Announcement • Sep 02

Contango Silver & Gold Inc. Reports Initial Gold Assay Results from 2026 Surface Diamond Drilling Program At Lucky Shot Project

Contango Silver and Gold Inc. announced initial gold assay results from the 2026 surface diamond drilling program at the Lucky Shot Project in Alaska, provided an update on underground exploration development, and reported two previously unmodeled KM-style mineralized vein structures encountered during development of the West Drift Extension. LSS26016 returned 2.45 meters grading 86.05 grams per tonne gold, including 0.80 meters grading 244.30 grams per tonne gold and 0.30 meters grading 49.96 grams per tonne gold, from the Coleman 3 vein extension. LSS26003 returned 0.50 meters grading 81.57 grams per tonne gold from the Coleman 1 Vein. Five of the seven holes reported visible gold. Pad C drilling returned multiple mineralized intervals and provided additional data supporting the interpreted down-dip continuation of Coleman veins toward the Lucky Shot Fault. Approximately 5,700 meters in 27 drill holes have been completed from five surface drill pads, representing approximately 93% of the planned 6,000-meter program. Underground exploration development has advanced 332 meters of a planned 830 meters, or approximately 40%, and the West Drift Extension has been completed to design. Development of the West Drift Extension encountered two previously unmodeled KM-style mineralized vein structures, tentatively designated KM2 and KM3. Sample from stockpile ran up to 395.10 grams per tonne gold. The 2026 Lucky Shot surface diamond drilling program commenced on June 22, 2026 and is planned to total approximately 6,000 meters. As of August 27, 2026, the Company had completed approximately 5,700 meters in 27 drill holes from five drill pads. The program is designed to infill portions of the Coleman area within the current geological and mineral resource model and to complete step-out drilling that tests the interpreted structural relationship between the Coleman and Lucky Shot vein systems. This release reports the first assay batch from seven holes drilled from Coleman Pads C and D. Six holes returned the selected significant intervals reported in Table 1; LSS26015 is identified as having no significant interval selected for reporting. Assays from the balance of the program remain pending and will be released as they are received, reviewed and validated. Table 1 summarizes selected significant mineralized intervals from the first batch of assays. All interval lengths are downhole core lengths. True widths are not yet known and may be materially different from the reported interval lengths. Drilling from Pad C tested the lower, down-dip portions of the northeastern Coleman vein system closest to the Lucky Shot Fault. The drilling provided additional control on the near-surface location of the fault and improved the projection of the Lucky Shot Fault intercepts identified during the initial phase of underground drilling. Results support the interpreted down-dip continuation of Coleman veins 1, 3 and 4 toward the fault and identified additional mineralized splays adjacent to the fault. Selected Pad C results include 0.50 meters grading 81.57 grams per tonne gold in LSS26003; 0.37 meters grading 8.30 grams per tonne gold, 0.39 meters grading 6.15 grams per tonne gold and 0.51 meters grading 5.82 grams per tonne gold in LSS26002; and multiple intervals in LSS26004, including 1.26 meters grading 3.73 grams per tonne gold, 2.08 meters grading 2.39 grams per tonne gold, including 0.30 meters grading 14.72 grams per tonne gold, and 1.32 meters grading 2.54 grams per tonne gold, including 0.31 meters grading 7.64 grams per tonne gold. Drilling from Pad D targets the central Coleman vein system to improve resolution of the multiple subparallel veins and associated fault controls. LSS26016 returned 2.45 meters grading 86.05 grams per tonne gold from the interpreted Coleman 3 extension, including 0.80 meters grading 244.30 grams per tonne gold and 0.30 meters grading 49.96 grams per tonne gold. The Pad D interpretation also incorporates the newly modeled West Coleman Fault. Underground exploration development continued during the quarter on a two-shift, 24-hour schedule. To date, 332 meters of the planned 830 meters of lateral development have been completed, representing approximately 40% of the program. Three headings are being advanced concurrently to optimize the mining cycle and overall development rate. The 2090W West Drift Extension has been completed to design and is being prepared for the next phase of underground drilling. Planned development will continue in the 2070E heading, the Enserch Tunnel extension and the 2300E heading. Subject to operating conditions and continued progress, the Company currently expects to complete this phase of underground exploration development during the middle of the Fourth Quarter of 2026. The West Drift Extension was designed to advance approximately 100 meters westward beneath the previously identified KM Vein with previously reported assays including 5.92 meters at 60.22 and 0.31 meters at 99.75 grams per tonne gold in downhole lengths. This exploration advancement will establish short-distance underground drill access to this target zone. Initial development rounds indicated that the modeled KM Vein projected above the planned development heading. As the drift continued westward, two previously unmodeled mineralized vein structures were encountered. The structures have orientations, shearing and mineralization characteristics similar to the KM Vein with true widths approximately 0.5 meters. These have been tentatively designated KM2 and KM3. It is not yet known whether KM2 and KM3 are separate vein structures or local splays of the KM Vein. Development muck from the mineralized rounds was segregated into a dedicated stockpile, and detailed underground mapping identified frequent visible gold within the encountered vein material. Follow-up mapping, systematic channel sampling and drilling will be required to determine geometry, continuity, grade distribution and the relationship of these structures to the KM Vein. Three sampling approaches were used for preliminary characterization: (i) three selectively collected hand samples of vein-material approximately four kilograms each; (ii) two approximately five-kilograms samples of the less-than-one-centimeter fines fraction from the segregated stockpile; and (iii) two approximately five-kilogram composite stockpile samples containing a mixture of vein material, fines and waste rock. The results are shown in Table 2. Because the samples are selective, limited in number, and not collected on a systematic channel or bulk-sampling basis, they must not be interpreted as representative of the grade of the vein structures, development rounds or stockpile. The hand samples were selectively collected from visually mineralized vein material. The fines and composite stockpile samples were collected for preliminary characterization of segregated development muck.

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