Mr. Rick Van Nieuwenhuyse reports

CONTANGO CONVERTS REMAINING HEDGE CONTRACTS INTO DEBT

Contango Silver & Gold Inc. has amended its credit facility to convert the remaining 15,000 ounces of hedged gold into debt with its existing lenders. As part of the amended credit facility, the interest rate was reduced to approximately 7.40 per cent.

Rick Van Nieuwenhuyse, the company's chief executive officer, commented: "We viewed the recent pullback in gold prices as an opportunistic window to completely liquidate our hedge book. By converting the remaining 15,000 ounces of hedge contracts into debt, we have successfully removed the ceiling on our future cash flows from gold production. We are particularly bullish on gold's macro trajectory from these levels and our priority is to deliver full, unhedged exposure to rising gold prices directly to Contango shareholders. Operationally, Manh Choh is in a transitional phase as mining transitions from the north pit to the south pit and is poised to finish 2026 with higher-grade campaigns, perfectly setting the stage for a record-breaking, fully unhedged production year in 2027. Crucially, we retain the flexibility to repay this debt at any time and we remain aggressively focused on paying down the credit facility ahead of schedule."

Highlights of the amended credit facility:

• Interest rate reduced to approximately 7.40 per cent from the previous rate of approximately 8.9 per cent;
• No restructuring fee;
• Converted 15,000 hedged gold ounces with an average strike price of $1,935 with maturity dates ranging between March and June, 2027, into $33.0-million of debt;
• As part of a price protection strategy to offset the hedge settlements, the company paid $715,000 to purchase 15,000 put contracts with a strike price of $3,100 per ounce with maturities in March and June, 2027, which has been added to the debt;
• The total principal of the amended credit facility increased from $12.6-million to $46.3-million, with principal repayments scheduled as follows:
  • Sept. 30, 2026 -- $1-million;
  • Dec. 31, 2026 -- $1-million;
  • March 31, 2027 -- $15.5-million;
  • June 30, 2027 -- $28.8-million.

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About Contango Silver & Gold Inc.

Contango is an NYSE American- and Toronto Stock Exchange-listed mining company that engages in the exploration for and development of silver, gold and associated minerals with a growth strategy focused on district-scale silver and gold exploration in British Columbia's Golden Triangle financed by high-grade gold production in Alaska. The company's flagship Canadian asset comprises approximately 247,000 acres (100,000 hectares) of prospective silver-gold mineral tenures in and around the Kitsault Valley, the southern cornerstone of the Golden Triangle. In Alaska, Contango holds a 30-per-cent interest in the Peak gold JV (joint venture), which leases approximately 675,000 acres of land for production and exploration 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 hold: (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) 100-per-cent ownership of 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; (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.

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