CTGO

EX-99.1

2 ctgo-ex99_1.htm

EX-99.1

EX-99.1

NEWS RELEASE

CONTANGO SILVER & GOLD

Contango Announces Results for the Quarter Ended June 30, 2026

FAIRBANKS, AK - (August 13, 2026) - Contango Silver and Gold Inc. ("Contango" or the "Company") (NYSE American / TSX: CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-Q for the quarter ended June 30, 2026 (“Q2-2026”).

Rick Van Nieuwenhuyse, Chief Executive Officer of the Company, stated, "The second quarter of 2026 was a transformative period of operational execution and financial restructuring for Contango across all four projects. At Manh Choh, having completed mining in the North Pit, we are entering a high-production phase as we transition into the higher-grade portions of the South Pit where we expect both processed ore tonnage and grades to increase through the remainder of the year. Operational enhancements are being implemented at the Fort Knox mill to optimize recoveries ahead of our third 2026 campaign later this month with anticipated production of 11,000 to 12,000 gold equivalent ounces net to Contango, keeping us firmly on track to meet our 2026 production guidance of 40,000 to 45,000 gold ounces. Looking ahead, this sets the stage for a dramatic step-up in 2027, where we are guiding to 75,000 to 80,000 ounces of gold production at cash costs of $1,200 to $1,300 per ounce and AISC of $1,300 to $1,400 per ounce sold.

“Crucially, we hit a major milestone with Manh Choh this quarter: against our initial capital investment of $105 million (“M”), total returns to date have now reached $160 M—meaning our initial investment is fully repaid, and all future cash flows from the asset represent pure upside and clear profit. Supported by a $9.0 M distribution from the Peak Gold JV during the quarter, we ended Q2 with $89.0 M in cash, up from $64.8 M at year-end 2025. We leveraged this balance sheet strength to systematically simplify our capital structure and de-risk our growth assets. On July 1, 2026, we amended our credit facility and converted the remaining 15,000 ounces of 2027 gold hedges into debt. Combined with the early delivery of our 2026 hedge obligations in June, our hedge book is now fully liquidated, giving us 100% unhedged upside to gold prices. In parallel, we extinguished long-term liabilities by buying out the underlying Lucky Shot lease and 2% NSR royalty to secure 100% ownership, while also settling outstanding milestone payment obligations."

Mr. Van Nieuwenhuyse continued "Operationally, our expanded portfolio is advancing rapidly. Following our merger with Dolly Varden Silver, team integration is complete and yielding immediate results. At Kitsault Valley, an updated Mineral Resource estimate has taken longer to complete than expected and is now due later this quarter. Meanwhile, drilling this year has completed over 35,000 meters of our 40,000-meter campaign – well ahead of schedule and well under budget. Consequently, we are planning to drill an additional 5,000 to 10,000 meters on high-quality targets. At Lucky Shot, underground and surface

drilling are on track and providing clear structural continuity of the Lucky Shot vein system. Finally, at Johnson Tract, earthworks are progressing on the access road between Camp and the proposed underground portal site, and permitting is progressing on schedule under the FAST-41 program. With the hedges extinguished and Manh Choh generating strong cash flows, the Company is well positioned to execute our plan to grow production from our current average of 60,000 gold equivalent ounces to over 200,000 ounces of gold and 5 M ounces of silver production annually.

During Q2-2026, the Company had the following updates:

In Q2-2026, Contango’s share of production sold from the Manh Choh mine, jointly held by Kinross and Contango, totaled 8,627 ounces of gold and 10,319 ounces of silver. During the quarter, the Company also received a cash distribution of $9 M from the Peak Gold JV. The Company reported a total loss from operations of $8.5 M, net income of $4.8 M and an adjusted net loss1 of $5.5 M. The Company's unrestricted cash position as of June 30, 2026 was $89.0 M compared to $64.8 M as of December 31, 2025.

Manh Choh Production Results

Peak Gold JV (on a 100% basis)1

Q2-2026

YTD 2026

Total tons mined

2.73

4.69

M tons

1 See non-GAAP measures at end of this press release for calculation of Adjusted Net Income

Ore tons mined

261,941

482,819

tons

Gold oz mined

45,341

83,756

oz

Ore tons processed

253,494

440,973

tons

Gold grade processed

0.145

0.139

oz/t

Gold recovery

80.4

83.6

%

Gold oz produced

29,618

56,508

oz

Gold oz sold

28,758

55,468

oz

Silver oz sold

34,397

84,539

oz

Contango's Share (on a 30% basis)1

Gold oz produced

8,885

16,952

oz

Gold oz sold

8,627

16,639

oz

Total gold equivalent oz produced2&3

9,015

17,393

oz

Silver oz sold

10,319

25,361

oz

Total gold sales

$36,750,118

$75,682,854

T

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