Contango Ore Announces That The Peak Gold JV Made A Cash Distribution Of $21M To Contango On June 25, 2025, Totaling $54M To Contango's Account Received Year-To-Date.

Contango ORE, Inc. ("Contango" or the "Company") (NYSE:CTGO) is pleased to announce that the Peak Gold JV made a cash distribution in the amount of $21 million ("M") to Contango on June 25, 2025, totaling $54 M to Contango's account received year-to-date. The Peak JV has completed the second of four campaigns in 2025, producing approximately 36,000 ounces of gold for Contango's account year to date, with the third campaign scheduled to commence in August 2025.

Rick Van Nieuwenhuyse, the Company's President and CEO stated, "Guidance for our 30% share of the Peak Gold JV's 2025 production remains at 60,000 ounces of gold, with life-of-mine average annual production expected to be 58,750 ounces of gold per year to 2029 with all-in sustaining costs ("AISC") estimated at $1,400 per ounce of gold sold. In the first week of July, we plan to early pay $7 M of principal against the credit facility, reducing the balance to $23M. In addition, we have early delivered 11,900 ounces of gold into the July 31st hedge contracts using a carry trade, bringing our current hedge contract balance down to 62,900. We anticipate the remaining hedges at the end of 2025 to be 43,000 ounces. Second quarter financial results will be released in early August 2025."

Mr. Van Nieuwenhuyse continued, "Based on year-to-date results and projections going forward, we now expect cash distributions for 2025 from the Peak Gold JV to be in excess of $95 M, assuming a $3,100 per ounce spot gold price for the remainder of 2025. This higher-than-expected cash flow will be used to strengthen our cash position, reduce debt and fulfill our hedge contracts while we continue to advance permitting activities on the Johnson Tract project."