Contango Intersects 140.23 g/t Gold over 0.63 Meters and 18.16 g/t Gold over 3.65 Meters at Lucky Shot and Advances KM Vein Drilling

Contango Silver & Gold Inc. (CTGO) has released the second batch of assay results from its 2026 Lucky Shot surface diamond program in Alaska, alongside updates on underground development and KM-vein drilling. The surface program ran from June 22 to August 31, 2026, totaling approximately 5,800 meters across 27 holes from five pads, falling slightly short of the planned 6,000 meters. This release covers nine holes from Coleman Pads C, D, E, and F.

Seven of the nine holes returned selected intervals, while LSS26007 and LSS26008 returned nothing significant. One interval in LSS26031 (3.92 m, 164.64–168.56 m, visible gold) is pending assay, and LSS26025 is also pending.

Key surface intercepts include:

• LSS26018 (Pad D): 140.23 g/t Au over 0.63 m (Coleman 4) and 9.97 g/t Au over 4.57 m (Coleman 7), including 86.98 g/t over 0.39 m.
• LSS26021 (Pad F): 18.16 g/t Au over 3.65 m across Coleman 1 and Coleman 4, including 61.73 g/t over 0.52 m; plus 3.22 g/t over 1.79 m (Coleman 3), 2.48 g/t over 0.60 m and 2.70 g/t over 0.30 m.
• LSS26019 (Pad E): 13.80 g/t Au over 2.74 m (Coleman 4), including 118.36 g/t over 0.30 m; plus 27.28 g/t over 0.36 m (unassigned), 3.10 g/t over 0.54 m and 2.41 g/t over 1.47 m.
• LSS26017 (Pad D): 46.32 g/t over 0.30 m (unassigned) and 15.86 g/t over 0.30 m (Coleman 2/1).
• LSS26009 (Pad C): 10.62 g/t over 0.51 m.
• LSS26006 (Pad C): 2.87 g/t over 1.60 m (Coleman 4), 7.19 g/t over 1.22 m and 5.88 g/t over 0.30 m (both unassigned).
• LSS26031 (Pad E): 3.94 g/t over 1.26 m (Coleman 4) plus three sub-3 g/t intervals.

All intervals represent downhole core lengths, and true widths are not known. No cutoff grade was disclosed. Assays were conducted by PhotonAssay (Paragon) with overlimit fire-assay/gravimetric analysis. Dave Larimer, CPG, serves as the Qualified Person, though he is not independent.

Underground operations have completed 450 meters of the planned 830 meters of lateral development, representing approximately 54% completion. Three headings are advancing, with completion targeted for mid-Q4 2026.

Drilling of the KM vein from the 2090W West Drift Extension began on September 16, 2026. The program plans for approximately 1,140 meters across 17 holes from five stations. Ten holes are complete, with assays expected in Q4 2026.

The next step is an updated mineral resource estimate in H1 2027, followed by a feasibility-level study targeting a five-year mine plan of 40,000–50,000 oz Au per year.

Contango Silver & Gold Inc. (CTGO) is a ~US$800 million-market-cap company, not a micro-cap explorer. It holds a producing 30% interest in Manh Choh, which has 2026 guidance of 40,000–45,000 oz Au and 2027 guidance of 75,000–80,000 oz at US$1,200–1,300/oz AISC. The company also owns an advanced Johnson Tract project carrying a US$615.4 million post-tax NPV5 in its own May 2025 Initial Assessment, alongside a Kitsault Valley resource of 89.55 moz AgEq indicated. The Lucky Shot target is 40,000–50,000 oz Au per year from a 110,000 oz (14.5 g/t) resource, with an aspirational 400,000–500,000 oz. Even a fully successful Lucky Shot would be one of four assets and the smallest production contributor. An infill assay batch at Lucky Shot cannot move an equity of this size.

The relevant prior result on the same Coleman system is the September 2, 2026 batch: LSS26016 at 2.45 m @ 86.05 g/t (211 g.m) plus the KM2/KM3 hand samples up to 395.10 g/t. The stock reacted mildly — US$26.14 on September 1 to US$27.73 on September 3, about +6% — and has since fallen to US$23.91. On this batch, the best single interval is 88 g.m (58% below the anchor on gram-metres) at higher grade but a quarter of the width; the best grade-at-width result is 66 g.m. So the delta is negative on gram-metres, in-line on grade.

The September 2 result did not re-rate the stock; the shares round-tripped from US$37.22 on May 8 and are 14% below the pre-anchor level and near the bottom of the provided series. This batch is not materially better in grade-and-width substance than anything previously demonstrated on the property.

The news serves as confirmation, not discovery. Infill at or above resource grade (LSS26021 at 18.16 g/t, LSS26019 at 13.80 g/t) across four pads supports the H1 2027 MRE and the feasibility study — the outcome the release says the market should expect. Two step-out holes missed. The KM vein, the only genuine discovery narrative, has zero assays in this release.

This release provides no new number about scale. It is a second tranche of a completed program, with the interesting interval pending.

Contango Silver & Gold Inc. (CTGO) manages a portfolio of assets including the Manh Choh mine, a joint venture with Peak Gold JV, Kinross (70% operator), and Contango (30%), which has been in production since Q3 2024. The project holds reserves and resources of approximately 1.0 moz Au at 8.0 g/t on a 100% basis. On a 30% basis, 2025 production yielded 59,500 oz Au and 60,200 oz AuEq, generating US$102 million in cash distributions. Guidance for 2026 calls for 40,000–45,000 oz Au, while 2027 guidance targets 75,000–80,000 oz Au at cash costs of US$1,200–1,300/oz and AISC of US$1,300–1,400/oz. The long-life average is approximately 60,000 oz/yr, with long-life free cash flow estimated at ~US$550 million at US$4,000/oz. Hedges were eliminated on July 1, 2026.

The company also owns the Lucky Shot project in the Willow Creek district, Alaska, on a 100% basis. Current resources stand at 110,000 oz Au at 14.5 g/t, with a target of 400,000–500,000 oz. Mining permits have been received, and the lease and 2% NSR were bought out in 2026 under a direct shipping ore model. The project targets 40,000–50,000 oz/yr, with a feasibility study planned for H1 2027 and production targeted for 2028.

Johnson Tract, also 100% owned, holds 1.1 moz AuEq at 9.4 g/t AuEq. An Initial Assessment in May 2025 reported a post-tax NPV5 of US$615.4 million and a post-tax IRR of >60% at US$4,000/oz, with initial capital of US$213.6 million, ~US$860/oz AuEq AISC, a ~1-year payback, a 7-year mine life, and ~102,258 oz AuEq/yr. Federal permitting is under FAST-41, with an access road and portal pad constructed in 2026. Litigation regarding the Section 404 permit was previously disclosed.

In the Golden Triangle, BC, Contango owns Kitsault Valley on a 100% basis, acquired via the Dolly Varden Silver acquisition completed on March 26, 2026. A September 2026 Mineral Resource Estimate reported 89.55 moz AgEq indicated (7.66 Mt at 363 g/t AgEq) and 64.92 moz AgEq inferred, representing a 93% increase in indicated resources versus 2023. An Initial Assessment is targeted for 2027.

Prior-period financial context from filings and the Q2 2026 release, not disclosed in today’s drill release, shows Q1 2026 net loss of US$14.3 million (-US$0.83/share) with US$97.6 million cash at March 31. Q2 2026 net income was US$4.8 million versus US$15.9 million in Q2 2025, with cash of US$89.0 million at June 30. Total debt per the Q1 balance sheet was US$33.0 million, rising to a US$46.3 million facility principal plus a US$20 million convertible debenture after the July hedge conversion, leaving a positive net cash position.

The capital structure includes ~33.5 million shares, 0.4 million warrants, and 0.5 million options, totaling ~34.4 million fully diluted. The company is included in the GDXJ and Russell 2000 ETFs. The presentation claims a 0.45x peer-average P/NAV against a ~2.4x peer-average grade.