CTGO

Corporate Positioning

• Completed the acquisition of Kitsault Valley (including the Dolly Varden asset) and exited all hedges by July 2026, giving shareholders full upside exposure to gold and silver price movements. Management notes the company has only 33 million shares outstanding, with listings on the NYSE and Toronto exchanges for strong liquidity.

Manh Choh JV Update

• Q2 2026 production was lower-grade from the North pit during pre-stripping for the higher-grade South pit. Pre-stripping work is now complete, and operations are transitioning to the South pit for the back half of 2026.

Lucky Shot Project Update

• Completed an opportunistic outright acquisition of all mineral claims and the 2% net smelter royalty from Alaska Hardrock, giving Contango full control of the entire Lucky Shot district ahead of its upcoming feasibility study. Exploration programs are ongoing: underground development is advancing, with 2 helicopter-supported surface rigs operating between Coleman and Lucky Shot. Drilling will continue through March 2027 to develop a measured and indicated resource, targeting 400,000 to 500,000 ounces of gold at a grade of 10 to 14 grams per tonne. The feasibility study for a direct shipping ore underground mine is planned for 2027, with a production decision expected the same year; modern ore sorting is being evaluated to reduce transportation costs by upgrading ore grade, and multiple milling options including the underutilized Fort Knox mill are being assessed.

Kitsault Valley Update

• Integration of the Dolly Varden team has been very successful, with 5 active drilling rigs currently operating. More than 35,000 meters of the planned 40,000-meter program were completed by the end of Q2 2026, and efficient drilling costs will allow an additional 5,000 to 10,000 meters of drilling within the original flow-through finance budget. A new resource estimate will be released after assay results are received, with initial results expected in late August to early September 2026, followed by regular updates every 2 to 3 weeks. Kitsault is a silver-centric deposit: 90% of the project's value comes from silver, with smaller contributions from base metals, and the Homestake segment 5 kilometers away is gold-rich, giving Contango balanced exposure to both metals. The company's 5-year production target is 200,000 ounces of gold and 5 million ounces of silver per year.

Johnson Tract Update

• Permitting under the FAST-41 program is progressing on schedule and is fully transparent to the public. Road and bridge construction is underway and coming in under budget. Management will visit the site in the near future to share photos and video of progress with investors. The project moves forward after Lucky Shot and Kitsault in the company's development queue.

Balance Sheet and Capital Allocation

• The $89 million in ending cash plus expected future distributions from Manh Choh provide sufficient capital to advance all three development projects (Lucky Shot, Kitsault Valley, Johnson Tract) as planned over the next 12 months. Cash is expected to end 2026 around $45 million, dip to its lowest level in Q1 2027, then increase steadily as Manh Choh production ramps up in 2027.

Macro Outlook

• Management sees strong fundamental support for gold: prices found a floor at $4,000 per ounce, with sustained buying from central banks led by China. Gold is viewed as a safe-haven asset with no counterparty liability, amid high global government debt and ongoing monetary expansion, making the current macro outlook very favorable for gold prices.

• Full year 2026 Manh Choh gold production guidance for Contango's 30% share is maintained at 40,000 to 45,000 ounces. Management estimates full year production will land slightly above 41,000 ounces, within the guided range, as the South pit will deliver 12,000 ounces per production campaign in the second half of 2026.
• Full year 2026 cash cost guidance for Manh Choh is maintained at $1,900 to $2,000 per ounce. The elevated first half cash cost is entirely attributable to one-time pre-stripping costs and lower North pit grades, with no structural issues impacting costs; higher grades and increased throughput in the second half will bring full year costs into the guided range.
• At current gold prices of $4,400 per ounce, Contango expects total cash distributions from Manh Choh in 2026 to be slightly above $60 million, with $36 million to be received in the second half of 2026 at the $3,700 budgeted gold price, plus an additional $7 million from prices holding at $4,400.
• 2027 is expected to be Contango's best year for Manh Choh production, with high grades and low operating costs.

The company holds a 30% joint venture interest in the Manh Choh project, which generated Q2 2026 production of 8,900 ounces of gold, with 8,627 ounces sold at an average spot price of $4,328 per ounce. No revenue contribution percentages for other projects are provided in this call, as Kitsault Valley, Lucky Shot, and Johnson Tract are all in development/exploration stages and not yet contributing operating revenue. First half 2026 cash costs at Manh Choh were $2,665 per ounce, with all-in sustaining costs of $2,830 per ounce. The company ended Q2 2026 with $89 million in cash on its balance sheet.

• The timing of drill assay results is dependent on third-party laboratory turnaround times, which are frequently slower than expected, creating uncertainty around the release date of Kitsault Valley and Lucky Shot exploration results.
• Construction and permitting projects for natural resource developments have a common history of coming in over budget and behind schedule, though current work at Johnson Tract is progressing on schedule and under budget to date.
• Gold and silver prices are subject to macroeconomic volatility; while management sees strong supportive fundamentals, price declines below current levels would reduce operating margins and cash flow from production.

Q: How can investors bridge the gap between the much higher first half 2026 cash costs and the full year guidance of $1,900-$2,000 per ounce? Is this gap driven by timing of grade or structural issues?

A: The elevated first half cash costs are almost entirely driven by pre-stripping costs for the South pit that were all incurred in the first six months of 2026, combined with mining lower grades in the North pit during that period. Pre-stripping is complete, and the second half of the year will bring higher grades, higher tonnes mined and processed, so management still expects to hit the full year cash cost guidance.

Q: Why was the opportunistic acquisition of the Lucky Shot asset and royalty done now, ahead of the feasibility study?

A: The deal was 100% opportunistic: the landowner had held the claims for a long time and was eager to complete a transaction after gold prices rose substantially from when Contango first acquired the project. The transaction gives Contango full control of the entire Lucky Shot district, and buying out the royalty reduces overall project costs. Undertaking this deal now also underscores management's confidence that Lucky Shot will be a productive commercial mine.

Q: What should investors watch for in the upcoming updated resource estimate for Kitsault Valley, and how has the Dolly Varden team integration gone?

A: Team integration has gone very well, with the highly efficient Dolly Varden team delivering strong drilling progress. Five rigs are currently turning, and drilling has come in under budget, allowing 5,000 to 10,000 extra meters of drilling within the original flow-through budget. Initial drill results are expected in late August to early September, with regular updates after that. Investors should watch for the first updated resource since the merger closed, highlighting the scale of the project's silver reserves.

Q: How does silver exposure from Kitsault change Contango's investment narrative, after the company renamed to Contango Silver & Gold?

A: Unlike most silver producers that generate more value from gold than silver, Kitsault is a silver-centric deposit where 90% of the project's value comes from silver, with a smaller gold-rich segment at Homestake for balanced exposure to both metals. This aligned with the company's rename earlier this year, and the 5-year production target of 5 million ounces of silver per year will come from this silver district. Recent strong silver price performance has increased the value of this exposure for shareholders.