Slide 1: Corporate Presentation September 2024
NYSE-A:CTGO CORPORATE PRESENATION CONTANGO Ox= GOLD SILVER C© PaPraer SEPTEMBER 2024 WWW.CONTANGOORE.COM
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS 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 Nat
Slide 3: Building Alaska's Next Gold Mines
CFO Da ONVANGO Ox 5000" BUILDING ALASKA'S NEXTSGOLD:\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. ‘IMOZ GRADING 9.4G/T AU EG HISTORICALLY PROD
Slide 4: Why Contango
WHY CONTANGO INNOVATIVE NEW BUSINESS MODEL FOR JUNIOR DEVELOPERS In Production with $36M gold sold during Campaign #1 Low share count with expected high cash flow per share US Focused: US listed with US-based projects High-grade resources Grade is King Cash Flow is Queen Expected to generate over $6
Slide 5: Company Profile and Capital Structure
COMPANY PROFILE CAPITAL STRUCTURE TRADING - NYSE AMERICAN: CTGO1 90-Day Avg. Daily Volume 86,000 shares per day 52-week range US$14.03 - $25.32 Market Cap $265 M *Russell 2000 Inclusion - June 26, 2023 CAPITAL STRUCTURE1 Issued & Outstanding 12.2 M Warrants 0.8 M Options 0.1 M Fully Diluted 13.1 M F
Slide 6: Alaskan Focused Portfolio Executing on Direct Ship Ore Model
FAIRBANKS ANCHORAGE ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) Early-Stage Exploration Advanced Stage Exploration (Reserves/Resources) Production MANH CHOH MINE (30%)1 Production started Q3 2024 1Moz resource at 8 g/t GEO with exploration upside E
Slide 7: Manh Choh Mine Production from Campaign #1 Completed
MANH CHOH MINE PRODUCTION FROM CAMPAIGN #1 COMPLETED See news release dated August 19, 2024 “Contango Announces Results of the First Batch of Gold Production from Manh Choh Gold Mine, Alaska”: https://www.contangoore.com/press-release/contango-announces-results-of-the-first-batch-of-gold-production-
Slide 8: Manh Choh Mine Attractive Economics as Non-Operating Partner
MANH CHOH MINE ATTRACTIVE ECONOMICS AS NON-OPERATING PARTNER 1 See Contango’s SK1300 Manh Choh Technical Report Press Release dated May 26, 2023; Initial capex reflects the Kinross feasibility study reported in “Q2 Corporate Update ” Press Release and Corporate Presentation dated July 26 and 27, 202
Slide 9: Strong Initial Results Production from Manh Choh
STRONG INITIAL RESULTS PRODUCTION FROM MANH CHOH PRODUCTION (000’s GEO) NET SALES1 (US$M) AISC COSTS (US$/GEO) FREE CASH FLOW (US$M) HEDGE POSITION (000’s) Q3 2024 Campaign #1 Guidance Q3 2024 Campaign #1 Actual 2024 FY Guidance *All numbers are net to Contango 16.2 10 H2 - partial 124.6 16.2 Q3 202
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 Minimal water and wetlands impact Simple mining/processing Private and State lands 2020/2021 2022 2023 2024 JV with
Slide 11: Building Contango into a Hybrid Royalty Company
BUILDING CONTANGO INTO A “HYBRID ROYALTY” COMPANY By identifying Opportunities with “Orphan Projects” that fit Contango’s DSO Criteria, we can build value for shareholders quicker than the traditional business model THEN NOW
Slide 12: What Is a Hybrid Royalty Model?
BUILDING CONTANGO INTO A “HYBRID ROYALTY” COMPANY WHAT IS A HYBRID ROYALTY MODEL? High cash flow per employee: low overhead cost easier to manage Acquire for a cost; seek near-term production projects Acquire via cash or shares and then have exploration agreements with operators (toll milling, ore s
Slide 13: Revenue per Employee vs Peers
BUILDING CONTANGO INTO A HYBRID ROYALTY COMPANY By Applying our DSO model alongside our healthy balance sheet and strong cash flows, we stand out among, not only our peers, but the tech companies in terms of revenue/employee LOW SHARE COUNT US-ONLY LISTING ACCESS TO CAPITAL CTGO BUILT ON 3 PILLARS O
Slide 14: Well Positioned Compared to Peers
WELL POSITIONED COMPARED TO PEERS PROJECTED ANNUAL FREE CASH FLOW PER SHARE (2025E; US$/SHARE) Source: S&P Capital IQ, Cormark Research Note: As of August 28, 2024 Based on Contango’s LOM annual average operating cash flow less corporate G&A and other expenses Based on Contango’s hedged gold price o
Slide 15: Contango's Development Pipeline
CONTANGO’S DEVELOPMENT PIPELINE Focused on three Advanced-Stage Exploration Projects to support 200,000 GEO production by 2030 MANH CHOH LUCKY SHOT JOHNSON TRACT Fully Permitted and Producing Gold Permits received in less than 2 years Built on time and on budget First gold pour on July 8, 2024 Campa
Slide 16: Manh Choh – A DSO Success
MANH CHOH – A DSO SUCCESS CONTANGO’S FLAGSHIP PROJECT – COMMERCIAL PRODUCTION AS OF JULY 2024 Campaign #1 16,200 oz Gold for total sales of $36M USD *Images used with permission from Kinross IN PRODUCTION On schedule and on budget Permits and construction completed in under 2 years 3 yrs to producti
Slide 17: Lucky Shot – Our Next DSO Project
LUCKY SHOT – OUR NEXT DSO PROJECT FOCUSED ON RESOURCE EXPANSION OVER THE NEXT 2-3 YEARS DEVELOPMENT Historically producing district: 250,000 ozs averaging 40 g/t Au Mesothermal quartz vein with free gold +1 mi (1.6 km) strike length Contango controls entire district Underground is fully refurbished
Slide 18: Lucky Shot – Potential of 400,000 to 500,000 GEO
LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO PATENT CLAIMS COLEMAN VEIN LUCKY SHOT VEIN COLEMAN ADIT ENSERCH TUNNEL LUCKY SHOT ADIT LOOKING NORTH FISHHOOK-WILLOW CREEK RD
Slide 19: Lucky Shot Development
LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO LUCKY SHOT DEVELOPMENT Planned 15,000m in-fill drill program for resource definition OBJECTIVES: Define high-grade “ore shoots” Delineate 400,000 to 500,000 GEO Collect data for detailed mine plan COLEMAN VEIN LUCKY SHOT VEIN COLE
Slide 20: Lucky Shot – Willow Creek District
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 Lucky Shot ore with visible gold Coleman
Slide 21: Johnson Tract Latest DSO Acquisition
JOHNSON TRACT CONTANGO’S LATEST DSO ACQUISITION 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 mining Subvertical Bulk-mining widt
Slide 22: Johnson Tract Leased from CIRI
JOHNSON TRACT JOHNSON TRACT LEASED FROM CIRI ALASKA NATIVE CORP 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 high natural resource potential; wealth from dev
Slide 23: Johnson Tract Private Surface Rights
JOHNSON TRACT PRIVATE SURFACE RIGHTS (CIRI OWNERSHIP) AND WIDE FLAT VALLEY WITH MINIMAL WETLANDS JOHNSON TRACT DEVELOPMENT Valley is well suited for infrastructure 50-man camp 267 DDH: +80,000m drilled 2024 Program Focused On: Infill drilling at resource Hydrological testing Geotechnical testing Met
Slide 24: Johnson Tract Attractive Attributes for Underground Mining
JOHNSON TRACT ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING JOHNSON TRACT DEVELOPMENT View in previous slide JT DEPOSIT Potential for short lateral UG ramp to base of the Johnson Tract Deposit Gravity assist, bottom-up mining Highest grade accessed first
Slide 25: Johnson Tract Plan to Initiate Ramp/Mining Permitting
JOHNSON TRACT PLAN TO INITIATE UG RAMP/MINING PERMITTING IN H2 2024 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 JOHNSON TRACT
Slide 26: Johnson Tract Deposit Geology
JOHNSON TRACT DEPOSIT GEOLOGY: HYBRID EPITHERMAL-VMS MODEL Pueblo Viejo and Romero deposits in Dominican Republic are good analogues Sub-marine High-Sulfidation Epithermal/Porphyry systems with some VMS characteristics – telescoped system Dacite Quartz Porphyry Qtz-eye Dacite Andesite Cross-section
Slide 27: Johnson Tract Robust Grades with Thick Intercepts
JOHNSON TRACT ROBUST GRADES WITH THICK INTERCEPTS 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/
Slide 28: Johnson Tract 2024 Drill Program in Progress
JOHNSON TRACT 2024 DRILL PROGRAM IN PROGRESS A A’ JT Deposit JT Camp Portal Site Proposed Exploration Ramp 3,000m Oriented Core Program in 10 holes Short holes (~150m) targeting the upper 1/3 of resource to upgrade Resource category 2 deeper holes (~400m) through the ore body to support advanced Geo
Slide 29: Johnson Tract Exploration Upside
Ellis Zone discovery 4km NE of JT Deposit 578 g/t Au and 2,023 g/t Ag over 6.4 m JOHNSON TRACT EXPLORATION UPSIDE – 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 i
Slide 30: Contango's Corporate Strategy
CONTANGO’S CORPORATE STRATEGY 5 YEAR EXECUTION PLAN TO BECOME A MID-TIER GOLD PRODUCER MANH CHOH MINE (30%)1 Production started Q3 2024 1Moz resource at 8 g/t GEO with exploration upside Est. annual production of 67,500 GEO2,3 : +$75M4 (at $2,175 blended gold price) +$270M LOM5 free cash flow LUCK
Slide 31: Thank You
THANK YOU 32 Corporate Inquires: info@contangoore.com +1-907-888-4273 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE QUESTIONS?
Slide 32: Non-GAAP Reconciliation Disclaimer
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 cannot
Slide 33: Forward Disclosure Specific to HighGold Transaction
FORWARD DISCLOSURE SPECIFIC TO 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 expec
Slide 34: Building Our ESG Framework
BUILDING OUR ESG FRAMEWORK DEVELOPING OUR STRATEGY AROUND OUR BUSINESS MODEL AND CORE VALUES BUILT ON OUR FUNDAMENTAL DSO CRITERIA High-grade resources Gold, Silver, Copper focus Near Infrastructure Road Rail Water Simple permitting from a mining perspective Minimal water and wetlands impact Simple
Slide 35: Contango's Reserves and Resources (continued)
CONTANGO’S RESERVES AND RESOURCES CONTINUED ON NEXT PAGE Notes: Manh Choh Reserves 1. Published from 12MAY23 TRS The Manh Choh Project, Alaska, USA 2. The definitions for Mineral Resource in S-K 1300 were followed for Mineral Resources. 3. Mineral Reserves were estimated at long term prices of $1,30
Slide 36: Contango's Reserves and Resources
CONTANGO’S RESERVES AND RESOURCES Notes: Lucky Shot Resources 1. Mineral Resources were estimated as of 26 MAY 23 under definitions for Mineral Resources in S-K1300. See TRS Lucky shot Project Alaska, USA. 2. Mineral resources are estimated using long term prices of US$1,600/oz Au price. 3. Mineral
Slide 37: Manh Choh 2024 Drill Program in Progress
MANH CHOH 2024 DRILL PROGRAM IN PROGRESS Testing mineral systems concepts: Near-mine structural targets Augmented with in pit mapping efforts. Mineralized structures from Geochem surveys. 2. Geophysical targets with connections to mineralized source Conductivity, chargeability and magnetic anomalies
Slide 38: Manh Choh Regional Exploration
MANH CHOH REGIONAL EXPLORATION Mapping road cut exposures. Continuing reconnaissance stream sampling in the southern target zones. Grid soil sampling in Lat Grid target zone. 2024 CONCEPT MANH CHOH
Slide 39: Lucky Shot Planned In-fill Drill Program
Planned 15,000 m in-fill drill program for resource definition LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO
Slide 40: 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 SHAMROCK, ALASKA (RICHARDSON DISTRICT) AMANITA, ALASKA (FAIRBANKS DISTRICT) GOLDEN ZONE, CENTRAL ALASKA 64,900 acres of State of A
Slide 41: Contango Management
CONTANGO MANAGEMENT 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 until December 2019. Between May 1999 a
Slide 42: Contango Directors
CONTANGO DIRECTORS Co-founder of Contango Ore Chairman since 2013 Sole Manager of Juneau Exploration – a company involved in the exploration and production of oil and natural gas Petroleum Engineer with years of experience at Zilkha Energy Company, Texas International Company, Enserch Corporation, C