Contango Silver and Gold Inc. (NYSE: CTGO) (TSX: CTGO) is pleased to announce that it has entered into an agreement to settle milestone payments totaling $18.75 million on the Lucky Shot Project in exchange for $5 million in cash and 100,000 common shares of the Company. In addition, the Company is pleased to announce that on June 25, 2026 it received a $9 million cash distribution from the Peak Gold JV related to production from its second campaign of 2026 at the Manh Choh mine.

Rick Van Nieuwenhuyse, the Company’s CEO, commented: “Settling these milestone payments at Lucky Shot is a meaningful corporate achievement. By eliminating our remaining payment obligations and securing 100% unencumbered control of the Lucky Shot asset, we have significantly de-risked the project and ensured that our investors will realize its full upside potential. As we look at the success and continuity from our ongoing drill programs and aggressively advance Lucky Shot toward the feasibility stage, our shareholders are now well positioned to capture maximum leverage from what is shaping up to be a truly exceptional high-grade gold system.”

On June 26, 2026 the Company amended its Membership Interest Purchase and Sale Agreement with CRH Funding II PTE. Ltd., a Singapore private limited corporation, to satisfy obligations totaling up to $18.75 million if certain milestones were achieved on the Lucky Shot Project held by CRH. The consideration paid by Contango approximated $6.57 million, comprised of the following:

• Cash payment of $5 million due on signing of the Amended MIPA (paid)
• Issuance of 100,000 common shares of the Company by July 6^th, 2026 (the shares have a deemed value of $1.57 million, based on the closing share price of $15.74 on June 26, 2026)

ABOUT CONTANGO

Contango is a NYSE American and TSX listed company that engages in the exploration for and development and production of gold and associated minerals in Alaska and in the Golden Triangle in British Columbia. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the Peak Gold JV. The Company and its subsidiaries also have (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project, which consists of mineral rights to approximately 8,600 acres of State of Alaska and patented mining claims located in the Willow Mining District about 75 miles north of Anchorage, Alaska, from the underlying owner, Alaska Hardrock Inc., (iii) mineral rights to approximately 145,000 acres of State of Alaska mining claims, (iv) mineral rights to approximately 11,700 acres of State of Alaska mining claims and upland mining leases, all of which give Contango the exclusive right to explore and develop minerals on these lands, and (v) mineral tenures of approximately 247,000 acres (100,000 ha) located in and around the Kitsault Valley in the Golden Triangle of northwest British Columbia.

Additional information can be found on our web page at www.contangoore.com.

CONTACTS:

Contango Silver & Gold

Rick Van Nieuwenhuyse

(907) 388-7770

www.contangoore.com