Contango Silver & Gold Inc. · AMEX:CTGO
Contango Silver & Gold — Q2 2025 Earnings Presentation
41 slides from Contango Silver & Gold's earnings presentation, Aug 14, 2025
Slide 1: Corporate Presentation
NYSE-A:CTGO CO R P O R AT E P R ES E N TAT I O N AUGUST 2025 WWW.CONTANGOORE.COM
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS 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
Slide 3: Building Alaska's Next Gold Mines
CTGO™ Yass?) We. 79,2000" BUILDING ALASKA’S NEXT-GOLD MINES CONTANGO ORE IS AN AMERICAN, NEW YORK STOCK EXCHANGE LISTED COMPANY WITH A 5 YEAR PLAN TO PRODUCE 200,000 GEO ANNUALLY. MANH CHOH LUCKY SHOT |} JOHNSON TRACT MINE MINE ~ “PROJECT IN PRODUCTION FULLY PERMITTED 1M OZ GRADING 9.4G/T AU EQ PROD
Slide 4: Company Profile
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 20% Market Cap $280 M Institutional *Russell 2000 Inclusion - June 26, 2023 Retail / Others CAPITAL STRUCTURE2 Issued & Outstanding 12.6 M 54% Directors & Of
Slide 5: Alaskan Focused Portfolio
ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) 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 : +$80
Slide 6: Manh Choh – A DSO Success
MANH CHOH – A DSO SUCCESS CONTANGO’S FLAGSHIP PROJECT – COMMERCIAL PRODUCTION AS OF JULY 2024 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
Slide 7: Manh Choh Mine: Q2-2025 Results & 2025 Production Guidance
MANH CHOH MINE Q2-2025 RESULTS & 2025 PRODUCTION GUIDANCE Contango's Share (30% basis) Q2-2025 YTD-2025 Units Gold ounces sold 17,764 35,146 oz Silver ounces sold 15,472 28,242 oz Recoverable gold inventory 750 750 oz Total gold sales $ 58,157,337 $ 109,384,105 Total silver sales $ 531,100 $ 943,964
Slide 8: Well Positioned Compared To Peers
WELL POSITIONED COMPARED TO PEERS PROJECTED ANNUAL OPERATING CASH FLOW PER SHARE (2025E; US$/SHARE) ~ $3 (1) $1.60 (2) $1.08 $0.71 $0.57 $0.56 $0.56 $0.42 $0.40 (2) $0.21 $0.19 $0.10(2) $0.03 $0.02 $0.01 Contango MAG Silver Jaguar Orla Catalyst Aya McEwen Integra Andean Cerrado Gold Road Bear GoGold
Slide 9: Well Positioned Compared To Peers
WELL POSITIONED COMPARED TO PEERS LOWER QUARTILE AISC AMONG PEER GROUP 2025E AISC (US$/oz AuEq) $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(1)(3) Catalyst GoGold Gold Road(3) Minera Jaguar Cerrado(2)Conta
Slide 10: Manh Choh Mine: Success of DSO Approach
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 2024 impact Ore stockpiled at Manh Choh and •
Slide 11: Alaskan Focused Portfolio
ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) 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 : +$80
Slide 12: Lucky Shot – Our Next DSO Project
LUCKY SHOT – OUR NEXT DSO PROJECT FOCUSED ON RESOURCE EXPANSION OVER THE NEXT 2-3 YEARS DEVELOPMENT Looking NNE • Historically producing district: 250,000 ozs averaging 40 g/t Au • Mesothermal quartz vein with free gold Coleman Adit • +1 mi (1.6 km) strike length War Baby Adit • Contango controls
Slide 13: Lucky Shot – Our Next DSO Project
LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO LOOKING NORTH PATENT CLAIMS COLEMAN VEIN LUCKY SHOT VEIN LUCKY SHOT ADIT COLEMAN ADIT ENSERCH TUNNEL 14 NYSE-A: CTGO | WWW.CONTANGOORE.COM
Slide 14: Lucky Shot – Our Next DSO Project
LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO LOOKING SOUTHWEST COLEMAN VEIN DEVELOPMENT • Planned 15,000m in-fill drill program for resource definition COLEMAN ADIT OBJECTIVES: • Define high-grade “ore shoots” • Delineate 400,000 to 500,000 GEO ENSERCH TUNNEL • Collect data
Slide 15: Alaskan Focused Portfolio
ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) 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 : +$80
Slide 16: Johnson Tract
JOHNSON TRACT JOHNSON TRACT LEASED FROM CIRI ALASKA NATIVE CORP 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 minin
Slide 17: Johnson Tract: Permitting Underway
JOHNSON TRACT PERMITTING UNDERWAY – PORTAL, ROAD, AND PORT EASEMENT 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 w
Slide 18: Johnson Tract: Private Surface Rights
JOHNSON TRACT PRIVATE SURFACE RIGHTS (CIRI OWNERSHIP) WIDE FLAT VALLEY WITH MINIMAL WETLANDS 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 • Metal
Slide 19: Johnson Tract Plan View
JOHNSON TRACT PLAN VIEW ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS (G/T) JOHNSON TRACT LOOKING NORTHWEST DEPOSIT JT BLOCK MODEL NORTH 20 NYSE-A: CTGO | WWW.CONTANGOORE.COM
Slide 20: Johnson Tract Initial Assessment
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-
Slide 21: Johnson Tract Initial Assessment: Simple Mine Design
JOHNSON TRACT INITIAL ASSESSMENT SIMPLE MINE DESIGN – LONG HOLE STOPING WITH MECHANIZED CUT & FILL METHODS Plan View Typical Level Layout (Plan View) ~1.5 km Isometric View (Looking Northwest) 22 NYSE-A: CTGO | WWW.CONTANGOORE.COM
Slide 22: Johnson Tract Transportation Method
JOHNSON TRACT TRANSPORTATION METHOD ROTAINER SHIPPING CONTAINERS 23 NYSE-A: CTGO | WWW.CONTANGOORE.COM
Slide 23: Contango's Development Pipeline
CONTANGO’S DEVELOPMENT PIPELINE Focused on three Advanced-Stage Exploration Projects to support 200,000 GEO production • Lucky Shot online: target ~30,000 to 40,000 GEO • Definition resource drilling at Lucky Shot annually • UG development, resource definition, FS at All 3 projects in production • R
Slide 24: Building Shareholder Value By Leveraging To Gold
Building Shareholder Value By Leveraging to Gold 2024 production statistics: 42,000 GEO (~30% greater than guidance) @ $1,209 AISC $54 million in cash distributions from Peak Gold JV year to date Expected cash distributions for 2025 from the Peak Gold JV to be over $100 M, assuming a $3,200 pe
Slide 25: Questions? Thank You
26 QUESTIONS? THANK YOU Corporate Inquires: info@contangoore.com +1-907-888-4273 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE NYSE-A: CTGO | WWW.CONTANGOORE.COM
Slide 26: Non-GAAP Reconciliation Disclaimer
27 NON-GAAP RECONCILIATION DISCLAIMER This presentation contains forward looking estimates of all-in sustaining cost (“AISC”), resources, free cash flow and EBITDA, which are financial measures not determined in accordance with United States generally accepted accounting principles (“GAAP”). We cann
Slide 27: Building Our ESG Framework
BUILDING OUR ESG FRAMEWORK DEVELOPING OUR STRATEGY AROUND OUR BUSINESS MODEL AND CORE VALUES Defining the pillars BUILT ON OUR FUNDAMENTAL DSO CRITERIA • High-grade resources • Gold, Silver, Copper focus Social - safety of our people and our communities, valued partnerships with Alaskan Natives
Slide 28: Contango's 5-Year Strategy
CONTANGO’S CORPORATE STRATEGY 5 YEAR EXECUTION STRATEGY: TO BECOME A MID-TIER GOLD PRODUCER JOHNSON TRACT PROJECT (100%) 1 • Current Resource: 1.1 Moz @ 9.4 g/t GEO • Goal: complete permitting in 2 yrs and production in 5 yrs LUCKY SHOT MINE (100%) 1 • Target 150,000 GEO annual production • Current
Slide 29: Manh Choh Mine: 2025 & LOM Guidance
MANH CHOH MINE 2025 & LOM GUIDANCE New AISC Guidance and New Gold Prices 2025 AISC 70% Hedged 30% Spot 70% Hedge 30% Spot 30% Spot GOLD PRICE ($USD) $2,285 $2,400 $2,600 $2,800 $3,000 $2,025 $2,600 $2,025 $2,800 $3,000 GEO Avg Per Annum (000's) 200 200 200 200 200 200 200 200 200 200 Contango JV Own
Slide 30: Contango's DSO Model
CONTANGO’S DSO MODEL By identifying Opportunities with “Orphan Projects” that fit Contango’s DSO Criteria, we can build value for shareholders quicker than the traditional business model ORPHAN PERIOD 5 10-20 YEARS 1990’s YEARS NOW 31 NYSE-A: CTGO | WWW.CONTANGOORE.COM
Slide 31: Manh Choh Regional Exploration
MANH CHOH REGIONAL EXPLORATION: 675,000 acres Leased from Tetlin Tribe 2024 REGIONAL PLAN • Continuing reconnaissance sampling in the southern target zones • Grid soil sampling in gridded target zones 1km2 MANH CHOH NYSE-A: CTGO | WWW.CONTANGOORE.COM
Slide 32: Lucky Shot – Willow Creek District Scale Opportunity
LUCKY SHOT – WILLOW CREEK DISTRICT SCALE OPPORTUNITY 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 ore with visible gold Coleman LUCKY SH
Slide 33: Johnson Tract: Exploration Upside – New Geophysical Targets
JOHNSON TRACT EXPLORATION UPSIDE – NEW GEOPHYSICAL TARGETS 2023 Airborne MobileMT Survey (3D inversion) • 2023 geophysical survey defines 12km (7.5 mi) mineral Ellis Zone discovery 4km NE of JT trend Deposit 578 g/t Au and 2,023 g/t Ag over 6.4 m • Geophysics, geochemistry and geology define 1. Dist
Slide 34: Johnson Tract: Attractive Attributes for Underground Mining
JOHNSON TRACT ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING DEVELOPMENT Potential for short lateral UG ramp to base of the Johnson Tract Deposit Gravity assist, bottom-up mining Highest grade accessed first Exploration/Development tunnel to target >1.5 km mineralized trend Infill drilling f
Slide 35: Johnson Tract: Deposit Geology
JOHNSON TRACT DEPOSIT GEOLOGY: HYBRID EPITHERMAL-VMS MODEL Sub-marine High-Sulfidation Epithermal/Porphyry systems with some VMS characteristics – telescoped system Cross-section looking NE Dacite Quartz Porphyry Qtz-eye Dacite Copper-rich zone Pueblo Viejo and Romero deposits in Dominican Andesite
Slide 36: Contango's Reserves And Resources
CONTANGO’S RESERVES AND RESOURCES CONTANGO OWNED RESERVES Notes: Manh Choh Reserves 1. Published from Contango Contango 10K. Reserves Au Au Ag Ag AuEq current as of 31 December 2024. TONNES Cu Cu Pb Pb Zn Zn AuEq PROJECT CLASSIFICATION Grade Ounces Grade Ounces Ounces 2. The definitions for Mineral
Slide 37: Contango's Reserves And Resources
CONTANGO’S RESERVES AND RESOURCES Au Au Ag Ag AuEq TONNES Cu Cu Pb Pb Zn Zn AuEq PROJECT CLASSIFICATION Grade Ounces Grade Ounces Ounces (000) (%) (M Lb) (%) (M Lb) (%) (M Lb) (g/t) (g/t) (000) (g/t) (000) (000) Manh Choh Inferred - 3.2 - 9.2 - Lucky Shot Inferred 82 9.5 25 Johnson Tract Inferred 70
Slide 38: Contango's Early-Stage Exploration Portfolio
CONTANGO’S EARLY-STAGE EXPLORATION PORTFOLIO ALL ALONG THE ALASKAN ROAD SYSTEM EAGLE, NW OF MANH CHOH ALASKA HONA, NW OF MANH CHOH ALASKA TRIPLE Z, E OF MANH CHOH ALASKA • 64,900 acres of State of Alaska Mining claims • Located immediately adjacent to Eagle block • 95 State mining claims, encompassi
Slide 39: Contango Management
CONTANGO MANAGEMENT Rick Van Nieuwenhuyse PRESIDENT & CEO Mr. Van Nieuwenhuyse was appointed to serve as President, Chief Executive Officer, and director of the Company effective January 6, 2020. He previously served as President and Chief Executive Officer of Trilogy Metals Inc. from January 2012 u
Slide 40: Contango Directors
CONTANGO DIRECTORS Brad Juneau Rick Van Nieuwenhuyse CHAIRMAN PRESIDENT & CEO Co-founder of Contango Ore President & CEO of Contango Ore Chairman since 2013 Founder of NovaGold, currently permitting the 40Moz Au Donlin Gold Project Sole Manager of Juneau Exploration – a company involved in
Slide 41: Meet The Contango Team
MEET THE CONTANGO TEAM Chris Kennedy Dave Larimer Allegra Cairns General Manager – Lucky Shot Mine Exploration Manager Environment and Permitting Manager Vanessa Larimer Alina Wyatt Kei Quinn Community Affairs & Operations Manager Lands and Database Manager Senior Geologist Keith Miles Mu Li Carolin
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