Exhibit 99.2

 

NYSE-A:CTGO TSX-V:DV | NYSE-A:DVS MERGER TO CREATE A NEW NORTH AMERICAN HIGH-GRADE, MID-TIER SILVER & GOLD PRODUCER AND DEVELOPER I N V ES TO R P R ES E N TAT I O N D E C E M B E R 2 0 2 5 W W W . C O N T A N G O O R E . C O M W W W . D O L L Y V A R D E N S I L V E R . C O M

DISCLAIMER LEGAL DISCLAIMER The information contained in this presentation furnished by or on behalf of Dolly Varden Silver Corporation (“Dolly Varden”) or Contango ORE, Inc. (“Contango”) has been prepared in respect of the proposed transaction described herein involving Dolly Varden and Contango (the “Transaction”) and does not purport to contain all of the information a recipient hereof may require about Dolly Varden, Contango or the Transaction. No federal, state, provincial or territorial securities commission of any jurisdiction has approved or disapproved of the securities or passed upon the adequacy of this presentation. Dolly Varden and Contango obtained the industry, market and competitive position data used throughout this presentation from internal estimates and research as well as from industry publications and research, surveys and studies conducted by third parties. Certain market data information in this presentation is based on management’s estimates. While the parties believe these sources to be reliable, this information may prove to be inaccurate because of the method by which the parties obtained some of the data for its estimates or because this information cannot always be verified due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. Statements contained in this presentation describing any studies, documents and agreements are summaries only and such summaries are qualified in their entirety by reference to such studies, documents and agreements. FORWARD-LOOKING STATEMENTS AND INFORMATION This presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively, “Forward-looking Information”). Forward-looking Information is generally identified by the use of words like “will”, “create”, “enhance”, “improve”, “potential”, “expect”, “upside”, “growth”, “plan”, “estimate”, “intend”, “believe”, “budget”, “scheduled”, “forecast”, “anticipate”, “potential”, “base case” and similar expressions and phrases or statements that certain actions, events or results “will”, “may”, “might”, “occur”, “be achieved”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. These include, but are not limited to, statements regarding Contango and Dolly Varden’s intent, or the beliefs or current expectations of the officers and directors of Contango and Dolly Varden for the issuer resulting from the Transaction (the “Resulting Issuer”) post-closing. Actual results and outcomes of the Transaction may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information may relate to: future outlook and anticipated events and the related risks, such as the consummation and timing of the Transaction; the strategic vision for the Resulting Issuer following the closing of the Transaction and expectations regarding exploration potential, production capabilities and future financial or operating performance of the Resulting Issuer post-closing, including investment returns and share price performance; production and cost guidance; changes in the gold or silver price; the potential valuation of the Resulting Issuer following the closing of the Transaction; the ownership interests of existing Contango and Dolly Varden shareholders in the Resulting Issuer; the expected name of the Resulting Issuer; the accuracy of the pro forma financial position and outlook of the Resulting Issuer following the closing of the Transaction; the composition and success of the new management team and the board of directors of the Resulting Issuer; the satisfaction of the conditions precedent to the Transaction; the timing of the shareholder meetings of Dolly Varden and Contango and the mailing of the Dolly Varden information circular and Contango proxy statement in connection therewith; the treatment of stock options and restricted share units of Dolly Varden in connection with the Transaction; the issuance and conversion of the exchangeable shares; the intention to apply to list the Resulting Issuer on the Toronto Stock Exchange following closing of the Transaction; the conversion of Mineral Resources and Mineral Reserves; the success of Dolly Varden and Contango in combining operations upon closing of the Transaction; the success, timing and costs of completing exploration, development and production activities at the combined projects of the Resulting Issuer; the production and operating capabilities, including expectations thereof, of the Manh Choh Gold Mine; the potential of the Resulting Issuer to meet industry targets, public profile and expectations; disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the financial impact that tariffs placed on Canada by the United States and risks related to retaliatory tariffs placed on the United States by Canada; permitting timelines and requirements; requirements for additional capital; environmental requirements; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof; future plans, projections, objectives, estimates and forecasts and the timing related thereto; and other risks described from time to time in Dolly Varden’s most recent recently filed continuous disclosure filings, including, but not limited to, its annual information form, financial statements and MD&A which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar, and in Contango’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”) (including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein) which are available on EDGAR at www.sec.gov/edga

DISCLAIMER (CONT’D)Although Contango and Dolly Varden believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Contango and Dolly Varden as of that time with respect to future events and are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden, Contango or the Resulting Issuer to be materially different from any future results, performance, or achievements expressed or implied by the Forward-looking Information. In disclosing such information, management has made assumptions regarding, among other things: the accuracy of the estimation of mineral resources and mineral reserves; that exploration activities and studies will provide results that support anticipated development activities; results from production; that infrastructure anticipated to be developed or operated by third parties will be developed as currently anticipated; that laws, rules and regulations are fairly and impartially observed and enforced; and that the market prices for relevant commodities remain at levels that justify development. Forward-looking Information relates to, among other things, Dolly Varden’s, Contango’s and the Resulting Issuer’s corporate strategies, mineral resource estimates, mineral reserves, plans for productions and plans for further exploration and development, which will require additional funding. Forward-looking Information is designed to help readers understand Dolly Varden and Contango’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Dolly Varden and Contango assume no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If either Dolly Varden or Contango updates the Forward-looking Information, no inference should be drawn that the either company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this presentation is expressly qualified in its entirety by this cautionary statement. SCIENTIFIC AND TECHNICAL INFORMATION OF CONTANGO The Feasibility Study (“FS”) referenced herein that relates to Peak Gold, LLC (“Peak Gold”), was prepared by Kinross Gold Corporation (“Kinross”), which controls the Manager of Peak Gold and holds 70% of its outstanding membership interests, in accordance with Canadian National Instrument 43-101—Standard of Disclosure for Mineral Projects (“NI 43-101”). Contango Ore, Inc. (“CORE” or “Contango”) owns the remaining 30% membership interest in Peak Gold, and must rely on Kinross and its affiliates for the FS and related information. Further, CORE is not subject to regulation by Canadian regulatory authorities and no Canadian regulatory authority has reviewed the FS or passed upon its accuracy or compliance with NI 43-101. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” as used in the resource estimate, the FS and this presentation are Canadian mining terms as defined in accordance with NI 43-101. In the United States, mining disclosure is reported under sub-part 1300 of Regulation S-K (“S-K 1300”). Under S-K 1300, the SEC recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” are substantially similar to international standards. Under S-K 1300, an SEC registrant with material mining operations must disclose specified information in its SEC filings concerning mineral resources, in addition to mineral reserves, which have been determined on one or more of its properties. Such mineral resources and reserves are supported by a technical report summary (the “S-K 1300 Report”), which is dated and signed by a qualified person or persons, and identifies and summarizes the information reviewed and conclusions reached by each qualified person about the SEC registrant’s mineral resources or mineral reserves determined to be on each material property. CORE prepared an S-K 1300 Report (i) dated May 12, 2023, based on the FS, that presented mineral resource estimates and mineral reserve estimates for the Manh Choh project as of December 31, 2022 (the “Manh Choh S-K 1300 Report”), (ii) dated May 26, 2023, based on historical and recent drill hole assay information, that presented mineral resource estimates for the Lucky Shot project as of May 26, 2023 (the “Lucky Shot S-K 1300 Report”), (iii) dated May 6, 2025, based on historical and recent drill hole assay information, that presented mineral resource estimates for the Johnson Tract project as of April 6, 2022 (the “Johnson Tract S-K 1300 Report”). Investors are cautioned that while the S-K 1300 definitions are “substantially similar” to the NI 43-101 definitions, there are differences between the two. Accordingly, there is no assurance any mineral reserve or mineral resource estimates that Peak Gold may report as “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had CORE prepared the mineral reserve or mineral resource estimates under S-K 1300. Further, U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization that has been characterized as resources has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources or inferred mineral resources that CORE reports are or will be economically or legally mineable. For more detail regarding the FS, please see CORE’s press release dated May 26, 2023: https://www.contangoore.com/press-release/contango-ore-announces-completion-of-s-k-1300-technical-report-summary-for-its-manh-choh-projectin-alaska. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentati

DISCLAIMER (CONT’D) To view a copy of the Manh Choh S-K 1300 Report, see: https://www.sec.gov/Archives/edgar/data/1502377/000115752323000931/a53408787_ex961.htm. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. To view a copy of the Lucky Shot S-K 1300 Report, see: https://www.sec.gov/Archives/edgar/data/1502377/000115752323000976/a53418247ex96_1.htm. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. To view a copy of the Johnson Tract S-K 1300 Report, see: https://www.sec.gov/Archives/edgar/data/1502377/000119312525117458/d90137dex961.htm. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. SCIENTIFIC AND TECHNICAL INFORMATION OF DOLLY VARDEN The technical information in this presentation related to Dolly Varden has been reviewed and approved by Robert van Egmond, P.Geo. VP Exploration for Dolly Varden, who is considered, by virtue of his education, experience and professional association, a qualified person under NI 43-101. Mr. van Egmond is not considered independent for purposes of NI 43-101 as he is an employee of Dolly Varden. This presentation also contains references to estimates of mineral resources (as such term is defined in NI 43-101). The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from Dolly Varden’s projects, if any, the anticipated amounts and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Some of the mineral resources at the Kitsault Valley Project are categorized as indicated and some as inferred mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. Certain information in this presentation is based upon, and certain information is extracted directly from, an NI 43-101 compliant technical report prepared by Dolly Varden for the Kitsault Valley Project (the “Technical Report”), a copy of which is available under its SEDAR+ profile at www.sedarplus.ca. The Technical Report includes relevant information regarding the effective date and the assumptions, parameters and methods of the mineral resource estimates cited in this presentation, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this presentation in respect of the Kitsault Valley Project. You are encouraged to read the Technical Report in full and any information summarized or extracted therefrom in this presentation should not be read or relied upon out of context. All such technical information in this presentation is subject to the assumptions and qualifications contained in the Technical Report. Dolly Varden is not subject to the SEC’s mineral disclosure standards under S-K 1300. The Technical Report was not prepared in accordance with S-K 1300. A qualified person has not done sufficient work to classify the mineral resource estimates derived from the Technical Report and included in this presentation as current estimates of S-K 1300 mineral resources.

PRESENTERS Rick Van Nieuwenhuyse Shawn Khunkhun President, CEO & Director President, CEO & Director Contango Dolly Varden

TRANSACTION HIGHLIGHTS & STRATEGIC RATIONALE Creation of a North-American focused multi-stage silver and gold company, with an asset portfolio COMPLEMENTARY ASSETS ranging from advanced-stage exploration to current production Over US$100 million combined cash on hand, only US$15 million in debt and annual cash flow from WELL-FUNDED the producing high-grade Manh Choh gold mine in Alaska, operated in partnership with Kinross Gold Corporation Leverage to high-grade development of assets anchored by the Lucky Shot and Johnson Tract projects HIGH-GRADE PROJECTS in Alaska, and the Kitsault Valley silver-gold project in British Columbia – all strategically located near existing infrastructure supporting a Direct Ship Ore (“DSO”) approach Common development philosophy to pursue low-capex DSO projects that can be developed using SHARED CAPEX STRATEGY existing processing facilities EXPLORATION POTENTIAL Track-record of high-grade exploration success across the portfolio The combined company’s shareholders to benefit from greater critical mass with a combined market ENHANCED CAPITAL capitalization of approximately US$812 million (C$1.1 billion), as well as increased trading liquidity, MARKETS PROFILE index inclusion, research coverage and institutional ownership All directors and officers of Contango and Dolly Varden, as well as significant shareholders of both INSIDER AND INSTITUTIONAL companies, have signed voting support agreements in favour of the Transaction, representing ~22% of SUPPORT the outstanding Contango shares and ~22% of the outstanding Dolly Varden shares Listing on the NYSE American, and intention to apply to list on the Toronto Stock Exchange following EXPANDED PRESENCE closing of the Transaction

KEY TERMS OF THE TRANSACTION Combination of Contango and Dolly Varden on a merger-of-equals basis pursuant to a court-approved TRANSACTION plan of arrangement under the Business Corporations Act (British Columbia) CONSIDERATION Dolly Varden shareholders to receive 0.1652 of a Contango share for each Dolly Varden share IMPLIED VALUE Implies a FDITM equity value of US$812 million1 for the pro forma entity Existing Contango and Dolly Varden shareholders will each own approximately 50% of the outstanding OWNERSHIP common shares of combined company, on a fully diluted in-the-money basis Approval of Dolly Varden shareholders (66 2/3% vote) APPROVALS AND KEY Affirmative vote of a majority of the Contango shares present in person or by proxy and entitled to vote CONDITIONS Customary regulatory, exchange and court approvals CEO: Rick Van Nieuwenhuyse; President: Shawn Khunkhun; Executive Vice President and CFO: Mike Clark LEADERSHIP AND Board of directors of combined company to consist of 7 directors (4 Contango directors; 3 Dolly Varden GOVERNANCE directors) Directors, officers and significant shareholders of Dolly Varden and Contango, who collectively hold ~22% VOTING SUPPORT and ~22% of each company’s outstanding shares, respectively, have entered into VSAs to vote in favour of AGREEMENTS the Transaction DEAL PROTECTION Reciprocal termination fee of US$15.0M payable by either Contango or Dolly Varden RESULTING ISSUER Contango Silver & Gold Inc., trading under the ticker CTGO on the NYSE American and TSX upon closing PROPOSED TIMING The Transaction is expected to close in late February or early March, 2026

COMPLEMENTARY HIGH-GRADE ASSET PORTFOLIO Asset Diversification, Increased Scale and Significant Exposure to Gold and Silver in Neighbouring Tier I Jurisdictions Resources & Grade Manh Choh1,2 Lucky Shot3 Johnson Tract4 Dolly Varden5 M&I (koz AuEq) 278 106 1,053 707 g/t (AuEq) 7.9 14.5 9.4 5.3 Inferred (koz AuEq)—25 108 1,310 g/t (AuEq)—9.5 4.8 6.0 Metals Mix Metals Mix Contango Dolly Varden 52% 19% 1% CTGO 2% DV 80% Gold 46% Gold Silver Silver Base Metals Base Metals 1) Effective date of December 31, 2024 – refer to Appendix slides 39 & 40 4) Effective date of May 12, 2025 – refer to Appendix slides 39 & 40 2) Shown on a 30% Contango ownership basis 5) Effective date of September 28, 2022—refer to Appendix slide 41 8 3) Effective date of May 26, 2023—refer to Appendix slides 39 & 40

MULTI-PHASE GROWTH PLATFORM SUPPORTED BY CASH FLOWS Catalyst Rich Portfolio of Advanced Exploration-Stage Assets Supported by Cash Flows from Manh Choh Production Advanced Exploration/Development Production Kitsault Valley (“KV”) Johnson Tract (“JT”) Lucky Shot (“LS”) Manh Choh (“MC”) • Assays pending from • Goal: complete • Fully permitted for • Fully permitted and 56,131m drill program permitting in 2 years mining Manh Choh free cash producing gold • 85,000 ha of and production in 5 • 2-3 years to develop flow to fund portfolio • Permits received in less prospective land years 400,000-500,000 GEO than 2 years development acquired in 2025 • Target FS with mine resource • Exploration upside on • New exploration targets construction decision by • Identify potential 675,000 acres for 2026 2028/2029 processing facilities Go-Forward Development Timeline 2026 2027 2028 2029+ • 50,000m drill program + baseline env. • Advance PEA / IA + initiate permitting • UG tunnel construction+ infill drilling • Construct site infrastructure + infill drilling KV Q1-2026: Updated Resource Target PEA / IA Study • Camp upgrades + initial construction UG tunnel construction + • Complete road from Camp to Barge • Mine decision; final permits issued JT • infill drilling • Surface infrastructure permit (FAST 41) Target Feasibility Study / FID Target Production • UG in-fill drilling program, consisting of • Infill drilling + technical studies Target Production LS 18,000m of total drilling Target Feasibility Study / FID • Continued gold production Targeting 60koz

p.a. GEO production MC • 5,000m drill program Continued exploration initiatives Contango Assets Dolly Varden Assets 9 ENHANCED CAPITAL MARKETS PROFILE Dual Listing, Potential Index Re-Balancing, a Deep Institutional Share Registry and Increased Research Coverage to Drive Re-Rating Pro Forma Share Structure Dual Listing Upon Closing Pro Forma Ownership1,2 Combined Contango ORE Dolly Varden Company Standalone Standalone Pro Forma1 Basic Shares Outstanding 14,964,048 91,866,780 30,240,491 ITM Warrants (TSM) CTGO DV 527,870—527,870 50% 50% ITM Options (TSM)—1,305,533 215,674 Restricted Stock Units—605,636—Bolstered Liquidity and Exposure to U.S. FDITM Shares Outstanding (TSM) 15,491,918 93,777,949 30,984,035 and Canadian Capital Markets FDITM Market Cap. (C$M)2 $563 $608 $1,126 Current ETF Inclusion FDITM Market Cap. (US$M)2 $406 $439 $812 CTGO and DV traded a combined >US$1.1 billion of value in the last ✓ GDXJ ✓ SIL Cash (US$M)5,6 $98 $46 $145 12-month period Debt (US$M)3,6 $35—$35 ✓ SILJ ✓ Russell 2000 North American Gold Developer Peers – Market Cap. Analyst Coverage Pro Forma Shareholder Summary4 (US$ millions) $3,153 $2,665 $2,050 $1,720 Strategic: 13% $924 $812 Institutional: $609 $599 35% $523 $406 $406 Retail & HNW: 47% PPTA SKE SGD VZLA ODV PF DC TLG FVL CTGO DV 1) Based on an exchange ratio of 0.1652 CTGO shares issued per DV share 4) Capital IQ, SEDI and Bloomberg publicly disclosed data Management 2) On a fully diluted, in-the-money (ITM) treasury stock method (TSM) basis 5) Dolly Varden cash as of October 23, 2025 & Insiders: 6% 3) Includes CTGO convertible debt (convertible into 655,738 shares at US$30.50) 6) Contango debt and cash as of September 30, 2025 (adjusted for Oct. 2, 2025 repayment) 10

STRATEGICALLY POSITIONED AMID SECTOR SCARCITY The Merger Strategically Positions the Pro Forma Company Amid Scarcity of Multi-Stage, Mid-Tier North American Au-Ag Companies North America – Producers (Ag project in Mexico) CTGO + DV North America – North America – Ag-Focused Developers Au-Focused Developers +++ 11 Criteria: Production & Development Projects in Canada or the United States

TOP NORTH AMERICAN EXPLORER Top-Performing Drilling Results Across CTGO and DV Assets 2024 Best Holes: North American Silver Dolly Varden Reporting State / Reported Interval Interval Grade x Property Name Company Province Date Hole ID (meters) Grade (g/t) Interval • 3rd best silver grade x thickness interval in 2024 (3 of the best 15 Hycroft Hycroft Mining Nevada 24-Oct-24 H24D-6010 18.20 1,987.35 36,170 holes) Hercules Hercules Metals Idaho 28-Feb-24 HER-23-17 112.20 193.00 21,655 Homestake Silver Dolly Varden BC 16-Jan-24 HR23-416 93.95 213.00 20,011 • 2nd best silver grade x thickness interval in 2025 with recent 22m Hycroft Hycroft Mining Nevada 09-Jan-24 H23C-5790 20.18 869.90 17,555 Hog Heaven Ivanhoe Electric Montana 05-Feb-24 HHD-007 348.00 40.48 14,087 of 1,422 g/t in a step out at the Wolf Vein Wolf Vein Dolly Varden BC 09-Sep-24 DV24-408 27.19 513.00 13,948 Hycroft Hycroft Mining Nevada 03-Oct-24 H24D-6001 124.40 102.59 12,762 Maestro Quartz Mountain BC 09-Apr-24 PR-23-02 351.00 36.00 12,636 • 12th best gold grade x thickness interval in 2024 at Homestake Macmillan Pass Fireweed Metals Yukon 09-Jan-24 NB23-028 477.00 23.30 11,114 Ridge Ruby Hill i-80 Gold Nevada 17-Jan-24 iRH23-56 23.60 469.40 11,078 Atlanta Nevada King Gold Nevada 23-Sep-24 AT23NS-172 24.40 440.60 10,751 DeLamar Integra Resources Idaho 24-Jan-24 DH-DLM-23-MET22 41.45 257.43 10,670 Ruby Hill i-80 Gold Nevada 17-Jan-24 iRH23-54 32.00 332.90 10,653 Contango Wolf Vein Dolly Varden BC 12-Aug-24 DV24-404 9.38 1,091.00 10,234 Hycroft Hycroft Mining Nevada 03-Oct-24 H24D-6002 100.92 100.65 10,158 • 2nd best gold grade x thickness interval in 2024 (Johnson Tract) 2025 Best Holes to Date: North American Silver 2024 Best Holes: North American Gold Reporting State / Reported Interval Interval Grade x Reporting State / Reported Interval Interval Grade x Property Name Company Province Date Hole ID (meters) Grade (g/t) Interval Property Name Company Province Date Hole ID (meters) Grade (g/t) Interval Hycroft Hycroft Mining Nevada 14-Jan-25 H24D-6018 21.20 2,359.68 50,025 Queensway New Found Gold NFLD 11-Nov-24 NFGC-21-182 10.00 219.43 2,194 Wolf Vein Dolly Varden BC 02-Sep-25 DV25-446 21.70 1,422.00 30,857 Johnson Tract Contango Ore Alaska 21-Nov-24 GT24-008 223.50 8.89 1,987 Maestro Quartz Mountain BC 24-Jun-25 PR23-02 435.00 30.00 13,050 Queensway New Found Gold NFLD 02-Dec-24 KM-24-01-64 4.05 455.33 1,844 Bayhorse Bayhorse Silver Oregon 07-Oct-25 BHS2025-12 10.60 1,104.00 11,702 Queensway New Found Gold NFLD 23-Sep-24 KM-24-01-17 5.10 300.36 1,532 Hycroft Hycroft Mining Nevada 30-Apr-25 H24D-6011 53.30 218.92 11,668 Arthur Altius Minerals Nevada 08-Aug-24 AMC_08.08.2024 144.50 10.53 1,522 Haldane Silver North Yukon 17-Nov-25 HLD25-31 13.15 818.00 10,757 Great Bear Kinross Gold Ontario 14-Feb-24 BR-843AC1A 15.40 89.14 1,373 Maverick Springs Sun Silver Nevada 25-Jun-25 MR24-197 106.70 86.70 9,251 O’Brien Radisson Mining Quebec 30-Dec-24 OB-24-347 2.10 643.10 1,351 Hycroft Hycroft Mining Nevada 30-Apr-25 H24D-6020 28.80 320.70 9,236 Atlanta Nevada King Gold Nevada 06-Feb-24 AT23WS-44 108.20 11.64 1,259 Maverick Springs Sun Silver Nevada 25-Jun-25 MR24-199 102.10 84.50 8,627 Rogue Snowline Gold Yukon 07-Aug-24 V-24-075 471.60 2.38 1,122 Maverick Springs Sun Silver Nevada 25-Jun-25 MR127 114.30 73.00 8,344 Queensway New Found Gold NFLD 23-Sep-24 KM-24-01-12 5.21 214.97 1,120 Wolf Vein Dolly Varden BC 07-Jan-25 DV24-421 21.69 379.00 8,221 Queensway New Found Gold NFLD 02-Dec-24 KM-24-01-53 6.95 147.98 1,028 Tombstone Aztec Minerals Arizona 28-Jan-25 TR24-16 106.40 76.23 8,111 Homestake Ridge Dolly Varden BC 12-Feb-24 HR23-389 66.50 15.26 1,015 Hycroft Hycroft Mining Nevada 31-Jul-25 H23C-5790 0.30 26,745.00 8,024 Rogue Snowline Gold Yukon 10-Sep-24 V-24-078 244.90 4.05 992 Maverick Springs Sun Silver Nevada 20-Nov-25 MR25-250 102.14 72.40 7,395 Arthur Orogen Royalties Nevada 26-Aug-24 MER-23-243-RD 161.6 5.85 945 Maestro Quartz Mountain BC 24-Jun-05 PR25-03 603.40 12.00 7,241 Queensway New Found Gold NFLD 2-Dec-24 KM-24-01-56 2.85 330.71 943 Wolf Vein Dolly Varden BC 07-Jan-25 DV24-405 42.36 131.00 5,549 Hycroft Hycroft Mining Nevada 30-Apr-25 H24D-6012 50.70 101.82 5,162 Source: S&P Global Market Intelligence Metals & Mining Drill Hole Database. 12 Criteria: Exploration & Development Projects in Canada or the United States.

COMBINED COMPANY LEADERSHIP TEAM Proven Leadership Team with a Demonstrated Track Record of Value Creation in the North American Mining Sector Rick Van Nieuwenhuyse Shawn Khunkhun Michael Clark CEO & Director President & Director CFO 40+ years of experience in the 20+ years of experience in capital 20+ years of experience in mining industry. He previously markets and mineral exploration, corporate finance and served as President and CEO of development and production. financial reporting. He has Trilogy Metals and founded Founder and Director of Gold X2 served as CFO of Alexco NOVAGOLD where he served as and Gladiator Metals. Partner at Resources, Goldgroup Mining President and CEO. the Fiore Group. and Grosso Group. Board of Directors Clynt Nauman Brad Juneau Mike Cinnamond Rick Van Nieuwenhuyse Chairman of Board & Director Director CEO & Director Director Co-founder of Contango 25+ years of experience in 40+ years of experience in 45+ years of experience in and previously served as the mining sector, bringing the mining industry. He mining industry. Served as President, CEO and Director significant industry and previously served as Chairman and CEO of Alexco from August 2012 to financial knowledge. He has President and CEO of Trilogy Contango Resource, President and January 2020. He has served served as the Senior Vice Metals and founded Director of Viceroy Gold, as Chairman of the Board President and CFO of NOVAGOLD where he Director of NOVAGOLD and for Contango since April B2Gold since April 2014. served as President and Director of Spectrum Gold. 2013. CEO. Darren Devine Tim Clark Shawn Khunkhun Director Director President & Director Principal of CDM Capital 23+ years of experience in 20+ years of experience in Partners, a corporate advisory capital markets, corporate capital markets and mineral Varden firm and acts as a director to strategy and financial analysis exploration, development and junior companies in the natural for corporations within the production. Founder and resource sector. Completed commodities and mining Director of Gold X2 and transactions including Centric sectors. Currently serves as the Gladiator Metals. Partner at Dolly Energy’s sale of Eastern African CEO and Director of Fury Gold the Fiore Group. 13 assets to Africa Oil. Mines.

COMBINED COMPANY PORTFOLIO OVERVIEW

ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) MANH CHOH MINE (30%)1 • Production started Q3 2024 • M&I 278 koz resource with exploration upside • ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 • LOM = 37% hedge and 63% spot • Est. 2025 annual production of ~60,000 GEO2,3 +$100M (at $3,200/oz) • ~ $450M LOM3,4 free cash flow (at $3,200/oz) FORT KNOX MILL LUCKY SHOT MINE (100%) 1 FAIRBANKS (Kinross) • M&I: 106 koz at 14.5 g/t Au; Inf: 25 koz at 9.5 g/t Au • Fully permitted for mining & on road/rail system • 2-3 yrs to complete drilling and develop 400,000-500,000 GEO • Target 30,000 – 40,000 GEO annual production • Identify potential processing facilities ANCHORAGE JOHNSON TRACT PROJECT (100%) 1 • M&I: 1,053 koz at 9.4 g/t Au; Inf: 108 koz at 4.8 g/t Au • Gold-Silver-Copper-Zinc-Lead • FAST-41 project dashboard—complete permitting and be in production by 2030 • Targeting 100,000 GEO annual production Production • Initial Assessment released May 20255 • Post Tax NPV = $224.5M and 30.2% IRR Advanced Stage Exploration (Resources) 5 • 7-year LOM with 1.3 year discounted payback period Early-Stage Exploration 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” and March 31, 2025 “Contango Announces $24 Million Cash Distribution” 15 4. LOM = Life of Mine; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ”

WHAT IS THE DIRECT SHIPPING ORE (DSO) APPROACH? Drill & Muck at Load & Weigh at Mine Site Mine Site Transport via Rail/Road/Barge • Ore mined underground • Containers loaded and weighed at • Ore containers are transferred to Rail/Barge • Loaded into covered/sealed mine site • Transported to off-site milling facility containers at the mine site • Ore containers loaded onto trucks • Small environmental footprint • Covered/sealed containers prevent “fugitive dust” NO TAILINGS FACILITY NO MILL DSO approach eliminates the need for onsite processing and tailings storage. This drastically reduces the onsite environmental footprint, reduces permitting risk and lowers upfront capital cost. 16

CONTANGO’S 5 YEAR DEVELOPMENT PIPELINE +3X GROWTH PROFILE Fully Funded to Execute Fastest Gold Producing Growth Profile in the Industry• Lucky Shot online: target ~30,000 to 40,000 GEO • Manh Choh 60,000oz annual production annually All 3 projects in production • Definition resource drilling at Lucky Shot • UG development, resource definition, FS at • Road and portal development at Johnson Tract Johnson Tract 200,000 GEO First gold pour from Manh Choh: +42,000 GEO produced in 2024 100,000 GEO ~60,000 GEO1 +42,000 GEO 2024 2025 2 – 3 Yrs 2 – 3 Yrs MANH CHOH LUCKY SHOT JOHNSON TRACT ✓ Fully permitted and producing gold ✓ Fully permitted for mining ✓ Established 1.1M oz resource at 9.4 g/t GEO ✓ Permits received in less than 2 years ✓ 110,000 oz at 14.5 g/t GEO ✓ Permit to build road from camp to portal site ✓ Built on time and on budget ✓ 2-3 years to develop 400,000-500,000 GEO received August 2024 ✓ First gold pour on July 8, 2024 resource ✓ Initial Assessment released May 20252 ✓ 2025 ~60,000 oz annual production1 ✓ Plan to start with 30,000-40,000 GEO ✓ Post Tax NPV = $224.5M and 30.2% IRR 5 ✓ LOM ~60,000 oz annual production production ✓ 7-year LOM with 1.3 year payback ✓ LOM $1400 AISC ✓ Identify potential processing facilities ✓ Target for FS with mine construction decision by 2028/2029 1. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” 2. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” 17

CORNERSTONE IN THE GOLDEN TRIANGLE, BC 18

KITSAULT VALLEY PROJECT HOMESTAKE KITSAULT VALLEY PROJECT WOLF VEIN 19

TORBRIT, KITSOL and DOLLY VARDEN SILVER DV18-163: 419 g/t Ag, 0.28%Pb, 0.14% Zn over 65.3m true width incl. 16m at 1,240 g/t Ag Torbrit Main and North Discovery DV22-283: 50.18m (~30.0m true width) averaging 414 g/t Ag incl. 7.15m (4.29m true width) averaging 646 g/t Ag Kitsol DV20-211: 351 g/t Ag over 12.75 m incl. 1,083 g/t Ag over 2.70 m Torbrit East Expansion DV20-217: 302 g/t Ag over 31.95 m DV20— incl. 642 g/t Ag over 4.00 m Torbrit Infill 211 DV20 — DV18 DV22 217 163 283—TORBRIT KITSOL 550 m 20

SUMMARY Merger of Equals Increases Scale and Benefits to All Shareholders Complementary Creation of a mid-tier North American silver-gold company Assets Non-Dilutive Exposure to cash flow from the producing high-grade Manh Choh Gold Mine Funding High-Grade Leverage to a continuum of high-grade advanced exploration and development assets Projects Exploration Track-record of high-grade exploration success across a half million hectare portfolio Potential Enhanced CapitalGreater scale, liquidity, index inclusion, research coverage and institutional ownership Markets Profile 21

MERGER TO CREATE A NEW NORTH AMERICAN HIGH -GRADE, MID-TIER SILVER & GOLD PRODUCER AND DEVELOPER Q&A

APPENDIX

TIMELINE OF THE MERGER Plan of Arrangement Transaction Anticipated to Close in Q1 2026 DECEMBER JANUARY FEBRUARY—MARCH ✓ Merger ✓ Record Date ✓ Shareholder Votes Announcement ✓ Interim Court ✓ Final Court Order Order Hearing Approving Merger ✓ Mail Special ✓ Anticipated Closing Meeting Materials 2025 2026 2025 24

MANH CHOH – A DSO SUCCESS • Manh Choh to Fort Knox 240 mi • Kinross is operator (70% owner) • On schedule and on budget • State and Federal permits received within 18 months • Construction and Ramp Up completed in 2 years • First gold pour in July 2024 • Contract mining & trucking YTD 2025 RESULTS & LOM GUIDANCE • ~52,000 oz of gold produced year to date • ~50,000 oz of silver produced year to date • $87 million cash distribution to Contango • AISC = $1,505 per oz soldContango Production Guidance (30% basis) Units Gold Production (30% Basis) ~60,000 oz 2025 AISC $1,625 per oz sold LOM AISC $1,400 per oz sold Cumulative Cash for 2025 (approximate) $100,000,000 at $3,200 gold LOM Cumulative Cash (approximate) $ 450,000,000 at $3,200 gold Remaining Hedge Balance—End of Q4 2025 ~42,800 oz 25

MANH CHOH MINE CTGO SUCCESS OF DSO APPROACH DSO CRITERIA • High-grade resources • Gold, Silver, Copper focus • Near Infrastructure • Road • Rail • Water • Simple permitting from a mining perspective • Private and State lands 2024 • Minimal water and wetlands impact 2023 Ore stockpiled at Manh Choh and • Simple mining/processing Fort Knox; first gold pour in July 2024! 2022 Operating permits received; construction completed with groundbreaking ceremony in August; ore transport Construction decision & road started in November 2020/2021 construction, mill modifications, JV with Kinross, Community Outreach, campus renovation; 404 Wetlands PFS/FS, permit applications submitted Permit received FEDERAL PERMITS 1 YR CONSTRUCTION AND RAMP UP 2 YRS Manh Choh deposit before mining 26

WOLF VEIN 1,422 g/t Silver over 21.70m, including 10,700 g/t Silver over 1.00m at Wolf Vein 27

HOMESTAKE SILVER RESULTS 26.74 g/t Gold over 14.76 meters, including 122 g/t Gold over 2.85 meters at Homestake Silver Deposit Homestake Silver NQ drill core from hole HR25-469 of a sample interval grading 91 g/t Au over 0.63 meters compared to a slab with similar gold grade from the 320 level at Ascot Resources Ltd.’s Premier Mine near Stewart, BC. Similar Mineralogy both hosted in multi phase vein and vein breccias with strong pyrite, chalcopyrite, galena, sphalerite and visible gold 28

ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) MANH CHOH MINE (30%)1 • Production started Q3 2024 • M&I 278 koz resource with exploration upside • ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 • LOM = 37% hedge and 63% spot • Est. 2025 annual production of ~60,000 GEO2,3 ~$100M (at $3,200/oz) • ~ $450M LOM3,4 free cash flow (at $3,200/oz) FORT KNOX MILL FAIRBANKS LUCKY SHOT MINE (100%) 1 (Kinross) • M&I: 106 koz at 14.5 g/t Au; Inf: 25 koz at 9.5 g/t Au • Fully permitted for mining & on road/rail system • 2-3 yrs to complete drilling and develop 400,000-500,000 GEO • Target 30,000 – 40,000 GEO annual production • Identify potential processing facilities ANCHORAGE JOHNSON TRACT PROJECT (100%) 1 • M&I: 1,053 koz at 9.4 g/t Au; Inf: 108 koz at 4.8 g/t Au • Gold-Silver-Copper-Zinc-Lead • Goal: complete permitting in 2 yrs and production in 5 yrs • Targeting 100,000 GEO annual production • Initial Assessment released May 20255 Production • Post Tax NPV5 = $224.5M and 30.2% IRRwith 1.3 year discounted payback Advanced Stage Exploration (Reserves/Resources) • 7-year LOM period Early-Stage Exploration 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” and March 31, 2025 “Contango Announces $24 Million Cash Distribution” 29 4. LOM = Life of Mine; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project

LUCKY SHOT – OUR NEXT DSO PROJECT FOCUSED ON RESOURCE EXPANSION OVER THE NEXT 2-3 YEARS DEVELOPMENT Looking NNE • Historically producing district: 250,000 ozs averaging 40 g/t Au • Mesothermal quartz vein with free gold Coleman Adit • +1 mi (1.6 km) strike length • Contango controls entire district War Baby Adit Lucky Shot Enserch Tunnel “500” Adit • Underground is fully refurbished with new development constructed in 2023 Coleman Segment of Lucky Shot Vein • Identify potential processing facilities Au Grade Au Classification Tonnes Combined Segments of Lucky Shot Vein Resources Ounces (g/t) Au Grade Measured ——Classification Tonnes Au Ounces Indicated 190,092 15.6 95,036 (g/t) TOTAL 190,092 15.6 95,036 Measured — -Inferred 74,265 9.9 23,642 Indicated 226,963 14.5 105,620 TOTAL 226,963 14.5 105,620 Lucky Shot Segment of Lucky Shot Vein Au Grade Inferred 82,058 9.5 25,110 LUCKY SHOT Au Classification Tonnes Coleman and Lucky Shot Resources Tables1 Please see (g/t) Ounces S-K 1300 Technical Report Summary on the Lucky Shot Project Alaska, Measured ——USA https://www.contangoore.com/investors/overview Indicated 36,871 8.9 10,584 TOTAL 36,871 8.9 10,584 Inferred 7,793 5.9 1,468 Note 1: Measured, Indicated and Inferred mineral resource classification are assigned according to CIM Definition Standards. Mineral resources, which are not mineral reserves, do not demonstrate economic viability and there is no guarantee that mineral resources will be converted to mineral reserves. This mineral resource estimate was prepared by Sims Resources LLC based on data and information available and has an effective date of May 26, 2023. The Measured, Indicated and Inferred mineral resources are reported using the following parameters: undiluted gold grades; long term gold price of $US1,600 per ounce; reported as contained within a 3.0 g/t Gold underground shapes and applying a 3.0 meter minimum width at a 4.3 g/t gold cutoff grade (“COG”). 30

LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO FEASIBILITY UNDERWAY • Planned 15,000m in-fill drill program for resource definition OBJECTIVES: • Define high-grade “ore shoots” • Delineate 400,000 to 500,000 GEO • Collect data for detailed mine plan • Targeting 30,000 to 40,000 initial production LUCKY SHOT 31

LUCKY SHOT – WILLOW CREEK DISTRICT SCALE OPPORTUNITY DEVELOPMENT • Historic High-Grade Gold Mining District • Initial Discoveries 1890’s • 20+ Historic Mines and Prospects • Relatively “unmined” since 1942 • Mesothermal, shear hosted quartz +Auveins Lucky Shot ore with visible gold Coleman LUCKY SHOT 32

ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) MANH CHOH MINE (30%)1 • Production started Q3 2024 • M&I 278 koz resource with exploration upside • ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 • LOM = 37% hedge and 63% spot • Est. 2025 annual production of ~60,000 GEO2,3 ~$100M (at $3,200/oz) • ~ $450M LOM3,4 free cash flow (at $3,200/oz) FORT KNOX MILL FAIRBANKS LUCKY SHOT MINE (100%) 1 (Kinross) • M&I: 106 koz at 14.5 g/t Au; Inf: 25 koz at 9.5 g/t Au • Fully permitted for mining & on road/rail system • 2-3 yrs to complete drilling and develop 400,000-500,000 GEO • Target 30,000 – 40,000 GEO annual production • Identify potential processing facilities ANCHORAGE JOHNSON TRACT PROJECT (100%) 1 • M&I: 1,053 koz at 9.4 g/t Au; Inf: 108 koz at 4.8 g/t Au • Gold-Silver-Copper-Zinc-Lead • Goal: complete permitting in 2 yrs and production in 5 yrs • Targeting 100,000 GEO annual production • Initial Assessment released May 20255 Production • Post Tax NPV5 = $224.5M and 30.2% IRRwith 1.3 year discounted payback Advanced Stage Exploration (Reserves/Resources) • 7-year LOM period Early-Stage Exploration 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” and March 31, 2025 “Contango Announces $24 Million Cash Distribution” 33 4. LOM = Life of Mine; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ”

JOHNSON TRACT PRIVATE SURFACE RIGHTS (CIRI OWNERSHIP) WIDE FLAT VALLEY WITH MINIMAL WETLANDS PERMITTING/DEVELOPMENT • Valley is well suited for infrastructure • 50-man camp • 290 DDH: +83,000m drilled • 2024 Program Focused On: • Infill drilling at resource • Hydrological testing • Geotechnical testing • Metallurgical testing • 404 Wetlands permit issued for Road to Portal site in August 2024 • Johnson Tract Project accepted into the FAST-41 program on Dec 2, 2025 and officially on the Project Dashboard JOHNSON TRACT 34

JOHNSON TRACT ROBUST GRADES WITH THICK INTERCEPTS; GREAT METALLURGY & IDEAL FOR UNDERGOUND MINING METHODS Selected Drill Intercepts Vein Styles Thick (40m true width & high-grade) True width 10x thicker than high-grade peers Amenable to low-cost underground mining 35 35

JOHNSON TRACT PLAN VIEW ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS (G/T) JOHNSON TRACT LOOKING NORTHWEST DEPOSIT JT BLOCK MODEL NORTH 36 36

JOHNSON TRACT INITIAL ASSESSMENT ROBUST ECONOMICS WITH 1.3 YEAR PAYBACK JOHNSON TRACT INITIAL ASSESSMENT1 • Pre-Tax net present value discounted at 5% (NPV5) of USD $359.0 million • Pre-Tax Internal Rate of Return (IRR) of 37.4% • Post-Tax NPV5 of USD $224.5 million with a post-tax IRR of 30.2% at the base-case $2,200/oz Au • 7-year LOM • LOM annual average production of 102,258 GEO at 7.58g/t GEO • Initial Capital costs of $213.6 million, including $36 million in contingency • Sustaining Capital costs of USD $61.3 million, including $12.3 million in contingency • AISC estimated at $860 per GEO sold • Discounted payback period 1.3 years POST TAX NPV5 GOLD PRICE SENSITIVITY Sensitivity $2,000 Au $2,200 Au $3,000 Au $4,000 Au Post-Tax NPV5 (USD M) $181.0 $224.5 $398.2 $615.4 1 See Contango’s SK1300 Johnson Tract Technical Report Press Release dated May 6, 2025; Initial capex reflects the Initial Assessment study reported in “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Press Release and Initial Assessment dated May 6, 2025 and to be filed on or before May 12, 2025; “GEO” refers to Gold Equivalent Ounces. The information contained in, or otherwise accessible through, the link 37 is not part of, and is not incorporated by reference into this investor presentation. 37

CONTANGO’S RESERVES AND RESOURCES CONTANGO OWNED RESERVES Notes: Manh Choh Reserves 1. Published from Contango 10K. Reserves current as of Au Au Ag Ag AuEq TONNES Cu Cu Pb Pb Zn Zn AuEq 31 December 2024. PROJECT CLASSIFICATION Grade Ounces Grade Ounces Ounces (000) (%) (M Lb) (%) (M Lb) (%) (M Lb) (g/t) 2. The definitions for Mineral Resource in S-K 1300 were (g/t) (000) (g/t) (000) (000) followed for Mineral Resources. Manh Choh Proven 132 6.4 27 9.9 42 28 3. Mineral Reserves were estimated at long term prices Probable 862 7.7 212 14.2 393 217 of $2,000/oz Au and $25/oz Ag. Sub-Total 993 14.1 239 24.1 435 245 4. Mineral Reserves are reported at economic cut-off that varies by process cost and metallurgical recovery, TOTAL 993 14.1 239 24.1 435 245 approximately equivalent to 2.5 g/t Au. 5. Mineral Reserve estimates incorporate dilution built in CONTANGO OWNED RESOURCES during the re-blocking process and assume 100% mining recovery. Au Au Ag Ag AuEq TONNES Cu Cu Pb Pb Zn Zn AuEq 6. Mineral Reserves are reported in dry metric tonnes. PROJECT CLASSIFICATION Grade Ounces Grade Ounces Ounces (000) (%) (M Lb) (%) (M Lb) (%) (M Lb) (g/t) 7. Numbers may not add due to rounding. (g/t) (000) (g/t) (000) (000) 8. Mineral Reserves reported on 30% Contango Ore Manh Choh Measured — — — — —ownership basis. Indicated 110 2.7 33 10.4 37 33 Sub-total 110 2.7 33 10.4 37 33 Notes: Manh Choh Resources 1. Published from 12MAY23 TRS The Manh Choh Project, Lucky Shot Measured — — —Alaska, USA Indicated 227 14.5 106 106 2. The definitions for Mineral Resource in S-K 1300 were Sub-total 227 14.5 106 106 followed for Mineral Resources. 3. Mineral Resources are reported EXCLUSIVE of Mineral Reserves. Johnson Tract Measured — — — — — — — — — — — — —4. Mineral Resources were estimated at long term prices Indicated 3,489 5.3 598 6.0 673 0.56 43.1 0.67 51.5 5.21 400.8 9.39 1,053 3,489 5.3 598 6.0 673 0.56 43.1 0.67 51.5 5.21 400.8 9.39 1,053 of $1,600/oz Au and $22/oz Ag. Sub-total 5. Mineral Resources are reported using un-diluted Au and Ag grades. TOTAL METAL 737 710 43.1 51.5 400.8 6. Mineral Resources are reported within constraining Total AuEQ 1,790 pit shells. 7. Mineral Resources that are not Mineral Reserves do CONTINUED ON NEXT PAGE not have demonstrated economic viability. 8. Mineral Resources are reported in dry metric tonnes. 9. Numbers may not add due to rounding. 10. Mineral Resources are reported on a 30% Contango Ore ownership. 38.

CONTANGO’S RESERVES AND RESOURCES Au Au Ag Ag AuEq TONNES Cu Cu Pb Pb Zn Zn AuEq PROJECT CLASSIFICATION Grade Ounces Grade Ounces Ounces (000) (%) (M Lb) (%) (M Lb) (%) (M Lb) (g/t) (g/t) (000) (g/t) (000) (000) Manh Choh Inferred — 3.2 — 9.2 —Lucky Shot Inferred 82 9.5 25 Johnson Tract Inferred 706 1.4 31 9.1 207 0.59 9.2 0.3 4.7 4.18 65.1 4.76 108 Notes: Lucky Shot Resources 1. Mineral Resources were estimated as of 26 MAY 23 under definitions for Mineral Resources in S-K1300. See TRS Lucky shot Project Alaska, USA. 2. Mineral resources are estimated using long term prices of US$1,600/oz Au price. 3. 3.0 g/t AuEq Cut-off 4. Mineral resources are reported using un-diluted Au grades. 5. Mineral resources are reported as contained within 3.0 g/t Au underground shapes applying a 3.0m min. width at a 4.3 g/t COG. 6. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no mineral reserves for the Lucky Shot Project. 7. Mineral resources are reported in dry metric tonnes. 8. Numbers may not add due to rounding. 9. Mineral resources are reported on a 100% ownership basis Notes: Johnson Tract Resources 1. Mineral Resources were estimates as of 12 MAY 25 under definitions for Mineral Resources in S-K1300. See Updated Mineral Resource estimate and S-K 1300 SEC Technical Report for Johnson Tract project, Alaska. 2. Assumed metal prices are US$1650/oz for gold (Au), US$20/oz for silver (Ag), US$3.50/lb. copper (Cu), US$1/lb. lead (Pb), and US$1.50/lb. for zinc (Zn) 3. Gold Equivalent (“AuEq”) is based on assumed metal prices and payable metal recoveries of 97% for Au, 85% for Ag, 85% Cu, 72% Pb and 92% Zn from metallurgical test work completed in 2022. 4. 3.0 g/t AuEq Cut-off 5. AuEq equals = Au g/t + Ag g/t × 0.01 + Cu% × 1.27 + Pb% × 0.31 + Zn% × 0.59 6. An average bulk density value of 2.84 used as determined by conventional analytical methods for assay samples 7. Capping applied to assays to restrict the impact of high-grade outliers 8. Preliminary underground constrains were applied, including the elimination of isolated or scattered blocks above cut-off grade to define the “reasonable prospects of eventual economic extraction” for the Mineral Resource Estimate 9. Mineral resources as reported are undiluted 10. Mineral resource tonnages have been rounded to reflect the precision of the estimate 11. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability 39

DOLLY VARDEN’S RESOURCES Category Property Cut-Off Tonnes Ag (g/t) Ag oz Au (g/t) Au (oz) Dolly Varden 150 g/t Ag 3,417,000 299.8 32,931,000 Indicated Homestake Ridge 2.0 g/t AuEq 736,000 74.8 1,800,000 7.02 165,993 Total 34,731,000 165,993 Dolly Varden 150 g/t Ag 1,285,300 277.0 11,447,000 Inferred Homestake Ridge 2.0 g/t AuEq 5,545,000 100.0 17,830,000 4.58 816,719 Total 29,277,000 816,719 Notes: Dolly Varden Resources 1. Mineral resources are not mineral reserves, as they do not have demonstrated economic viability although, as per Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) requirements, the mineral resources reported above have been determined to have demonstrated reasonable prospects for eventual economic extraction. 2. The mineral resources were estimated in accordance with the CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 3. The resources reported above are derived from the Technical Report on The Combined Kitsault Valley Project, British Columbia, Canada dated effective September 28, 2022 and authored by Andrew J. Turner, B.Sc., P.Geol., of APEX Geoscience Ltd.. The effective date of the report is September 28, 2022. (“Kitsault Valley Project Technical Report”) 4. The cut-off grade for the Homestake claim block mineral resources is 2.0 g/t AuEq, which was determined using average block grade values within the estimation domains and a Au price of $1,300 per troy ounce (“per tr oz”), a Ag price of US$20.00/tr oz and a Cu price of US$2.50/pound, and mill recoveries of 92% for Au, 88% from Ag and 87.5% for Cu and combined mining, milling, and general and administrative costs of approximately US$109/ton. 5. The cut-off grade for the Dolly Varden claim block mineral resource is 150 g/t Ag, which was determined using a Ag price of US$20.00/tr oz, a recovery of 90% and combined mining, milling, and general and administrative costs of US$80/ton and was supported by comparison to similar projects. 6. Sufficient sample density data existed to allow for estimation of block density within the estimation domains of the Homestake Main, Homestake Silver and Homestake Reef zones, which ranged from 2.69 metric ton per cubic metre (“t/m3”) to 3.03 t/m3. 7. Bulk density values ranging from 2.79 t/m3 to 3.10 t/m3 were assigned to individual estimation domains based on available SG measurements for the DV, TB, NS and WF deposits. 8. Differences may occur in totals due to rounding. 4