Contango ORE Inc Provides Update on Financing and Exploration Plans Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Romeo Maione - 6ix - Analyst : There's a cost related.

Question: Romeo Maione - 6ix - Analyst : No, I appreciate it very much. And I appreciate you referencing the discount because it certainly did come up in questions over e-mail. If anybody has further questions about it, please do shoot to us in the chat. One thing I wanted to talk about just because I noticed it and a lot of people reached out to ask about it as well. Michael, I'll throw this to you. Part of this offering structured with those prefunded warrants. I'd love if you could explain to folks what those are and how they work because warrant feels like a misnomer for what those actually are, but I'll throw it to you.

Question: Romeo Maione - 6ix - Analyst : Okay. No, I appreciate that. And Rick, another question that came in over e-mail, and I'll just use one person's specific question, but it's reflective of a couple that I saw. And that's looking for your strategic view on why to go with shareholder dilution rather than bank borrowing, hedging, et cetera. People are just looking for your insight on that.

Question: Romeo Maione - 6ix - Analyst : You can move on both. That's certainly something. Mike, one thing I noticed just in the disclosure part of the press release. I mentioned the risks related to unwinding hedge contracts. So I'm just curious if you could discuss Contango's hedge position and how this capital factors into the decisions around delivering into those contracts.

Question: Romeo Maione - 6ix - Analyst : I appreciate that. I know you've already spoken to broadly the plans for Lucky Shot and Johnson Tract in this event today. But I got some really quick pointed questions on each one. So, for Lucky Shot, we're looking to get to a production decision in two years, which is a really nice ambitious timeline. What milestones should people be watching for over the next 24 months? What's next at Lucky Shot? And what should people keep an eye out for?

Question: Romeo Maione - 6ix - Analyst : I think it was actually a conversation with you and Byron King. You said there's a lot of things that are sexy, visible gold is sexy, but a train and a permit is more sexy, something like that. I'll talk about Johnson Tract quickly. I know earlier just in this event, you said that it's a few years behind, obviously, because it does still have some permitting to go. Realistically, how quickly should investors be looking for you to advance Johnson Tract from here?

Question: Romeo Maione - 6ix - Analyst : Great. And I will talk about FAST-41 in a bit, but I do want to get to Mike for a second. So with the $50 million raise in hand, how are you prioritizing capital allocation? So where exactly is that money going? Just what rough split should investors be expecting?

Question: Romeo Maione - 6ix - Analyst : And I guess that actually relates to my next question, which is with the existing cash flows from Manh Choh and now this raise, what's the financial outlook for Contango? Are you funded all the way through to production at Lucky Shot? Should investors expect additional financing down the road? What's up next?

Question: Romeo Maione - 6ix - Analyst : I appreciate that. And Rick, given operational risk, even when things are smooth sailing, there's always operational risks, potential permitting delays, like you said, commodity price volatility, et cetera. What would you tell investors about how this capital raise helps derisk Contango's profile? Basically, what keeps you up at night? And how is this financing address those concerns?

Question: Romeo Maione - 6ix - Analyst : I think we lost Rick for a second, but I imagine he'll pop right back on. I don't know if you have any [baux moss] to vamp while we wait, Mike.

Question: Romeo Maione - 6ix - Analyst : Law's a bit out of my bailiwick too. I'll leave it to the lawyers. I think Rick's popping back on relatively quickly. I'll give another couple of seconds. There's a good opportunity while we wait actually to throw in any questions you might have into the chat. I know there's 150 of you in the room, so it's unusually silent. So do feel free to throw in some questions. We're going to try to wrap up with the half hour. But if Rick comes back, we'll try to get to a couple as soon as we can. Probably just refreshing to pop back in. Hopefully, that works.

Question: Romeo Maione - 6ix - Analyst : Rick's back right on time.

Question: Romeo Maione - 6ix - Analyst : I was just throwing questions to Mike, so we were in a high-risk environment. So he popped right back on time. I do actually -- while we're on kind of the same topics before you got bumped off is I want to talk about federal administration support for mining. We kind of alluded to it, but I want to get to it directly, particularly in Alaska because it seems to me from reading the tea leaves that Trump is a massive Alaska fan or certainly interested in the industry in Alaska. What's your view on that?

Question: Romeo Maione - 6ix - Analyst : It's [efreeman] in the chat (inaudible) Alaska continues to be the leader in responsible resource extraction, wishes the NGOs realize that. So an interesting perspective. I want to talk about the FAST-41 program because you alluded to it earlier. And I know a lot of companies I talk to, a lot of the ones I work with applied or on the watch list, et cetera. Is Contango applying? How does that list impact your operations?

Question: Romeo Maione - 6ix - Analyst : Oh, shoot. Just wrapping up. Rick's dropping out. Usually, you've got the Internet problems, Mike. So, turnabout. There's actually one question I can throw to you, Mike, from the chat while we wait. Begg asks when the Manh Choh loan and hedges are gone, will the freed-up cash flow going to be spent on Lucky Shot and Johnson Tract? And if so, when are we looking at for that to happen? What's the time line? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 26, 2025 / 6:00PM, CTGO.A - Contango ORE Inc Provides Update on Financing and Exploration Plans

Question: Romeo Maione - 6ix - Analyst : Yes, I think so. Appreciate it. And one more thing I can throw to you just in case Rick doesn't pop back in is -- actually, one just came in from Nathan. Until the end of 2026, what is the Contango cash flow after paying loan and hedges?

Question: Romeo Maione - 6ix - Analyst : Yes.

Question: Romeo Maione - 6ix - Analyst : Okay. Great. Another question just in case you have the answer for it. J.S. Nevada from the chat ask, what's the estimated mine life projected for each of the three projects?

Question: Romeo Maione - 6ix - Analyst : No, no, all good. Just a quick question from the chat. Somebody want to know what the estimated mine life is for all three projects.

Question: Romeo Maione - 6ix - Analyst : Awesome. Roc from the chat asked, about midway through the presentation, I was like somebody looking at what's next. I asked how much time money you allocated looking for the next one after Lucky Shot and Johnson Tract. Is that on the company's mind? What are you looking for?

Question: Romeo Maione - 6ix - Analyst : Great. I'll wrap up. I know we're a little past the half hour that I promised you, Mike, so I apologize. But I'll wrap up by asking real quick. What are you most excited about for the rest of this year? Mike, I'll start with you and then I'll go to Rick.

Question: Romeo Maione - 6ix - Analyst : Awesome. Rick, I'll throw the same question to wrap us up today.

Question: Romeo Maione - 6ix - Analyst : Awesome. Well, Mike, Rick, thanks so much for running through it. Give us your rationale, give us some context for the news and letting us know what's next. It sounds like exciting news coming up. So, looking forward to talking about it when it hits. Everybody in the room, thank you so much for joining us today. If you have any other questions, please do send through. I know I tackled all the ones in the chat today, but always eager to hear more. And Rick and Mike, thanks so much for your time. Have a great afternoon.

Question: Romeo Maione - 6ix - Analyst : Though me and Mike danced, it's not a problem. We're all good. Have a great afternoon, everyone. Cheers. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 26, 2025 / 6:00PM, CTGO.A - Contango ORE Inc Provides Update on Financing and Exploration Plans