PresentationGood morning, good afternoon, good evening, depending on where you're signing in from. It's quite an international audience today. So, really do appreciate everybody's time. I've got with me Rick Van Nieuwenhuyse, CEO of Contango Ore; and Mike Clark, the company's CFO, to discuss this week's announcement on financing and exploration plans. Gentlemen, how are you today?Romeo Maione Awesome. So here's how today is going to work just for the folks in the room. I've got a number of questions for bot ...

Summary of Contango Ore (NYSEAM:CTGO) Update / Briefing on September 26, 2025 Company Overview - **Company**: Contango Ore (CTGO) - **Industry**: Mining, specifically gold production Key Points and Arguments Financing and Strategic Rationale - Contango Ore successfully closed a **$50 million** financing round at **$20 per share** aimed at institutional investors, marking a significant cash injection for the company [4][6] - The financing is described as **transformational**, intended to support the advancement of two projects: **Lucky Shot** and **Johnson Track** [6][11] - The cash flow from the **Monchola** mine is primarily directed towards paying down debt and hedging commitments, necessitating this new financing to avoid delays in project development [6][7] Project Development Plans - The company aims to **triple production** from the current **60,000 ounces** to **200,000 ounces** annually across the Lucky Shot and Johnson Track projects [11][79] - The all-in sustaining costs are projected to be around **$1,500 per ounce**, which is expected to generate strong cash flows [11][70] - The drilling operations for Lucky Shot are set to commence shortly, with a focus on resource definition and feasibility studies [20][30] Risk Management and Hedging - Contango is cautious about its hedge positions, with plans to deliver into existing contracts while monitoring gold prices [24][27] - The company anticipates that the hedges will be fully settled by the end of next year, allowing for increased cash flow to be directed towards project development [25][70] Permitting and Regulatory Environment - The permitting process for Johnson Track is ongoing, with expectations to secure necessary permits by **Q1 of next year** [35][37] - The company is leveraging the **FAST 41** program to streamline the permitting process, which is crucial for project advancement [66][67] Financial Outlook - Contango expects to generate over **$100 million** in cash flow this year, with sufficient internal funding to support the development of both Lucky Shot and Johnson Track without the need for additional financing [46][70] - The anticipated mine life for Monchola is **4.5 years**, Lucky Shot is projected at **5 years**, and Johnson Track at **7 years**, with potential for extensions based on further exploration [75][79] Future Growth and Opportunities - The company is actively seeking new opportunities that align with its **Direct Shipping Ore (DSO)** model, focusing on high-quality, high-margin projects [81][83] - Contango aims to maintain a margin of over **$2,000 per ounce** while keeping all-in sustaining costs around **$1,500** [82][83] Management Insights - The management expressed excitement about the upcoming drilling activities and the potential for significant growth, emphasizing a strong five-year plan to increase production [85][87] - The CEO highlighted the importance of executing the company's growth strategy while managing operational risks, including litigation and permitting challenges [47][49] Additional Important Information - The company is positioned strategically in Alaska, benefiting from federal support for resource development, which is seen as advantageous for future operations [60][62] - Recent legal challenges have been addressed positively, with a lawsuit against the company being dropped, which may alleviate some operational risks [48][50] This summary encapsulates the key discussions and insights from the Contango Ore briefing, highlighting the company's strategic direction, financial health, and project development plans.

Accessibility StatementSkip Navigation SOURCE Contango Ore FAIRBANKS, Alaska, Sept. 26, 2025 /PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO), announces that it will hold a webinar on Friday, September 26, 2025 at 2:00pm EST (11:00am PST) to discuss its recently closed $50 million financing and plans for the use of proceeds to advance exploration and development at its Lucky Shot and Johnson Tract properties. Rick Van Nieuwenhuyse, President and CEO of the Company, state ...

Accessibility StatementSkip Navigation FAIRBANKS, Alaska, Sept. 26, 2025 /PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO), is pleased to announce that it has closed its underwritten public offering (the "Offering") of common shares (the "Shares") of the Company consisting of 1,975,000 shares of its common stock at a public offering price of $20.00 per share to two institutional investors. In the Offering, Contango also offered a pre-funded warrant to purchase 525,000 sha ...

Core Viewpoint - Contango ORE, Inc. has successfully priced its underwritten public offering of common shares, raising approximately $50 million to fund its mining projects and general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of 1,975,000 shares priced at $20.00 per share and includes a pre-funded warrant for 525,000 shares at $19.99 each, with gross proceeds expected to be around $50 million before expenses [1]. - The closing of the offering is anticipated to occur on or about September 26, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - Net proceeds will be allocated to advance the Lucky Shot project towards a mine production decision over the next two years, including drilling and underground development [2]. - Funds will also support the Johnson Tract project, focusing on road construction, camp winterization, exploration tunnel construction, and feasibility-level mine planning [2]. - Remaining proceeds will be utilized for general corporate purposes, including working capital [2]. Group 3: Management and Underwriters - Canaccord Genuity is the Sole Bookrunner for the offering, with Cormark Securities as Lead Manager and Maxim Group LLC, Roth Capital Partners, and Freedom Capital Markets as Co-Managers [3]. Group 4: Company Overview - Contango ORE, Inc. is engaged in gold exploration in Alaska, holding interests in multiple projects, including a 30% stake in Peak Gold, LLC, and leases on the Johnson Tract and Lucky Shot projects [6]. - The company has approximately 8,600 acres of peripheral mining claims and a 100% interest in about 145,000 acres of State of Alaska mining claims [6].

Financial Data and Key Metrics Changes - The company is producing approximately 60,000 ounces of gold annually at the Monchaux project, with all-in sustaining costs projected to be around $1,400 per ounce, although current costs are higher due to increased stripping activities [2][3][7] - The company generated about $54 million in cash last year, with a share of production amounting to approximately 35,000 ounces in the first half of the current year [6][7] - The company expects to end the year with around $20 million in cash [4] Business Line Data and Key Metrics Changes - The Monchaux project is currently in production, while the Lucky Shot mine and Johnson Track are in development stages [5][17] - The Lucky Shot mine has a historical production of 250,000 ounces of gold and is expected to produce around 40,000 ounces annually once operational [13][26] - Johnson Track is anticipated to contribute significantly to production, with projections indicating it will add approximately 100,000 gold equivalent ounces annually [26] Market Data and Key Metrics Changes - The company is currently operating under a direct shipping ore model, which allows for lower infrastructure costs and quicker production timelines compared to traditional mining methods [3][10] - The company is closely monitoring oil prices, which have been lower than projected, positively impacting all-in sustaining costs [9] Company Strategy and Development Direction - The growth strategy focuses on increasing production from 60,000 ounces to 200,000 ounces annually through the development of Lucky Shot and Johnson Track [26][27] - The company aims to clear its hedge book, which currently has about 42,000 ounces left, to maximize cash flow from gold sales at current prices [15][27] - The company is exploring strategic options for processing the ore from Johnson Track, including the possibility of owning a mill [30] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate over $100 million in free cash flow, which will support growth without significant dilutive financing [27] - The management highlighted the importance of maintaining a low-cost structure and avoiding large capital expenditures associated with traditional mining operations [10][27] Other Important Information - The company has a tight share structure with 12.7 million shares outstanding [4] - The company is in the permitting phase for the Johnson Track project, which is expected to progress in the coming year [19][24] Q&A Session Summary Question: Where do you plan to process the Lucky Shot ore? - The company plans to transport Lucky Shot ore to Kinross for processing, leveraging existing infrastructure [29] Question: What are the processing options for Johnson Track? - The company is evaluating multiple options for processing Johnson Track ore, including the potential ownership of a mill [30]

Company Overview - Contango Ore Inc (CTGO) is an Alaskan focused portfolio executing on a Direct Ship Ore (DSO) model[22, 23, 24] - The company's capital structure includes 126 million issued and outstanding shares and 07 million warrants, resulting in 133 million fully diluted shares[17] - As of June 30, 2025, the company's financial position includes $369 million in cash, $200 million in convertible debentures, and $231 million in debt[18] Manh Choh Mine - Manh Choh mine is Contango's flagship project with commercial production starting in July 2024[27] - The mine is projected to produce approximately 60,000 Gold Equivalent Ounces (GEO) in 2025[26] and generate approximately $450 million in Life of Mine (LOM) free cash flow at $3,200/oz gold[26] - In H1 2025, the mine produced 35,146 ounces of gold, resulting in $54 million USD distribution[37] Lucky Shot Project - Lucky Shot is the company's next DSO project, focused on resource expansion over the next 2-3 years[56] - The project has a current resource of 110,000 GEO at 145 g/t[26] - The company plans to conduct a 15,000m in-fill drill program for resource definition, targeting 30,000 to 40,000 gold ounces initial production[66, 67] Johnson Tract Project - Johnson Tract has a current resource of 11 million GEO at 94 g/t[26] - An initial assessment released in May 2025 shows a Post-Tax NPV5 of $2245 million and a 302% IRR, with a 7-year LOM and a 13-year discounted payback period[26] - The LOM annual average production is estimated at 102,258 GEO at 758g/t GEO[100]

Financial Data and Key Metrics Changes - Operating earnings increased from a loss of $3.1 million in Q2 of last year to an income of $23 million this quarter [8] - Net income improved from a loss of $18.5 million in Q2 of last year to a net income of $15.9 million this quarter [9] - Earnings per share rose from a loss of $1.9 to a profit of $1.24 per diluted share [16] Business Line Data and Key Metrics Changes - Cash costs for the quarter were $14.16, with year-to-date costs at $13.75 [4] - All-in sustaining costs were $15.48 for the quarter and $14.62 year-to-date [4] - The company processed 250,000 tons of ore at a grade of 0.23 ounces per ton in the current campaign, compared to 255,000 tons at 0.22 ounces per ton in Q2 of the previous year [21] Market Data and Key Metrics Changes - The average realized gold price was $3,274 per ounce, compared to a blended carry trade price of $2,441 [16] - The company’s hedge position is currently at just under 63,000 ounces, expected to decrease to about 43,000 ounces by year-end [30] Company Strategy and Development Direction - The company is focused on debt reduction and advancing projects like Johnson Track and Lucky Shot, with a goal to reduce debt from $23 million to around $15 million by year-end [30][31] - The strategy includes maintaining a low share count and ensuring operational efficiency to maximize margins [51][60] - The company aims to produce 30,000 to 40,000 ounces annually from Lucky Shot, with a diluted grade above 10 grams [80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational smoothness and the potential for increased gold production as the market conditions remain favorable [51][63] - The company is optimistic about the gold price outlook and is focused on prudent growth without taking excessive risks [52][89] Other Important Information - The lawsuit regarding the beluga whale issue is still ongoing, with the company involved in the legal proceedings [68] - The company is considering monetizing its Onex shares but is currently restricted by escrow agreements [78] Q&A Session Summary Question: How long will campaign three last and potential timing of the check from the JV? - Campaign three is expected to last roughly three weeks, with distributions anticipated in late September [65][66] Question: Is there still a beluga whale lawsuit issue? - Yes, the lawsuit is ongoing in federal court, and the company has joined the lawsuit [68] Question: What allowed the ASIC for the second quarter to be lower than expected? - The lower ASIC was attributed to favorable weather conditions and operational efficiencies, with expectations to remain below the target of $16.25 [70][72] Question: Are there plans to monetize the Onex shares? - Yes, the company is considering the timing for monetization but is currently restricted by escrow agreements [77][78] Question: What are the upcoming catalysts for Contango? - The focus will be on drilling underground at Lucky Shot and advancing the Johnson Track project [79]

Company Overview - Contango Ore Inc is traded on NYSE American under the ticker CTGO[1,15] - The company has a market capitalization of $280 million[15] - Contango has $36.9 million in cash, $20 million in convertible debentures, and $23.1 million in debt[17] Manh Choh Mine (30% Ownership) - The mine started production in Q3 2024[26,60] - 2025 gold production is estimated to be approximately 60,000 GEO (Gold Equivalent Ounces)[26,60] - The Life of Mine (LOM) free cash flow is estimated at approximately $320 million at a gold price of $2,800/oz[26,60] - Contango's share of cash distributions received from Peak Gold JV was $30 million in Q2 2025 and $54 million Year-To-Date 2025[38] Lucky Shot Mine (100% Ownership) - The current resource is 110,000 GEO at 14.5 g/t[26,60] - The company aims to develop 400,000-500,000 GEO resource within 2-3 years[26,60] - Initial production target is 30,000 – 40,000 GEO annually[26,60] Johnson Tract Project (100% Ownership) - The current resource is 1.1 million GEO at 9.4 g/t[26,60] - The goal is to complete permitting in 2 years and start production in 5 years, targeting 100,000 GEO annual production[26,60] - The Initial Assessment released in May 2025 shows a Post-Tax NPV5 of $224.5 million and a 30.2% IRR with a 7-year LOM and a 1.3-year discounted payback period[26,60]

[Q2-2025 Financial and Operational Highlights](index=1&type=section&id=Q2-2025%20Financial%20and%20Operational%20Highlights) Contango ORE, Inc. announced record high income from operations of **$23.0 million** and net income of **$15.9 million** for the quarter ended June 30, 2025 (Q2-2025) - Production during Q2-2025 exceeded quarterly guidance, with **17,764 ounces of gold** sold at cash costs of **$1,416 per ounce** and all-in-sustaining costs (AISC) of **$1,548 per ounce**, which is well below the **2025 target of $1,625 per ounce**[2](index=2&type=chunk)[3](index=3&type=chunk) - The third campaign of 2025 is scheduled to commence on August 14, 2025, with Contango's share of production expected to be **15,000 ounces of gold**[2](index=2&type=chunk) [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [Statement of Operations (Q2-2025 vs Q2-2024)](index=1&type=section&id=Statement%20of%20Operations%20%28Q2-2025%20vs%20Q2-2024%29) Contango ORE, Inc. achieved a substantial turnaround in its Q2-2025 statement of operations, reporting significant income from operations and net income, a stark contrast to losses in the prior year period Q2-2025 vs Q2-2024 Financial Performance | Metric | Q2-2025 | Q2-2024 | | :-------------------------- | :---------- | :---------- | | Income from Operations | $23.0 M | ($3.1 M) | | Net Income (Loss) | $15.9 M | ($18.5 M) | | EPS (Issued Share) | $1.26 | ($1.90) | | EPS (Fully-Diluted Share) | $1.24 | ($1.90) | | Gold Ounces Sold | 17,764 oz | N/A | | Cash Costs per Ounce | $1,416 | N/A | | AISC per Ounce | $1,548 | N/A | [Statement of Cash Flows (YTD-2025 vs YTD-2024)](index=1&type=section&id=Statement%20of%20Cash%20Flows%20%28YTD-2025%20vs%20YTD-2024%29) Year-to-date cash flow from operating activities saw a significant positive shift, primarily driven by gold production and distributions from the Peak Gold JV, while investing activities decreased substantially YTD-2025 vs YTD-2024 Cash Flow Summary | Metric | YTD-2025 | YTD-2024 | | :-------------------------------- | :---------- | :---------- | | Net Cash from Operating Activities | $36.9 M | ($6.9 M) | | Cash Used in Investing Activities | $0.16 M | $27.2 M | | Cash Used in Financing Activities | $20.5 M | ($42.7 M) | | Unrestricted Cash (as of June 30) | $36.5 M | N/A | | Unrestricted Cash (as of Dec 31, 2024) | N/A | $20.1 M | - The increase in net cash provided by operating activities was primarily driven by gold production at the Manh Choh project and the receipt of **$54.0 million** in cash distributions from the Peak Gold JV[4](index=4&type=chunk) - Cash used in investing activities significantly decreased to **$0.16 million** in YTD-2025 compared to **$27.2 million** in YTD-2024, which related to funding Contango's share of Manh Choh development costs in 2024[4](index=4&type=chunk) - Cash used in financing activities for YTD-2025 was **$20.5 million**, primarily due to **$22.0 million** in principal repayments on its credit facility, contrasting with YTD-2024 inflows from debt drawdowns and an equity raise[4](index=4&type=chunk)[5](index=5&type=chunk) [Operational Updates](index=2&type=section&id=Operational%20Updates) [Manh Choh Project](index=2&type=section&id=Manh%20Choh%20Project) The Manh Choh Project demonstrated robust production and sales figures for Q2-2025 and YTD-2025, with costs managed below target, and continued progress in development and exploration [Production and Sales Performance](index=2&type=section&id=Production%20and%20Sales%20Performance) Contango's share of gold and silver sales from the Manh Choh project contributed significantly to revenue, supported by favorable realized gold prices and substantial cash distributions from the Peak Gold JV Contango's Share (30% basis) - Manh Choh Project | Metric | Q2-2025 | YTD-2025 | Unit | | :-------------------------------- | :---------- | :---------- | :--- | | Gold ounces sold | 17,764 | 35,146 | oz | | Silver ounces sold | 15,472 | 28,242 | oz | | Total gold sales | $58,157,337 | $109,384,105 | | | Total silver sales | $531,100 | $943,964 | | | Average realized spot gold price | $3,274 | $3,112 | per oz sold | | Average realized blended Carry Trade gold price | $2,441 | $2,385 | per oz sold | | Cash distributions received from Peak Gold JV | $30,000,000 | $54,000,000 | | [Costs and Guidance](index=2&type=section&id=Costs%20and%20Guidance) The project maintained competitive cash costs and AISC, with the latter seeing a slight increase due to planned capital expenditures, while reaffirming its 2025 gold production guidance Manh Choh Project Costs and Guidance | Metric | Q2-2025 | YTD-2025 | Unit | | :-------------------------------- | :---------- | :---------- | :--- | | Cash costs on By-Product Basis | $1,416 | $1,375 | per oz sold | | AISC on By-Product Basis | $1,548 | $1,461 | per oz sold | | 2025 Gold Production Guidance | N/A | 60,000 | oz | - The increase in AISC from Q1-2025 to Q2-2025 was primarily a result of sustaining capital expenditures on planned tractor replacements and the ongoing exploration drilling program at Manh Choh[5](index=5&type=chunk) [Development and Exploration Activities](index=2&type=section&id=Development%20and%20Exploration%20Activities) The Peak Gold JV successfully processed a significant volume of ore with high gold recovery, and Contango continued its permitting and baseline environmental work for future development - During Q2-2025, the Peak Gold JV (100% basis) processed **255,000 tons of ore** with an average grade of **0.220 oz per ton**, resulting in approximately **52,000 oz of recovered gold** (Contango's 30% share amounts to **15,700 oz**)[5](index=5&type=chunk) - The Company continued with ongoing work to permit the underground exploration drift and baseline environmental and engineering work for road and barge landing easements, with field crews starting at the end of July 2025[6](index=6&type=chunk) [Debt, Hedge Contracts, and Other Assets](index=3&type=section&id=Debt%2C%20Hedge%20Contracts%2C%20and%20Other%20Assets) The company actively managed its financial position through significant debt repayments, settlement of hedge contracts, and strategic acquisition of a new royalty, while maintaining a healthy cash balance [Debt Repayments](index=3&type=section&id=Debt%20Repayments) Contango made substantial repayments on its credit facility during and after Q2-2025, significantly reducing its outstanding principal balance - During Q2-2025, Contango repaid **$8.2 million** on its credit facility, reducing the outstanding principal balance by **21% to $30.1 million**[8](index=8&type=chunk) - Subsequent to period end, on July 11, 2025, an additional **$7 million** was repaid, further reducing the outstanding principal balance by **23% to $23.1 million**[8](index=8&type=chunk) [Hedge Contract Management](index=3&type=section&id=Hedge%20Contract%20Management) The company settled a "Carry Trade" hedge contract, reducing its overall hedge agreement balance - Contango settled a "Carry Trade" on July 31, 2025, involving **11,900 ounces of gold**, with a net payment of **$15.7 million** from Contango in exchange for the reduction of ounces under the hedge agreement[5](index=5&type=chunk)[8](index=8&type=chunk) - As of July 31, 2025, the remaining hedge agreement balance was **62,900 ounces**[8](index=8&type=chunk) [Marketable Securities and Royalties](index=3&type=section&id=Marketable%20Securities%20and%20Royalties) Contango holds a significant stake in Onyx Gold Corp. and recently acquired a new royalty, diversifying its asset base - The Company owns **5 million shares** in Onyx Gold Corp., valued at **Cdn$10.4 million** as of June 30, 2025, as a result of acquiring Highgold Mining Inc. in July 2024[8](index=8&type=chunk) - On July 1, 2025, Contango acquired an existing **0.5% net smelter return royalty** on the Lucky Shot project for **$250,000**[8](index=8&type=chunk) [Corporate Information](index=4&type=section&id=Corporate%20Information) [About Contango ORE, Inc.](index=4&type=section&id=About%20Contango%20ORE%2C%20Inc.) Contango ORE, Inc. is a NYSE American-listed company focused on gold and associated mineral exploration in Alaska, holding significant interests in several key projects including the Manh Choh project - Contango is a NYSE American listed company engaged in exploration for gold and associated minerals in Alaska[10](index=10&type=chunk) - The Company holds a **30% interest** in the Peak Gold JV, which operates the Manh Choh project, with the remaining **70%** owned by KG Mining (Alaska), Inc., a subsidiary of Kinross Gold Corporation[10](index=10&type=chunk) - Contango also holds leases on the Johnson Tract and Lucky Shot projects, and **100% interest** in approximately **153,600 acres** of State of Alaska mining claims[10](index=10&type=chunk) [Conference Call and Webcast](index=4&type=section&id=Conference%20Call%20and%20Webcast) Contango will host a conference call and webcast on August 14, 2025, to discuss its second-quarter results - Contango will host a conference call and webcast to discuss the second quarter results on **Thursday, August 14, 2025, at 1:00pm EST / 10:00am PST**[9](index=9&type=chunk) - Participants may join the webcast using the link: https://6ix.com/event/contango-ore-q2-update[9](index=9&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section serves as a cautionary note, highlighting that the press release contains forward-looking statements subject to various risks and uncertainties inherent in the mining industry, which could cause actual results to differ materially - This press release contains forward-looking statements intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995[11](index=11&type=chunk) - Forward-looking statements are based on current expectations, estimates, and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements[11](index=11&type=chunk) - Key risks include operational risks in exploration and mining, geological uncertainties, volatility of natural resources prices, availability and cost of financing, and potential delays or changes in government policies or approvals[11](index=11&type=chunk) [Contacts](index=5&type=section&id=Contacts) Provides contact information for Contango ORE, Inc. for further inquiries - Contact: Rick Van Nieuwenhuyse, President and CEO of Contango ORE, Inc[13](index=13&type=chunk) - Phone: (907) 888-4273[13](index=13&type=chunk) - Website: www.contangoore.com[13](index=13&type=chunk)