Slide 1: Building Alaska's Next Gold Mines – Corporate Presentation May 2024
NYSE-A: CTGO BUILDING ALASKA’S NEXT GOLD MINES Corporate Presentation May 2024
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT 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 Nati
Slide 3: Building Alaska's Next Gold Mines
CFO Ds ONTANGO Ox 5000" BUILDING ALASKA'S NEXT GOLD-MINES CONTANGO ORE IS AN AMERICAN, NEW YORK STOCK EXCHANGE LISTED COMPANY WITH HEADQUARTERS IN FAIRBANKS, ALASKA. MANH CHOH JOHNSON TRACT ‘LUCKY SHOT MINE PROJECT MINE FULLY FINANCED | FULLY PERMITTED IM OZ GRADING 9.4G/T AU EG HISTORICALLY. PRODUC
Slide 4: Capital Structure
Institutional Retail / Others Directors & Officers (Insiders) TRADING - NYSE AMERICAN: CTGO1 90-Day Avg. Daily Volume 35,766 shares per day 52-week range US$14.03 - $33.67 Market Cap $195 M *Russell 3000 Inclusion - June 26, 2023 CAPITAL STRUCTURE2 Issued & Outstanding 9.6 M Warrants 0.4 M Options 0
Slide 5: Developing Alaska's Next Gold Mines
Lucky Shot Mine 100% owned Exploring historic high-grade gold mine Permitted for mining 106,000 Oz Indicated Resource grading 14.5 g/t Au Reserves/Resources Exploration Stage Fort Knox Mill Developing Alaska’s Next Gold Mines 5 Manh Choh Mine – Mining and Stockpiling Ore Underway with Production in
Slide 6: Investment Highlights
Alaska considered one of the top 10 jurisdictions in the world for mining investments1 Manh Choh Mine - One of the world’s highest grade open pit gold mines (8 g/t expected average grade) We believe the following factors significantly de-risk the Manh Choh project: Agreement in place with Tetlin Ala
Slide 7: Manh Choh Update – Mining Operations Initiated
Manh Choh Update – Groundbreaking Ceremony – August 2023 Mining Operations Initiated 7
Slide 8: Manh Choh: On Schedule, On Budget and Safe
Manh Choh: On Schedule, On Budget …and Safe! Mining Ore at Manh Choh and Transporting to Fort Knox Stockpile Gold Production Planned for Early Q3 2024 Ore Transport to Fort Knox Manh Choh Ore Stockpile at Fort Knox
Slide 9: Timeline to Production
DRILLING SCOPING STUDY PERMITTING & FEASIBILITY PRODUCTION DETAILED DESIGN PROCUREMENT CONSTRUCTION 2021 Program included resource in-fill, hydrology, geotechnical, metallurgical engineering; environment and community outreach Tetlin Tribe indicates their support for the project development plan; Co
Slide 10: Illustrative Economics at Select Gold Prices
Illustrative Economics at Select Gold Prices1 At gold spot price ($1,920/Ounce) as of July 10, 2023 $129 M+ of annual revenue $54 M+ of annual cash flow 1 See Contango’s SK1300 Manh Choh Technical Report Press Release dated May 26, 2023; Initial capex reflects the Kinross feasibility study reported
Slide 11: Manh Choh Exploration Program Budgeted for 2024
Main MC North MC $4.7 Million Exploration Program Budgeted for 2024 Continued exploration drilling for new resources in Chief Danny area Further evaluation of 685,000 acre Manh Choh project: Follow-up regional stream sediment sampling anomalies Trenching Continued geologic mapping Follow-up on detai
Slide 12: Manh Choh – Regional Geology
Manh Choh – Regional Geology Manh Choh Mine Pogo Mine Fort Knox Mine Deposit hosted in the “Yukon-Tanana Terrane (YTT)” of the “Tintina Gold Belt” East-Central YTT bounded on the north by Tintina Fault and on the south by Denali Fault. Primarily poly-metamorphic rocks with Mesozoic and Cenozoic gran
Slide 13: Manh Choh – Near Mine Exploration
Manh Choh – Near Mine EXP Manh Choh Mine Gneiss Schist Amphibolite Schist Phyllite Schist Phyllite Schist quartzite Manh Choh Mine Au in soil Anomaly Trend Near-mine Exploration Targets Near Mine Exploration focus on Skarn Mineralization in Calcareous Schist. Targeting Manh Choh extensions and relat
Slide 14: Manh Choh – North Block Exploration
Manh Choh – North Block Exploration Manh Choh Mine Gneiss Schist Amphibolite Schist Phyllite Schist Phyllite Schist quartzite 1 – NE reconnaissance sampling and mapping. Target generation. Potential of Porphyry style mineralization in Volcanics. 2 – Chisana – follow up Au in Soil Anomalies over a 12
Slide 15: Manh Choh – South Block Exploration
Manh Choh – South Block Exploration Southern Block has had “light” reconnaissance work. Large area mostly unexplored. Lat Soil grid looks to delineate a broad Au in soil anomaly coincident with surficial color alteration and stream sed anomalies. Remaining prospects look to be refined through Ridge
Slide 16: Early-Stage Exploration Projects (100% owned)
1 Hart, C.J.R., 2005. Mid-Cretaceous Magmatic Evolution and Intrusion-related Metallogeny of the Tintina Gold Province, Yukon and Alaska. Unpublished PhD thesis, University of Western Australia, 198 p. 1 Early-Stage Exploration Projects (100% owned) Eagle-Hona Triple Z Shamrock Current focus on Luck
Slide 17: Lucky Shot Vein: Overview
Coleman Adit Lucky Shot “500” Adit War Baby Adit Looking NNE Enserch Tunnel Lucky Shot Vein Historically mined +250,000 Ozs averaging 40 g/t gold Contango: +100,000 Ozs @ 15.6 g/t Au (~½ Oz/ton Au1) +1 mile (1.6 km) strike length and open along strike and down dip See https://www.contangoore.com
Slide 18: Lucky Shot Mineral Resource Tables
Classification Tonnes Au Grade (g/t) Au Ounces 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 Lucky Sh
Slide 19: Coleman Segment of Lucky Shot Vein: Infill and Expand Resource
Coleman Segment of Lucky Shot Vein: Infill and Expand Resource Large multi-drill hole pad established Drill on Deck and drilling away end of August 2023 Planned 3,000 m drill program extending mineralization down plunge
Slide 20: Coleman Segment of Lucky Shot Vein: Infill and Expand Resource
? Coleman Segment of Lucky Shot Vein: Infill and Expand Resource 20 Objectives: Upgrade 100,000 Oz Indicated Resource to Measured category Increase M&I resource to 150,000-200,000 Oz Evaluate mine optimization from Enserch Tunnel Assess continued exploration opportunities Classification Tonnes Au Gr
Slide 21: Lucky Shot Vein: Exploration Open Along Strike and Down Dip
Oblique View of Lucky Shot Segment – Looking NE Lucky Shot Vein: Exploration Open Along Strike and Down Dip 21 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 Lucky Shot Segment of Lucky Shot Vein
Slide 22: Lucky Shot Vein: 300,000 to 400,000 oz Potential
Planned In-Fill Drill Program for 15-20 Meter spacing Looking Southwest Lucky Shot Vein: 300,000 to 400,000 oz Potential 22 Hangingwall Drilling Objective: Define 100,000 to 150,000 oz Indicated Resource Exploration Drill Program Objectives Coleman Drilling – 120,000 to 150,000 oz (M&I) Footwall Dri
Slide 23: Lucky Shot – Regional Geology
Lucky Shot– Regional Geology Willow Creek Mining District Talkeetna mountains batholith (T-K) in southern Peninsular Terrane. Well-stratified sequence of metamorphosed volcanic and sedimentary rocks. Intruded with Jurassic , Cretaceous, and Tertiary intermediate to felsic intrusive. Rare, but mappab
Slide 24: Willow Creek Mining District
Contango Tenure Historic Gold Mines Historic Gold Prospects Gold Vein Outcrop Gold Vein Inferred Faults Kg - Granite Kw - Tonalite Kps - Schist Tar – Arkose MT FM Willow Creek Mining District 10 Km Palmer, AK 30 Km Willow, AK Historic High-Grade Gold Mining District Initial Discoveries 1890’s 20+ Hi
Slide 25: Willow Creek Mining District – Lucky Shot Mine
Contango Tenure Historic Gold Mines Historic Gold Prospects Gold Vein Outcrop Gold Vein Inferred Faults Kg - Granite Kw - Tonalite Kps - Schist Tar – Arkose MT FM Willow Creek Mining District – Lucky Shot Mine 10 Km Palmer, AK 30 Km Willow, AK Lucky Shot Veins systems open for Resource expansion dow
Slide 26: Willow Creek Mining District – Multiple Shear Hosted Veins
Contango Tenure Historic Gold Mines Historic Gold Prospects Gold Vein Outcrop Gold Vein Inferred Faults Kg - Granite Kw - Tonalite Kps - Schist Tar – Arkose MT FM Willow Creek Mining District – Multiple Shear Hosted Veins 10 Km Palmer, AK 30 Km Willow, AK A A’ B’ B 3D analysis of known vein orientat
Slide 27: Corporate Strategy: Taking Contango to the Next Level
27 How to take Contango to the next level – 200,000 Oz/yr? Use our relative market strength to consolidate opportunities both in Alaska and elsewhere (US and Canada) Why does Contango have relative market strength? High Grade Near-term production-based cash flow Solid operator in Kinross Strong mana
Slide 28: How to Grow Contango: The Lassonde Curve
28 Corporate Strategy How to Grow Contango: The Lassonde Curve - The Challenge…..and the Opportunity 1990’s NOW The Challenge Things take longer: Regulators and Investors want projects much further de-risked compared to 30 years ago; Feasibility Studies, Permitting, Financing and Construction all ta
Slide 29: Corporate Strategy – Executing Hybrid Royalty Model
29 Corporate Strategy – Executing Hybrid Royalty Model Contango creates value by bridging the gap post discovery after the “discovery excitement” subsides and value is heavily discounted; Contango does the work to prove we have a viable mine by derisking path to production. Portfolio effect – divers
Slide 30: Contango Model
CONTANGO MODEL Corporate Overhead: Contango has strong cash flow per employee (low overhead cost) and per share (low share count) Ownership: CTGO identifies projects with good grades close to infrastructure (roads, rail, water) that can be processed at existing permitted processing facilities (mills
Slide 31: Johnson Tract: Contango's Next DSO Opportunity
Johnson Tract: Contango’s Next DSO Opportunity 31 Asia-Pacific Destinations Coastal Alaska & BC Mines Benchmark barge cost ~$25/t Benchmark UG mining cost ~$78/t Benchmark processing cost ~$35/t NSR value of Ind. Resource ~$400/t* Premier Mine Kensington Mine Greens Creek Mine Myra Falls Mine Calder
Slide 32: Progressive Partnership
32 Progressive Partnership Johnson Tract Leased from CIRI Alaska Native Corp Johnson Tract CIRI Red Dog Donlin Alaska Native Claims Settlement Act (1971) Model system for Native Land Claims & Resource Development, providing certainty and fairness Alaska Native Corporations hold title to lands with h
Slide 33: Johnson Tract – Key Highlights
33 Johnson Tract – Key Highlights Grade + Thickness – JT Deposit (1Moz @ 9.4 g/t AuEq) 40m true width, 10x thicker than high-grade peers Ideal for Low-Cost UG Mining – subvertical, bulk-mining widths, ramp access, bottom-up/gravity assist Metallurgy – excellent metal recoveries at coarse grind to hi
Slide 34: Select JT Deposit Drill Results
108.6 m of 10.4 g/t Au, 7.6% Zn, 0.7% Cu, 2.0% Pb and 8 g/t Ag 71.4 m of 20.9 g/t Au, 9.8% Zn, 0.9% Cu, 1.6% Pb, and 9 g/t Ag 99.7 m of 10.1 g/t Au, 6.7 g/t Ag, 0.9% Cu, 1.3% Pb, and 6.3% Zn 137.7 m of 11.3 g/t Au, 2.4% Zn, 0.5% Cu, 0.5% Pb, and 4 g/t Ag 112.2 m of 10.3 g/t Au, 6.35 g/t Ag, 0.7% Cu,
Slide 35: Johnson Tract Proposed Portal Site
35 Manh Choh Mine: On Schedule, On Budget…and Safe! Proposed Portal Site Camp Existing Airstrip Private surface rights (CIRI ownership) Wide flat valley with minimal wetland – well suited for surface infrastructure JT Deposit Proposed Portal Access Road
Slide 36: Johnson Tract: Attractive Attributes for Underground Mining
Johnson Tract: Attractive Attributes for Underground Mining 36 Looking Southeast Potential for short lateral UG ramp to base of the JT Deposit Gravity assist, bottom-up mining Highest grade accessed first JT Deposit View in previous slide
Slide 37: JT Deposit Proposed UG Exploration Ramp
37 JT Deposit Proposed UG Exploration Ramp Purpose and Objective: Infill drilling from underground to support resource upgrade and advance economic studies for a DSO mine Access to drill test deep exploration targets and >1.5 km of high potential mineral trend Plan to Initiate Permitting H2 2024
Slide 38: Ellis Zone Discovery and New Geophysical Targets
38 Ellis Zone discovery 4km NE of JT Deposit 578 g/t Au and 2,023 g/t Ag over 6.4 m New Geophysical Targets 2023 geophysical survey defines 12km (7.5 mi) mineral trend Geophysics, geochemistry and geology define Distinct +10km long epithermal/VMS trend Two potential intrusive related Cu-Au targets (
Slide 39: Manh Choh: Alaska's Newest Mine
39 Manh Choh Mine: On Schedule, On Budget…and Safe! Manh Choh Alaska’s Newest Mine Lucky Shot and JT to Follow…..
Slide 40: Thank You
THANK YOU 40 Corporate Inquires: info@contangoore.com +1-907-888-4273 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE QUESTIONS?
Slide 41: Non-GAAP Measures Notice
This presentation contains forward looking estimates of all-in sustaining cost (“AISC”), resources, free cash flow and EBITDA, which are financial measures not determined in accordance with United States generally accepted accounting principles (“GAAP”). We cannot provide a reconciliation of estimat
Slide 42: Forward-Looking Statements – HighGold Transaction
This corporate presentation contains forward-looking statements and certain “forward-looking information” (within the meaning of Canadian securities legislation) regarding Contango, HighGold, the Transaction, the terms of the Transaction, the expected benefits of the Transaction, the completion of t