Rick Van Nieuwenhuyse, President and CEO of the Company, stated, “Production during the second quarter of 2025 continued to exceed quarterly guidance with record high net income of $15.9 million. During the quarter 17,764 ounces of gold was sold with cash costs of $1,416 per ounce of gold sold and all-in-sustaining costs (“AISC”) of $1,548 of gold sold, well below the 2025 target of $1,625 per ounce. The third campaign of 2025 is scheduled to commence on August 14, 2025 with Contango’s share of production expected to be 15,000 ounces of gold. On a 100% basis, the third campaign is expected to process 250,000 tons and an average gold grade of approximately 0.23 ounces per ton (~7 grams per ton).”

Statement of Operations for Q2-2025 compared to Q2-2024:
The Company reported total income for operations of $23.0 million (“M”) in Q2-2025 compared to a loss from operations of $3.1 M for Q2-2024. For Q2-2025, the Company reported net income of $15.9 M or $1.26 per issued share and $1.24 per fully-diluted share. This compares to a net loss of $18.5 M for Q2-2024 or a loss of $1.90 per issued and fully-diluted share. In Q2-2025, Contango sold 17,764 ounces of gold with cash costs on a by-product basis, per ounce (“Cash Costs”) of $1,416 and all-in-sustaining costs per ounce (“AISC”) of $1,548.

Statement of Cash Flows for the Six Months Ended June 30, 2025 compared to June 30, 2024:
Net cash provided from operating activities was $36.9 M for the six months ended June 30, 2025 (“YTD-2025”), a significant improvement compared to net cash used of $6.9 M for the six months ended June 30, 2024 (“YTD-2024”). The increase in net cash provided by operating activities was primarily driven by gold production at the Manh Choh project and the receipt of $54.0 M in cash distributions from the Peak Gold JV. Cash used in investing activities was $159,870 for YTD-2025 compared to $27.2 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 used in financing activities were $20.5 M for YTD-2025, which primarily related to principal repayments of $22.0 M on its credit facility. This compares to cash inflows of $42.7 M in YTD-2024, primarily related to debt drawdowns of $30.0 M on its credit facility and an equity raise of $14.2 M. The Company’s unrestricted cash position as of June 30, 2025 was $36.5 M compared to $20.1 M as of December 31, 2024.

During Q2-2025 and subsequent to period end, the Company has the following updates:

• Manh Choh Project:
  • Production results:

• • During Q2-2025 the Peak Gold JV, operated by a subsidiary of Kinross Gold Corporations (“Kinross”), (on a 100% basis) processed 255,000 tons of ore with an average grade of 0.220 ounces (“oz”) per ton and containing approximately 56,000 oz of gold. Gold recovery averaged 93%, resulting in approximately 52,000 oz of recovered gold, of which Contango’s 30% share amounts to 15,700 oz of gold.
  • During Q2-2025 17,764 ounces of gold were delivered to Contango and sold during the period with another 750 ounces of gold remaining in recoverable inventory at the end of the quarter.
  • For Q2-2025, cash costs on a by-product basis per ounce were $1,416, and AISC on a by-product basis, per ounce was $1,548 per ounce. The increase in AISC from the first quarter of 2025 compared to Q2-2025 is primarily a result of sustaining capital expenditures on the planned tractor (truck) replacements and the on-going exploration drilling program at Manh Choh.
  • During Q2-2025, the Peak Gold JV paid cash distributions to the Company in the amount of $30 million (“M”).
• Johnson Tract Project:
  During Q2-2025, the Company continued with ongoing work to permit the underground exploration drift and baseline environmental and engineering work for the road and barge landing easements. Field crews started at the end of July 2025.
• Repayments of Debt, Reduction of Hedge Contracts and Marketable Securities:
  • The Company’s unrestricted cash position as of June 30, 2025 was $36.5 M.
  • Credit Facility:
    • During Q2-2025, Contango repaid $8.2 M on the Facility, reducing the outstanding principal balance by 21% to $30.1 M.
    • Subsequent to period end, on July 11, 2025, Contango repaid $7 M on the Facility, reducing the outstanding principal balance by an additional 23% to $23.1 M.
• During Q2-2025, the Company sold all gold at spot price and simultaneously locked in a forward price with its lenders on 11,900 ounces of gold related to the July 31, 2025 hedge maturity date (referred to as a “Carry Trade”). The Carry Trade was settled on July 31, 2025 with a net payment of $15.7 M from Contango in exchange for the reduction of 11,900 ounces of gold under the hedge agreement. As of July 31, 2025, the hedge agreement balance was 62,900 ounces.
  • Onyx Shares:
    • As a result of acquiring Highgold Mining Inc. in July 2024, the Company owns 5 M shares in Onyx Gold Corp. (“Onyx”), which had a value of Cdn$10.4 M as of June 30, 2025.
  • Lucky Shot Royalty:
    • On July 1, 2025 a Mining Royalty Deed was quitclaimed to the Company, whereby the Company acquired an existing 0.5% net smelter return royalty from a private entity in the amount of $250,000.

CONFERENCE CALL AND WEBCAST

Contango will host a conference call and webcast to discuss the second quarter results on Thursday, August 14, 2025, at 1:00pm EST / 10:00am PST. Participants may join the webcast using the following call-in details: https://6ix.com/event/contango-ore-q2-update.

ABOUT CONTANGO

Contango is a NYSE American listed company that engages in exploration for gold and associated minerals in Alaska. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the Peak Gold JV. The Company and its subsidiaries also have (i) a lease on the Johnson Tract project from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project from the underlying owner, Alaska Hardrock Inc., (iii) 100% ownership of approximately 8,600 acres of peripheral State of Alaska mining claims, and (iv) a 100% interest in approximately 145,000 acres of State of Alaska mining claims that give Contango the exclusive right to explore and develop minerals on these lands. Additional information can be found on our web page at www.contangoore.com