (M Lb) Zn (%) Zn (M Lb) AuEq (g/t) AuEq Ounces (000) Manh Choh Proven 132 6.4 27 9.9 42 28 Probable 862 7.7 212 14.2 393 217 Sub-Total 993 14.1 239 24.1 435 245 TOTAL 993 14.1 239 24.1 435 245 CONTANGO OWNED RESERVES Notes: Manh Choh Reserves 1. Published from 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.
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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. 3.0 g/t AuEq Cut-off 4. Mineral resources are reported using un-diluted Au grades. 5. 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 C OG. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no mineral reserves for the Lucky Shot Project. 7. Mineral resources are reported in dry metric tonnes. 8. Numbers may not add due to rounding. 9. Mineral resources are reported on a 100% ownership basis Notes: Johnson Tract Resources 1. Mineral Resources were estimates as of 12 MAY 25 under definitions for Mineral Resources in S-K1300. See Updated Mineral Resource estimate and S-K 1300 SEC Technical 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. 3.0 g/t AuEq Cut-off 5. AuEq equals = Au g/t + Ag g/t × 0.01 + Cu% × 1.27 + Pb% × 0.31 + Zn% × 0.59 6. An average bulk density value of 2.84 used as determined by conventional analytical methods for assay samples 7. Capping applied to assays to restrict the impact of high-grade outliers 8. 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 9. Mineral resources as reported are undiluted 10. Mineral resource tonnages have been rounded to reflect the precision of the estimate 11. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability PROJECT CLASSIFICATION TONNES (000) Au Grade (g/t) Au Ounces (000) Ag Grade (g/t) Ag Ounces (000) Cu (%) Cu (M Lb) Pb (%) Pb (M Lb) Zn (%) Zn (M Lb) AuEq (g/t) AuEq Ounces (000) Manh Choh Inferred - 3.2 - 9.2 - Lucky Shot Inferred 82 9.5 25 Johnson Tract Inferred 706 1.4 31 9.1 207 0.59 9.2 0.3 4.7 4.18 65.1 4.76 108 CONTANGO’S RESERVES AND RESOURCES 39
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DOLLY VARDEN’S RESOURCES 40 Notes: Dolly Varden Resources 1. Mineral resources are not mineral reserves, as they do not have demonstrated economic viability although, as per Canadian Ins titute 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 (201 4) 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 and authored by Andrew J. Turner, B.Sc., P.Geol., of APEX Geoscience Ltd.. The effective date of the report is September 28, 2022. (“Kitsault Valley Project Technical Repor t”) 4. The cut-off grade for the Homestake claim block mineral resources is 2.0 g/t AuEq, which was determined using average block gra de 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% fro m 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. Sufficient sample density data existed to allow for estimation of block density within the estimation domains of the Homestak e Main, Homestake Silver and Homestake Reef zones, which ranged from 2.69 metric ton per cubic metre (“t/m3”) to 3.03 t/m3. 7. Bulk density values ranging from 2.79 t/m3 to 3.10 t/m3 were assigned to individual estimation domains based on available SG measurements for the DV, TB, NS and WF deposits. 8. Differences may occur in totals due to rounding. Category Property Cut-Off Tonnes Ag (g/t) Ag oz Au (g/t) Au (oz) Indicated Dolly Varden 150 g/t Ag 3,417,000 299.8 32,931,000 Homestake Ridge 2.0 g/t AuEq 736,000 74.8 1,800,000 7.02 165,993 Total 34,731,000 165,993 Inferred Dolly Varden 150 g/t Ag 1,285,300 277.0 11,447,000 Homestake Ridge 2.0 g/t AuEq 5,545,000 100.0 17,830,000 4.58 816,719 Total 29,277,000 816,719