Contango Silver & Gold Provides Project Updates

Contango Silver & Gold Inc. (CTGO) issued a portfolio-wide operational update rather than reporting new drill results. At the Manh Choh project, the third 2026 drilling campaign began on August 20, 2026. Mill modifications for higher-grade sulphide ore in the South Pit are complete, and production is expected to remain consistent with guidance, with third-quarter financials due in November 2026.

At Lucky Shot, a surface drilling program concluded on August 29, 2026, comprising 29 holes and approximately 5,800 meters. Initial assays from the Coleman zone were released on September 2, 2026, with remaining surface assays expected next month. The underground program at Lucky Shot begins immediately with the arrival of the drill contractor, targeting the newly discovered KM vein system with approximately 1,100 meters from five stations. A move to the 2080E development in October will test the eastern L2 vein system.

At Johnson Tract, access road construction, barge landing geotechnical work, portal pad preparation, and surface preparations for underground exploration drift development were completed on time and on budget. Environmental and cultural baseline studies are substantially complete.

At Kitsault Valley, 123 holes totaling over 46,446 meters of core were completed as of September 6, 2026. All eight Dolly Varden target areas and the Homestake Main/Silver zone have been drilled. The program is expected to be completed by the end of September, with a mineral resource estimate still expected in late September. The release included no new assay intervals or new economic study results.

Contango Silver & Gold Inc. (CTGO) released a statement confirming the completion of its Kitsault Valley drill program and the issuance of an updated Mineral Resource Estimate (MRE) around late September, alongside the continuation of Lucky Shot underground drilling. The company characterized the release as a milestone confirmation rather than a discovery or a resource-changing event, noting that the market had already anticipated these developments.

The update did not materially alter the scale, grade, continuity, recoverability, or economics of any asset. Consequently, the news is classified as ordinary project execution, with all milestones remaining on track but no new value-creating data delivered. This assessment aligns with the company’s status as a producer generating cash flow from Manh Choh and its mid-tier market capitalization, factors that typically render routine drill-program completions and construction updates as non-equity-moving news.

Market reaction to recent high-grade results was modest. The LSS26016 high-grade result reported on Sept 2 elicited a limited response, with the stock price moving from approximately $27.17 on Sept 2 to $27.84 on Sept 8.

Contango Silver & Gold Inc. is a US and Canadian listed gold and silver developer-producer. The company holds a 30% interest in Manh Choh, a producing gold mine operated by KG Mining/Kinross, with 2026 production guidance of 40,000-45,000 oz gold net to Contango.

In Alaska, Contango owns 100% of the Lucky Shot high-grade underground gold target, which is advancing toward a feasibility study and a potential DSO production decision in 2027. The company also holds 100% of the Johnson Tract polymetallic gold-critical metals project, which is under FAST-41 permitting and carries an Initial Assessment NPV5 of USD 615.4M and 60% IRR at $4,000/oz gold.

Through the Dolly Varden acquisition, Contango added the 100%-owned Kitsault Valley silver-gold project in British Columbia’s Golden Triangle. The project is currently being drilled ahead of a late-September 2026 resource update.

The company’s balance sheet context remains strong, with cash of about $89 million at June 30, 2026. Contango has stated a plan to fund exploration and development through 2027.