Contango Silver and Gold Enhances Economics with Strategic Settlement of the Lucky Shot Milestone Payments and Receives $9 Million Cash Distribution from Peak Gold JV

About this update from Contango Silver & Gold Inc.

FAIRBANKS, Alaska, June 29, 2026 /PRNewswire/ - Contango Silver and Gold Inc. ("Contango" or the "Company") (NYSE American: CTGO) (TSX: CTGO) is pleased to announce that it has entered into an agreement to settle milestone payments totaling $18.75 million on the Lucky Shot Project in exchange for $5 million in cash and 100,000 common shares of the Company. In addition, the Company is pleased to announce that on June 25, 2026 it received a $9 million cash distribution from the Peak Gold JV related to production from its second campaign of 2026 at the Manh Choh mine. Rick Van Nieuwenhuyse, the Company's CEO, commented: "Settling these milestone payments at Lucky Shot is a meaningful corporate achievement. By eliminating our remaining payment obligations and securing 100% unencumbered control of the Lucky Shot asset, we have significantly de-risked the project and ensured that our investors will realize its full upside potential. As we look at the success and continuity from our ongoing drill programs and aggressively advance Lucky Shot toward the feasibility stage, our shareholders are now well positioned to capture maximum leverage from what is shaping up to be a truly exceptional high-grade gold system."  On June 26, 2026 the Company amended its Membership Interest Purchase and Sale Agreement (the "Amended MIPA") with CRH Funding II PTE. Ltd. ("CRH"), a Singapore private limited corporation, to satisfy obligations totaling up to $18.75 million if certain milestones were achieved on the Lucky Shot Project (the "Milestone Payments") held by CRH. The consideration paid by Contango approximated $6.57 million, comprised of the following: Cash payment of $5 million due on signing of the Amended MIPA (paid) Issuance of 100,000 common shares of the Company by July 6th, 2026 (the shares have a deemed value of $1.57 million, based on the closing share price of $15.74 on June 26, 2026) ABOUT CONTANGO Contango is a NYSE American and TSX listed company that engages in the exploration for and development and production of gold and associated minerals in Alaska and in the Golden Triangle in British Columbia. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of...

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