Contango Earns Record $25M in Quarterly Income from Operations Has Cash of $107M

Contango Announces Record High $25 Million in Income from Operations and Cash Position of $107 Million for the Quarter Ended September 30, 2025

Nov 13, 2025, 17:00 ET

FAIRBANKS, Ala., Nov. 13, 2025 /PRNewswire/ – Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-Q for the quarter ended September 30, 2025 (“Q3-2025”).

Rick Van Nieuwenhuyse, President and CEO of the Company, stated, “Production during the third quarter of 2025 continued to exceed quarterly guidance with record high income of $25 million from operations and adjusted net income^[1] of $24.9 million. The Company ended the quarter with $107 million in cash. During the quarter, 16,669 ounces of gold were sold with cash costs per ounce sold of $1,402 and all-in-sustaining costs of $1,597 per ounce sold – below the 2025 target of $1,625 per ounce. The fourth campaign of 2025 is scheduled to commence on November 19, 2025. We expect the last campaign of the year to be lower than the previous three due to the short run time of the last batch of the year and the onset of winter operating conditions. We are guiding to between 6,000 and 8,000 gold ounces for Contango’s 30% share of Q4 production. However, to this we will add the test batch of Manh Choh ore blended with Fort Knox ore, which included 44,447 tons of ‘low grade oxide’ Manh Choh ore grading 0.104 oz/ton blended with typical Fort Knox ore. Recovery in the CIP circuit averaged 94% resulting in 4,366 total gold ounces produced, yielding approximately 1,300 additional gold ounces for Contango’s 30% production and will be added to the regular Q4 Campaign in the next quarterly reporting period. Lastly, we are also excited to announce that we have mobilized a drill rig to the Lucky Shot mine site with the first phase of a 15,000-meter underground in-fill drilling program getting underway soon. We expect assay results to start being reported in the first quarter of 2026. This work, along with detailed engineering, hydrology and geotechnical work will form the basis for a feasibility level mine and transportation plan for Lucky Shot, which we are targeting to produce 30,000 to 40,000 ounces of gold per year using our Direct Shipping Ore (DSO) approach. We expect to complete the feasibility study in 12 to 18 months and make a production decision in 2027.”

1 See non-GAAP measure disclosed in press release below.

Statement of Operations for Q3-2025 Compared to Q3-2024

The Company reported total income from operations of $25.0 million (“M”) in Q3-2025 compared to $22.7 M for the quarter ended September 30, 2024 (“Q3-2024”). In Q3-2025, the Company reported adjusted net income of $24.9 M compared to $19.1 M for Q3-2024. The Company reported net loss of $5.4 M or $0.44 loss per fully diluted share. This compares to a net loss of $9.7 M for Q3-2024 or $0.81 loss per fully diluted share. The net loss for Q3-2025 and Q3-2024 includes a non-cash unrealized loss on derivative contracts in the amounts of $14.4 M and $22.9 M, respectively. In Q3-2025, Contango sold 16,669 ounces of gold with cash costs on a by-product basis of $1,402 per ounce sold and all-in-sustaining costs (“AISC”) of $1,597 per ounce sold.

Statement of Cash Flows for the Nine Months Ended September 30, 2025 Compared to September 30, 2024

Net cash provided from operating activities was $60.2 M for the nine months ended September 30, 2025 (“YTD-2025”), a significant improvement compared to $10.6 M for the nine months ended September 30, 2024 (“YTD-2024”). The increase was primarily driven by gold production at the Manh Choh mine and the receipt of $87.0 M in cash distributions from the Peak Gold JV. Cash used in investing activities was $361,992 for YTD-2025 compared to $31.9 M in YTD-2024, which related to cash invested in the Peak Gold JV to fund Contango’s share of Manh Choh development costs in 2024. Cash provided by financing activities was $26.9 M for YTD-2025, primarily from an equity offering offset by principal repayments of $29.0 M on its credit facility. The Company’s unrestricted cash position as of September 30, 2025 was $107.0 M compared to $20.1 M as of December 31, 2024.

Manh Choh Mine: Production Results (Contango’s 30% Share)

2 The Carry Trade represents 13,600 oz of gold sold at spot and simultaneously locked with a forward contract maturing Oct 31, 2025. It settled with a net payment of $22.4 M from Contango, reducing the hedge balance.
3 See non-GAAP measures in Item 2 of the Company’s 10-Q.

Lucky Shot Project

A drill rig is currently being mobilized with the first phase of a 15,000-meter underground in-fill drilling program commencing soon. Assays are expected in Q1 2026. This work will support a feasibility-level mine and transportation plan, targeting 30,000–40,000 oz/year via Direct Shipping Ore (DSO). Feasibility completion is expected in 12–18 months with a production decision in 2027.

Johnson Tract Project

During Q3-2025, the Company continued permitting of the underground exploration drift, baseline environmental work, and engineering for a road and barge landing facility within Transportation and Port Easements granted by CIRI. Field crews were active July–October 2025.

Repayments of Debt, Hedge Reductions & Financing

Unrestricted cash was $107 M at September 30, 2025.

• $7.0 M credit facility repayment in Q3 (balance reduced to $23.1 M)
• Additional $8.5 M repaid on Oct 2, 2025 (balance now $14.6 M)
• Carry Trade: 13,600 oz delivered; hedge balance now 49,300 oz
• Raised $50 M via 1,975,000 shares + 525,000 pre-funded warrants at $20.00 and $19.99

Adjusted Net Income (Non-GAAP)

Conference Call and Webcast

Contango will host a conference call on Friday, November 14, 2025 at 11:30am EST / 8:30am PST.
Join here: https://6ix.com/event/contango-ore-q3-update

About Contango

Contango is a NYSE American listed company engaged in exploration for gold and associated minerals in Alaska. It holds a 30% interest in the Peak Gold JV (Manh Choh project), with 70% owned by Kinross subsidiary KG Mining. The Company also has: (i) a lease on the Johnson Tract project with CIRI, (ii) a lease on the Lucky Shot project with Alaska Hardrock Inc., (iii) 100% ownership of 8,600 acres of peripheral Alaska mining claims, and (iv) 100% interest in 145,000 acres of State mining claims.
More info: www.contangoore.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual outcomes to differ materially. Risks include operational risks, geological uncertainty, commodity price volatility, financing availability, delays in permitting, loss of key personnel, environmental risks, political risks, and other factors disclosed in Contango’s SEC filings. Forward-looking statements are based on current estimates and assumptions and Contango undertakes no obligation to update them.

Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA has received compensation from CTGO of US$80,000 cash for ten months of coverage. NIA’s President has purchased 2,000 shares of CTGO in the open market and intends to buy more shares. This message is for informational and educational purposes only and does not provide investment advice.