Contango ORE Inc Update on Manh Choh Third Campaign Production Results Transcript

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

Question: Romeo Maine - 6ix - Analyst : So let me get right into the meat of today's event as we did have some production updates from Manh Choh. I'll say, Rick, this marks the third consecutive campaign where you've exceeded the original 15,000 ounce guidance. this time delivering just over 17,000 ounces. So I'm curious, do you still think this year is going to conclude in line with guidance? Or does this -- at this point, consistent outperformance suggest the original guidance might have been too conservative?

Question: Romeo Maine - 6ix - Analyst : No. It makes sense. I know based on the release that you're running a test campaign blending Manh Choh and the Fort Knox ores at a 1:10 ratio. I'm curious if you could just walk us through the economic thesis here. What kind of cost savings per ounce are you targeting? And if it does work out, how could this change the economics of extracting those lower-grade oxide ounces from Manh Choh that you otherwise wouldn't be processing?

Question: Romeo Maine - 6ix - Analyst : Great. No, I appreciate the insight into that. Just one of those lines like I should ask for more detail on where we want to go with that. So I appreciate it. One thing that's kind of buried into this really honestly pretty packed release, it looks like the Village of Dot Lake is dismissing the lawsuit against the Army Corps of Engineers, to me is pretty significant. So just looking for your perspective, what are the practical impediments this litigation was creating for operations? And what doors does this dismissal now open for the project? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 03, 2025 / 4:00PM, CTGO.A - Contango ORE Inc Update on Manh Choh Third Campaign Production Results

Question: Romeo Maine - 6ix - Analyst : Everybody likes see lawsuits in the rearview mirror. So good to be on it. Mike, I'll get you in here. I know you're now projecting over $100 million in distributions for 2025 based on $3,500 golds, which is a number that already feels like so long ago at this point. But I'm curious if you could break down the sensitivity here. For every, let's say, $100 move in gold price, what's the approximate impact to Contango's cash distributions? Just want to try and zero in on the operating leverage here.

Question: Romeo Maine - 6ix - Analyst : Right. I appreciate that.

Question: Romeo Maine - 6ix - Analyst : Yeah. That's real leverage for sure. One thing I noticed the 0.214 ounces per ton head grade this campaign was really slightly below plan, but it seems like you compensated with higher recoveries at 92.5%. Just thinking about that, what grade variability should investors expect campaign to campaign? And what levers do you have to kind of manage that variability? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 03, 2025 / 4:00PM, CTGO.A - Contango ORE Inc Update on Manh Choh Third Campaign Production Results

Question: Romeo Maine - 6ix - Analyst : No, I appreciate that. I'll just zoom out for a second. I mean it's three campaigns, three beats on guidance, which is pretty rare consistency. I certainly don't see it very much. I'm curious what operational practices can you credit that reliability to? And how does this track record, in your opinion, position Contango differently than other early producers who are kind of working out their kinks, figuring out the operational challenges?

Question: Romeo Maine - 6ix - Analyst : Yeah, I like the mix of high-tech and low-tech solutions with the (inaudible) machine and cattle guard, both important. I did have one question about extending Manh Choh's mine life, but there's one that came in from an investor, so I might as well read theirs. He notes that you're very pleased with the progress in stock valuation, but he wants to know what plans the Peak Gold JV is to increase the longevity of Manh Choh, wants to know if the resource is being drilled currently and what's the potential impact on the resource?

Question: Romeo Maine - 6ix - Analyst : Okay. Great. Michael, I'll get back to you for a second. With over that $100 million that we talked about in expected distributions this year and Lucky Shot and Johnson Tract progress now -- next progress is funded from the recent capital raise. What's the realistic timeline investors can look to eliminate the remaining debt on that credit facility?

Question: Romeo Maine - 6ix - Analyst : Great. And we'll get back to Lucky Shot and Johnson Tract in just a second actually, I wanted to wrap up with another question on Manh Choh. So looking ahead to 2026, I know you've established a consistent rhythm with these campaigns at this point. What does the preliminary mine plan look like for next year? Are we talking about a similar four campaign structure or the success of the blending test and the other operational improvements, could that change the production profile? Just looking what can folks in the room expect for next year?

Question: Romeo Maine - 6ix - Analyst : Great. So watch this space. Watch this space. I do want to get just an open question. Can you lay out the plan for Lucky Shot and Johnson Tract from here? What's up next? What can investors look forward to?

Question: Romeo Maine - 6ix - Analyst : Great. Okay. I want to -- obviously, your share price since last Christmas has had a good run. But I look at Contango, and it's generating substantial cash flow, producing asset in a safe jurisdiction with gold at all-time highs. So there is still, I think, to me, obviously, a bit of a disconnect between the company's current valuation and even just the underlying cash generation capability. So what catalysts do you think are going to help the market get to properly valuing the story from here? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 03, 2025 / 4:00PM, CTGO.A - Contango ORE Inc Update on Manh Choh Third Campaign Production Results

Question: Romeo Maine - 6ix - Analyst : Great. I like you (inaudible) made rocks in the box on the railroad. It sounds like John Steinbeck novel, like it's good train of rails. I got one more for you, Rick, and then I'll get into questions that are in from the chat, but also one lengthy one that came over e-mail. And that's really what comes next for the company? You've laid out the next couple of years, but can you lay out just a long-term strategy? Give me the far future version of what Contango looks like.

Question: Romeo Maine - 6ix - Analyst : I like rocks in a box on a barge. We got a sequel already. So I like -- a couple of questions from the chat. One, just a great question. That's something I should have thought of. Can you speak to the situation of the Tetlin tribe? Have they been able to use their royalties to improve their quality of life?

Question: Romeo Maine - 6ix - Analyst : Awesome. A couple of questions. I think two more for you, Rick, and I got one long one for you, Mike, apologies. It's a multipart, so I'll hit you with those. But Bevanswi from the chat asks, can you speak to whether your acreage holdings are prospective for rare earth metals or minerals?

Question: Romeo Maine - 6ix - Analyst : Great.. As one starts with dear Rick, love the work you do, as you mentioned a few times, Contango is looking for a mill to acquire. Curious in the case, if you're going to have an option to acquire a mill over the next few years, what happens with the ore from Manh Choh? Does that ore have to be sent to the acquired mill or to the end of mine life, is it being processed at Fort Knox. Curious if there's obligations or if you get to decide where it goes.

Question: Romeo Maine - 6ix - Analyst : Perfect. Like I said, Mike, I had a multipart one for you here, but it starts with -- I know we've already touched on it, but could you elaborate in detail the hedges that you still have? We'll start there.

Question: Romeo Maine - 6ix - Analyst : Great. Next, what's the average gold price you sold this year?

Question: Romeo Maine - 6ix - Analyst : Great. They want some napkin math also. It's what improvements can come on a yearly basis with $3,800 and let's look forward to 2026, what does $4,200 look like?

Question: Romeo Maine - 6ix - Analyst : Awesome.

Question: Romeo Maine - 6ix - Analyst : Awesome. Rick, as last two questions, I'll throw to you. What's the estimated NPV of the 2 other projects under exploration, so Lucky Shot and Johnson Tract?

Question: Romeo Maine - 6ix - Analyst : I take a second to meditate on $100 million of cash. Nice to hear. Good to focus on. And the last part of this multipart question. Thanks for all the questions, by the way, is are there any other companies that you know of using a DSO model that people can point to look at?

Question: Romeo Maine - 6ix - Analyst : Awesome. I got two last real quick ones from the chat, and then we're going to call it for today. One is when can we expect an SEC filing that discloses the participants in the capital raise?

Question: Romeo Maine - 6ix - Analyst : Yeah. Fair enough. And Tim from the chat asks, we kind of already touched on this, but just we'll use it as an opportunity to give closing remarks, Rick, is what key lessons or efficiencies from this third campaign are going to carry forward to improve Manh Choh's long-term performance and cost structure?

Question: Romeo Maine - 6ix - Analyst : Awesome. Well, like I said, we'll wrap it up there. Rick, Mike, thanks, as always, for running us through, give us some extra context and going through grilling as always, for a million questions. So I really appreciate your time. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 03, 2025 / 4:00PM, CTGO.A - Contango ORE Inc Update on Manh Choh Third Campaign Production Results Everybody has any additional questions, please do shoot them through or pass directly through the Contango team. But any you sent through to me, I'll make sure the team gets them. But Rick and Mike, thanks so much. It's great. Hope you have a wonderful rest your day.