Contango Silver & Gold (CTGO) Status update summary

Exploration and drilling updates

• Discovery of the KM Vein, a new high-grade gold vein at right angles to the main Lucky Shot shear system, confirmed by multiple drill intercepts with grades up to 60.22 g/t over 5.92m and subintervals up to 294.77 g/t.

• The KM Vein and other veins (L1B, L1C, L2) show strong mineralization and structural complexity, with visible gold observed across multiple veins, indicating a robust, multi-vein, stacked gold-bearing system.

• Drilling is about 12% complete for the 18,000 m program, with 20 holes totaling 2,063 meters finished and 40 more planned through April 2026, focusing on expanding resource definition and understanding vein continuity.

• Drilling targets the historically mined L2 vein, underlying L1b and L1c veins, and new structures like the KM vein.

• Underground drilling from established infrastructure increases efficiency, control, and data quality, allowing rapid turnaround and real-time model updates.

Key assay results and geological findings

• Multiple high-grade gold intersections were reported, including 99.75 g/t Au over 0.31m (KM vein) and 82.33 g/t Au over 0.5m (L1c vein).

• The KM vein, a newly identified structure, shows significant gold mineralization and adds exploration potential.

• The L2 vein remains the primary focus, with L1b and L1c veins also showing promising results.

Technical and operational advancements

• PhotonAssay technology adopted for gold assays, enabling non-destructive, large-sample, and more representative results, especially important for coarse gold.

• Analytical testing uses PhotonAssay and ICP-MS methods for gold and multi-element analysis.

• Systematic digital logging and near real-time data integration enhance exploration efficiency and decision-making.

• Quality assurance includes systematic logging, insertion of certified reference materials, blanks, and duplicates every 10 samples.

• All procedures comply with industry best practices and SEC S-K 1300 requirements.