Slide 1: Building Alaska's Next Gold Mines
NYSE-A: CTGO BUILDING ALASKA’S NEXT GOLD MINES Corporate Presentation August 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 86,000 shares per day 52-week range US$14.03 - $25.32 Market Cap $235 M *Russell 3000 Inclusion - June 26, 2023 CAPITAL STRUCTURE1 Issued & Outstanding 12.2 M Warrants 0.8 M Options
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 – Groundbreaking Ceremony
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 Started November 2023 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 of $1,920/Ounce $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 in “Q2 Corporate Up
Slide 11: 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 12: 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 13: Early-Stage Exploration Projects
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 Amanita Golden Zone C
Slide 14: 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 from mesothermal quartz vein 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 Se
Slide 15: Lucky Shot Mineral Resources
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 16: Coleman Segment of Lucky Shot Vein
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 17: Planned In-Fill Drill Program
Planned In-Fill Drill Program for 15-20 Meter spacing Looking Southwest Lucky Shot Vein: 300,000 to 400,000 oz Potential 17 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 18: 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 19: How to take Contango to the next level
19 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 20: Corporate Strategy: The Lassonde Curve
20 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 21: Corporate Strategy – Executing Hybrid Royalty Model
21 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 22: Johnson Tract: Contango's Next DSO Opportunity
Johnson Tract: Contango’s Next DSO Opportunity 22 Benchmark barge cost ~$25/t Benchmark UG mining cost ~$78/t Benchmark processing cost ~$35/t NSR value of Ind. Resource ~$400/t* Johnson Tract’s seaside location and deposit characteristics to provide a unique opportunity for the next leg of DSO by b
Slide 23: Progressive Partnership
23 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 24: Talkeetna Formation volcanics
Talkeetna Formation volcanics Mineralization within the Early Jurassic Talkeetna Fm volcanics Juxtaposed against Early-Middle Jurassic granitic rocks of the Alaska- Aleutian Batholith by the Bruin Bay Fault (BBF) Overlain by Middle-Late Jurassic sediments Drag folding of Talkeetna Fm rocks near BBF
Slide 25: Property Geology
25 Property Geology Bruin Bay Fault to Sediment Ridge – Looking North Based on mapping by John Proffett Bruin Bay Fault Lower Andesite Dacite Tuffs Andesite Dacite (QFP) JT Deposit Kona Milkbone Ellis/Difficult Creek 5 KM
Slide 26: Johnson Tract – Deposit Geology Cross Section
26 Johnson Tract – Deposit Geology Cross Section C-C’ Looking NE Sub-marine High-Sulfidation Epithermal/Porphyry systems with some VMS characteristics – telescoped system Pueblo Viejo and Romero deposits in Dominican Republic are good analogues
Slide 27: Johnson Tract – Deposit Geology
27 Johnson Tract – Deposit Geology
Slide 28: Johnson Tract – Deposit Geology
28 Johnson Tract – Deposit Geology
Slide 29: 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 30: Johnson Tract Camp and Core
30 Johnson Tract Camp and Core 267 Core Holes - +80,000 Meters Drilled
Slide 31: Johnson Tract Proposed Portal Site
31 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 32: Johnson Tract: Attractive Attributes for Underground Mining
Johnson Tract: Attractive Attributes for Underground Mining 32 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 33: JT Deposit Proposed UG Exploration Ramp
33 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 34: Johnson Tract Camp and Core
34 Johnson Tract Camp and Core
Slide 35: Johnson Tract – 2024 Proposed Drill Program
Johnson Tract – 2024 Proposed Drill Program JT Deposit JT Camp JT Deposit Resource Outline Planned Drill Holes Cross-section Line 3,000m in 10 holes - oriented drill core. Short holes (~150m) targeting the upper 1/3 or resource for infill Resource upgrade. 2 deeper holes (~400m) through the ore body
Slide 36: JT Deposit Geology
36 JT Deposit Geology Dacite Quartz Porphyry Qz-eye Dacite Andesite Cross Section Hosted mainly by dacite tuffs Polymetallic multiphase quartz-sulfide (± chlorite ± anhydrite ± Fe-Carb ± jasper) veins Footwall Cu-Ag zone Follow up Drilling Planned for 2024 Mineralization consists of silicified vein
Slide 37: JT Deposit – Copper-Silver Rich Footwall Zone
37 JT Deposit – Copper-Silver Rich Footwall Zone
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: Corporate Strategy – 5 Year Execution Plan
39 Corporate Strategy – 5 Yr Execution Plan Johnson Tract Currently 1.1 Moz @ 9.4 g/t AuEq 5 yrs to target permitting and mine plan for 100,000 annual production PFS/FS with mine construction decision by 2029 Contango’s 5 Year Plan to create a 200,000 Eq.oz/year Alaska producer using DSO Model for h
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