Summary of Contango Ore (NYSEAM:CTGO) Conference Call - March 19, 2026 Company Overview - **Company Name**: Contango Silver & Gold (formerly Contango Ore) - **Headquarters**: Fairbanks, Alaska - **Market Cap**: Expected to reach close to $1 billion post-merger with Dolly Varden Silver [1] Key Points Production and Assets - Current production from the Manh Choh mine is 60,000 ounces of gold annually, with plans to increase to 200,000 ounces by adding the Lucky Shot mine and Johnson Tract project in the coming years [1][2] - The combined resource base post-merger will exceed 3 million ounces of gold and over 100 million ounces of silver [2] - The Manh Choh mine has achieved production since July 2024, with a 30% share of production [4] Financial Performance - The company generates over $100 million in free cash flow annually and has over $100 million in cash on hand [2] - All-in sustaining costs for 2025 were reported at $1,616 per ounce sold, with guidance for 2026 indicating a lower production year [6] Merger with Dolly Varden Silver - The merger aims to enhance the silver portfolio, adding significant high-grade silver resources [30][45] - The combined company will have a solid board with experience in mining and will be listed on both the New York and Toronto Stock Exchanges [2][3] Mining Strategy - The company employs a Direct Shipping Ore (DSO) model, which minimizes capital expenditure and permitting requirements by utilizing existing infrastructure [8][10] - All projects are located on private land, simplifying the permitting process [9][22] Future Projects - The Lucky Shot mine is expected to produce between 30,000 and 40,000 ounces of gold annually, with a target of 400,000 to 500,000 ounces of resource [11][14] - The Johnson Tract project has over 1 million ounces of measured and indicated resources, targeting 100,000 ounces of gold equivalent production [18][21] Regulatory and Permitting - The permitting process for the Johnson Tract project is underway, with a target completion date for final permits set for March 2028 [24] - The company is actively engaging with various federal and state agencies to ensure a smooth permitting process [23] Market Outlook - The company aims to build a mid-tier North American gold and silver producer, targeting 250,000 ounces of gold and 5-10 million ounces of silver production [29] - There is a strong belief in the future demand for silver, particularly in industrial applications such as solid-state batteries [45] Financial Strategy - The company plans to be debt-free and hedge-free by the end of the year, allowing for full exposure to gold prices [40][43] - Future financing is not anticipated unless a decision is made to purchase a mill for processing [37] Additional Insights - The company is focused on community engagement and environmental studies, particularly with the Nisga'a Nation regarding the Kitsault asset [28] - The exploration efforts at Lucky Shot have revealed high-grade intercepts, which may accelerate production plans if results continue to be favorable [31][32] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic direction, financial health, and future growth potential in the precious metals sector.

Core Viewpoint - Contango ORE, Inc. stockholders have overwhelmingly approved all three proposals related to the merger with Dolly Varden Silver Corporation, indicating strong support for the strategic move [1][2]. Proposal Voting Results - Proposal No. 1 (Arrangement Proposal) received 9,946,594 votes in favor, representing 99.70% of the votes [2]. - Proposal No. 2 (Share Increase Proposal) received 8,447,263 votes in favor, accounting for 84.68% [2]. - Proposal No. 3 (Incentive Plan Proposal) received 8,978,213 votes in favor, which is 89.99% [2]. Shareholder Participation - A total of 9,976,278 shares of Contango common stock were voted at the Special Meeting, representing approximately 66% of the issued and outstanding shares as of the record date [3]. Next Steps for the Arrangement - The Arrangement is subject to approval from the British Columbia Supreme Court, with a hearing scheduled for March 23, 2026, and closing expected shortly thereafter [4]. Exchangeable Shares Election - Registered Dolly Varden shareholders must complete and deposit the Letter of Transmittal and Election Form by March 24, 2026, to receive Exchangeable Shares [5]. - Failure to comply with the election requirements will result in receiving Contango Shares instead [6]. Company Overview - Contango ORE, Inc. is engaged in the exploration and development of gold and associated minerals in Alaska, holding a 30% interest in the Peak Gold Joint Venture [7].

PresentationHello, and welcome to the Special Meeting of Stockholders of Contango Ore Inc. Please note that today's meeting is being recorded. [Operator Instructions]. It is now my pleasure to turn today's meeting over to Brad Juneau, the Chairman of Contango Ore. Mr. Juneau, the floor is yours.John Juneau Good morning. I am Brad Juneau, Chairman of the Board of Directors of Contango Ore, Inc., and I will act as Chairman of this meeting. It is my pleasure to [indiscernible] stockholders, your interest is ve ...

Management View - Contango Ore, Inc. reported all-in sustaining costs (AISC) for 2025 at $1,616 per ounce, which is slightly below the guidance of $1,625 per ounce, indicating effective cost management [2]. Financial Targets - The company outlined a target of over $165 million in distributions and more than $100 million in cash post-merger as it approaches 2027 [2].

NEWS RELEASE CONTANGO ORE, INC. Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance FAIRBANKS, AK -- (March 16, 2026) -- Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-K for the year ended December 31, 2025 ("FY 2025"). In FY 2025 Contango's share of production from its Manh Choh mine, operated in partnership with Kinross, totaled approximately 60,200 gold equi ...

Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance Accessibility StatementSkip Navigation FAIRBANKS, Alaska, March 16, 2026 /PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-K for the year ended December 31, 2025 ("FY 2025"). In FY 2025 Contango's share of production from its Manh Choh mine, operated in partnership with Kinross, totaled approximate ...

Core Viewpoint - Contango ORE, Inc. has received recommendations from independent proxy advisory firms, including ISS, for stockholders to vote "FOR" the proposed arrangement with Dolly Varden Silver Corporation, which is set to be discussed at the upcoming special meeting on March 17, 2026 [1] Summary by Relevant Sections Arrangement Details - Contango will acquire all issued and outstanding common shares of Dolly Varden, with each share exchanged for 0.1652 of a Contango common share or an exchangeable share for eligible holders [1] - The special meeting for stockholders is scheduled for March 17, 2026, at 12:00 p.m. Central time, and will be held online [1] ISS Recommendation - ISS recommends that Contango stockholders vote FOR the Arrangement Proposal, highlighting the strategic and financial merits of the transaction [1] Leadership and Governance - Post-arrangement, the combined company will be named Contango Silver & Gold Inc., with Rick Van Nieuwenhuyse as CEO and a seven-member board comprising directors from both companies [1] Ownership Structure - Following the arrangement, Contango stockholders are expected to own 50% of the pro forma combined company based on a fully diluted in-the-money calculation [1] Fairness Opinion - Contango's Board received a fairness opinion from Canaccord Genuity Corp., confirming that the exchange ratio is fair from a financial perspective as of December 7, 2025 [1] Voting Encouragement - The Board of Directors unanimously recommends stockholders vote FOR each proposal at the special meeting, with a proxy voting deadline set for March 13, 2026, at 12:00 p.m. Central time [1]

Group 1 - Contango Ore, Inc. (NYSEAM:CTGO) is recognized as one of the best gold stocks to buy according to analysts [2][8] - The company has made significant progress on the underground diamond drilling program at the Lucky Shot project in Alaska, with a feasibility study expected to be delivered in H1 2027 [2][3] - Initial results from the Lucky Shot project confirm the continuity of the historically mined Lucky Shot vein and have led to the discovery of new mineralized structures, including the KM vein [3] Group 2 - On February 12, Contango Ore closed an underwritten offering of common stock, raising $50 million in gross proceeds by selling 1.67 million shares at $24.96 each [4] - The company plans to utilize approximately $45 million of the net proceeds to buy back gold hedge contracts and about $700,000 for purchasing gold put contracts for downside protection [4] - Contango Ore holds a 30% interest in the Peak Gold Joint Venture (Manh Choh project) with Kinross Gold, which began production in 2024, alongside other projects like Lucky Shot and Johnson Tract [5]

Core Insights - Contango ORE, Inc. reported initial assay results from its 2025/2026 underground diamond drilling program at the Lucky Shot Project in Alaska, highlighting significant gold intersections, including 60.22 g/t over 5.92 meters and 294.77 g/t over 1.16 meters from the KM vein [1][2] Group 1: Drilling Program Highlights - The underground drilling program commenced in November 2025, completing 20 HQ diamond drill holes totaling 2,063 meters from four underground drill stations [1][2] - Approximately 40 additional drill holes are planned, with the first phase expected to conclude by the end of April 2026 [1][2] - The program aims to validate the geological model and support a feasibility study planned for H1 2027 [1][2] Group 2: Mineralization and Geological Findings - The drilling confirmed mineralization within the known Lucky Shot vein system (L2, L1b, and L1c veins) and identified a previously unmodeled mineralized structure designated the "KM vein" [1][2] - Significant assay intersections include LSU25031 with 5.92 m averaging 60.22 g/t Au and LSU25050 with 0.31 m averaging 99.75 g/t Au [1][2] - The KM vein represents a new mineralized structural orientation, indicating additional exploration potential within the existing underground footprint [1][2] Group 3: Future Outlook - The company is focused on disciplined execution and data quality as it advances the project, with ongoing drilling aimed at refining structural orientation and continuity [1][2] - The results to date confirm the continuity of the historically mined Lucky Shot vein and enhance understanding of subsidiary veins [1][2] - The company looks forward to periodically reporting further drill results from the Lucky Shot drilling [1][2]

Core Viewpoint - Contango ORE, Inc. has filed a definitive proxy statement and related materials for a special meeting to vote on a proposed plan of arrangement with Dolly Varden Silver Corporation, which includes significant changes to share structure and management [1][2]. Meeting Details - The special meeting for Contango stockholders is scheduled for March 17, 2026, at 12:00 P.M. Central Time, to discuss three key proposals: the 2026 Omnibus Incentive Plan, an increase in authorized shares from 45 million to 250 million, and the issuance of common stock to Dolly Varden shareholders [1][2]. Arrangement Proposal - Under the arrangement, Dolly Varden shares will be exchanged at a ratio of 0.1652 of a share of Contango common stock, with the arrangement being executed through a court-approved plan under British Columbia's Business Corporations Act [1][2]. Reasons for the Arrangement - The Contango Board, after consulting with management and advisors, believes the arrangement is in the best interests of stockholders, citing factors such as a fairness opinion from Canaccord Genuity, the fixed exchange ratio, and the potential for enhanced market capitalization and institutional ownership [1][2]. Board Recommendation - The Contango Board unanimously recommends that stockholders vote "FOR" all proposals related to the arrangement, share increase, and incentive plan [2]. Voting Support Agreements - Voting support agreements have been secured from directors, officers, and significant stockholders, representing approximately 22% of the outstanding shares of Contango, who have committed to vote in favor of the arrangement [2]. Company Overview - Contango ORE, Inc. is engaged in the exploration and development of gold and associated minerals in Alaska, holding interests in several projects including the Peak Gold JV and the Johnson Tract project [2].