Financial Data and Key Metrics Changes - The company recorded $19 million in income from operations, which includes $22.3 million in equity income from the Peak Gold JV, resulting in a net loss of $22.5 million for the quarter, primarily due to an unrealized loss of $40.5 million related to hedge contracts [3][4] - Cash costs were approximately $13.34 per ounce of gold sold, with an all-in sustaining cost (AISC) of $13.74 per ounce [4] - The company ended the quarter with $35 million in cash and marketable securities valued at about $900,000, which increased to approximately $4 million post-quarter [5] Business Line Data and Key Metrics Changes - At the Mancho operations, over 17,000 ounces of gold were sold, with an additional 3,800 ounces in recoverable inventory [4] - The company maintained its guidance for 2025 at 60,000 ounces of gold with an AISC of about $1,625, expecting AISC to increase in later quarters due to rising sustaining capital [4][29] Market Data and Key Metrics Changes - Gold prices increased from $2,600 at the beginning of the year to around $3,100 by the end of the quarter, impacting the company's hedge liabilities [3][6] Company Strategy and Development Direction - The company is focused on managing cash flow through a carry trade strategy, allowing it to sell gold at spot prices while managing hedge obligations [15][36] - The management emphasized the importance of continuing to deliver into hedges and paying down debt, with a target to finish the year with approximately $15 million in facility balance [25][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about production exceeding expectations, with a 30% increase in gold produced compared to plans for Q1 [11][12] - The dismissal of a lawsuit against the company was viewed positively, as it supports the Mancho project and mining operations in Alaska [21][24] - The company plans to focus on permitting the Johnson Track project, with expectations of a year-long process for the tunnel permit [42][43] Other Important Information - The company is currently selling 30% of its gold at spot prices and 70% into hedges, with plans to manage this ratio effectively [36] - The management highlighted the potential for a significant balance sheet transformation as debt is reduced and production increases [90] Q&A Session Summary Question: Can you provide more details on the carry trade and hedge delivery schedule? - The company has shifted its approach to better manage cash flow through carry trades, allowing for gold sales at spot prices while settling hedges in cash [15][16] Question: What is the status of the Onyx shares? - The Onyx shares, acquired through HIGOLD, are now valued at approximately $5 million, providing an additional source of capital [18][19] Question: What is the impact of the dismissed lawsuit? - The dismissal of the lawsuit is seen as beneficial for the Mancho project and for mining in Alaska, reducing regulatory hurdles [21][24] Question: What are the capital allocation priorities for the remainder of the year? - The focus will be on paying down debt, delivering into hedges, and potentially reviewing budgets for exploration programs [47][48] Question: What are the next key milestones for the Johnson Track project? - The next stage involves permitting the underground access tunnel, expected to take about a year [42][43] Question: Will the derivative liability decline significantly? - The hedge liability is expected to decrease significantly, potentially halving by the end of the year if gold prices remain stable [90]

Company Profile & Strategy - Contango Ore Inc's (CTGO) market capitalization is $163 million[12] - The company's corporate strategy is to become a mid-tier gold producer, targeting 200,000 GEO/year in Alaska using a Direct Ship Ore (DSO) approach[125, 126] - Contango's portfolio is focused on Alaskan projects, including the Manh Choh Mine (30% ownership), Lucky Shot Mine (100% ownership), and Johnson Tract Project (100% ownership)[17, 18, 19] Manh Choh Mine - Manh Choh Mine started commercial production in July 2024[22] - The mine is projected to produce approximately 60,000 GEO in 2025, with a mix of hedged (70%) and spot (30%) sales[21] - The Life of Mine (LOM) free cash flow is estimated at ~$320 million at a gold price of $2,800/oz[21] - Contango received $24 million in cash distributions from the Peak Gold JV in Q1 2025[33] Lucky Shot Mine - Lucky Shot Mine has a current resource of 110,000 GEO at 14.5 g/t[21] - The company plans to drill and develop 400,000-500,000 GEO at Lucky Shot, targeting 30,000 – 40,000 GEO annual production[21] - Combined segments of Lucky Shot Vein Resources Indicated: 226,963 tonnes, Au Grade 14.5 g/t, Au Ounces 105,620[65] Johnson Tract Project - Johnson Tract Project has a current resource of 1.1 Moz at 9.4 g/t GEO[21] - An 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[21] - The project is targeting 100,000 GEO annual production[21]

[Company Announcement & Q1-2025 Highlights](index=1&type=section&id=Company%20Announcement%20%26%20Q1-2025%20Highlights) [Q1-2025 Financial and Operational Overview](index=1&type=section&id=Q1-2025%20Financial%20and%20Operational%20Overview) The company achieved significant operating income growth in Q1-2025, shifting from a loss to a profit, driven by substantial gold sales at low all-in sustaining costs Q1-2025 Financial and Operational Overview | Metric | Q1-2025 | Q1-2024 | | :----------------------- | :--------------- | :--------------- | | Operating Income | $19.3 M | ($2.9 M) | | Net Loss | ($22.3 M) | ($20.5 M) | | Non-cash Loss on Derivative Contracts | $40.5 M | $15.6 M | | Gold Sold | 17,382 oz | - | | Cash Costs (By-Product Basis) | $1,334/oz | - | | All-in Sustaining Costs (AISC) | $1,374/oz | - | | Unrestricted Cash Position (as of Mar 31) | $35.0 M | - | | Unrestricted Cash Position (as of Dec 31) | - | $20.1 M | [CEO's Strategic Commentary](index=1&type=section&id=CEO's%20Strategic%20Commentary) The CEO highlights a successful Q1-2025 with Manh Choh's gold production exceeding guidance, progress on hedge contracts, and a positive technical report for the Johnson Tract project - Manh Choh project's gold production exceeded quarterly guidance, with **17,382 ounces sold** at an AISC of **$1,374/oz**, well below the 2025 target of $1,625/oz[3](index=3&type=chunk) - Nearly **12,000 ounces of gold** were delivered against hedge contracts via a Carry Trade, effectively reducing the hedge balance to **74,800 ounces**[3](index=3&type=chunk) - Manh Choh mining operations are proceeding as planned, with continuous improvements in ore transportation and processing at Fort Knox[4](index=4&type=chunk) - The 2025 gold production guidance for Peak Gold JV's 30% share remains at **60,000 ounces**, with a life-of-mine average annual production of **58,750 ounces** through 2029 at an estimated AISC of **$1,400/oz**[4](index=4&type=chunk) - Received **$24 M in cash distributions** in Q1-2025, with an additional **$9 M** received on April 24[4](index=4&type=chunk) - The Johnson Tract project's technical report summary was completed, showing robust economics with a net present value exceeding **$400M** at current gold prices[7](index=7&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) [Statement of Operations Analysis](index=2&type=section&id=Statement%20of%20Operations%20Analysis) The company reported a net loss in Q1-2025, primarily driven by unrealized losses on derivative contracts, partially offset by income from its Peak Gold equity investment Statement of Operations | Metric | Q1-2025 | Q1-2024 | | :----------------------- | :--------------- | :--------------- | | Net Loss | ($22.3 M) | ($20.5 M) | | Basic and Diluted Loss Per Share | ($1.86) | - | | Income from Equity Investment in Peak Gold, LLC | $22.3 M | - | | Unrealized Loss on Derivative Contracts | ($40.5 M) | ($15.6 M) | | Interest and Finance Expense | ($2.7 M) | - | [Statement of Cash Flows Analysis](index=2&type=section&id=Statement%20of%20Cash%20Flows%20Analysis) Operating cash flow improved significantly in Q1-2025 due to gold production and distributions from the Peak Gold JV, while financing activities reflected credit facility repayments Statement of Cash Flows | Cash Flow Type | Q1-2025 | Q1-2024 | | :------------------- | :--------------- | :--------------- | | Net Cash from Operating Activities | $28.6 M (Provided) | ($4.4 M) (Used) | | Net Cash from Investing Activities | $0 (Used) | ($15.5 M) (Used) | | Net Cash from Financing Activities | ($13.7 M) (Used) | $12.0 M (Inflow) | - The increase in operating cash flow was primarily driven by gold production from the Manh Choh project, a **$24.0 M cash distribution** from the Peak Gold JV, and a **$7.8 M increase** in accounts payable[8](index=8&type=chunk) - Cash outflow from financing activities was mainly for a **$13.8 M principal repayment** on the credit facility[8](index=8&type=chunk) [Project and Operational Updates](index=2&type=section&id=Project%20and%20Operational%20Updates) [Manh Choh Project](index=2&type=section&id=Manh%20Choh%20Project) The Manh Choh project demonstrated strong Q1-2025 performance with significant sales, substantial cash distributions, well-controlled costs, and successful litigation resolution [Production and Sales Metrics](index=2&type=section&id=Production%20and%20Sales%20Metrics) Production and Sales (Contango's 30% Share) | Metric | Quantity | | :----------------------- | :----- | | Gold Sold | 17,382 oz | | Silver Sold | 12,770 oz | | Recoverable Gold in Inventory | 3,810 oz | | Gross Gold Sales | $51,226,768 | | Gross Silver Sales | $412,864 | | Average Realized Spot Gold Price | $2,947/oz | | Average Realized Blended Carry Trade Gold Price | $2,314/oz | | 2025 Gold Production Guidance | 60,000 oz | - On a 100% basis, the Peak Gold JV processed **323,000 tons of ore** in Q1-2025 at an average grade of **0.215 oz/ton**, recovering approximately **65,000 ounces of gold**, with Contango's 30% share being **19,500 ounces**[11](index=11&type=chunk) [Financial Distributions and Costs](index=3&type=section&id=Financial%20Distributions%20and%20Costs) Financials and Costs | Metric | Amount | | :----------------------- | :----------- | | Peak Gold JV Cash Distribution (Q1-2025) | $24,000,000 | | Peak Gold JV Additional Cash Distribution (Post-Quarter) | $9,000,000 | | Cash Costs (By-Product Basis) | $1,334/oz | | All-in Sustaining Costs (AISC) | $1,374/oz | [Legal Resolution](index=3&type=section&id=Legal%20Resolution) - Litigation against the Alaska Department of Transportation (DOT) concerning the Manh Choh project's ore haulage program was dismissed by the "Community Safety Coalition" (CSC) on May 6, 2025[5](index=5&type=chunk)[6](index=6&type=chunk)[11](index=11&type=chunk) [Johnson Tract Project Development](index=2&type=section&id=Johnson%20Tract%20Project%20Development) The Johnson Tract project's completed technical report summary outlines strong economic potential as an underground mining operation utilizing a direct-shipping ore model - On May 6, 2025, the company announced the completion of a Technical Report Summary (TRS) for the Johnson Tract project, summarizing the results of an Initial Assessment (IA)[7](index=7&type=chunk)[14](index=14&type=chunk) - The IA indicates potential for a **7-year mine life** underground operation using the same direct-shipping ore (DSO) method as the Manh Choh mine[7](index=7&type=chunk)[14](index=14&type=chunk) Initial Assessment Highlights | IA Highlight | Value | | :----------------------- | :---------------- | | Pre-Tax Net Present Value (NPV5%) | $359.0 Million | | Pre-Tax Internal Rate of Return (IRR) | 37.4% | | After-Tax Net Present Value (NPV5%) | $224.5 Million | | After-Tax Internal Rate of Return (IRR) | 30.2% | | Life of Mine (LOM) | 7 Years | | LOM Average Annual Production | 102,258 GEO (7.58 g/t AuEq oz) | | Initial Capital Costs | $213.6 Million (incl $36 M contingency) | | Sustaining Capital Costs | $61.3 Million (incl $12.3 M contingency) | | AISC | $860/GEO Sold | | Undiscounted Payback Period | 1.3 Years | - The company will continue to focus on permitting for the underground access, road transport corridor, and port easements[7](index=7&type=chunk)[14](index=14&type=chunk) [Capital Structure and Investments](index=4&type=section&id=Capital%20Structure%20and%20Investments) The company actively managed its debt and hedge contracts through credit agreement amendments and a Carry Trade strategy, while its investment in Onyx Gold Corp saw significant appreciation [Debt Management and Credit Facility](index=4&type=section&id=Debt%20Management%20and%20Credit%20Facility) - On February 18, 2025, the company amended its credit facility, deferring a **$10.6 M principal repayment** and the delivery of **15,000 ounces of hedged gold** to the first half of 2027, and extending the maturity date to June 30, 2027[14](index=14&type=chunk) - In Q1-2025, the company repaid **$13.8 M** of its credit facility, reducing the outstanding principal balance by **26.5% to $38.3 M**[14](index=14&type=chunk) - Post-quarter, on April 4, 2025, an additional **$8.2 M was repaid**, further reducing the outstanding principal balance by **21% to $30.1 M**[14](index=14&type=chunk) [Hedge Contract Management](index=4&type=section&id=Hedge%20Contract%20Management) - During Q1-2025, the company sold **11,939 ounces of gold** through a "Carry Trade" strategy, simultaneously locking in a forward price to settle hedge contracts due April 30, 2025[14](index=14&type=chunk) - The Carry Trade generated a **$2.2 M derivative asset**, which offsets the derivative liability on the financial statements[14](index=14&type=chunk) - The Carry Trade was settled on April 30, 2025, with Contango paying **$11.0 M** in exchange for a reduction of **11,939 ounces of gold** under the hedge agreement[15](index=15&type=chunk) - As of April 30, 2025, the remaining balance on the hedge agreement was **74,800 ounces**[15](index=15&type=chunk) [Strategic Investments (Onyx Gold Corp.)](index=5&type=section&id=Strategic%20Investments%20(Onyx%20Gold%20Corp.)) - The company holds **5 million shares** of Onyx Gold Corp, valued at **Cdn$1.35 M** as of March 31, 2025[15](index=15&type=chunk) - As of the release date, the value of the Onyx shares had increased to approximately **Cdn$5.0 M**[15](index=15&type=chunk) - On April 10, 2025, Onyx announced drill results from its Munro-Croesus project and an option agreement to acquire a 100% interest in a key inlier property adjacent to the project[15](index=15&type=chunk) [Additional Information](index=5&type=section&id=Additional%20Information) [About Contango ORE, Inc.](index=5&type=section&id=About%20Contango%20ORE,%20Inc.) Contango ORE, Inc is a NYSE American-listed company focused on gold and mineral exploration in Alaska, holding interests in the Manh Choh, Johnson Tract, and Lucky Shot projects - Contango holds a **30% interest** in the Peak Gold JV, which leases approximately **675,000 acres** for exploration and development of the Manh Choh project[17](index=17&type=chunk) - The company also holds lease rights to the Johnson Tract and Lucky Shot projects, as well as approximately **8,600 acres** of peripheral State of Alaska mining claims and **145,000 acres** of State of Alaska mining claims[17](index=17&type=chunk) [Conference Call & Webcast](index=5&type=section&id=Conference%20Call%20%26%20Webcast) Contango will host a conference call and webcast on May 15, 2025, to discuss its quarterly results - The conference call and webcast will be held on May 15, 2025, at **1:00 PM Eastern Time / 10:00 AM Pacific Time**[16](index=16&type=chunk) [Forward-Looking Statements & Risks](index=5&type=section&id=Forward-Looking%20Statements%20%26%20Risks) This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected - Forward-looking statements are based on current expectations, estimates, and projections and involve risks inherent to the exploration and mining industry, including operational risks, geological uncertainties, and commodity price volatility[18](index=18&type=chunk) - Other risks include uncertainty of financing availability, ability to maintain ownership interest in the Peak Gold JV, failure to realize anticipated value from acquisitions, and changes in government policy or delays in approvals[19](index=19&type=chunk) [Contacts](index=6&type=section&id=Contacts) Contact information for Contango ORE, Inc is provided - Contact: Rick Van Nieuwenhuyse, Phone: (907) 888-4273, Website: www.contangoore.com[20](index=20&type=chunk)

Table of Contents FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35770 CONTANGO ORE, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (907) 888-4273 (Registrant's telephone nu ...

Core Viewpoint - Contango ORE, Inc. reported significant improvements in its financial performance for Q1-2025 compared to Q1-2024, with total income from operations of $19.3 million and a net loss of $22.3 million, primarily due to non-cash expenses related to derivative contracts [2][8]. Financial Performance - Total income for operations in Q1-2025 was $19.3 million, a substantial increase from a loss of $2.9 million in Q1-2024 [2]. - The net loss for Q1-2025 was $22.3 million, which included a non-cash expense of $40.5 million from an unrealized loss on derivative contracts [2][8]. - The unrestricted cash position as of March 31, 2025, was $35.0 million, up from $20.1 million as of December 31, 2024 [2]. Gold Production and Costs - Contango sold 17,382 ounces of gold in Q1-2025, with cash costs on a by-product basis of $1,334 per ounce and all-in-sustaining costs (AISC) of $1,374 per ounce [2][11]. - The company’s share of gold production from the Peak Gold JV is expected to reach 60,000 ounces in 2025, with a life-of-mine average annual production estimated at 58,750 ounces per year until 2029 [4]. Cash Flow and Investments - Net cash provided from operating activities was $28.6 million for Q1-2025, a significant improvement from a net cash used of $4.4 million in Q1-2024 [7]. - Cash used in investing activities was zero for Q1-2025, compared to $15.5 million in Q1-2024, which was related to development costs for the Peak Gold JV [7]. Legal and Regulatory Developments - The Committee for Safe Communities dismissed their lawsuit against the State of Alaska DOT regarding trucking ore from Manh Choh to Fort Knox, which is expected to have favorable impacts on the project [5]. Project Updates - The Technical Report Summary on the Johnson Tract Project indicates robust economics with a net present value (NPV) exceeding $400 million at current gold prices, supporting the potential for a seven-year underground mining operation [6][14]. - The Peak Gold JV processed 323,000 tons of ore in Q1-2025, yielding approximately 65,000 ounces of recovered gold, of which Contango's share was 19,500 ounces [11].

Summary of Contango Ore (CTGO) Update / Briefing May 08, 2025 Company Overview - **Company**: Contango Ore (CTGO) - **Project Focus**: Johnson Track project located in Lower Cook Inlet, Alaska Key Points and Arguments Project Economics - The Johnson Track project has a **Net Present Value (NPV)** of **$225 million** and an **Internal Rate of Return (IRR)** of **30%** [9][20] - The project is expected to produce approximately **60,000 ounces of gold** in the current year [7] - The average gold equivalent grade is **7.58 grams per ton**, with a resource grade of **9.4 grams per ton** [21][55] - Initial capital costs are estimated at **$214 million**, including **$36 million** for contingencies [22][24] - The project has a **payback period** of just over **one year** [24][32] Mining and Development Strategy - The mining method will primarily utilize **long hole stoping**, which is cost-effective for the underground mine [33][34] - The project will involve a **one-kilometer tunnel** for access, which is designed to facilitate efficient ore extraction [16][41] - The mine plan includes a **seven-year mine life**, with production ramping up in the first year [52][71] - The project is designed to minimize environmental impact, with all development work planned in an unmineralized area to avoid acid rock drainage [19][92] Market Sensitivity and Pricing - The project is sensitive to gold prices, with projections showing an NPV of **$400 million** at **$3,000 gold** and **$600 million** at **$4,000 gold** [26] - The base case gold price used for projections is **$2,200** [38] Capital Allocation and Funding - The company plans to use cash flow from the **Montchaux project** to fund the development of Johnson Track [44][100] - Future funding may involve a combination of **equity and debt**, with a focus on maintaining financial flexibility [61][62] Community Engagement and Permitting - Community engagement is prioritized, particularly with the **Cook Inlet Regional Corporation (Siri)**, which owns the land [85][88] - The permitting process is ongoing, with a focus on ensuring compliance with mining operation standards [41][45] Exploration Potential - There is significant upside potential for increasing the size of the ore body, as the deposit is open at depth and along strike [66][70] - The mineralization style is related to a **porphyry system**, indicating potential for further discoveries [68] Operational Adjustments - The company is considering **ore sorting** as a method to enhance operational efficiency and reduce costs [58][59] - The project is robust even at lower gold prices, maintaining a positive NPV at **$1,800 gold** [60] Environmental Considerations - Environmental management is a key focus, with plans to address water quality and contamination risks during the feasibility study [93][94] Additional Important Content - The company is cautious about using **streaming financing**, preferring traditional debt options due to improved cash flow from operations [95][98] - The **average all-in sustaining cost (ASIC)** is projected at **$860 per gold equivalent ounce**, which includes operational and sustaining capital expenditures [48][49] This summary encapsulates the critical insights from the conference call regarding the Johnson Track project and the strategic direction of Contango Ore.

Company Performance - Contango ORE, Inc. (CTGO) has gained approximately 39.5% year-to-date, significantly outperforming the Basic Materials sector, which has returned an average of 4.1% [4] - The Zacks Consensus Estimate for CTGO's full-year earnings has increased by 23.8% over the past 90 days, indicating improved analyst sentiment and a more positive earnings outlook [3] - Contango ORE, Inc. holds a Zacks Rank of 1 (Strong Buy), suggesting strong potential for continued performance [3][7] Industry Context - Contango ORE, Inc. is part of the Mining - Miscellaneous industry, which includes 58 companies and currently ranks 164 in the Zacks Industry Rank [6] - The Mining - Miscellaneous industry has gained an average of 5.1% year-to-date, indicating that CTGO is outperforming its industry peers [6] - Another stock in the Basic Materials sector, EMX Royalty Corp. (EMX), has also shown strong performance with a year-to-date increase of 25.4% and a Zacks Rank of 1 (Strong Buy) [4][5]

____________________________ Pre-Tax net present value discounted at 5% ("NPV5") of USD $359.0 million Pre-Tax Internal Rate of Return ("IRR") of 37.4% FAIRBANKS, AK, May 6, 2025 /PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) is pleased to announce that it has completed the Technical Report Summary ("TRS") on the Johnson Tract Project (the "Project" or "Johnson Tract"), located in Alaska, U.S.A. The TRS summarizes the results of an Initial Assessment ("IA") of the pote ...

FAIRBANKS, Alaska, April 30, 2025 /PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) announces that Contango is in Washington DC this week for the annual 'Alaska On The Hill' event. The Company is joined by 120 of its fellow Alaskans from across the various businesses to bring Alaska's unique business voice to the Nation's Capital to advocate for a healthy Alaskan economy and a secure future for Alaska.Rick Van Nieuwenhuyse, the Company's President and CEO stated, "We are ...

Equity Insider News CommentaryIssued on behalf of RUA GOLD Inc.VANCOUVER, BC, April 25, 2025 /PRNewswire/ -- Equity Insider News Commentary – Despite the hyperactivity in the markets and with gold prices, analysts at JP Morgan are still predicting $4,000/oz gold prices by Q2 2026. And the optimism for gold bugs doesn't end there, as a new report from Morningstar Equity Research is highlighting how these high gold prices support gold miner stocks. Now analysts from Jefferies are raising their price targets f ...