#1心 CONTANGO ORE GOLD SILVER COPPER Q2 2023 Corporate Update and Plans for 2023-2024#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). CORE 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. Mining disclosure in the United States was previously required to comply with the U.S. Securities and Exchange Commission's (the "SEC") Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Exchange Act of 1934, as amended. The SEĆ adopted final rules to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act ("Regulation S-K 1300"), which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to international standards. Under Regulation 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 is in the process of preparing an S-K 1300 Report based on the FS. Investors are cautioned that while the Regulation 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 CORE 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 the standards adopted under Regulation 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 Regulation 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. Please see the CORE's press release dated July 28, 2022for more detail regarding the FS; and Kinross' July 27, 2022 and second quarter results: https://www.kinross.com/news-and-investors/news-releases/press-release details/2022/Kinross-reports-2022-second-quarter-results/default.aspx CONTANGO ORE GOLD SILVER COPPER 2#3• CORPORATE OVERVIEW $10M Strategic Investment by Alaska Future Fund ✓Contango ORE is expecting strong cash flow per share (CFPS) starting in 2024 ✓Construction decision made July 2022 CAPITAL STRUCTURE Traded on the NYSE American: CTGO • 7.2 Million Shares Outstanding 7.7 Million Shares Fully Diluted 100,000 Options; Warrants - 400,000 - 2year @$25 $20 million Convertible Debt (8% Coupon) Convertible @ $30.50 ~ $US 8 Million Cash as of February, 2023 Contango 30% owner of Peak JV; • Kinross Owns 70% and is Operator 100% owner of the Lucky Shot Property 100% owner of the Shamrock, Eagle-Hona and Triple Z 35% CONTANGO ORE GOLD SILVER COPPER 25% O 40% Institutional Retail / Others Directors & Officers (Insiders) 3#4Developing Alaska's Next Gold Mines Manh Choh - Development Stage Project "Early Works" Underway → Partnership with Kinross (70%) and the Alaska Native Tetlin Tribe (Royalty) 100% Owned Lucky Shot Mine - Exploring historic high-grade gold mine • Three Early-Stage Exploration Projects: ● ● Shamrock Eagle-Hona Triple Z#5ALASKA Manh Choh Gold Deposit CONTANGO ORE GOLD SILVER COPPER ✓ 1.3 Million ounce gold Measured plus Indicated Resources1 ✓ Average grade = 4g/t Gold¹ ✓ Located in Alaska on the Alaska Hwy ✓ On Private Land Owned by the Tetlin Alaska Native Tribe Business Partnership with Kinross- Paid $93 Million for 70% interest Using the Fort Knox Milling Facilities Lower capital costs, Smaller Environmental footprint and Lower Execution Risk 1 Based on 100% of the resource reported in the SK1300 Report filed April 8, 2021 Corporate press release. Link to SK1300 Report: https://www.sec.gov/Archives/edgar/data/1502377/000115752321001257/a52515098ex96_1.htm#6"EARLY WORKS WELL UNDERWAY NEAR TERM PRODUCTION POTENTIAL & EXPLORATION UPSIDE MẠNH CHOH GOLD PROJECT September 2020 entered into JV agreement between Contango (30%) and Kinross (70% and Operator) to form new Peak Gold LLC, with Royal Gold and Tetlin Tribe retaining royalty interests; Simple Development Plan - mine Manh Choh Gold ore and then truck and process the ore at Kinross' Fort Knox Milling Complex → Reduces execution risk to produce Gold and Silver over 4.5 year mine-life starting 2024 Feasibility in 2022 → Construction in 2023 → Production in 2024 Production in 2024 Explore 2800 sq.km area >$65 Million expended to date: $25 Million 2020-21➡ Studies and Permitting in 2021-22 $41Million in 2022 $13.6 Million PGLLC Budget Approved for Q1 2023 Continue "Early Works" in preparation for full construction in 2023#7MẠNH CHOH GOLD PROJECT ING ING and Macquarie Banks to Arrange $70 million Debt Financing Package for Contango's 30% of Manh Choh Project MACQUARIE 7 CONTANGO ORE#8● 1 4508 MANH CHOH GOLD PROJECT: Anticipated Economics 525.08 Model Assumptions per Kinross Feasibility Study Disclosure¹ CONTANGO ORE GOLD SILVER COPPER Using existing infrastructure at Fort Knox, Peak Gold LLC is planning on a 2024 start date Kinross estimates 914,000 GEO production over a 4.5-years equating to roughly 225,000 GEO per annum (30% to Contango Ore = 67,500 GEO/Yr)¹ 17.27 Using elevated cut-off grade - Average processed grades expected to be ~8 g/t Au 16.02 Capital Costs - Existing infrastructure expected to reduce start-up capital requirements $182 million (including $14M Contingency) - Contango's Share is $55 million photos based on Q2 2022 Feasibility Study¹ 6440.08 Manager has recommended an additional contingency of $16 million to cover potential inflationary pressures - Contango's Share $4.8 million Operating Costs - Kinross est. AISC of US$900/GEO¹ Contango AISC pending negotiations Based on Kinross Gold Corporation Press Release and "Q2 Corporate Update" presentation dated July 26 and 27, 2022; Initial capex reflects the feasibility study completed in 2022; The optimization for the mineral reserve estimate assumed a $1,300 per ounce gold price; the $182 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 there will be a Toll Milling charge to the Peak Gold JV; "All-in sustaining cost (AISC) per equivalent ounce sold" is a non-GAAP ratio. see Appendix for disclaimers regarding reconciliation. "GEO" refers to Gold Equivalent Ounces. 8#9MANH CHON DEPOSIT MẠNH CHOH GOLD PROJECT LOCATION The project is located 29 km (18 mi) from the Alaska Hwy and 400 km (240 mi) to the Fort Knox Milling Complex * Operating Mines and Projects Cities / Towns Highways United States Fairbanks Alaska Fort Knox 父 Tok Manh Choh Yukon 父 Dawson City Anchorage 0m 200 km 400 km Valdez Image used with permission from Kinross Canada Whitehorse 9 CONTANGO ORE#10• . • PEAK GOLD JV PROJECT HIGHLIGHTS Processing ore from the Peak Gold Project at Fort Knox avoids mill construction and is expected to decrease execution risk, lower capital expenditures, drive attractive returns, and reduce the project's environmental footprint and permitting requirements. Leverages Fort Knox's successful 25-year history in Alaska, the second largest gold producing State in the USA and one of the world's top mining jurisdictions¹. Project to benefit local communities, particularly the Upper Tanana Athabascan Village of Tetlin; Tetlin Tribe to receive royalties, jobs and training. Project is expected to contribute to the state economy and provide additional employment opportunities and benefits. 1 Based on Fraser Institute Annual Survey of Mining Companies, 2019 report. 793D 462 330 108 5500 Images used with permission from Kinross CONTANGO ORE#11Manh Choh Update Access Road Construction underway Extracting Material from Borrow Source along New Mine Access Road Road Construction CONTANGO ORE#12Manh Choh Update Access Road Construction underway Manh Choh Mine Access Road 12 CONTANGO ORE#1320 Manh Choh Update - Manh Choh Camp Construction Completed Aerial View of Camp Renovation / Expansion 13 CONTANGO OR#14Manh Choh Update - Fort Knox Mill Modifications 14 CONTANGO OR#15Manh Choh Update Site Construction Planned After receipt of Mine Operating Permit (expected April 2023) Planned project infrastructure at Manh Choh Waste Stockpiles 2022 Camp Overburden Stockpile Hinh Chat South Main WASA To Ora Loadout /Access Road Low-grade Stockpile Minh Chanh North Mine Infr. Pad KOMATSU Manh Choh Tetlin Twin Road Detailed Engineering Procurement KINROSS Manh Choh WRSA = Waste Rock Storage Area A with Congo DRE North WRSA¹ 2023 Access road Site infrastructure Pre-production mining Ore Haul Facilities KOMATS 7000 1008 15 CONTANGO ORE#16Kiewit selected as mining contractor Founded it 1884, Kiewit is one of the largest KIEWI SINCE 1884 Kiewit engineering, construction and mining companies in North America 598 CATERPILLAR 119 A60H CAT CAT 390F 16 CONTANGO OR#17Black Gold Transport Contracted for Ore Haul Alaska Business 35 Years 241 VOLVO 10- CUL DESI 122 W inetan WITH CHAND SIGNATURE CATE TRAPLA LOR 7 CONTANGO OR#18MANH CHOH GOLD PROJECT AND SURROUNDING TARGETS Chief Danny Area: Gold in Soils (thru 2019) ON THE 0 nob Hill lake 500 1000 Meters < 2019 soil grid North Saddle L Tok River fault O'clock The "C" 7 O'clock LOD fault ors fault -North MC Ridgeline Discovery Main MC Tors Au (ppm) 262 • 0.05 0.03 002 0.01 -0.006 $3 Million Exploration Program Completed for 2022...$3 Million Planned for 2023 Exploration for New Resources in Chief Danny Area - 9 holes, totaling 1,979 meters completed...results pending Further evaluation of 685,000 acre Manh Choh property ➤ Additional regional stream sediment sampling ➤ Geologic mapping. ➤ Geophysical surveys including detailed ground gravity survey 18 CONTANGO ORE#19ASSET SUMMARY KINROSS CONTANGO ORE 100% 30% 70% Peak Gold JV State Claims (~70,000 Acres) Peak Gold Project ~(688,000 Acres) ➤ The Manh Choh project consists of a ~688,000 acres land package including ~13,000 acres of State Mining Claims → Roughly the size of Rhode Island ➤ Contango is also the 100% owner of the Alaska state claims exploration land package (~70,000 acres) X 100% CONTANGO ORE State Claims Jaracos RIVER 千斤 North Manh Choh Main Manh Choh miles ENTA bah nada Check 14 Noyes 父 MO Tetlin Leke T) (UK)ના Forl X Mạnh Choh 父 Deposit Telha Tetlin Lease ☑ ☑ ☑ 父 Mountal Gillan ☑ River Kishuch ☑ back A Jaizk Prospects State Mining Claimes Owned by Peak Gold LLC Tetlin Lease Contango 100% Owned State Mining Claims 20 19 miles CONTANGO ORE#20• • LOWER RISK & REDUCED TIMELINE TO PRODUCTION DECISION $19 million Program in 2021: Resource In-fill, Hydrology, Geotechnical, Metallurgical Engineering; Environment and Community Outreach With $2 million Exploration drilling to potentially expand the mine life • $25.6 million 2022 budget approved and amended to $39.6 million • • 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 2024 DETAILED DESIGN DRILLING SCOPING STUDY PERMITTING & FEASIBILITY PROCURMENT CONSTRUCTION PRODUCTION Community Engagement Tetlin Tribe has indicated 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 pending receipt of Mine Operating Permit - Expected April 2023 Image used with permission from Kinross 20 20 CONTANGO ORE#21Tintina Gold Belt > 100 Million Ounce Gold Endowment 1 CONTANGO ORE Tetlin Lease (Peak Gold JV) CTGO 100% Owned State Claims Other State Mining Claims Fort Knox Fairbanks Pogo Shamrock Lucky Shot/Willow Anchorage Tok Triple Z Eagle/Hona Manh Choh miles Tintina Fault Denali Fault Alaska Canada 100 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. 21 21#22B-71 Circa 1930 21 "LUCKY SHOT MINE. Lucky Shot Portal CONTANGO ORE Hewitts Photo Shop Anchorage Alaska 22 22#23CONTANGO ORE#24Lucky Shot Property Historic Resources¹ Historic M&I Reserve on Adjacent Coleman Segment of LS Vein: 206k Tonnes @ 18.3 g/t Gold for 121,500 Ounces of Contained Gold² Willow Creek district historically produced 19 metric tonnes or approximately 610,874 troy ounces from ore ranging between 30 and 60g/t making it the third largest historic lode gold producing district in Alaska (Harlan, et al., 2017) Lucky Shot Mine reported 252,000 ozs from 169,000 tons of free-milling ore indicating an average head grade of 40 g/t (1.6 oz/tonne) (Stoll, 1997), with additional production from the Coleman and War Baby mines. Resource Table from 2016 PFS for Coleman Segment of LS vein The mineral resource is summarized in the table below: Classification Measured Indicated Measured + Indicated Inferred Tonnes (x1000) Gold Silver g/t OZ. g/t OZ. 57.9 26.8 49,900 2.5 4,700 148.6 15.0 71,600 1.6 7,400 206.6 18.3 121,500 1.8 12,100 59.0 18.5 35,100 1.5 2,900 Lucky Shot Portal Note: Measured, Indicated and Inferred mineral classifications are assigned according to CIM Definition Standards. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability and there is no guarantee that mineral resources will be converted to mineral reserves. (1) The mineral resource estimate was prepared by HRC based on data and information available as of February 1, 2016. The 2016 Measured, Indicated and Inferred mineral resources are reported considering a base case estimate that applies a cutoff grade of 5 g/t Au based on the estimated operating costs, historical recoveries, and a $1,265/oz gold price. B-71 Circa 1930 "LUCKY SHOT MINE. Hewitts Photo Shop Anchorage Alaska 1 The historical production information presented is based upon reports file by the US Geological Survey from information provided by prior owners and operators of the mines. The Company has not undertaken any independent work to verify or confirm the previously reported information (see Harlan, et al., 2017 and Stoll, 1997). The historical information may not be representative of future results of the Company's activities 2 Based on a 2018 pre-feasibility study by Hard Rock Consulting. A qualified person (as defined by Securities and Exchange Commission rules) has not done sufficient work to classify the estimate as a current estimate of mineral resources, mineral reserves or exploration results. The Company is not treating these estimates as current estimates of mineral resources, mineral reserves or exploration results. The historical information may not be representative of future results of the Company's activities 24 CONTANGO ORE#25Coleman Adit Enserch Tunnel Lucky Shot "500" Adit War Baby Adit Looking NNE Lucky Shot Vein: +1 mile (1.6 km) strike length and open along strike and down dip CONTANGO ORE 25#26-ཀཏྤུ Coleman block Lucky Shot block War Baby block Murphy block Coleman adit Enserch adit. Kilom Kilometers War Baby adit Lucky Shot adit 26#27ATKINSON NOW Tuug /A CONTANGO ORE GOLD SILVER COPPER 27 27 Lucky Shot Update - Safety First Approach Zero LTIs#28Contango Exploration Plan for Lucky Shot Project 5 New Drillholes: LSU001-005 Assays pending Drill Stations every ~75m LIFootwall Drift +373500 E +6852000 N Objective: Define 500,000 ounces of gold resource by drilling Lucky Shot vein down dip from historically produced 250,000 ounces averaging 40g/t 1 Historic Workings +372000 E Enserch Tunnel Existing tunnel slashed to 10' x 12' +6851500 N +1050 +372500 E +900 Stage 1A: New Tunnel Development & Pilot Drill Hole Program - completed - Stage 1B: Intersect Vein in Enserch Tunnel and • take Bulk Sample; . Shot Vein Develop Footwall Drift Parallel to Lucky Drill up-drip and down-dip extension of LS Vein +373000 E New Tunnel (950' 10' x 12') 5 New Pilot Drillholes: LSU001-005 Assays pending Bulk Sampling through vein Hangingwall definition drilling Azimuth 262 Plunge oo Footwall definition drilling 100 15 ✓ Rehab and extend existing Enserch tunnel to explore the Lucky Shot vein down-dip - prep for exploration drilling in three stages: Stage 1a Drift 500 meters along footwall and parallel to vein for detailed in-fill drilling; • Stage 1b Continue Enserch tunnel as a ramp into hanging wall side of vein and drill a second panel down dip on Lucky Shot vein • Stage 2: Connect Enserch and Lucky Shot tunnels Stage 3: Access historic M&I Resources 1 at Coleman zone by building a ramp from the Enserch level to the Coleman level in an effort to add ounces to the mine plan Evaluate District Scale potential 1 The historical production information presented is based upon reports filed by the prior owners and operators of the mines. The Company has not undertaken any independent work to verify or confirm the previously reported information. 28 /A CONTANGO ORE#29Lucky Shot - Pilot Hole Drill Holes Total of 29 completed to date All holes intersected the Lucky Shot Vein 10 pilot holes from Western & Eastern Ballrooms Completed 12 holes from Tunnel Face Two sets of fan holes with 6 holes each from Western Footwall Drift Extended tunnel to intersect the LS vein for bulk sample and testing Many contain Visible Gold (VG) ASSAYS PENDING! CONTANGO ORE#30Oblique View - Looking NE GLEADZ 25 Au (ppm) 10 01 5 3 1 0.5 ...... Plunge +10 Azimuth 010 50 75 100#3115-20 Meter spacing Lucky Shot Shear Zone#32Oblique View of Lucky Shot Vein Structure - Looking West Combined of Lucky Shot Vein Historic Resource Classification Measured Indicated Measured + Indicated Inferred Tonnes (x1000) Gold Silver g/t OZ g/t OZ 57.9 26.8 49,900 2.5 4,700 148.6 15.0 71,600 1.6 7,400 206.6 18.3 121,500 1.8 12,100 59.0 18.5 35,100 1.5 2,900 Coleman Segment of Lucky Shot Vein Classification Tonnes (x1000) Gold Silver g/t OZ g/t OZ Measured 57.9 26.8 49,900 2.5 4,700 Indicated 148.6 15 71,600 1.6 7,400 Inferred 59 18.5 35,100 1.5 2,900 Lucky Shot Segment of Lucky Shot Vein fication Tonnes Indicated Inferred Gold Silver (x1000) g/t OZ g/t OZ 23.6 16.82 12,800 0.15 100 War Baby 25.4 29.93 24,400 0.39 300 Note: Measured, Indicated and Inferred mineral 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 resource will be converted to mineral reserves. This mineral resource estimate was prepared by Hard Rock Consulting, LLC, based on data and information available and has an effective date of January 1, 2018. The 2018 Measured, Indicated and Inferred mineral resources are reported considering a base case estimate that applies a cutoff grade of 5 g/t Au based on the estimated operating costs, 80% gold and silver recoveries, and a $1,265/oz gold price. Coleman Lucky Shot Murphy 1 The historical production information presented is based upon reports file by the US Geological Survey from information provided by prior owners and operators of the mines. The Company has not undertaken any independent work to verify or confirm the previously reported information (see Harlan, et al., 2017 and Stoll, 1997). The historical information may not be representative of future results of the Company's activities. Plunge +18 E 2 Based on a 2018 pre-feasibility study by Hard Rock Consulting. A qualified person (as defined by Securities and Exchange Commission rules) has not done sufficient work to classify the estimate as a current estimate of mineral resources, mineral reserves or exploration results. The Company is not treating these estimates as current estimates of mineral resources, mineral reserves or exploration results. The historical information may not be representative of future results of the Company's activities. 500 245#33Lucky-Shot & War Baby Resource Model Lucky Shot Plan View 6852300 N 6852400 N Lucky Shot Modeled /Veins LS Downdip Inferred nonmodeled Outline War Baby 410 Drift 6852200 N 6852700 N 6852000 N 6851900 N 6851800 N Lucky Shot Underground Works Enserch Tunnel Lucky Shot "500" Level འདབ་མ་འབལ་ལལ་བས་མནལ་འའཚའམའབ་གང་དག་གག་ 6851700 N 372300 E 372400 E 372500 E 372600 E 372700 E 372800 E 372900 E 373000 E 373100 E War Baby 373200 EMAPT 373300 E#342080E Drift 2090W Drift 2280W Drift 2300E Drift Planned In-Fill Drill Program for 15-20 Meter spacing . Looking Southwest Plunge +30 Azimuth 212 50 100 150#35CONTANGO ORE GOLD SILVER COPPER Lucky Shot - At the Face with Lucky Shot Vein 0#36THANK YOU A CONTANGO ORE GOLD SILVER COPPER. 36#37NYSE American: CTGO 心 CONTANGO ORE GOLD SILVER COPPER Corporate Inquires: [email protected] +1-778-386-6227 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE#38APPENDIX NON-GAAP RECONCILIATION DISCLAIMER This presentation contains forward looking estimates of all-in sustaining cost ("AISC"), resources and EBITDA, which are a financial measure not determined in accordance with United States generally accepted accounting principles ("GAAP"). We cannot provide a reconciliation of estimated AISC, resources, EBITDA and cash flow 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, 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 to which the Company has not had 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 38