#1心 CONTANGO ORE GOLD SILVER COPPER INVESTOR PRESENTATION APRIL 2021#2FORWARD LOOKING STATEMENT This presentation contains forward-looking statements regarding CORE that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on CORE's current expectations and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", "projects", "anticipates", "plans", "'estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to: the risks of the exploration and the mining industry (for example, operational risks in exploring for, developing mineral reserves; risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by CORE or the Joint Venture Company; ability to realize the anticipated benefits of the recent transactions with Kinross; disruption from the transactions and transition of the Joint Venture Company's management to Kinross, including as it relates to maintenance of business and operational relationships; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks and risks related to weather and other natural disasters); uncertainties as to the availability and cost of financing; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; extent of disruptions caused by the COVID-19 pandemic; and the possibility that government policies may change or governmental approvals may be delayed or withheld, including the inability to obtain any mining permits. Additional information on these and other factors which could affect CORE's exploration program or financial results are included in CORE's other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward- looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. CORE does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. CONTANGO ORE GOLD SILVER COPPER 2#3CAUTIONARY NOTE REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES The Preliminary Economic Assessment ("PEA") referenced herein was prepared in accordance with Canadian National Instrument 43-101 (NI 43-101). CORE is not subject to regulation by Canadian regulatory authorities and no Canadian regulatory authority has reviewed the PEA or passed upon its accuracy or compliance with N143-101. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" as used in the resource estimate, the PEA and this presentation are Canadian mining terms as defined in accordance with NI 43-101; however, these terms are not defined terms under the U.S. Securities and Exchange Commission's ("SEC's") Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. The estimation of measured resources and indicated resources involves greater uncertainty as to their existence and the legal and economic feasibility of extraction than the estimation of proven and probable reserves. Conversion of mineral resources to proven and probable mineral reserves generally requires a further economic study, such as a preliminary feasibility study. The PEA is not a preliminary feasibility study and does not support an estimate of proven and probable mineral reserves. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Investors are also cautioned not to assume that all or any part of measured or indicated resources will ever be converted into mineral reserves. In addition, the SEC normally only permits issuers to report mineralization that does not constitute mineral reserves as in-place tonnage of mineralized material and grade without reference to unit amounts of metal. Please see the Company's press release dated September 24, 2018 for more detail regarding the PEA. NON-GAAP MEASURES This presentation contains certain non-GAAP financial measures. A reconciliation of each such measure to the most comparable GAAP measure is presented in the Appendix hereto. Preliminary all-in sustaining cost estimates included in this presentation exclude corporate overhead costs. This measure is not a measure of financial performance under GAAP. We strongly advise investors to review our financial statements and publicly filed reports in their entirety and not rely on any single financial measure. See the Appendix for a reconciliation to GAAP. CONTANGO ORE GOLD SILVER COPPER 3#4Peak Gold Deposit 1.3 Moz Gold - Measured plus Indicated Resources ✓ Average grade = 4g/t ✓ Located in Alaska on the Alaska Hwy ✓ On Private Land Owned by the Tetlin Alaska Native Tribe Business Partnership with Kinross to Fast-Track Development by Using Fort Knox Milling Facilities /A CONTANGO ORE GOLD SILVER COPPER#5MANH CHOH PROJECT NEAR-TERM PRODUCTION POTENTIAL & EXCELLENT EXPLORATION UPSIDE Entered into 70/30 JV agreement with Kinross to form new Peak Gold LLC with Royal Gold retaining royalty; Plan is to mine Peak Gold ore, then truck and process at Kinross' Fort Knox Milling Complex - Simple plan and simple execution to produce 1 Million GEO Capital costs for the Project are expected to be ~US$110M (100% basis); Operations could potentially start in 2024; Contango's share is 65,000 GEO/year at $750 AISC/GEO based on Kinross's estimate¹ $18M 2021 PGLLC Budget Permitting in 2021-22 →Feasibility in 2022 → Construction in 2023 → Production in 2024 → On-going Exploration Significant exploration upside on nearly 850,000 acres in the heart of the Tintina Gold Belt 1 Non-GAAP financial measure; see Appendix for disclaimers regarding reconciliation. 2 Approximately 13,000 acres of the state mining claims are subject to a repurchase option by Peak Gold LLC 5 CONTANGO ORE#6CORPORATE OVERVIEW ⚫ Sufficient cash to meet projected 2 year construction decision • • Planned 2021 budget expected to be ~US$10M for Contango ORE Strong Cash Position and Tight Share Structure Contango ORE could expect strong cash flow per share (CFPS) starting in 2024 assuming construction decision made CAPITAL STRUCTURE Traded on OTCQB – Pursuing listing on NYSE American 6.15 Million Shares Outstanding • 6.25 Million Shares Fully Diluted • 100,000 Options • No Warrants and No Debt ~ $US32 Million Cash • Contango Owns 30% of Peak JV; Kinross Owns 70% and is Operator · Contango Owns 100% on adjacent 170,000 acres¹ 1 Approximately 13,000 acres of the state mining claims are subject to a repurchase option by the Joint Venture Company. CONTANGO ORE GOLD SILVER COPPER Institutional 37% 41% Retail / Others 22% Directors & Officers (Insiders) 6#78942.08 PEAK GOLD PROJECT ECONOMICS Model Assumptions: 8529 Using existing infrastructure, the Peak Gold LLC expects faster permitting to allow for a 2024 start date Existing infrastructure expected to lower total capital otal capit requirements to US$110 million¹ 7691.08 74.08 Kinross estimates 1 million oz gold equivalent production over a 4.5-year period equating to roughly 220,000 oz GEO per annum (30% to Contango Ore = 65,000 GEO/Yr)¹ 6857.08 Average processed grades of approximately of ~6 g/t Au Kinross estimates AISC of ~US$750/GEO¹ 14.37 16.02 Exploration potential on Peak Gold LLC ground to extend the photos mine life 11.47 ska mi Contango ORE has 100% interest in the State of Alaska mining claims adjacent to Peak Gold LLC lands Contango is a uniquely positioned company with 6 million shares o/s and a clear path to a production decision in 2023 1 Based on the news release issued by Kinross Gold Corporation dated September 29, 2020; Non-GAAP financial measure; see Appendix for disclaimers regarding reconciliation. GEO-Gold Equivalent Ounces 5606.08 17.27 Osphotos sitphotos A CONTANGO ORE GOLD SILVER COPPER 7 8.#82021E Global Gold AISC Cost Curve Global AISC Cost Curve for Gold /A CONTANGO ORE GOLD SILVER COPPER 2021E AISC Cost Curve - Wood Mackenzie (US$/oz Au and US$/oz AuEq) (1) AISC (US$/oz) Source: Note: (1) $2,000 $1,750 $1,500 $1,250 Spot: $1,838/oz Peak Gold LOM AISC (Kinross preliminary estimate) $1,000 Peak Gold: $750/oz AuEq $750 $500 $250 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Paid Metal (%) Bloomberg and Wood Mackenzie Spot gold price as at February 2, 2021 Wood Mackenzie 2021E cost curve calculated using the composite method (applies by-product costs when the proportion of gold net revenue is greater than 65% and applies co-product costs when the proportion of gold net revenue is less than 65%) RBC Capital Markets 8#9MẠNH CHOH PROJECT LOCATION The project is located 15 kms (10mi) from the Alaska Hwy and 400km (250 mi) to the Fort Knox Milling Complex Alaska N Operating Mines and Projects Cities/Towns Highways United States Alaska Fort Knox Fairbanks E 父 Anchorage 0m 200 km 400 km Tok Peak Gold Valdez Yukon Dawson City 牛牛 Image used with permission from Kinross PEAK DEPOSIT Д Canada Whitehorse 6 1/15 CONTANGO ORE#10• ALASKA - Tier One Mining Jurisdiction Rich History in Mining • Second Largest Gold Producing State in the USA . • DEVELOPING ALASKA'S NEXT GOLD MINE IN PARTNERSHIP WITH KINROSS AND THE TETLIN ALASKA NATIVE TRIBE Red Dog Mine 6 Active Larges Scale Mines, 200 small-scale alluvial miners producing 60,000 ounces of gold annually Mining Friendly Jurisdiction with Stable Regulatory and Taxes 4600 Direct Jobs and 9400 Direct/Indirect Jobs $37 million to local government revenues, $112 million State of Alaska, and $242 million to Alaska Native Corps. Donlin Creek • $1.7 Billion (36%) of Alaska Exports in 2018 • $162 Million Spent on Exploration in 2019 $225 Million Spent on Mine Construction/Development in 2019 Arctic and Bornite Kaltag Fault Nixon Fork True North Livengood Ryan Lode Fairbanks Tintina Denali Fault Brewery Tintina Fault Creek Fort Knox Pogo Gold Belt Anchorage Tetlin Pebble 10 CONTANGO ORE#11150° Livengood Ryan Lodo Fairbanks Livengood X (True Nocl Fairbanks Denali Fault Healy Cenezoic - Quaternary Undifferentiated 147 Circle Tintina Fort Knox SCF Big Delto Delta Junction Mt Hayes Explanation 144 Charley River 141° 66 MHF Terranes Yukon-Tanana Seventymile Subterranes Major fault Fault Y4 Lake George Thrust fault Y3 Jarvis Creek Glacier Y2 SCF Shaw Creek Fault MHF Mount Harper Fault TRF Tok River Fault Nobena Macomb X Gold deposit (>1 Moz) Y1 Hayes Glacier Nonfoliated Windy Undivided Granitic Rocks Eclogitic Rocks & Associated Schists Tok Fault TRE Alaska Yukon 65 Eagle -64 Peak -63° Northway E 0 Kilometers 100 62 Yukon Nolan Property Dime Property Hen Property Titan VG Deposit 230K oz Au Inf. White Property Ryan's Surprise IND Property Golden Saddle & Arc Deposits 1.14M oz Au Ind. & 0.4M oz Inf. Dawson City Bonanza Property Hunker Property Newmont Coffee Westem Copper Casino Resource Gateway Project Highway Mining Road Lone Star JP Ross Property Vertigo Casino Deposit 14.5M oz Au & 7.6B lb Cu Meas. + Ind. western COPPER AND GOLD Coffee Deposit 2.17M oz Au Meas. + Ind. & 0.5M oz Au Inf. Newmont Betty Property Hayes Property#12PEAK DEPOSIT LOCAL STRATIGRAPHY CHIEF DANNY AREA, TETLIN PROJECT, ALASKA Alteration mino karn Skarn +/- Au, Cu, Ag Skarn +- Au, Cu, Ag VOLCANIC AND INTRUSIVE ROCKS NORTHEAST AND NORTHWEST OF DEPOSITS ANDESITE VOLCANICS (AND) – andesite volcanic agglomerate, andesite breccia, andesite flows, basalt-andesite dikes, gabbro dikes (Cretaceous- Tertiary) GRANODIORITE (GRD) and OTHER INTRUSIVES - granodiorite, variably granodiorite porphyry, aplite dikes, diorite dikes, mafic intrusive undifferentiated, and felsic intrusive undifferentiated (Cretaceous-age 55-78 Ma) METAMORPHIC ROCKS GREENSCHIST FACIES QUARTZ MUSCOVITE SCHIST (QMS) - variably quartz-muscovite schist, muscovite-quartz schist (MQS), quartz-biotite gneiss, quartz-hornblende gneiss, quartz feldspar-biotite gneiss, amphibolite (north of deposits), and quartzite (Devonian- Mississippian?) CALCAREOUS SCHIST (CAL-SCH) - calcareous quartz- muscovite schist intercalations, amphibole-chlorite schist, marble, skarn altered marble/schist (Devonian-Mississippian?) Adapted from Sicard et al (2017), Illig (2015), Nelson et al (2013), Nokleberg and Richter (2007) 144 W Sam's Slab RS AR Trend LP Delta Mineral Belt Dfs fig. 34 DI Dg MDq 16MBW1781 White Gold Dry Tok Creek fig. 3 Eastern group MDq 0000 PP-LZ Trend Eagle Trend Denali Fault N 0 2 4 6 8 10 km MDcs Tok River Dg fig. 4 DGGS Tok River Map (2017) Kgd- Hona MDq MDgs Tanacross A-61 MDms MDP Clearwater plyton (Kgd) Ta Tok Cutoff 143 W Dg Kgd Tok River Tañacross A-5 Peak (Tetlin) MDq 63 15N Carbonate-hosted base metal Volcanogenic massive sulfide Intrusion-related gold MDP MDgs Phyllite (Devonian - Mississippian?) Graphite-bearing quartz schist (Dev.-Miss.?) MDms Mafic metavolcanic rocks (Dev.-Miss.?) Structurally controlled gold MDcs Quartzite with marble interlayers (Dev.-Miss.?) Fault Dfs Felsic metavolcanic schist (Devonian) 0 Surficial deposits (Quaternary) DI Lagoon unit schist (Devonian?) Kgd Granodiorite (Late Cretaceous) Dg Tag Metagabbro (Triassic?) MDq Amphibolite facies gneiss (Macomb unit; Dev.?) Quartzite and quartz schist (Dev.-Miss.?) N 59 Figure 2. Geologic map of the study area, including locations of key mineral occurrences. Geology adapted from Sicard and others (2017). Dashevsky and others (2003). Wilson and others (2015), and Illig (2015). Prospect locations adapted from Alaska Resource Data File (U.S. Geological Survey, 2018). Degenhart (1978), and this study.#13ASSET SUMMARY KINROSS CONTANGO ORE 100% 30% 70% State Claims (170,000 Acres) Peak Gold JV Peak Gold Project (675,000 Acres) State Claims ++ NTA 屈 干干 #+ 名 交 Peak Deposit ** Tetlin Lease th 父 K 父 K ■ Contango is a 30% owner of the Peak Gold JV with Kinross owning the remaining 70% and acting as project operator The Manh Choh project consists of a ~675,000 acres land package Ore will be trucked from the Manh Choh project to Kinross' wholly- owned Fort Knox mill Contango is also the 100% owner of the Alaska state claims exploration land package The state claims consist of ~170,000 acres (707 km²) land package, of which Peak Gold JV has the option to purchase 13,423 acres (54 km²) of these claims for $50,000 Prospects Peak Gold Option Lands Tetlin Reservation Lease w Contango 100% Owned 30 kilometers 1333 CONTANGO ORE#14Measured MANH CHOH DEPOSIT - M&I RESOURCES 9.2 M Tonnes @ 4.1 g/t Gold for 1.2 Million Ounces of Contained Gold Indicated Measured + Indicated Inferred Tonnes Au Grade Au Contained Ag Grade Ag Contained AuEq Contained (g/t) (koz) (g/t) (koz) (koz) 473 6.4 97 17 254 101 8,728 4 1,111 14 3,945 1,167 9,201 4.1 1,208 14 4,199 1,268 1,344 2.7 116 16 694 126 *Estimates are on a 100% basis and based on Peak Gold's 2018 preliminary economic assessment ("PEA"). Peak Gold's mineral resource estimates assumed a US$1,400 per ounce gold price and US$20.00 per ounce silver price. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. AuEq was calculated using US$1,400/oz gold and US$20.00/oz silver. 14 /A CONTANGO ORE#15• • • PEAK GOLD JV PROJECT HIGHLIGHTS Processing ore from the Manh Choh 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, in particular 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. 7930 18 462 108 E5500 15 Images used with permission from Kinross CONTANGO ORE#16. • PEAK GOLD LLC PROJECT HIGHLIGHTS CONTINUED Completed ~$3.0 million program Q4 2020 primarily directed at metallurgical and geotechnical drilling, and on-going environmental studies to advance feasibility and permitting Approved an $18 million 2021 program to conduct resource in-fill and condemnation drilling, hydrology, geotechnical metallurgy studies along with engineering and environmental studies to support completion of a feasibility and permitting. Initial environmental permitting activities are expected to commence the H2 2021. Au @ghorof - 2 >10 >-30 • Current Plan is to complete Feasibility Study by the end of 2022 and Permitting by 2023. Project construction is expected to take approximately one • • • year, with production planned to commence in 2024. Initiated community outreach meetings with communities around the project area and along the Alaska Highway route. Continue to hold productive meetings with Tetlin Tribe Leadership, who have indicated their support for the project development plan. 50mm 100 m Plan View OPEN Current Topography Illustrative Pit Shells (@ $1,200/oz Au) OPEN A' 16 CONTANGO ORE#17MANH CHOH PROJECT Budget for 2021 N . • In-fill drilling to upgrade Resources from • ● Indicated to Measured and Inferred to Indicated Categories - Reserves with FS Condemnation drill - Placement of Facilities Metallurgy - Completed, Testing Underway Hydrology - Water Management Plan - In-pit Geotechnical – pit slope stability • Geotechnical - Placement of facilities . Engineering and Environmental Studies to Support Feasibility Study and Permitting PEAK GOLD LLC 17 CONTANGO ORE#18CONTANGO ORE MANH CHOH PROJECT Winter Drilling 18#19CONTANGO ORE MANH CHOH PROJECT Winter Drilling Well Established Facilities 19#20MANH CHOH PROJECT Budget for 2021 Peak Gold: Comparing Fort Knox to Tetlin Lands BACK BLACK KINROSS PEAK GOLD LLC Peak Gold deposit Fort Knox Land Package 58,030 acres Tetlin Lands 675,000 acres Fort Knox Pit: 717 acres Tetlin Lease - 675,000 acres - the size of Rhode Island Fort Knox Land package - 58,000 acres Size of Fort Knox Pit – 717 - kilometers 20 CONTANGO ORE#21Tors MANH CHOH PROJECT AND SURROUNDING TARGETS Tetlin Village Tor's fault Tors Cr 2 O'clock Ridgeline Tetlin Lake 2592 Discovery Main Peak North Peaki West Peak Ext Waterpump Waterpump Cr The "C" Snake 7 O'clock Frost Cr Mohawk ■ All land in this view is part of Tetlin Village lease lands ☐ Highest elevation in the area is VABM Tetlin just north of Discovery prospect, at 3345 feet ASL (1,019.5m) Main/North Peak deposits sit at 3250 feet ASL, right at regional tree-line Deeply dissected rolling hills have undergone extensive period of weathering, average oxidation depth of 50-75m below surface ■ No Pleistocene glaciation, periglacial setting resulted in deposition of 1- +10m of aeolian silt over weathered bedrock ■ Sub-Arctic vegetation has been affected by multiple wildfires from 1990 through 2015, only unburned areas are on SW side of Mohawk prospect View looking southeast, fall 2016 21 CONTANGO ORE#22MANH CHOH PROJECT AND SURROUNDING TARGETS Chief Danny Area: Gold in Soils (thru 2019) 0 nob Hill lake 500 1000 Meter North Saddle Tok River fault O'clock The "C" 7 O'clock LOD fault L ors foul 2019 soil grid -North Peak Ridgeline Discovery Main Peak Tors Autop 0.05 0.03 0.02 0.01 0006 ■ Gold in soils at Main and North Peak display clear northwest-trending patterns that mimic current resources ■ The trend from Discovery to 8 O'clock is either arcuate or created by numerous D3-age NE-trending faults with apparent left lateral offset ■The North Saddle gold anomaly appears to be located in a graben bounded by the Tors fault on the south and another subparallel D2-age northwest trending fault to the north The southeastern limits of all of the gold in soil trends is abruptly cut off by the D3-age northeast trending Line of Death (LOD) fault. ■ Motion on LOD fault in uncertain but likely some left lateral motion and possibly down on SE side of LOD 22 CONTANGO ORE#231 • EXPLORATION UPSIDE PEAK GOLD JV LANDS 675,000 Acres of Exploration Lands with multiple targets Peak Gold's exploration on the Tetlin Lands has been limited except for the areas around the identified deposits where there is an extensive database. Specifically, there has only been minor exploration on the southern 2/3rds of the Tetlin Lands, which remain largely unexplored. 100% OWNED CONTANGO ORE LANDS • 170,000 Acres of Exploration Lands¹ with multiple targets and extensive database Dome Tok Triple Z Eagle Sadde Peak alock Hona Discovery MM/SOR ta Chisana Tetlin Village. Pingston Yukon Tanana Tanacross Quad: Nabesna Quad Moose Gr Windy McKinley F Zone • Three drill-ready Gold targets identified at Hona/Eagle/Dome Gravina ID Nutzotin • Porphyry Copper-Gold target at Triple Z • Follow up on multiple targets including 9 Gram Creek Approximately 13,000 acres of the state mining claims are subject to a repurchase option by the Joint Venture Company Wrangellia NW Cu Hill... Copper Hill Talxtsalda Juneau JX Zone W Zone Klometers Tem 1 13 CONTANGO ORE#24Triple Z Prospect: Coincident Multi-element Geochemistry MAG Low and Resistivity High RMI MAGNETICS 7200 Hz RESISTIVITY " Triple Z Prospect State Claims Peak Deposit Gole apps in S 1204242 347 H ny Au 170 % TRACT A 34 State-Selected Patented Copper (min RMI MAGNETICS 4) +371 4 225 Ch Cu TRACT A State-Selected Patented God gpty in Soils 120243 +120 32 47 22 32 +1522 ETS Bowdon ( Au 289 1430 TRACT A Copper (So +454 (17) 1227 State-Selected Patented 7200 Hz RESISTIVITY Cu 843 TRACT A 干干 ++ Tetlin Lease 77-77 R 父 父ㄨ ENTA 44 K Prospects Peak Gold Option Lands Tetlin Reservation Lease Contango 100% Owned 30 kilometers State-Selected Patented 24 CONTANGO ORE#25Triple Z Prospect State Claims Triple Z Prospect: Coincident Multi-element Geochemistry and 3D IP Chargeability + Resistivity + Drilling " CEONE KA Sonward B 150 300 450 600 29m 0.15% Cu, 0.15 g/t Au, 14 g/t Ag 9m 0.14% Cu, 0.10 g/t Au, 9 g/t Ag 3875.00 2750.00 1625.00 500.00 NZ 干干 ++ Peak Deposit Tetlin Lease 77-77 R 父 父ㄨ ENTA 44 K Prospects Peak Gold Option Lands Tetlin Reservation Lease Contango 100% Owned 30 kilometers Plunge 42 Azimuth: 20 25 CONTANGO ORE#26Hona Prospect - Multiple, Coincident Mag-VTEM with Geochemistry and Favorable Porphyry/IRG Geology 7006000 7007000 7001000 7002000 7003000 7004000 7005000 374000 6000 375000 376000 377000 2019 Holes Kenneccott Holes VTEM EM Conductors Mag Low Mag High LITHOLOGY Granodiorite Quartz-mica schist Skarn 500 378000 379000 5000 380000 381000 382000 383000 Hona 3 Hona 2 4500 Bi VABM Mo Cu 3500 16500. 4000 200 21 343 Hona 1 33 Au_ppm -0.005 0.005 0.006 0.008 0.009 0.018 0.019 0.049 Copyright 2013 Nationa 374000 375000 376000 377000 378000 379000 380000 381000 0.050 0.143 0.144 0.432 . 0.433 1.322 1,323 4.063 4.064 12.500 382000 383000 7007000 7005000 7006000 7001000 7002000 7003000 7004000 父 State Claims 1+ Peak Deposit +4 怒 Hona Prospect Tetlin Lease ++ 名 * +4 父 Prospects Peak Gold Option Lands Tetlin Reservation Lease Contango 100% Owned + kilometers 30 26 CONTANGO ORE#27Dome and Eagle State Claims Strong Multiple-Element Geochemistry Prospects on Dome and Eagle Target Areas Comparison of Hona-Eagle versus Peak: Au-As-Cu Factor Group in Stream Sediments Samples Collected in 2013 Samples Collected in 2017 ⚫Dome Prospect 6030 exploded view Eagle. Peak 1 父 * 牛牛 千斤 Farlie Eagle Hona- exploded view Unsampled Unsampled Unsampled "Hona 04 05 Au-As-Cu Group 55555555 Denali fault Unsample Unsampled Color Scale: Pink denotes strong positive correlation of elements Au-As-Cu while blue denotes weak or negative correlation of elements Au-As-Cu Peak Deposit Tetlin Lease ** 名 ++ * K 父 Prospects Peak Gold Option Lands Tetlin Reservation Lease Contango 100% Owned kilometers 30 27 CONTANGO ORE#28LOWER RISK & REDUCED TIMELINE TO PRODUCTION DECISION $18 million Program in 2021: Resource In-fill, Hydrology, Geotechnical and Metallurgical; • With $2 million Exploration drilling to potentially expand the mine life • • • . Initial permitting activities are expected to commence in parallel with the drilling; Peak Gold JV expects to complete Feasibility Study by the end of 2022 and Permitting in 2023; Wetlands Dredge and Fill (404) Permit from USACE; Other Permits Issued by State of Alaska Production expected to commence in 2024 DRILLING FEASIBILITY STUDY PERMITTING & FEASIBILITY CONSTRUCTION PRODUCTION Community Engagement • Tetlin Tribe has indicated their support for the project development plan; Continued Community Engagement Project construction expected to take approximately 1 year starting in 2023 Image used with permission from Kinross 28 CONTANGO ORE#29EXECUTIVE SUMMARY DEVELOPING ALASKA'S NEXT GOLD MINE IN PARTNERSHIP WITH KINROSS AND THE TETLIN ALASKA NATIVE TRIBE Contango ORE, Inc. is a gold development and exploration company with the goal to develop Alaska's next producing gold mine . • The Company is the 30% owner of the Peak Gold JV with a subsidiary of Kinross Gold Corporation ("Kinross") as Operator and owning 70% of the project The Peak Gold deposit is a high grade, near surface open-pit project containing an estimated ~1.0Moz of GEO. Production of 65,000 GEO/yr net to Contango, as estimated by Kinross, could begin as early as 2024, with an estimated mine life of 4.5 years¹ Exploration upside on the 675,000 acres Tetlin Lease owned by the Peak Gold JV, as well as on Contango's 100% owned adjacent 170,000 acres of State mining claims² Following the sale of Contango's 30% interest in Peak Gold, Contango has >$32M in cash on its balance sheet and no debt Contango is currently applying to up-list to the NYSE American Exchange • Contango is a uniquely positioned company with 6M shares o/s and a clear path to a production decision in 2023 1 Non-GAAP financial measure; see Appendix for disclaimers regarding reconciliation; Based on Kinross Gold study on the Peak Gold Joint Venture and does not constitute guidance. Red Dog Mine Donlin Creek Arctic and Bornite Kaltag Fault Nixon Fork True North Livengood Ryan Lode Fairbanks Tintina Denali Fault Brewery Tintina Fault Creek Fort Knox Pogo Gold Belt Anchorage Tetlin Pebble 29 2 Approximately 13,000 acres of the state mining claims are subject to a repurchase option by the Joint Venture CONTANGO ORE#30INVESTMENT OPPORTUNITY WHY INVEST NOW? en Partnered with Proven Operator Plan to truck ore to Fort Knox mill simplifies permitting and execution Kinross has proven operating experience in Alaska further reducing risk The plan lowers the required capital and shortens timelines to production by leveraging existing infrastructure • High grade open pit production expected to result in strong free cash flows • Believed to be Undervalued Strong management that has created significant value for shareholders • Planned listing on NYSE American Exchange • Clear path to production decision • Uniquely positioned for growth Exploration Upside Significant exploration potential on the Peak Gold JV lands as well as the 100% owned State of Alaska mining claims adjacent to the future operation 30 CONTANGO ORE#31THANK YOU 31#32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 OTCQB:CTGO#33APPENDIX 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. L CONTANGO ORE GOLD SILVER COPPER 33#34"The relatively high-grade, low-cost Peak Gold project is an excellent addition to our portfolio, as it allows us to leverage our existing mill and infrastructure at Fort Knox and strengthens our medium-term production and cash flow profile. In today's gold price environment, Peak Gold is an attractive, high- margin project that is expected to generate robust returns. The project is also expected to add to our strong record of socio-economic contributions to our host communities in Alaska, one of the top mining jurisdictions in the world." J. Paul Rollinson - Kinross Gold, President & CEO "We look forward to the safe and responsible development of the project and the positive benefits it is expected to generate for our community. We also look forward to further building a relationship with Kinross, a company with a strong track record in Alaska, and are pleased to see further investment plans for the project." Chief Michael Sam, Tetlin Tribe "This is a momentous transaction for the Company and all project stakeholders. Our stockholders will now see a clear and accelerated path to production at Peak Gold with Kinross. We look forward to working with Kinross and the Tetlin Tribe to develop Alaska's next gold mine. Meanwhile, we have a great opportunity to find additional gold, silver and copper resources on our 100% owned state mining claims." Rick Van Nieuwenhuyse - Contango ORE, President & CEO ས་ 34 CONTANGO ORE#35OFFICERS & DIRECTORS OFFICERS • Rick Van Nieuwenhuyse - President and CEO Leah Gaines - CFO DIRECTORS Brad Juneau (Executive Chairman) ⚫ Joseph S. Compofelice ⚫ Joseph G. Greenberg • Richard A. Shortz • Rick Van Nieuwenhuyse STRONG MANAGEMENT WITH PROVEN TRACK RECORD Successful track record of finding real deposits and creating real wealth for shareholders NovaGold (~US$3.0B Market Cap): Donlin (Alaska) - In Permitting Galore Creek (BC) - Sold to Newmont Trilogy Metals (~US$292M Market Cap): Arctic (Alaska) - Feasibility/Permitting Bornite, Ambler Mining District - Advanced Exploration Sandfire America Resources (~US$200M Market Cap): Black Butte (Montana) - Under construction Alexco (~US$380M Market Cap): Keno Hill Mines (Yukon) - In production /A CONTANGO ORE GOLD SILVER COPPER 76 35