Contango Silver & Gold Intersects 972.10 g/t Gold at Lucky Shot and Continues Underground Exploration Development Program

About this update from Contango Silver & Gold Inc.

FAIRBANKS, Alaska, June 16, 2026 /CNW/ - Contango Silver and Gold Inc. ("Contango" or the "Company") (NYSE American: CTGO) (TSX: CTGO) is pleased to announce final assay results from the initial phase of the Company's 2025/2026 underground diamond drilling program at the Lucky Shot Project in Alaska. These results complete the initial underground drilling phase of Contango's planned multi-phase 18,000-meter underground and surface exploration campaign at Lucky Shot. The final assay results include several significant gold intercepts from the Lucky Shot vein system, highlighted by 0.17 meters grading 972.10 grams per tonne ("g/t") gold ("Au") in drill hole LSU26091, which intercepted the L1d Vein and included visible gold observed during core logging. The Company also announces that underground exploration development work has re-commenced at Lucky Shot, with our contract miner, GMS Mine Repair & Maintenance, Inc. ("GMS") mobilized to site and is currently advancing exploration access and future underground drill platforms. Select highlights from the final assay results include: Rick Van Nieuwenhuyse, Chief Executive Officer of Contango, stated: "These assays complete the first phase of underground drilling at Lucky Shot and continue to highlight the high-grade potential and structural complexity of the system. The 972.10 g/t gold intercept in LSU26091 is an exceptional result and reinforces what our team has been seeing in core: visible gold, multiple mineralized vein structures, and a geologic model that continues to improve as drilling advances eastward toward the Enserch Tunnel. Just as importantly, we have now re-started underground exploration development, which is a critical step in establishing the access and drill platforms needed for the next phase of drilling and technical studies. I am particularly excited to continue to explore and test the very high grade KM vein, which intersected approximately 6 meters grading 60 g/t encountered at the very end of the West Drift. By extending the West Drift 100 meters we will be able to test the extent and continuity of this very exciting new discovery." Final Assay Results Complete Initial Underground Drilling Phase The 2025/2026 underground diamond drilling program was initiated in November 2025 from existing underground infrastructur...

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