Announcement • May 07

Contango Silver And Gold Inc. Announces High-Grade Drill Results And Exploration Program At Lucky Shot Project

Contango Silver and Gold Inc. announced the successful completion of the initial phase of the 2025/2026 underground diamond drilling program at the Lucky Shot Project in Alaska. This program represents the first phase of a multi-phase 18,000 meter underground and surface exploration campaign designed to support potential resource expansion, increase confidence in the geologic model, and advance technical studies in support of a mineral resource update and feasibility study targeted for the First Half 2027. Select Highlights Include: LSU26057: 0.37 m averaging 10.53 g/t Au (L1c Vein); LSU26060: 1.34 m averaging 8.58 g/t Au (L1c Vein); LSU26062: 2.18 m averaging 7.98 g/t Au (L1c Vein); LSU26063: 1.15 m averaging 16.47 g/t Au (L2 Vein); LSU26064: 2.89 m averaging 16.06 g/t Au, including 0.50 m averaging 74.20 g/t Au (CK Vein); LSU26066: 0.31 m averaging 31.56 g/t Au (L1c Vein); LSU26067: 0.35 m averaging 13.61 g/t Au (L1d Vein); LSU26068: 0.30 m averaging 55.45 g/t Au (L1c Vein); LSU26072: 0.84 m averaging 10.28 g/t Au (L1d Vein); LSU26076: 2.71 m averaging 4.28 g/t Au, including 0.36 m averaging 24.29 g/t Au (L2 Vein); LSU26077: 0.33 m averaging 9.37 g/t Au (CK Vein). The Lucky Shot 2025/2026 underground drilling program began in November 2025. To date, the Company has completed 65 HQ diamond drill holes totaling 6,020 meters from ten underground drill stations located along the West Drift. Drilling was completed from existing underground infrastructure, allowing for accurate targeting of known vein structures and improved drill orientation control. The program is focused on the historically mined Lucky Shot Vein (L2 Vein) and the associated L1b, L1c, and L1d veins, which remain historically undeveloped. This release follows the Company's initial drill results announced on March 2, 2026, titled "Contango Ore Intersects 60.22 g/t Gold over 5.92 meters, including 294.77 g/t Gold over 1.16 meters from Underground Drilling Program at the Lucky Shot Project, Alaska, USA." This release includes the next group of assays received from four additional drill stations and 20 drill holes. Program Highlights: Safe and successful continuation of underground drilling through Alaskan winter operating conditions. Completion of 6,020 meters in 65 HQ diamond drill holes from ten underground drill stations. Confirmation and extension of mineralization within the Lucky Shot vein system, including the L2, L1b, L1c, and L1d veins. Identification and drill confirmation of previously unmodeled mineralized structures now designated as the L1e and CK veins. Identification and interpretation of a post-mineralization structure, designated the Intersection Fault, that offsets portions of the Lucky Shot vein system. Drilling continued eastward along the West Drift through successive underground drill stations. Drill fans were designed to test the down-dip and along-strike continuity of the historically mined L2 Vein (Lucky Shot Vein), while also testing the underlying L1b, L1c, and L1d veins. These underlying veins were included in the Company's May 2023 S-K 1300 Technical Report Summary but remained more loosely constrained by drilling and had not been demonstrated to be laterally continuous at resource-model confidence. This program was intended, in part, to test the continuity of these other subparallel veins. Drill stations 489, 514, 538, and 563 tested areas of the L2 Vein that were not previously modeled due to limited drill coverage. This portion of the program successfully intercepted the projected L2 Vein position down dip of historical workings and extended interpreted lateral continuity eastward along strike. Drill highlights from the L2 Vein include: LSU26069: 0.88 m averaging 6.69 g/t Au from 68.23 m depth; LSU26063: 1.15 m averaging 16.47 g/t Au from 96.90 m depth; LSU26064: 1.28 m averaging 27.86 g/t Au from 72.10 m depth. In addition to testing the modeled L2 Vein, drilling evaluated the lateral continuity of subparallel and related vein structures previously identified as the L1b, L1c, and L1d veins. Current geologic modeling suggests that the L1c and L1d veins are subparallel to the primary L2 structure. The L1b vein and newly modeled L1e vein are interpreted as lower-angle relay or ramp structures developed between the L2 and L1c veins. Gold mineralization is persistent across several of these structures, and visible gold was observed during core logging in multiple intervals. Detailed underground mapping and core logging identified an additional gold-mineralized structure now designated as the CK Vein. The CK Vein was recognized near the intersection of the West Drift and the Enserch Tunnel and has a similar east-west strike and shallow northerly dip to the Lucky Shot system. Underground grab samples returned gold values including 6.5 g/t gold over 1.5 meters. The CK Vein was intercepted in most holes from these four drill stations, with visible gold observed in several logged intervals. The additional drilling materially improves the Company's understanding of the structural architecture and vein stacking within the Lucky Shot system. Detailed structural logging and underground mapping have identified a high-angle, post-mineralization structure designated as the Intersection Fault. This fault cuts the Lucky Shot vein system and is interpreted as a normal fault that down-drops the northwest block; the amount and sense of any lateral displacement remain under evaluation. The Intersection Fault was not encountered in the first four drill stations previously reported but was prevalent in the four drill stations reported in this release. The presence of multiple stacked and relay-oriented mineralized structures, together with the previously announced KM veins and the modeled Intersection Fault, supports additional exploration potential within the underground footprint. Future drilling (approximately 12,000 meters) will focus on refining structural orientations, continuity, and grade distribution across these emerging targets. Table 1. Significant Assay Intersections from 2026 Drill Program at the Lucky Shot Project. Quality assurance and quality control procedures include the regular insertion of certified reference materials, blanks, and duplicate samples into the analytical stream at a frequency of approximately one QA/QC sample per ten samples. Mineralized intervals are sampled as whole core, with half-core shoulder samples extending approximately 5 meters on either side of mineralized zones. Samples are sealed and transported under documented chain-of-custody procedures to the laboratory. Analytical testing was performed by Bureau Veritas North America, with sample preparation conducted in Fairbanks, Alaska.

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