CTGO Contango Ore Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 31, 2024

 

 

Contango Ore, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-35770	27-3431051
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
516 2nd Avenue Suite 401
Fairbanks, Alaska				99701
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (907) 888-4273

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, Par Value $0.01 per share		CTGO		NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 7.01 Regulation FD Disclosure.

On May 31, 2024, the Company made available a new corporate presentation. A copy of this presentation titled “Building Alaska’s Next Gold Mines” is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is available on the Company’s website at www.contangoore.com.

 

The Company’s presentation furnished as Exhibit 99.1 to this Current Report contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Reconciliations of these non-GAAP financial measures are not included in the furnished presentation due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate the most directly comparable GAAP financial measures. In addition, certain of the non-GAAP financial measures have been prepared by Kinross Gold Corporation, the Company’s partner in, and the manager of, Peak Gold, LLC, a joint venture company in which the Company currently holds a 30% interest, and are based on International Financial Reporting Standards (IFRS) accounting standards and detailed information to which the Company has not had access to at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Cautionary Note Regarding Forward-Looking Statements

 

Many of the statements included or incorporated in this Current Report on Form 8-K and the furnished exhibit constitutes “forward-looking statements.” In particular, they include statements relating to future actions, strategies, future operating and financial performance, ability to realize the anticipated benefits of the transactions with an affiliate of Kinross Gold Corporation and the Company’s future financial results. These forward-looking statements are based on current expectations and projections about future events. Readers are cautioned that forward-looking statements are not guarantees of future operating and financial performance or results and involve substantial risks and uncertainties that cannot be predicted or quantified, and, consequently, the actual performance of the Company may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, factors described from time to time in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.	Description of Exhibit
99.1	Building Alaska’s Next Gold Mines, dated May 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			CONTANGO ORE, INC.
Date:	June 4, 2024	By:	/s/ Mike Clark
			Chief Financial Officer & Secretary

 

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NYSE-A: CTGO BUILDING ALASKA’S NEXT GOLD MINES Corporate Presentation May 2024

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FORWARD LOOKING STATEMENT The Feasibility Study (“FS”) referenced herein that relates to Peak Gold, LLC (“Peak Gold”), was prepared by Kinross Gold Corporation (“Kinross”), which controls the Manager of Peak Gold and holds 70% of its outstanding membership interests, in accordance with Canadian National Instrument 43-101 (NI 43-101). Contango Ore, Inc. (“CORE” or “Contango”) owns the remaining 30% membership interest in Peak Gold, and must rely on Kinross and its affiliates for the FS and related information. Further, CORE is not subject to regulation by Canadian regulatory authorities and no Canadian regulatory authority has reviewed the FS or passed upon its accuracy or compliance with NI 43-101. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” as used in the resource estimate, the FS and this presentation are Canadian mining terms as defined in accordance with NI 43-101. In the United States, mining disclosure is reported under sub-part 1300 of Regulation S-K (“S-K 1300”). Under S-K 1300, the U.S. Securities and Exchange Commission (“SEC”) recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” are substantially similar to international standards. Under S-K 1300, an SEC registrant with material mining operations must disclose specified information in its SEC filings concerning mineral resources, in addition to mineral reserves, which have been determined on one or more of its properties. Such mineral resources and reserves are supported by a technical report summary (the “S-K 1300 Report”), which is dated and signed by a qualified person or persons, and identifies and summarizes the information reviewed and conclusions reached by each qualified person about the SEC registrant’s mineral resources or mineral reserves determined to be on each material property. CORE prepared an S-K 1300 Report, dated May 12, 2023, based on the FS, that presented mineral resource estimates and mineral reserve estimates for the Manh Choh project as of December 31, 2022 (the "Manh Choh S-K 1300 Report"). CORE prepared an additional S-K 1300 Report, dated May 26, 2023, based on historical and recent drill hole assay information, that presented mineral resource estimates for the Lucky Shot project as of May 26, 2023 (the "Lucky Shot S-K 1300 Report"). Investors are cautioned that while the S-K 1300 definitions are “substantially similar” to the NI 43-101 definitions, there are differences between the two. Accordingly, there is no assurance any mineral reserve or mineral resource estimates that Peak Gold may report as “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had CORE prepared the mineral reserve or mineral resource estimates under S-K 1300. Further, U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization that has been characterized as resources has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources or inferred mineral resources that CORE reports are or will be economically or legally mineable. For more detail regarding the FS, please see CORE's press release dated May 26, 2023: https://www.contangoore.com/press-release/contango-ore-announces-completion-of-s-k-1300-technical-report-summary-for-its-manh-choh-project-in-alaska. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. To view a copy of the Manh Choh S-K 1300 Report, see: https://assets.website-files.com/5fc5d36fd44fd675102e4420/6470afdaf94d2ac9f93d93e0_SIMS%20Contango%20Manh%20Choh%20Project%20S-K%201300%20TRS%20FINAL%2020230524%20(1)-compressed.pdf . The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. To view a copy of the Lucky Shot S-K 1300 Report, see: https://assets.website-files.com/5fc5d36fd44fd675102e4420/6487270414e64406df8280bb_Contango%20Lucky%20Shot%20Project%20S-K%201300%20TRS%202023-05-26.pdf. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. For additional details on Highgold;’s Johnson Track  Project, see NI 43-101 Technical Report titled “Updated Mineral Resource Estimate and NI 43-101 Technical Report for the Johnson Tract Project, Alaska,” dated August 25, 2022 (effective date of July 12, 2022) authored by Ray C. Brown, James N. Gray, P.Geo. and Lyn Jones, P.Eng - Technical Reports | HighGold Mining Inc.

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Institutional Retail / Others Directors & Officers (Insiders) TRADING - NYSE AMERICAN: CTGO1 90-Day Avg. Daily Volume 35,766 shares per day 52-week range US$14.03 - $33.67 Market Cap $195 M *Russell 3000 Inclusion - June 26, 2023 CAPITAL STRUCTURE2 Issued & Outstanding 9.6 M Warrants 0.4 M Options 0.1 M Fully Diluted 10.1 M FINANCIAL POSITION2 Cash $8 M Debt (gross) $62.5 M ANALYST COVERAGE Cormark Securities Inc. Richard Gray Cantor Fitzgerald Mike Kozak Roth Capital Partners Mike Niehuser Fundamental Research Corp. Nina Rose Coderis Maxim Group Tate Sullivan Freedom Capital Dilrukh Sharipov TOP SHAREHOLDERS Hexagon Asset Management Alaska Future Fund Tocqueville Asset Management Insiders GAMCO Investors 1. Approximate amounts reported as of May 24, 2024 2. Approximate amounts as of March31, 2023 Capital Structure 4 F85.MU – Munich F85.F - Frankfurt

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Lucky Shot Mine 100% owned Exploring historic high-grade gold mine Permitted for mining 106,000 Oz Indicated Resource grading 14.5 g/t Au Reserves/Resources Exploration Stage Fort Knox Mill Developing Alaska’s Next Gold Mines 5 Manh Choh Mine – Mining and Stockpiling Ore Underway with Production in Q3 2024 Expected to Generate >$50 Million in FCF/Yr Alaska’s Golden Triangle Johnson Tract +1 Moz grading 9.4 g/t AuEq Orebody averages ~40 m wide Multi-deposit district potential Excellent access and local workforce

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Alaska considered one of the top 10 jurisdictions in the world for mining investments1 Manh Choh Mine - One of the world’s highest grade open pit gold mines (8 g/t expected average grade) We believe the following factors significantly de-risk the Manh Choh project: Agreement in place with Tetlin Alaska Native Tribe Fully Permitted - All State and Federal permits received Proven operator for Project - Kinross Turn-key operation - major contracts in place Project financing arrangements in place ING/Macquarie Banks - US$70 M Line of Credit Fully funded to production Currently mining and stockpiling ore at the Manh Choh mine site and transporting to the Fort Knox Mill stockpile Production expected Early Q3 2024 Strong cash flow per share (CFPS) expected to start in 2024 Exploration upside 1. See Fraser Institute’s annual survey of mining companies for 2021 Investment Highlights 6

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Manh Choh Update – Groundbreaking Ceremony – August 2023 Mining Operations Initiated 7

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Manh Choh: On Schedule, On Budget …and Safe! Mining Ore at Manh Choh and Transporting to Fort Knox Stockpile Gold Production Planned for Early Q3 2024 Ore Transport to Fort Knox Manh Choh Ore Stockpile at Fort Knox

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DRILLING SCOPING STUDY PERMITTING & FEASIBILITY PRODUCTION DETAILED DESIGN PROCUREMENT CONSTRUCTION 2021 Program included resource in-fill, hydrology, geotechnical, metallurgical engineering; environment and community outreach Tetlin Tribe indicates their support for the project development plan; Continued community engagement Kinross Feasibility Study and permitting completed Wetlands Dredge and Fill (404) Permit from USACE Other permits issued by State of Alaska “Early Works” construction decision announced in July 2022 Road construction/mill modification/camp Production expected to commence Q3 2024 Image used with permission from Kinross Community Engagement Mine Site construction decision with receipt of Mine Operating Plan approved in May 2023 Exploration drilling to potentially expand the mine life Timeline to Production 9 Announced Start of Production Early Q3 2024 AISC: $1,116/Oz

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Illustrative Economics at Select Gold Prices1 At gold spot price ($1,920/Ounce) as of July 10, 2023 $129 M+ of annual revenue $54 M+ of annual cash flow 1 See Contango’s SK1300 Manh Choh Technical Report Press Release dated May 26, 2023; Initial capex reflects the Kinross feasibility study reported in “Q2 Corporate Update ” Press Release and Corporate Presentation dated July 26 and 27, 2022; The optimization for the mineral reserve estimate assumed a $1,300 per ounce gold price; the $189 million estimate reflects remaining funds to be expended between 2022 and 2024; there will be additional capital required at Fort Knox to accommodate Manh Choh ore; and is a Toll Milling charge to the Peak Gold JV; "All-in sustaining cost (AISC) per equivalent ounce sold“ is a non-GAAP ratio. “GEO” refers to Gold Equivalent Ounces. See: https://www.contangoore.com/press-release/contango-ore-announces-completion-of-s-k-1300-technical-report-summary-for-its-manh-choh-project-in-Alaska. The information contained in, or otherwise accessible through, the link is not part of, and is not incorporated by reference into this investor presentation. Manh Choh Illustrative Economics 10 Hedged 124,600 ounces of gold – Forward prices at $2,025 AISC: $1,116/Oz

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Main MC North MC $4.7 Million Exploration Program Budgeted for 2024 Continued exploration drilling for new resources in Chief Danny area Further evaluation of 685,000 acre Manh Choh project: Follow-up regional stream sediment sampling anomalies Trenching Continued geologic mapping Follow-up on detailed geophysical survey anomalies (gravity) Manh Choh Project and Surrounding Targets Suzanne LaFrance

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Manh Choh – Regional Geology Manh Choh Mine Pogo Mine Fort Knox Mine Deposit hosted in the “Yukon-Tanana Terrane (YTT)” of the “Tintina Gold Belt” East-Central YTT bounded on the north by Tintina Fault and on the south by Denali Fault. Primarily poly-metamorphic rocks with Mesozoic and Cenozoic granitic rocks. YTT Development origin suggests Devonian Volcanic arc along a continental margin of North American Craton (Aleinikoff, and others, 1981, Nikleberg, and others, 1994) Lands 100% owned Native Village of Tetlin Kinross majority owner and operator of joint venture with Contango Ore UCM

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Manh Choh – Near Mine EXP Manh Choh Mine Gneiss Schist Amphibolite Schist Phyllite Schist Phyllite Schist quartzite Manh Choh Mine Au in soil Anomaly Trend Near-mine Exploration Targets Near Mine Exploration focus on Skarn Mineralization in Calcareous Schist. Targeting Manh Choh extensions and related system mineralization Method – Core Drilling and Trenching

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Manh Choh – North Block Exploration Manh Choh Mine Gneiss Schist Amphibolite Schist Phyllite Schist Phyllite Schist quartzite 1 – NE reconnaissance sampling and mapping. Target generation. Potential of Porphyry style mineralization in Volcanics. 2 – Chisana – follow up Au in Soil Anomalies over a 12 Km^2 Area 3 – SW – follow up and refine Au in soil anomalies. Near Min Exp Manh Choh Mine Au in Soil (ppm) 1 - NE 3 - Chisana 2 - SW MC SKARN Cu-Au Porpy

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Manh Choh – South Block Exploration Southern Block has had “light” reconnaissance work. Large area mostly unexplored. Lat Soil grid looks to delineate a broad Au in soil anomaly coincident with surficial color alteration and stream sed anomalies. Remaining prospects look to be refined through Ridge and spur soil and rock sampling for the next couple years. Southern block is ~1,770 Km^2

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1 Hart, C.J.R., 2005. Mid-Cretaceous Magmatic Evolution and Intrusion-related Metallogeny of the Tintina Gold Province, Yukon and Alaska. Unpublished PhD thesis, University of Western Australia, 198 p. 1 Early-Stage Exploration Projects (100% owned) Eagle-Hona Triple Z Shamrock Current focus on Lucky Shot mine Tintina Gold Belt1: >100 Million Ounce Gold Endowment 16

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Coleman Adit Lucky Shot “500” Adit War Baby Adit Looking NNE Enserch Tunnel Lucky Shot Vein Historically mined +250,000 Ozs averaging 40 g/t gold Contango:  +100,000 Ozs @ 15.6 g/t Au (~½ Oz/ton Au1)  +1 mile (1.6 km) strike length and open along strike and down dip See https://www.contangoore.com/press-release/contango-ore-issues-initial-s-k-1300-resource-technical-report-summary-for-the-lucky-shot-project-alaska-indicated-grades-average-15-g-t Lucky Shot Vein: Overview 17

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Classification Tonnes  Au Grade (g/t) Au Ounces   Measured - - - Indicated 190,092 15.6 95,036 TOTAL 190,092 15.6 95,036 Inferred 74,265 9.9 23,642 Classification Tonnes  Au Grade Au Ounces (g/t) Measured - - - Indicated 36,871 8.9 10,584 TOTAL 36,871 8.9 10,584 Inferred 7,793 5.9 1,468 Coleman Lucky Shot War Baby Murphy Note 1: Measured, Indicated and Inferred mineral resource classification are assigned according to CIM Definition Standards. Mineral resources, which are not mineral reserves, do not demonstrate economic viability and there is no guarantee that mineral resources will be converted to mineral reserves. This mineral resource estimate was prepared by Sims Resources LLC based on data and information available and has an effective date of May 26, 2023. The Measured, Indicated and Inferred mineral resources are reported using the following parameters: undiluted gold grades; long term gold price of $US1,600 per ounce; reported as contained within a 3.0 g/t Gold underground shapes and applying a 3.0 meter minimum width at a 4.3 g/t gold cutoff grade (“COG”). Coleman and Lucky Shot Resources Tables1 Please see S-K 1300 Technical Report Summary on the Lucky Shot Project Alaska, USA Link: https://www.contangoore.com/investors/overview Lucky Shot Segment of Lucky Shot Vein Coleman Segment of Lucky Shot Vein Combined Segments of Lucky Shot Vein Resources Classification Tonnes  Au Grade Au Ounces (g/t) Measured - - - Indicated 226,963 14.5 105,620 TOTAL 226,963 14.5 105,620 Inferred 82,058 9.5 25,110 Lucky Shot Vein: Oblique View – Looking West 18 Drilling in 12 to 15 holes totalling ~3,000 meters in this area from surface to expand Coleman Segment of Lucky Shot Vein

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Coleman Segment of Lucky Shot Vein: Infill and Expand Resource Large multi-drill hole pad established Drill on Deck and drilling away end of August 2023 Planned 3,000 m drill program extending mineralization down plunge

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? Coleman Segment of Lucky Shot Vein: Infill and Expand Resource 20 Objectives: Upgrade 100,000 Oz Indicated Resource to Measured category Increase M&I resource to 150,000-200,000 Oz Evaluate mine optimization from Enserch Tunnel Assess continued exploration opportunities Classification Tonnes  Au Grade (g/t) Au Ounces   Measured - - - Indicated 190,092 15.6 95,036 TOTAL 190,092 15.6 95,036 Inferred 74,265 9.9 23,642 Currently: Coleman Segment of Lucky Shot Vein ? Coleman Tunnel

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Oblique View of Lucky Shot Segment – Looking NE Lucky Shot Vein: Exploration Open Along Strike and Down Dip 21 Classification Tonnes  Au Grade Au Ounces (g/t) Measured - - - Indicated 36,871 8.9 10,584 TOTAL 36,871 8.9 10,584 Inferred 7,793 5.9 1,468 Lucky Shot Segment of Lucky Shot Vein

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Planned In-Fill Drill Program for 15-20 Meter spacing Looking Southwest Lucky Shot Vein: 300,000 to 400,000 oz Potential 22 Hangingwall Drilling Objective: Define 100,000 to 150,000 oz Indicated Resource Exploration Drill Program Objectives Coleman Drilling – 120,000 to 150,000 oz (M&I) Footwall Drilling - 100,000 to 150,000 oz (M&I) Total: ~250,000 to 300,000 oz Coleman Down-plunge Approximate Projection Looking Southwest Planned 12,000 m in-fill drill program for 15-20 meter spacing Enserch Tunnel

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Lucky Shot– Regional Geology Willow Creek Mining District Talkeetna mountains batholith (T-K) in southern Peninsular Terrane. Well-stratified sequence of metamorphosed volcanic and sedimentary rocks. Intruded with Jurassic , Cretaceous, and Tertiary intermediate to felsic intrusive. Rare, but mappable ultramafic and metamorphosed serpentite. Well known Gold district up to ~1942 Boarder Ranges Fault Castle Mountain Fault Lucky Shot Chugach Terrane Peninsula Terrane TKgi Jlmgr Kps “Willow Creek Mining District”

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Contango Tenure Historic Gold Mines Historic Gold Prospects Gold Vein Outcrop Gold Vein Inferred Faults Kg - Granite Kw - Tonalite Kps - Schist Tar – Arkose MT FM Willow Creek Mining District 10 Km Palmer, AK 30 Km Willow, AK Historic High-Grade Gold Mining District Initial Discoveries 1890’s 20+ Historic Mines and Prospects Relatively “unmined” since 1942 Epithermal, shear hosted quartz +Au veins Lucky Shot ore with visible gold

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Contango Tenure Historic Gold Mines Historic Gold Prospects Gold Vein Outcrop Gold Vein Inferred Faults Kg - Granite Kw - Tonalite Kps - Schist Tar – Arkose MT FM Willow Creek Mining District – Lucky Shot Mine 10 Km Palmer, AK 30 Km Willow, AK Lucky Shot Veins systems open for Resource expansion down dip (north) and along strike (W-E) 106K oz Au Indicated Resource @ 14.5 g/t Au Oblique View - West

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Contango Tenure Historic Gold Mines Historic Gold Prospects Gold Vein Outcrop Gold Vein Inferred Faults Kg - Granite Kw - Tonalite Kps - Schist Tar – Arkose MT FM Willow Creek Mining District – Multiple Shear Hosted Veins 10 Km Palmer, AK 30 Km Willow, AK A A’ B’ B 3D analysis of known vein orientations with post mineral faulting suggests 5 (6?) exploration horizons for Au Mineralization. 1 2 3 4 5 6(?) 1 3 4 6(?)

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27 How to take Contango to the next level – 200,000 Oz/yr? Use our relative market strength to consolidate opportunities both in Alaska and elsewhere (US and Canada) Why does Contango have relative market strength? High Grade Near-term production-based cash flow Solid operator in Kinross Strong management team US listing and marketed story Take Advantage of the Lassonde Curve by focusing on acquiring assets which meet three criteria: 1) Near Infrastructure (Road, Rail, Water) 2) High grade – sufficient to transport to an existing mill 3) Simple orebody for permitting a mining operation Fort Knox Mill Corporate Strategy USE CASHFLOW FROM MANH CHOH TO GROW Lucky Shot…...potential incremental growth in Contango gold production and cash flows…fully permitted for mining….exploration at Lucky Shot…define 400,000 to 500,000 mineable resource. Objective: Grow annual gold production to +100,000 Oz/yr over next 2 to 3 years

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28 Corporate Strategy How to Grow Contango: The Lassonde Curve - The Challenge…..and the Opportunity 1990’s NOW The Challenge Things take longer: Regulators and Investors want projects much further de-risked compared to 30 years ago; Feasibility Studies, Permitting, Financing and Construction all take longer Period between Resource Definition and Production has gone from 2 to 3 years in the 1990s to 5 to 15+ years today  “Valley of Death”……Contango prefers to refer to this as the Orphan Period – the “boring” time of Lassonde Curve The Opportunity Apply our “Nose for Ore” and our cash flow to acquire and advance quality projects that can be advanced quickly to production by taking advantage of existing mills, tailings facilities and other mine infrastructure like we did with Manh Choh  Hybrid Royalty Model 2-3 YRS DISCOVERY: Market bets on uncertainty FINANCING & CONSTRUCTION: Project studies limit risk TIME PRODUCTION: Valued for ~5-10x cash flow ASSESSMENT & PERMITTING: No news, loses value RISK VALUE EXPLORATION RISK TECHNICAL RISK FUNDING RISK COMMODITY RISK Fluctuating prices 5-15+ YRS DISCOVERY: Market bets on uncertainty FINANCING & CONSTRUCTION: Project studies limit risk TIME PRODUCTION: Valued for ~5-10x cash flow ASSESSMENT & PERMITTING: No news, loses value RISK VALUE EXPLORATION RISK TECHNICAL RISK FUNDING RISK COMMODITY RISK Fluctuating prIces Contango

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29 Corporate Strategy – Executing Hybrid Royalty Model Contango creates value by bridging the gap post discovery after the “discovery excitement” subsides and value is heavily discounted; Contango does the work to prove we have a viable mine by derisking path to production.  Portfolio effect – diversification in commodities and jurisdictions spreads risk How? Highly selective criteria for projects: Close to Infrastructure:  Rail; Road; Water Grade sufficient to transport ROM ore to existing/permitted processing facilities Orebody must be simple from a permitting perspective Where? Near existing infrastructure Tier 1 Jurisdictions North America Focus Europe South America Results? Reduced environmental footprint Reduces permitting risk Reduces capital outlay Generates significant Free Cash Flow/share What? Gold, Silver, Copper Grade is King Cash flow is Queen If existing mill is processing 5 g/t and we bring 10 g/t there is a business deal to be made Each accretive transaction adds value to Contango by adding ounces and cashflow through de-risked orphaned projects

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CONTANGO MODEL Corporate Overhead: Contango has strong cash flow per employee (low overhead cost) and per share (low share count) Ownership: CTGO identifies projects with good grades close to infrastructure (roads, rail, water) that can be processed at existing permitted processing facilities (mills and smelters)  Run of Mine Direct Shipping Ore (ROMDSO); Direct ownership (100%) or enter into JV (Peak Gold JV 30%). Deals with operators can be Ore Sales Agreement; Tolling arrangement and/or Joint Venture Expertise: CTGO has a small staff of experts: Geologists, Mine Manager, Land and Database Management, Metallurgist, Financial Team…same as a Royalty or Streaming Companies. Risks: By not building mill, tailing facility and power plant we greatly reduce the environmental footprint – resulting in lower permitting risk and amount of capital exposure to produce metal; Operators know their operations, many have been in production for 10+ years; We have similar risk profile as any Producer…we just get there quicker by taking advantage of existing operational expertise. Return: CTGO will generate; ~$+50M per annum or ~$5/share in FCF/S from Manh Choh; Production from Lucky Shot and Johnson Tract could greatly increase cash flow per share Valuation: High valuation compared to peer group due to lower risk and strong FCF/S Corporate Overhead: High cash flow per employee (low overhead cost) Ownership: Acquire royalty or streaming interest for a cost: seek near-term production projects; Expertise: Typically managed by core group of specialists (geologists, mine managers/engineers, metallurgists, financiers, etc.) Risks: Royalty companies say they have no operating risk but in reality, they have no control over operating risk (Panama is a great example so are pit failures, strikes etc.) Return: Most Royalty companies – 1-5% NSR = multiple NSRs result in significant cashflow per share Valuation: Royalty and streaming companies have consistently traded at a premium of 15-30x EBIDTA and/or 1.25-2.0x NAV. ROYALTY/STREAMING MODEL 30 Corporate Strategy – Executing Hybrid Royalty Model

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Johnson Tract: Contango’s Next DSO Opportunity 31 Asia-Pacific Destinations Coastal Alaska & BC Mines Benchmark barge cost ~$25/t Benchmark UG mining cost ~$78/t Benchmark processing cost ~$35/t NSR value of Ind. Resource ~$400/t* Premier Mine Kensington Mine Greens Creek Mine Myra Falls Mine Calder Mine KINROSS’ FORT KNOX MILL MANH CHOH MINE 240 miles Johnson Tract’s seaside location and deposit characteristics to provide a unique opportunity for the next leg of DSO by barge to an existing mill facility: Marine transport is the lowest cost form of bulk transport Multiple coastal mines and development projects within barging distance of Johnson Tract Robust grades + thickness – ~1.1 Moz @ 9.4 g/t AuEq @ 40m true width Ideal for low-cost underground mining – subvertical, bulk-mining widths, ramp access, bottom-up/gravity assist Private land owned by Alaska Native Corporation – facilitates permitting LUCKY SHOT * USD costs; Benchmark values from peer group comparison and SRK study; NSR value utilizes the same metal prices, metallurgical recoveries, and payabilities as per Johnson Tract resource estimate (HighGold Mining NI43-101 report dated August 25, 2022).

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32 Progressive Partnership Johnson Tract Leased from CIRI Alaska Native Corp Johnson Tract CIRI Red Dog Donlin Alaska Native Claims Settlement Act (1971) Model system for Native Land Claims & Resource Development, providing certainty and fairness Alaska Native Corporations hold title to lands with high natural resource potential; wealth from development of natural resources flows directly to native shareholders Map of Alaska Regional Native Corporations. The Red Dog mine, located on NANA Native Corporation land and operated by TECK , is one of the largest, highest grade Zinc mines in the World and is a model of success. CIRI’s Mission is to promote the economic and social well-being and Alaska Native heritage of its shareholders, now and into the future, through prudent stewardship of the company’s resources, while furthering self-sufficiency among CIRI shareholders and their families. Mining Lease with Cook Inlet Region, Inc Agreement between CIRI and HighGold to explore and develop Johnson Tract CIRI retains royalties on production and future project participation rights

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33 Johnson Tract – Key Highlights Grade + Thickness – JT Deposit (1Moz @ 9.4 g/t AuEq) 40m true width, 10x thicker than high-grade peers Ideal for Low-Cost UG Mining – subvertical, bulk-mining widths, ramp access, bottom-up/gravity assist Metallurgy – excellent metal recoveries at coarse grind to high-quality concentrates ESG – located on Alaska Native Corp. lands selected for mining; direct economic benefits to Alaska Natives Top Jurisdiction – multiple operating mines and Sr. Producers active in the State of Alaska Contango knows how to operate and “get things done” in Alaska CHARACTERISTICS OF THE JT DEPOST

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108.6 m of 10.4 g/t Au, 7.6% Zn, 0.7% Cu, 2.0% Pb and 8 g/t Ag   71.4 m of 20.9 g/t Au, 9.8% Zn, 0.9% Cu, 1.6% Pb, and 9 g/t Ag 99.7 m of 10.1 g/t Au, 6.7 g/t Ag, 0.9% Cu, 1.3% Pb, and 6.3% Zn 137.7 m of 11.3 g/t Au, 2.4% Zn, 0.5% Cu, 0.5% Pb, and 4 g/t Ag  112.2 m of 10.3 g/t Au, 6.35 g/t Ag, 0.7% Cu, 1.5% Pb, and 5.0% Zn   59.0 m of 14.2 g/t Au, 9.3 g/t Ag, 1.0% Cu, 2.2% Pb, and 4.4% Zn  107.8 m of 12.4 g/t Au, 7.1% Zn, 0.9% Cu, 1.6% Pb, and 9 g/t Ag   75.1 m of 10.0 g/t Au, 9.4% Zn, 0.6% Cu, 1.1% Pb, and 6 g/t Ag  74.1 m of 17.9 g/t Au, 7.3% Zn, 0.5% Cu, 1.3% Pb, and 7 g/t Ag   56.6 m of 19.3 g/t Au, 2.4% Zn, 0.5% Cu, 0.4% Pb, and 3.9 g/t Ag   120.5 m of 18.8 g/t Au, 3.9% Zn, 0.6% Cu, 0.9% Pb, and 6 g/t Ag   Select JT Deposit Drill Results Thick (40m true width & high-grade) True width 10x thicker than high-grade peers Amenable to low-cost underground mining

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35 Manh Choh Mine: On Schedule, On Budget…and Safe! Proposed Portal Site Camp Existing Airstrip Private surface rights (CIRI ownership) Wide flat valley with minimal wetland – well suited for surface infrastructure JT Deposit Proposed Portal Access Road

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Johnson Tract: Attractive Attributes for Underground Mining 36 Looking Southeast Potential for short lateral UG ramp to base of the JT Deposit Gravity assist, bottom-up mining Highest grade accessed first JT Deposit View in previous slide

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37 JT Deposit Proposed UG Exploration Ramp Purpose and Objective: Infill drilling from underground to support resource upgrade and advance economic studies for a DSO mine Access to drill test deep exploration targets and >1.5 km of high potential mineral trend Plan to Initiate Permitting H2 2024

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38 Ellis Zone discovery 4km NE of JT Deposit 578 g/t Au and 2,023 g/t Ag over 6.4 m New Geophysical Targets 2023 geophysical survey defines 12km (7.5 mi) mineral trend Geophysics, geochemistry and geology define Distinct +10km long epithermal/VMS trend Two potential intrusive related Cu-Au targets (porphyry) Large, shallowly buried, untested alteration systems detected at DC, between DC and JT, and South of JT Multiple new drill targets 2023 Airborne MobileMT Survey (3D inversion)

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39 Manh Choh Mine: On Schedule, On Budget…and Safe! Manh Choh Alaska’s Newest Mine Lucky Shot and JT to Follow…..

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THANK YOU 40 Corporate Inquires:info@contangoore.com+1-907-888-4273www.contangoore.com Twitter: @orecontangoLinkedIn: Contango OREInstagram: ContangoOREFacebook: Contango ORE QUESTIONS?

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This presentation contains forward looking estimates of all-in sustaining cost (“AISC”), resources, free cash flow and EBITDA, which are financial measures not determined in accordance with United States generally accepted accounting principles (“GAAP”).  We cannot provide a reconciliation of estimated AISC, resources and EBITDA to estimated costs of goods sold, assets and net income, which are the GAAP financial measures most directly comparable to such non-GAAP measures, without unreasonable efforts due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate projected AISC, resources and EBITDA.  In addition, the estimates of AISC, resources and EBITDA have been prepared by Kinross and are based on IFRS accounting standards and detailed information that the Company does not have access to at this time. These amounts that would require unreasonable effort to quantify could be significant, such that the amount of projected GAAP cost of goods sold, assets and net income would vary substantially from the amount of projected AISC, resources and EBITDA. NON-GAAP RECONCILIATION DISCLAIMER 41

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This corporate presentation contains forward-looking statements and certain “forward-looking information” (within the meaning of Canadian securities legislation) regarding Contango, HighGold, the Transaction, the terms of the Transaction, the expected benefits of the Transaction, the completion of the Transaction, the timing of the Transaction, the development timeline of the Man Choh Project, expectations with respect to the development of the Johnson Tract Project post-Transaction, Contango’s growth plans post-Transaction and the continued cooperation of Contango with CIRI, that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995, based on Contango and HighGold’s current expectations or assumptions as to the outcome and timing of such future events and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as “expects”, “believes”, “targets”, “approximately”, “projects”, “anticipates”, “plans”, “estimates”, “potential”, “possible”, “probable”, or “intends”, or stating that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved).  Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements.  These risks include, but are not limited to: risks related to the ability of the parties to close the Transaction; risks inherent to the exploration and mining industry (for example, operational risks in exploring for and, developing mineral reserves; risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by Contango or the Peak Gold JV; ability to realize the anticipated benefits of the Peak Gold JV and the Johnson Tract Project; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks and risks related to weather and other natural disasters); uncertainties as to the availability and cost of financing; Contango’s inability to retain or maintain its relative ownership interest in the Peak Gold JV;  inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; the extent of disruptions caused by an outbreak of disease, such as the COVID-19 pandemic; and the possibility that government policies may change, political developments may occur  or governmental approvals may be delayed or withheld, including as a result of presidential and congressional elections in the U.S. or the inability to obtain mining permits. Additional information on these and other factors which could affect Contango’s exploration program or financial results are included in Contango’s other reports on file with the U.S. Securities and Exchange Commission.  Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change. FORWARD DISCLOSURE SPECIFIC TO HIGHGOLD TRANSACTION 42

v3.24.1.1.u2

Document And Entity Information	May 31, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 31, 2024
Entity Registrant Name	Contango Ore, Inc.
Entity Central Index Key	0001502377
Entity Emerging Growth Company	false
Entity File Number	001-35770
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3431051
Entity Address, Address Line One	516 2nd Avenue
Entity Address, Address Line Two	Suite 401
Entity Address, City or Town	Fairbanks
Entity Address, State or Province	AK
Entity Address, Postal Zip Code	99701
City Area Code	(907)
Local Phone Number	888-4273
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	CTGO
Security Exchange Name	NYSEAMER

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