Contango Silver & Gold Inc. (NYSE: CTGO)

Contango ORE, Inc. is a mineral exploration and development company focused on gold and associated minerals in the State of Alaska. The company holds a 30 % interest in the Peak Gold Joint Venture, which operates the producing Manh Choh project, while maintaining a portfolio of wholly owned exploration properties across various districts of Alaska. Its activities include acquiring, exploring, and advancing mineral claims with the goal of defining resources that could support future mining operations.

Contango ORE, Inc. generates revenue primarily from cash distributions received from its stake in the Peak Gold Joint Venture. During fiscal 2025 the company collected $102.0 million in distributions linked to gold production at the Manh Choh mine. At present the company does not report any other material sources of income, as its remaining properties are still in the exploration phase and have not yet reached commercial production.

The company operates through the following segments:.

• Peak Gold JV: Contango ORE, Inc. holds a 30 % membership interest in the Peak Gold Joint Venture, which leases about 675,000 acres from the Tetlin Tribal Council and holds additional state mining claims, and operates the Manh Choh project that is currently in commercial production of gold.

• Johnson Tract: Through its wholly owned subsidiary Contango Mining Canada Inc., which owns HighGold Mining Inc. and JT Mining, Inc., the company controls approximately 21,000 acres of mineral rights near tidewater southwest of Anchorage for exploration of gold and associated minerals.

• Lucky Shot: Via its wholly owned subsidiary Contango Lucky Shot Alaska, LLC, the company leases roughly 8,600 acres of state and patented mining claims in the Willow Mining District north of Anchorage for exploration activities targeting gold bearing rock.

• Minerals Property: Through its wholly owned subsidiary Contango Minerals Alaska, LLC, the company controls approximately 145,330 acres of state mining claims comprising the Eagle/Hona, Triple Z, Shamrock, and Willow properties, all devoted to exploration for gold and related minerals.

• Avidian Properties: Via its wholly owned subsidiary Avidian Gold Alaska Inc., the company controls approximately 15,260 acres of state mining claims and upland leases, including the Amanita NE, Golden Zone, and Amanita properties, for exploration of gold deposits in the Fairbanks and Valdez Creek districts.

Within the mining industry, Contango ORE, Inc. occupies a niche as a junior explorer that also derives cash flow from a non operating interest in a producing gold joint venture with Kinross backed KG Mining. This combination provides a steadier cash stream compared with many pure play exploration peers, while the diversified Alaska focused property portfolio offers upside potential. Competitors include other junior gold explorers and major producers such as Barrick Gold, Newmont Corporation, and Kinross Gold Corporation itself, though the company’s strategic partnership with Kinross grants it access to technical expertise and capital that many rivals lack.

The company’s customer base consists of the entities that purchase the gold produced by the Peak Gold Joint Venture, typically metal refineries, bullion banks, and other commodity traders. Since the joint venture handles the sale of its output, Contango ORE, Inc. does not directly interact with end users, and the filing does not disclose specific purchaser names.