Summary of Contango Ore (NYSEAM:CTGO) Conference Call Company Overview - **Company**: Contango Silver & Gold - **Date of Call**: March 26, 2026 - **Key Speakers**: Rick van Nieuwenhuyse (CEO), Shawn Khunkhun (President) Key Points Industry Context - The precious metals market has been challenging over the past 15-16 years, with a recent turnaround noted in the last six months [12][19] - The company aims to become a mid-tier producer focused on precious metals in North America, with significant projects in Alaska [13] M&A and Company Strategy - The merger between Contango Silver & Gold and Dolly Varden was overwhelmingly approved by shareholders, marking a significant milestone for the company [7] - The company plans to spend approximately $50 million on exploration and development in 2026, with a focus on enhancing its portfolio [14][35] Project Updates - **Mineral Resource Estimate (MRE)**: An MRE for the Kitsault project is expected by June 2026, following 200,000 meters of drilling [8] - **Manh Choh**: Projected to have a record production year in 2027, with guidance of 75,000-80,000 ounces of gold at all-in sustaining costs of $1,300-$1,400 [31] - **Johnson Tract**: Initial assessment showed a post-tax NPV of $224 million at $2,200 gold; current estimates suggest a much higher NPV due to rising gold prices [42][43] - **Lucky Shot**: Fully permitted for mining, with plans to drill and potentially discover 400,000-500,000 ounces of resource [70] Financial Performance - The company has $100 million in cash and generates approximately $100 million in free cash flow from its Montney operations [21] - Anticipated cash flows from Manh Choh are expected to be around $200 million at current gold prices [32] Market Dynamics - Gold and silver prices have seen significant corrections, with gold down over 20% and silver down nearly 50% from their peaks [20] - The company emphasizes a long-term view, focusing on building a sustainable business model rather than short-term fluctuations [21][82] Investor Insights - The company is positioned to attract investors looking for strong cash flow and a solid balance sheet, differentiating itself from junior miners reliant on share issuances [15] - The current market correction is viewed as a buying opportunity, with the company trading at half its value from two months prior [77] Future Outlook - The company aims to grow production from 60,000 ounces of gold annually to 200,000 ounces, alongside 5-10 million ounces of silver [66] - The management team is optimistic about the supportive regulatory environment for mining projects in North America [68] Additional Considerations - The direct shipping ore (DSO) model is highlighted as a key strategy, allowing for reduced capital expenditure and quicker permitting timelines [51][54] - The company is exploring the potential for further acquisitions in the Golden Triangle region, which has seen significant M&A activity recently [60] Conclusion - Contango Silver & Gold is well-positioned for growth in the precious metals sector, with a strong financial foundation, a robust project pipeline, and a strategic focus on long-term value creation for shareholders [79][82]

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].

Group 1 - The special meeting of stockholders of Contango Ore Inc. was called to order by the Chairman, Brad Juneau [2] - The meeting included the introduction of key company directors and officers, including Rick Van Nieuwenhuyse and Mike Clark [2] - Three proposals were presented for consideration: the arrangement proposal, the share increase proposal, and the incentive plan proposal [3][4] Group 2 - Proposal 1 involves the approval of the issuance of common stock to Dolly Varden shareholders as part of an arrangement [3] - Proposal 2 seeks to increase the number of authorized shares from 45 million to 250 million, along with an amendment to the Certificate of Incorporation [4] - Proposal 3 is focused on approving the new 2026 Omnibus Incentive Plan [4][5]

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].

Production and Guidance - In FY 2025, Contango's share of production from the Manh Choh mine totaled approximately 60,200 gold equivalent ounces, including 57,315 ounces of silver[2]. - The company plans to increase total tonnes mined in FY 2026 by approximately 14% compared to FY 2025, with an estimated production of 225,000 contained ounces mined[20]. - Contango's gold production guidance for FY 2026 is estimated at 40,000 to 45,000 oz, with cash costs ranging from $1,900 to $2,000 per oz sold[21]. - For FY 2027, gold production is projected to be between 75,000 to 80,000 oz, with cash costs estimated at $1,200 to $1,300 per oz sold[21]. - Total tons mined in FY 2026 is guided at 15.5 million tons, with gold production guidance of 142,700 oz[23]. - Gold recovery rate is expected to be 93% in FY 2026 and 88% in FY 2027[23]. Financial Performance - The company reported a net loss of $36.1 million for FY 2025, with an adjusted net income of $73.0 million and total income from operations of $69.1 million[2][18]. - Cash costs per ounce sold were $1,459, and all-in sustaining costs were $1,616, aligning with the 2025 guidance of $1,625 per ounce sold[3][15]. - Adjusted net income for the year is projected at $73 million, reflecting the underlying operating performance of the core mining business[28]. Cash Position and Distributions - The unrestricted cash position as of December 31, 2025, was $64.8 million, a significant increase from $20.0 million as of December 31, 2024[2][19]. - Cash distributions from the Peak Gold JV are estimated to be between $48 million and $54 million in FY 2026 and between $165 million and $175 million in FY 2027[20]. - Cash distributions from the Peak Gold JV are expected to be between $48 million to $54 million in FY 2026, increasing to $165 million to $175 million in FY 2027[21]. Strategic Plans - The company aims to be completely un-hedged by the end of FY 2026, with less than $10 million remaining on its Credit Facility[20]. - Contango plans to deliver 11,000 oz of gold into hedge contracts in FY 2026 and aims to be fully unhedged by early FY 2026[22]. - The company forecasts to completely pay off its Credit Facility by early 2027[22]. Project Developments - The Johnson Tract project has a post-tax net present value of $615.4 million and a pay-back period of 1.3 years at a $4,000 gold price[5]. - The company commenced an underground diamond drilling program at the Lucky Shot project in Q4 2025, targeting 400,000 to 500,000 measured and indicated gold ounces[4]. - The Dolly Varden merger is expected to close in late March 2026, creating a combined entity named Contango Silver & Gold Inc.[17]. Joint Ventures - Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres for exploration and development[31].

Core Viewpoint - Contango ORE, Inc. reported its FY 2025 financial results, highlighting production achievements, financial performance, and future production guidance for 2026 and 2027, alongside a planned merger with Dolly Varden Silver Corporation [1][6]. Financial Performance - In FY 2025, Contango's share of production from the Manh Choh mine was approximately 60,200 gold equivalent ounces, with a net loss of $36.1 million, which included a non-cash expense of $46.0 million from unrealized losses on derivative contracts [2][12]. - The company reported adjusted net income of $73.0 million and total income from operations of $69.1 million, compared to $26.3 million in FY 2024 [12][14]. - The unrestricted cash position as of December 31, 2025, was $64.8 million, up from $20.0 million at the end of 2024 [2][14]. Production Highlights - The company produced approximately 60,200 gold equivalent ounces in FY 2025, including 57,315 ounces of silver, with cash costs per ounce sold at $1,459 and all-in sustaining costs at $1,616 [3][10]. - For FY 2026, production guidance estimates Contango's share of gold production from the Manh Choh mine to be between 40,000 to 45,000 ounces, with cash costs projected between $1,900 to $2,000 per ounce [17][20]. Project Developments - At the Lucky Shot project, an underground diamond drilling program commenced in Q4 2025, targeting 400,000 to 500,000 measured and indicated gold ounces, with a feasibility study expected to be completed in 12 to 18 months [4][11]. - The Johnson Tract project has a post-tax net present value of $615.4 million, with ongoing permitting and field activities planned for 2026 [5][12]. Merger and Corporate Development - Contango announced a merger with Dolly Varden Silver Corporation, expected to close by late March 2026, creating a new entity named Contango Silver & Gold Inc. [6][12]. - The merger will result in existing shareholders of both companies owning approximately 50% of the new entity [12][24]. Cash Distributions and Debt Management - The company anticipates cash distributions from the Peak Gold JV to range between $48 million to $54 million in FY 2026 and $165 million to $175 million in FY 2027 [18][20]. - Contango plans to become fully unhedged by the end of FY 2026, with less than $10 million remaining on its Credit Facility [15][18].

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]