Contango Silver & Gold Converts Remaining Hedge Contracts into Debt

About this update from Contango Silver & Gold Inc.

FAIRBANKS, Alaska, July 6, 2026 /PRNewswire/ - Contango Silver & Gold Inc. ("Contango" or the "Company") (NYSE American: CTGO) (TSX: CTGO) is pleased to announce that it has amended its credit facility (the "Amended Credit Facility") to convert the remaining 15,000 ounces of hedged gold into debt with its existing lenders. As part of the Amended Credit Facility, the interest rate was reduced to approximately 7.40%. Rick Van Nieuwenhuyse, the Company's CEO, commented: "We viewed the recent pullback in gold prices as an opportunistic window to completely liquidate our hedge book. By converting the remaining 15,000 ounces of hedge contracts into debt, we have successfully removed the ceiling on our future cash flows from gold production. We are particularly bullish on gold's macro trajectory from these levels, and our priority is to deliver full, unhedged exposure to rising gold prices directly to Contango shareholders. Operationally, Manh Choh is in a transitional phase as mining transitions from the North Pit to the South Pit and is poised to finish 2026 with higher-grade campaigns, perfectly setting the stage for a record-breaking, fully unhedged production year in 2027. Crucially, we retain the flexibility to repay this debt at any time, and we remain aggressively focused on paying down the credit facility ahead of schedule." Highlights of the Amended Credit Facility Interest rate reduced to approximately 7.40% from the previous rate of approximately 8.9% No restructuring fee Converted 15,000 hedged gold ounces with an average strike price of $1,935 with maturity dates ranging between March and June 2027 into $33.0 million ("M") of debt As part of a price protection strategy to offset the hedge settlements, the Company paid $715,000 to purchase 15,000 put contracts with a strike price of $3,100 per ounce with maturities in March and June 2027, which has been added to the debt The total principal of the Amended Credit Facility increased from $12.6 M to $46.3 M, with principal repayments scheduled as follows: September 30, 2026 - $1 M December 31, 2026 - $1 M March 31, 2027 - $15.5 M June 30, 2027 - $28.8 M Conference Call and Webcast Contango will host a conference call and webcast to discuss the hedge conversion with CEO Rick Van Nieuwenhuyse and CFO Mike Clark on Monday, July 6, at 1:00pm EST / 10:00am PST. Participants may join the webcast using th...

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