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SEPTEMBER 2025 WWW.CONTANGOORE.COM NYSE-A:CTGO CORPORATE PRESENTATION PRECIOUS METALS CONFERENCE BEAVER CREEK
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 3 FORWARD LOOKING STATEMENTS 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 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 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. CORE 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"). CORE 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 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-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 CORE'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. 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 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.
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 5 COMPANY PROFILE CAPITAL STRUCTURE TRADING - NYSE AMERICAN: CTGO1 90-Day Avg. Daily Volume 94,000 shares per day 52-week range US$8.85 - $23.95 Market Cap $280 M *Russell 2000 Inclusion - June 26, 2023 CAPITAL STRUCTURE2 Issued & Outstanding 12.6 M Warrants 0.7 M Fully Diluted 13.3 M FINANCIAL POSITION Cash2 $36.9 M Convertible Debenture2 $20.0 M Debt (ING & Macquarie)1 $23.1 M 20% 26% 54% Institutional Retail / Others Directors & Officers (Insiders) 1. Approximate amounts reported as of August 11, 2025 2. Amounts reported as of June 30, 2025 Bank Analyst Contact Details C antor Fitzgerald Mike Kozak mike.kozak@cantor.com C ormark Securities Richard Gray rgray@cormark.com Freedom Capital Dilrukh Sharipov dsharipov@freedomcapmkts.com Fundamental Research C orp Sid Rajeev sidr@researchfrc.com Ma xim Group Tate Sullivan tsullivan@maximgrp.com Roth Capital Partners Mike Niehuser mniehuser@roth.com Top Mutual Funds Russell 2000 ETF Vanguard Index Fund Gabelli Gold Fund Franklin Gold and Silver Fund Top Shareholders Labyrinth Enterprises Blackrock Inc Douglas Scharbauer Alaska Future Fund Vanguard Group Inc Sprott Inc Franklin Resources Geode Capital Management Gabelli Gold Fund Insiders
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 6 ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production MANH CHOH MINE (30%)1 • Production started Q3 2024 • 1Moz 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) FAIRBANKS ANCHORAGE LUCKY SHOT MINE (100%) 1 • Current resource: 110,000 GEO at 14.5 g/t • 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%) 1JOHNSON 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 ” • Current Resource: 1.1 Moz @ 9.4 g/t GEO • 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
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 7 MANH CHOH – A DSO SUCCESS CONTANGO’S FLAGSHIP PROJECT – COMMERCIAL PRODUCTION AS OF JULY 2024 H1 2025 35,146 oz Gold $54M USD distribution *Images used with permission from Kinross IN PRODUCTION • On schedule and on budget • Permits and construction completed in under 2 years • 3 years to production from formation of JV to first gold pour! • Strong projected cash flows • Manh Choh to Fort Knox 240 mi • Kinross is operator (70% owner) • Contract mining & trucking • Exploration upside on 675,000 acres
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NYSE-A: CTGO | WWW.CONTANGOORE.COM ~ $3 $1.60 $1.08 $0.71 $0.57 $0.56 $0.56 $0.42 $0.40 $0.21 $0.19 $0.10 $0.03 $0.02 $0.01 Contango MAG Silver Jaguar Orla Catalyst Aya McEwen Integra Andean Cerrado Gold Road Bear Creek GoGold Heliostar Minera Alamos 8 WELL POSITIONED COMPARED TO PEERS PROJECTED ANNUAL OPERATING CASH FLOW PER SHARE (2025E; US$/SHARE) Source: Company Materials, brokers’ estimates Note: As of February 18, 2025 (1) Based on Contango’s 2025E attributable revenue (@ US$2,800/oz) less 2025E AISC and adjusted for hedge losses, divided by Contango’s basic shares outstanding (2) Based on LTM actuals, as of Q3-24 (2) (2) (1) (2) (@ US$2,800/oz)
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NYSE-A: CTGO | WWW.CONTANGOORE.COM $1,987 $1,943 $1,900 $1,754 $1,693 $1,617 $1,615 $1,608 $1,580 $1,555 $1,400 $1,400 $1,262 $1,216 $866 McEwen Integra Heliostar Andean Bear Creek Catalyst GoGold Gold Road Minera Alamos Jaguar Cerrado Contango (LOM) Aya Orla MAG Silver 9 WELL POSITIONED COMPARED TO PEERS LOWER QUARTILE AISC AMONG PEER GROUP Source: Company Materials, brokers’ estimates Note: Based on average of brokers’ estimates unless otherwise noted (1) Shown on an LTM basis, as of Q3-24 (2) Based on mid-point of management guidance (3) Shown on a by product basis LOM AISC (US$/oz AuEq) (2) (2) (1)(3) (3) (3)
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 10 MANH CHOH MINE CTGO SUCCESS OF DSO APPROACH 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
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NYSE-A: CTGO | WWW.CONTANGOORE.COM FAIRBANKS ANCHORAGE 11 ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 • Current resource: 110,000 GEO at 14.5 g/t • 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 ” • Current Resource: 1.1 Moz @ 9.4 g/t GEO • 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 • 1Moz 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)
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 12 LUCKY SHOT – OUR NEXT DSO PROJECT FOCUSED ON RESOURCE EXPANSION OVER THE NEXT 2-3 YEARS 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”).
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 13 LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO LUCKY SHOT DEVELOPMENT 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 Feasibility level detailed mine plan • Targeting 30,000 to 40,000 gold ounces initial production COLEMAN VEIN LUCKY SHOT VEIN COLEMAN ADIT ENSERCH TUNNEL LUCKY SHOT ADIT LOOKING SOUTHWEST
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NYSE-A: CTGO | WWW.CONTANGOORE.COM FAIRBANKS ANCHORAGE 14 ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production LUCKY SHOT MINE (100%) 1 • Current resource: 110,000 GEO at 14.5 g/t • 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 ” • Current Resource: 1.1 Moz @ 9.4 g/t GEO • 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 • 1Moz 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)
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 15 JOHNSON TRACT DEVELOPMENT • Robust grades + thickness • ~1.1M oz @ 9.4 g/t GEO • 40m true width • Located on the coast • Marine transport is lowest form of bulk transport • Private land owned by CIRI Corporation • Ideal for low-cost underground mining • Subvertical • Bulk-mining widths • Ramp access • Bottom-up/gravity assist • Above the water table • District potential – exploration upside JOHNSON TRACT CIRI’s Mission is to promote the economic and social well-being and Alaska Native heritage of its shareholders, now and into the future, through prudent stewardship of the company’s resources, while furthering self-sufficiency among CIRI shareholders and their families. JOHNSON TRACT LEASED FROM CIRI ALASKA NATIVE CORP Map of Alaska Regional Native Corporations. The Red Dog mine, located on NANA Native Corporation land and operated by TECK , is one of the largest, highest grade Zinc mines in the World and is a model of success.
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 16 JOHNSON TRACT PERMITTING UNDERWAY – PORTAL, ROAD, AND PORT EASEMENT JOHNSON TRACT DEVELOPMENT • Permitting Underground tunnel Site ongoing with State of Alaska DNR Office of Project Management and Planning (OPMP) • CIRI Received Right-of-Way Easements for Access Road and Port Facilities • Programmatic Agreement with National Park Service nearly complete – this allows permitting for construction of the road and barge landing facilities • Roughly 20 mi road to barge landing from Portal • Baseline studies underway and will continue through 2025 • Community outreach is ongoing • Continue to develop strong working relationship with CIRI Portal Road Route Proposed Portal Site
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 17 JOHNSON TRACT PRIVATE SURFACE RIGHTS (CIRI OWNERSHIP) WIDE FLAT VALLEY WITH MINIMAL WETLANDS JOHNSON TRACT DEVELOPMENT • 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
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 18 JOHNSON TRACT ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS PLAN VIEW LOOKING NORTHWEST JT BLOCK MODEL JOHNSON TRACT DEPOSIT NORTH (G/T)
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 19 JOHNSON TRACT INITIAL ASSESSMENT ROBUST ECONOMICS WITH 1.3 YEAR PAYBACK 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% • 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 $224.0 $398.2 $615.4 POST TAX NPV5 GOLD PRICE SENSITIVITY
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NYSE-A: CTGO | WWW.CONTANGOORE.COM 20 CONTANGO’S DEVELOPMENT PIPELINE Focused on three Advanced-Stage Exploration Projects to support 200,000 GEO production 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 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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NYSE-A: CTGO | WWW.CONTANGOORE.COM 21 Building Shareholder Value By Leveraging to Gold Campaign 1-2025: 17,400 GEO @ AISC of $1,374; Campaign 2-2025: 15,700 GEO @ AISC of $1,548 Q1 distributions $24 million; Q2 distributions $30 million = H1 2025 $54 million in cash distributions Expected cash distributions for 2025 from the P eak Gold JV to be over $100 M, assuming a $3,200 per ounce spot gold price Paid down credit facility to $23 million in July 2025 and expect $15 million by year end Reduced hedge position by 50% to a remaining balance of 62,900oz by July 2025and ~42,000 ozs hedged by year end Johnson T ract Initial Assessment Report – April 2025: Robust economics: $400 million NPV5 and 45% IRR at $3,000 gold price with 1 year payback Identify new synergistic opportunities See news releases dated March 17, 2025 “Contango Announces Earnings for the Year Ended December 31, 2024”; May 6, 2025 “Contango Announces SK1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project; May 14, 2025 “Contango Announces $19.3 Million in Income from Operations for the Quarter Ended March 31, 2025; June 16, 2025 “Contango Announces Production of 15,700 ounces of Gold and Anticipated $20 Million Cash Distribution from the Second Peak Gold JV Campaign of 2025; Contango Announces Record High $23.0 Million in Income from Operations and $15.9 Million in Net Income for the Quarter Ended June 30, 2025”
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NYSE-A: CTGO | WWW.CONTANGOORE.COM THANK YOU 22 Corporate Inquires: info@contangoore.com +1-907-888-4273 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE QUESTIONS?