#1心 CONTANGO ORE GOLD SILVER COPPER BUILDING ALASKA'S NEXT GOLD MINES March 2024 Corporate Presentation NYSE-A: CTGO#2FORWARD 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. / CONTANGO ORE GOLD SILVER COPPER 2 CONTANGO ORE#3Investment Highlights ✓ 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 Q2 2024 ✓ Strong cash flow per share (CFPS) expected to start in 202 ✓ Exploration upside 1. See Fraser Institute's annual survey of mining companies for 2021 CONTANGO ORE GOLD SILVER COPPER 3#4• ALASKA Developing Alaska's Next Gold Mines Alaska's Golden Triangle A CONTANGO ORE GOLD SILVER COPPER Manh Choh Mine - Mining and Stockpiling Ore Underway Partnership with Kinross (70%) and Contango (30%) Using existing Fort Knox milling facilities owned by Kinross Reduced execution risk 4 Partnership with the Alaska Native Tetlin Tribe (Royalty) Lucky Shot Mine Initial Resource 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 CONTANGO ORE#5Capital Structure TRADING - NYSE AMERICAN: CTGO¹ 90-Day Avg. Daily Volume 52-week range Market Cap *Russell 3000 Inclusion - June 26, 2023 34,286 shares per day US$14.03 - $33.67 $200 M CAPITAL STRUCTURE² Issued & Outstanding 9.6 M Warrants Options Fully Diluted 0.4 M 0.1 M 10.1 M FINANCIAL POSITION² Cash $15.5 M Debt (gross) $50.0 M ANALYST COVERAGE Cantor Fitzgerald Roth Capital Partners Fundamental Research Corp. Maxim Group Freedom Capital TOP SHAREHOLDERS Hexagon Asset Management Tocqueville Asset Management GAMCO Investors 1. Approximate amounts reported as of March 14, 2024 2. Amounts reported as of December 31, 2023 39% Mike Kozak Mike Niehuser Nina Rose Coderis Tate Sullivan Dilrukh Sharipov Alaska Future Fund Insiders 43% 么 CONTANGO ORE GOLD SILVER COPPER 18% Institutional Retail / Others Directors & Officers (Insiders) 5 CONTANGO ORE#6Manh Choh Update - Groundbreaking Ceremony Mining Operations Initiated ΜΑΝΗ CHOH MANH CHOH KINROSS Manh Choh A JV with Contango ORE CONTANGO ORE 6#7Manh Choh Update - Mining Underway 7 CONTANGO ORE#8Ahead of Schedule and Still On Budget 8 CONTANGO ORE 8#9Ore Stockpiling at Fort Knox Underway Loading and Weighing Manh Choh Ore and then transporting Fort Knox stockpile site - processing to begin in 2024 O LONG LOAD 1412SY 6 www.aldimar.com CONTANGO ORE#10Mill Modifications at Fort Knox Completed Zone 1: Cyanide Mix Building. (New Building) Zone 2: Ore Delivery Road/Pad. Zone 3: Recycle conveyor & Cement Silo. (New Silo & Belts) Zone 4: Pre Leach Thickener - Leach CIP Piping. Zone 5: Detox Tanks, Lime Silo & System, Reagent additions. (New Lime Silo, New Detox Tanks) Zone 6: Grinding Upgrades, Carbon Tank Addition. (New Small Building) KINROSS CONTANGO ORE Zone 3 Zone 6 Zone 6 Zone 4 Cement Silo Zone 3 Zone 1 Zone 5 Zone 4 Zone 5 Zone 2 In Pit Tails Progress Pipeline Design Pipeline Progress Completed 10#11Manh Choh Gold Project: Anticipated Economics 8525.08 Model Assumptions per Contango Manh Choh SK 1300 Report¹ CONTANGO ORE GOLD SILVER COPPER Using existing infrastructure at Fort Knox, Peak Gold is planning on a H2 2024 start date Production estimate of 914,000 GEO over a 4.5-years equating to roughly 225,000 gold equivalent to rou ounces ("GEO") per annum (30% to Contango Ore = +274,000 GEO or 67,500 GEO/Yr)¹ Average processed grades expected to be ~8 g/t Au • Capital Costs be 17.27 → Initial $189 million (including $14M Contingency) for Peak Gold - Contango's Share: $56.8 million → $26 million Capitalized Strip - Contango: $7.8 million Total Capital Costs to Contango = $64.6 million based on the Manh Choh SK 1300 Report¹ 6440.08 1012 Operating Costs - Contango AISC = $1,116/GEO¹ 11 6023.08 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 links are not part of, and are not incorporated by reference into this investor presentation.#12Timeline to Production . • • Contango forecast suggest first production could be in Q2 2024 Approximately $40 M program in 2022 Kinross Feasibility Study completed and permitting activities are advancing well Wetlands Dredge and Fill (404) Permit from USACE • Other permits issued by State of Alaska Production expected to commence in H2 2024 • Approximately $19 M program in 2021 which included resource in-fill, hydrology, geotechnical, metallurgical engineering; environment and community outreach With ~$2 M exploration drilling to potentially expand the mine life DETAILED DESIGN DRILLING SCOPING STUDY PERMITTING & FEASIBILITY PROCUREMENT CONSTRUCTION PRODUCTION Community Engagement Tetlin Tribe indicates their support for the project development plan; Continued community engagement "Early Works" construction decision announced in July 2022 Road construction/mill modification/camp Mine Site construction decision with receipt of Mine Operating Plan approved in May 2023 Image used with permission from Kinross 12 12 CONTANGO ORE#13Manh Choh Illustrative Economics Illustrative Economics at Select Gold Prices¹ Gold Price ($USD) $1,520 $1,620 $1,720 $1,820 $1,920 GEO Per Annum (000's) 225.0 225.0 225.0 225.0 225.0 Contango JV Ownership 30% 30% 30% 30% 30% Contango GEO Per Annum (000's) 67.5 67.5 67.5 67.5 67.5 Suzanne LaFrance Contango Revenue ($USD) (000's) $102,600 $109,350 $116,100 $122,850 $129,600 Less: AISC ($1,116/Ounce) (000's) (75,330) (75,330) (75,330) (75,330) (75,330) Contango Cash Flow (000's) $27,270 $34,020 $40,770 $47,520 $54,270 At gold spot price ($1,920/Ounce) as of July 10, 2023 - Hedged Gold Forward prices at $2,025 • $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. 13 CONTANGO ORE#14Manh Choh Project and Surrounding Targets Chief Danny Area: Gold in Soils (thru 2019) $4.7 Million Exploration Program Budgeted for 2024 ON THE 0 500 1000 nob Hill lake Meters < 2019 soil grid North Saddle L Tok River fault O'clock The "C" 7 O'clock LOD fault Suzanne LaFrance -North MC Ridgeline Discovery Main MC Tors Au (ppm) 262 0.05 0.03 • • 002 0.01 -0.006 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) 14 CONTANGO ORE#15CONTANGO ORE Tintina Gold Belt¹: >100 Million Ounce Gold Endowment Fort Knox Tetlin Lease (Peak Gold JV) Fairbanks CTGO 100% Owned State Claims Other State Mining Claims Pogo Shamrock Lucky Shot/Willow Anchorage Tak Eagle/Hona Triple Z Manh Choh Tintina Fault Denali Fault Alaska Canada 0 100 miles 15 Early-Stage Exploration Projects (100% owned) ✓ Eagle-Hona ✓ Triple Z ✓ Shamrock → Current focus on Lucky Shot mine 1Hart, 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. CONTANGO ORE#16Lucky Shot Vein: Overview Coleman Adit Enserch Tunnel Lucky Shot "500" Adit War Baby Adit Looking NNE Lucky Shot Vein → 15.6 g/t Au = ½ Oz/ton Au¹ +1 mile (1.6 km) strike length and open along strike and down dip 么 CONTANGO ORE GOLD SILVER COPPER 1. 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 16 CONTANGO ORE#17Lucky Shot Vein: Oblique View - Looking West Coleman Segment of Lucky Shot Vein Au Grade (g/t) Classification Tonnes Au Ounces Measured Indicated TOTAL 190,092 15.6 95,036 190,092 15.6 95,036 Inferred 74,265 9.9 23,642 Lucky Shot Segment of Lucky Shot Vein Lucky Shot Au Grade Tonnes Au Ounces (g/t) Classification Measured Indicated 36,871 8.9 10,584 TOTAL 36,871 8.9 10,584 Inferred 7,793 5.9 1,468 Combined Segments of Lucky Shot Vein Au Grade Classification Tonnes Au Ounces (g/t) Measured Indicated 226,963 14.5 105,620 TOTAL Inferred 226,963 82,058 14.5 9.5 105,620 25,110 Murphy War Baby Coleman Plan to drill 12 to 15 holes totaling 3,000 meters in this area from surface to expand Coleman-Segment of Lucky Shot Vein 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 250 -Plunge +18 Azimuth 245 500 750 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"). 17#18Coleman Segment of Lucky Shot Vein: Infill and Expand Resource Drill on Deck and drilling away end of August Large multi-drill hole pad established#19Coleman Segment of Lucky Shot Vein: Infill and Expand Resource 2023 Coleman Surface Drilling Au (ppm) 10 5 3 1 Historic Mining 0.5 0 Plunge +54 (Oblique View to the South) Azimuth 191 100 200 300 Currently: Coleman Segment of Lucky Shot Vein Au Grade (g/t) Classification Tonnes Au Ounces Measured Indicated 190,092 15.6 95,036 TOTAL 190,092 15.6 95,036 Inferred 74,265 9.9 23,642 Objectives: 1) Upgrade 100,000 Oz Indicated Resource to Measured category 2) Increase M&I resource to 150,000 Oz 3) Evaluate mine optimization from Enserch Tunnel 4) Assess continued exploration opportunities 19#20Lucky Shot Vein: Exploration Open Along Strike and Down Dip Oblique View of Lucky Shot Segment - Looking NE 20 GLEADZ Lucky Shot Segment of Lucky Shot Vein Au (ppm) 10 01 5 3 1 0.5 Classification Au Grade Tonnes 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 Plunge +10 Azimuth 010 25 50 75 100#21Lucky Shot Vein: 300,000 to 400,000 oz Potential 2080E Drift 2090W Drift Looking Southwest Exploration Drill Program Objectives 1) Coleman Drilling - 120,000 to 150,000 oz (M&I) - 2) Footwall Drilling 100,000 to 150,000 oz (M&I) Total: 250,000 to 300,000 oz 2300E Drift 2280W Drift Hangingwall Drilling Objective: Define 100,000 to 150,000 oz Indicated Resource Planned In-Fill Drill Program for 15-20 Meter spacing 50 50 21 Plunge +30 Azimuth 212 100 150#22Corporate Strategy The Lassonde Curve - The Challenge......and the Opportunity Risk Exploration risk Technical risk Funding risk Assessment: Production: Value No new news Valued for cash flow Re-rating to producer valuation: Could be 5-10x uplift Commodity risk Fluctuating prices Discovery: Market bets on uncertainty Financing and construction: Project study limits project risk Time 22 22 CONTANGO ORE#23Corporate Strategy Value The Lassonde Curve - The Challenge.....and the Opportunity In most western jurisdictions the permitting process has become longer and caused significant "orphan period" for which poses a significant problem for many public markets' investors Orphaned companies can become uninvestable due to decline in market capitalization, lack of liquidity and limited catalysts Acquirers are increasingly focused on more advanced stage shovel ready projects that are fully de-risked, increasing length of period to M&A exit Time Contango Value Orphaned Period Longer period TargetCo Value =>=>~>=>- Exploration + Discovery Resource Development Feasibility Permitting + Construction Start Up Target Acquisitions to focus on: Quality Ounces → brings leverage to gold price Mining friendly jurisdictions can be permitted Existing infrastructure Potential for DSO* and/or to use under-utilized mill capacity Use our capital as demonstrated at Manh Choh and Lucky Shot easier to permit lower capital → reduce orphan period → Grow production and leverage to gold * DSO - Direct Shipping Ore CONTANGO ORE#24LA CONTANGO ORE GOLD SILVER COPPER 24 THANK YOU Corporate Inquires: [email protected] +1-907-888-4273 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE NYSE-A: CTGO#25NON-GAAP RECONCILIATION DISCLAIMER This presentation contains forward looking estimates of all-in sustaining cost ("AISC”), resources 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. CONTANGO ORE GOLD SILVER COPPER 25 CONTANGO ORE