Contango Reaffirms and Updates 2025 Manh Choh Guidance

Core Viewpoint - Contango ORE, Inc. has provided guidance for its 30% interest in the Peak Gold JV, reaffirming anticipated gold production for 2025 and updating all-in sustaining costs (AISC) for the mine, along with cash distributions from the Peak Gold JV [1][2]. Production and Cost Estimates - The company expects its share of gold production from the Manh Choh mine in 2025 to be approximately 60,000 ounces [2][5]. - The estimated AISC for the life-of-mine (LOM) is projected to increase to about $1,400 per ounce of gold equivalent (AuEq) sold, up from$1,116 per ounce as per the Manh Choh Technical Report Summary [2][5]. - The estimated AISC for 2025 on a standalone basis is expected to be around $1,625 per ounce of AuEq sold [2][5]. - Factors contributing to the AISC increase include weight restrictions on the Chena Flood Plain Bridge and higher moisture content in the ore, limiting annual ore transport by approximately 20$2,500 per ounce, the company projects cash distributions from the Peak Gold JV to be approximately $50 million in 2025 [2][5]. - The company anticipates producing 38,500 ounces of gold on its account for 2024 and 60,000 ounces for 2025 [5]. Credit Facility Update - The company is working with lenders to restructure a portion of the credit facility principal repayments and related hedge contracts to align better with the production schedule of the Manh Choh production campaigns [3]. Company Overview - Contango ORE, Inc. is engaged in gold exploration in Alaska and holds a 30% interest in the Peak Gold JV, which covers approximately 675,000 acres for exploration and development [8]. - The remaining 70% of the Peak Gold JV is owned by KG Mining (Alaska), Inc., a subsidiary of Kinross Gold Corporation [8]. - The company also has leases on the Johnson Tract and Lucky Shot projects, along with ownership of additional mining claims in Alaska [8].