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 ...

Core Insights - Contango ORE, Inc. announced a cash distribution of $9 million from the Peak Gold JV, bringing total distributions from gold sales in 2025 to $33 million [1] - The Peak JV has produced approximately 20,000 ounces of gold year to date, with expectations of 60,000 ounces for the entire year at an all-in-sustaining cost of $1,625 per ounce [2] - The company has reduced its credit facility balance to $30.1 million after prepaying $8.2 million in principal and continues to deliver against hedge contracts [2] Company Overview - Contango ORE, Inc. is engaged in gold exploration in Alaska, holding a 30% interest in the Peak Gold JV, which covers approximately 675,000 acres [3] - The company also has leases on the Johnson Tract and Lucky Shot projects, along with 100% ownership of additional mining claims in Alaska [3] - Financial results for Q1-2025 are expected to be released on May 14, 2025 [2]

Core Points - Contango ORE, Inc. has nominated two new independent directors, Michael Cinnamond and Clynton Nauman, to its board of directors [2][3] - The company will hold its 2025 Annual Meeting of Stockholders virtually on June 10, 2025, with proxy materials sent to stockholders after April 29, 2025 [1][4] - Current directors Joe Compofelice and Curtis Freeman will not stand for re-election, with their terms ending at the Annual Meeting [2][3] Company Overview - Contango ORE, Inc. is engaged in gold exploration in Alaska and holds a 30% interest in the Peak Gold Joint Venture, which covers approximately 675,000 acres [6] - The company also has leases on the Johnson Tract and Lucky Shot projects, along with 100% ownership of approximately 8,600 acres of mining claims in Alaska [6] - The Peak Gold Joint Venture is operated by Kinross Gold Corporation, which owns the remaining 70% [6]

Company Performance - Contango ORE, Inc. (CTGO) has returned approximately 3.7% since the start of the calendar year, outperforming the average gain of 2.6% in the Basic Materials sector [4] - The Zacks Consensus Estimate for CTGO's full-year earnings has increased by 23.8% over the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [3] - CTGO belongs to the Mining - Miscellaneous industry, which has seen a decline of about 0.7% this year, further highlighting CTGO's superior performance within its industry [5] Industry Context - The Basic Materials sector includes 232 individual stocks and currently holds a Zacks Sector Rank of 15 out of 16 groups [2] - The Mining - Miscellaneous industry, which includes CTGO, is ranked 172 in the Zacks Industry Rank [5] - Givaudan SA (GVDNY), another stock in the Basic Materials sector, has returned 2.7% since the beginning of the year, indicating that some stocks in this sector are also performing well [4][6]

Contango ORE, Inc. (CTGO) closed the last trading session at $10.32, gaining 2.8% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $27.17 indicates a 163.3% upside potential.The mean estimate comprises four short-term price targets with a standard deviation of $3.70. While the lowest estimate of $22 indicates an 113.2% increase from the current price level, the most optimistic analy ...

Core Insights - Contango ORE, Inc. announced cash distributions of $24 million from the Peak Gold JV in Q1-2025, consisting of $9 million from 2024 production and $15 million from the first half of Campaign 1-2025 [1][2][3] - The first campaign of 2025 processed 323,000 tons of ore with an average grade of 0.215 ounces per ton, resulting in approximately 65,000 ounces of recovered gold, of which Contango's share is about 19,500 ounces [2][3] - Cash distributions for 2025 are now expected to increase to $80 million based on a $2,800 per ounce spot gold price, which will be used to strengthen cash position, reduce debt, and fulfill hedge contracts [3] Financial Performance - The Peak Gold JV processed 323,000 tons of ore, exceeding the planned 275,000 tons, with gold recovery averaging 93.5% [2][3] - Contango's share of production for Campaign 1-2025 was approximately 19,500 ounces, surpassing the original guidance of 15,000 to 18,000 ounces [3] - The company plans to report results for the first campaign of 2025 alongside Q1-2025 financial results in May 2025 [3] Future Outlook - Ore processing for the second campaign of 2025 is scheduled for May 2025, with guidance for Contango's share of the Peak Gold JV's 2025 production remaining at 60,000 ounces [3] - Life-of-mine average annual production is expected to be 58,750 ounces per year through 2029, with all-in sustaining costs estimated at $1,400 per ounce [3] - The company continues to advance permitting activities and preliminary economic assessments on the Johnson Tract project [3]