Mr. Rick Van Nieuwenhuyse reports

CONTANGO ANNOUNCES $9.0 MILLION CASH DISTRIBUTION FROM THE PEAK GOLD JV AND UPDATE ON 2026 EXPLORATION PLANS

The Peak Gold joint venture made a cash distribution in the amount of $9-million to Contango Silver & Gold Inc. on March 25, 2026. The Peak Gold JV completed the first of four campaigns planned for 2026, with the second campaign scheduled to commence in mid-May, 2026.

Advancing the path to production with a robust 2026 exploration program

The company is pleased to outline its 2026 operational road map to advance the company's pipeline of advanced exploration-stage projects. The 2026 campaign is headlined by: 1) a sustained underground drill program at Lucky Shot to support a feasibility study due H1 of 2027; 2) pivotal infrastructure construction and permitting at the Johnson Tract critical metals project; and 3) an updated mineral resource estimate (MRE) at the Kitsault Valley project followed by a comprehensive drilling program to support a preliminary development plan for the Kitsault Valley assets due H1 2027. This 2026 program is fully financed to drive high-margin growth and systematic project derisking as follows:

• Lucky Shot: Operational momentum continues with 5,900 metres of underground drilling already completed as of April 21 with the company on track to complete an additional 12,100 metres of surface and underground drilling this year -- part of a $21-million investment designed to underpin a feasibility study, slated to be completed in H1 2027.
• Johnson Tract: With a $17-million budget for 2026, key milestones include the construction of a three-mile access road from the camp to the portal site, winterization of camp for year-round operations, mobilizing equipment for the portal site preparation, and critical environmental permitting for the road and barge landing facilities under the FAST-41 program.
• Kitsault Valley: Following completion of a new MRE expected by the end of Q2, a transformative 40,000-metre surface drilling program is expected to begin in June. The $25-million campaign aims to infill known mineral resources at Homestake, Wolf, Dolly Varden, North Star and Torbrit, while testing high-priority exploration targets across the company's wider holdings in the southern corner of the Golden Triangle. Following the drill program this year will be the formulation of a preliminary development plan in the form of preliminary economic analysis/initial assessment (PEA/IA) for the Kitsault Valley assets.

Across all operations, the company remains committed to transparent and pro-active community outreach, ensuring the company's growth aligns with local partnerships.

Rick Van Nieuwenhuyse, the company's chief executive officer, stated: "The $9-million cash distribution from the Peak Gold JV underscores the unique strength of our business model -- using cash flow from our producing mine operations to fund the aggressive advancement of our 100-per-cent-owned assets. We are hitting the ground running in 2026 with the strongest balance sheet and the most aggressive operational schedule in our company's history. With nearly 60,000 metres of drilling and important infrastructure work planned in 2026, we are rapidly advancing and derisking our Tier 1 assets toward production. This is a year of execution, and we are fully funded to deliver on the milestones that will define our next chapter as a leading silver and gold developer in Alaska and British Columbia."

About Contango Silver & Gold Inc.

Contango is a NYSE American and Toronto Stock Exchange-listed company that engages in the exploration for and development and production of gold and associated minerals in Alaska and in the Golden Triangle in British Columbia. Contango holds a 30-per-cent interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70 per cent owned by KG Mining (Alaska) Inc., an indirect subsidiary of Kinross Gold Corp., operator of the Peak Gold JV. The company and its subsidiaries also have (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project, which consists of mineral rights to approximately 8,600 acres of state of Alaska and patented mining claims located in the Willow mining district about 75 miles north of Anchorage, Alaska, from the underlying owner, Alaska Hardrock Inc., (iii) mineral rights to approximately 145,000 acres of state of Alaska mining claims, and (iv) mineral rights to approximately 11,700 acres of state of Alaska mining claims and upland mining leases, all of which give Contango the exclusive right to explore and develop minerals on these lands, (v) mineral tenures of approximately 247,000 acres (100,000 hectares) located in and around the Kitsault Valley in the Golden Triangle of northwest British Columbia.

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