Contango ORE Announces Start of Second Campaign of Gold Production from Manh Choh Gold Mine and General Corporate Update

FAIRBANKS, AK -- (September 9, 2024) -- Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) is pleased to announce that the Peak Gold JV has started processing Campaign #2 of Manh Choh ore through the Kinross Fort Knox mill located near Fairbanks, Alaska. Processing of ore for the Second Campaign started on August 27th and will continue into late September. In addition, the Company reported the following general corporate updates:

1. it received the 404 Wetlands Permit from the US Army Corps of Engineers (the "USCOE") to construct an access road from the Johnson Tract camp site to the proposed portal and laydown area;
2. it entered into a memo of understanding (the "MOU") with the Department of Natural Resources Office of Project Management and Permitting ("OPMP") to begin permitting the exploration portal and laydown area for the Johnson Tract project;
3. it has engaged SRK Consulting Canada Inc. ("SRK") to complete a Preliminary Economic Assessment for the Johnson Tract project using our Direct Shipping Ore ("DSO") approach; and
4. it has completed approximately 1,500 meters (5,000 ft.) or half of the planned 2024 surface drilling program at the Johnson Tract project and plans to complete the program, which remains on budget and schedule, by early October.

Rick Van Nieuwenhuyse, CEO and President for Contango said: "It is great see the start of the second campaign of Manh Choh ore going through the Fort Knox mill. Our representatives are on site to monitor the progress. We expect Campaign #2 to produce a target of 10,000 ounces of gold for Contango's 30% share of production. In addition, the Company also sold an additional 1,500 ounces of gold and a minor amount of silver from the remaining Campaign #1 recoverable inventory, bringing the total production from Campaign #1 to 16,200 ounces of gold and 3,500 ounces of silver, yielding total sales of $36 million. With gold prices near an all-time high, we expect Campaign #2 sales to realize a blended price between $2,100 to $2,200 per ounce while delivering 60% of our gold into our hedges at $2,025 per ounce and selling the remaining 40% of our gold at the spot market price. All-in Sustaining Costs ("AISC") for both Campaign #1 and #2, along with a discussion of our earnings and financial results for the quarter ended September 30, 2024, are expected to be announced in the first half of November. Mining and transportation of ore mined at Manh Choh continues to be delivered to the stockpile at Fort Knox and at this stage we continue to believe AISC remain in line with the feasibility study (TRS) . A third campaign of similar size delivering an estimated 10,000 gold ounces for Contango's account is currently planned to be processed in November, bringing our total gold production guidance for 2024 to approximately 36,000 ounces."

Mr. Van Nieuwenhuyse continued, "meanwhile, the Company is making great progress advancing our newly acquired Johnson Tract project. We received the 404 "Wetlands Permit" from the USCOE on August 21st, which allows the Company to construct a 2.3 mile (3.7 km) access road connecting the existing camp and airstrip with the proposed portal site and associated laydown area. The permit also allows the Company to re-align and expand the airstrip to 5,000 ft. (~1.5km) to accommodate a L-100 Hercules air-cargo plane (~20 tonne capacity). In conjunction, we have entered into a MOU with OPMP to start permitting the underground exploration tunnel. Once the tunnel is completed, it will provide underground access to carry out in-fill definition drilling for measured and indicated resources along with detailed geotechnical, hydrology, environmental, engineering and mine planning studies to complete a feasibility study. The 2024 drill program is a little more than halfway completed and is on track to

‍ ¹ See press release announcing TRS: https://www.contangoore.com/press-release/contango-ore-announces-completion-of-s-k-1300-technical-report-summary-for-its-manh-choh-project-in-alaska. To view a copy of the TRS, click here. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into the Company's corporate presentation.