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1. A developing gold and copper miner in Alaska, similar to an early-stage Barrick Gold or Newmont.

2. Like an early-stage Freeport-McMoRan, but focused on unlocking new gold and copper deposits, primarily in Alaska.

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• Gold: Contango Ore produces and sells gold from its interest in mining operations, primarily the Manh Choh project in Alaska.

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Major Customers of Contango Ore (CTGO)

Contango Ore (CTGO) is a natural resource company focused on gold exploration and development. The company's primary asset and source of revenue is its 30% interest in the Manh Choh gold project in Alaska.

Contango Ore sells primarily to another company, as its revenue is derived from its share of the gold concentrate produced and sold through a joint venture arrangement.

Major Customer:

• Kinross Gold Corporation (Symbol: KGC)

Kinross Gold Corporation is the operator of the Manh Choh project and holds a 70% interest. As the operator, Kinross Gold is responsible for managing the mining operations, processing the ore into concentrate, and selling the concentrate to third-party purchasers. Contango Ore recognizes its 30% share of the proceeds from these concentrate sales as its revenue. Therefore, while not a direct buyer of a finished product from CTGO, Kinross Gold Corporation acts as the principal entity through which Contango Ore's interest in the mine's production is monetized, effectively making it Contango Ore's major business partner and the conduit for its sales.

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• Kinross Gold Corporation (KGC)

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Rick Van Nieuwenhuyse, President, Chief Executive Officer and Director

Mr. Van Nieuwenhuyse was appointed President, Chief Executive Officer, and a director of Contango Ore on January 6, 2020. He founded NOVAGOLD, Inc. and served as its President and CEO from May 1999 to January 2012. He previously served as President and CEO of Trilogy Metals Inc. from January 2012 to December 2019; Trilogy Metals was created in 2012 as a spin-out from NOVAGOLD. Mr. Van Nieuwenhuyse was directly involved in the discovery and advancement of the 40 million ounce Donlin Gold project and the Arctic and Bornite polymetallic deposits. Information regarding a pattern of managing companies backed by private equity firms is not available in the provided sources.

Michael Clark, Chief Financial Officer & Corporate Secretary

Mr. Clark was appointed Chief Financial Officer & Corporate Secretary of Contango Ore effective January 1, 2024, having served as Executive Vice President - Finance since July 11, 2023. He previously served as Chief Financial Officer and Corporate Secretary for Alexco Resource Corp. from December 2014 to September 2022, at which time Alexco Resource Corp. was acquired by Hecla Mining Company. Between 2010 and 2014, Mr. Clark served as Chief Financial Officer of Goldgroup Mining Inc. From 2007 to 2010, he served as Chief Financial Officer for the Grosso Group and its member companies. Information regarding a pattern of managing companies backed by private equity firms is not available in the provided sources.

Brad Juneau, Chairman of the Board

Mr. Juneau is a co-founder of Contango Ore and has served as Chairman of the Board since April 2013. He previously served as President, Chief Executive Officer, and a director of the Company from August 2012 until January 5, 2020. Mr. Juneau is the sole manager of the general partner of Juneau Exploration, L.P. ("JEX"), a company involved in the exploration and production of oil and natural gas. Prior to forming JEX in 1998, he was Senior Vice President of exploration for Zilkha Energy Company from 1987 to 1998.

Alina Wyatt

Ms. Wyatt joined Contango Ore in 2020, bringing over 20 years of experience in Alaska's mineral exploration industry. Her responsibilities include mineral property research, mining claim regulatory compliance, exploration database management, and field project support. Before joining the Company, she worked for 22 years at Avalon Development Corporation as a Senior Geologist/GIS Analyst, contributing to the development of Contango Ore's Manh Choh gold-silver project from its discovery in 2009.

Keith Miles

Mr. Miles has over 40 years of experience in the natural resource industry and project management sectors, including more than 25 years at the Lucky Shot Mine. He possesses extensive experience as an underground miner, having held positions such as Mine Foreman and Operations Manager for public and private companies operating in Alaska, the lower 48, and internationally. Mr. Miles has also been involved in Natural Resource Development and Program Management for several Alaska Native Corporations and has managed various oil and gas environmental services companies.

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Key Risks to Contango Ore (CTGO)

1. Commodity Price Volatility: Contango Ore's financial performance, particularly its cash flow and net income, is highly sensitive to fluctuations in the global price of gold. The company has experienced unrealized derivative losses tied to gold price volatility, which can impact its reported earnings.
2. Operational and Development Risks: As a mining and exploration company, Contango Ore faces inherent operational risks, including the challenges of exploration, developing mineral reserves, and uncertainties related to geology. Specific concerns include permitting timelines for key projects like Johnson Tract, the long-term viability of blending low-grade oxide ore, and potential fluctuations in sustaining costs due to capital expenditures for equipment and ongoing exploration. Weather conditions in Alaska can also affect the ability to conduct exploration and mining activities.
3. Merger and Acquisition Integration Risks: Given the recently announced merger with Dolly Varden Silver, there is a risk that the combined entity may not successfully integrate its operations or realize the anticipated benefits and synergies from the transaction. The ability to achieve expected value from acquisitions and joint ventures is a consistent risk factor for the company.

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The increasing adoption and narrative of cryptocurrencies, particularly Bitcoin, as an alternative store of value and inflation hedge poses a clear emerging threat to Contango Ore. As cryptocurrencies gain mainstream acceptance and institutional investment, they compete directly with gold for investment capital traditionally allocated to safe-haven assets and inflation protection. A sustained shift in investor preference towards "digital gold" could reduce demand for physical gold, negatively impacting gold prices and, consequently, the profitability and valuation of gold mining companies like CTGO.

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• The value of gold mined in Alaska was over $800 million in 2018, and $888,302,130 in 2018.
• Alaska's lode gold production recently reached 750,000 troy ounces.

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1. Increased Gold Production from Manh Choh Project: Contango Ore's 30% interest in the Manh Choh mine is a primary driver of revenue. The company anticipates its share of gold production from Manh Choh to increase to approximately 60,000 ounces in 2025, up from about 41,325 ounces in 2024. This higher production volume from its flagship asset is expected to continue, with an estimated life-of-mine average annual production of 58,750 ounces of gold through 2029. The company is also exploring efficiencies, such as blending low-grade oxide material and improving trucking operations, to potentially extend mine life and enhance overall production.
2. Advancement and Production from Lucky Shot Project: Contango Ore plans to bring its wholly-owned Lucky Shot project into production. This project is fully permitted and holds a resource of 110,000 gold equivalent ounces (GEO) at a high grade of 14.5 g/t. The company aims to reach a mine production decision for Lucky Shot within the next two years, targeting an annual production of 30,000-40,000 GEO utilizing a Direct Shipping Ore (DSO) model. A 15,000-meter underground drill program is underway to define the resource further and finalize the mine plan.
3. Progress Towards Production at Johnson Tract Project: The Johnson Tract project, another 100% owned asset, represents a significant long-term growth opportunity. It boasts a substantial resource of 1.1 million ounces at 9.4 g/t GEO. Contango's strategy includes completing the permitting process within two years, with an ambitious target of initiating production in five years, potentially adding 100,000 GEO annually. Recent financing efforts are directed towards critical infrastructure development, including road construction, camp winterization, and the commencement of an exploration tunnel to facilitate advanced exploration drilling.
4. Favorable Gold Prices: A sustained environment of strong gold prices is a significant external driver for Contango Ore's revenue. The company has benefited from elevated gold prices, with spot gold trading above $3,000 per ounce in Q2 2025. While a portion of production is subject to hedging, high market prices for gold directly translate to higher revenues for unhedged production and improved overall profitability and cash flow. Management notes that with gold prices reaching new highs, Contango is well-positioned for superior shareholder returns.
5. Reduction of Debt and Hedge Exposure: Contango Ore is focused on reducing its credit facility debt and unwinding hedge positions. The company aims to be debt and hedge free under its credit facility by 2026. This strategic move will enhance future revenue growth by reducing financial obligations and allowing the company to fully capitalize on strong gold prices without the constraints of prior hedging agreements, thus freeing up more internally generated cash flow for reinvestment in its high-growth development projects.

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Share Issuance

• Contango Ore announced an underwritten public offering in September 2025, which included 1,975,000 shares of common stock at $20.00 per share and pre-funded warrants for 525,000 shares at $19.99 per share, generating approximately $50 million in gross proceeds.
• As of September 26, 2025, the company reported having 15.5 million shares outstanding, following the recently closed $50 million financing.
• The number of shares outstanding for Contango Ore increased by 28.62% in one year, as of October 3, 2025.

Inbound Investments

• Contango Ore formed a strategic partnership with Kinross Gold Corporation for the Peak Gold Joint Venture, where Kinross holds a 70% interest and operates the Manh Choh project.
• The Manh Choh mine, part of the Peak Gold JV, commenced gold production in Q3 2024.
• Contango received $54.0 million in cash distributions from the Peak Gold JV in the first six months of 2025, which significantly improved operating cash flow.

Outbound Investments

• In July 2024, Contango Ore acquired Highgold Mining Inc., resulting in the company owning 5 million shares in Onyx Gold Corp.
• In May 2024, Contango ORE entered into a binding agreement to purchase Avidian Gold's wholly-owned Alaskan subsidiary.

Capital Expenditures

• Cash used in investing activities for Contango Ore was $27.2 million in the first six months of 2024, primarily allocated to funding the company's share of Manh Choh development costs through the Peak Gold JV.
• The net proceeds from the $50 million public offering in September 2025 are designated to advance the Lucky Shot project toward a mine production decision over the next two years, involving underground and surface drilling, and development work.
• Proceeds from the September 2025 offering will also fund the advancement of the Johnson Tract project, including equipment mobilization for road construction, winterizing the camp for year-round operations, and initiating an exploration tunnel to support a feasibility-level mine plan.