Contango Silver & Gold Inc

F:F85

Execution: Contango said it completed its major field programs on schedule and within budget, including nearly 70,000 meters of drilling, road construction, underground development, and tunneling across its projects.

Manh Choh: The oxygen plant for the higher-grade, sulfide-rich South Pit is operating as planned; recoveries are expected in the 80s to low 90s, with production expected to rise and costs to fall as pre-stripping is completed.

Production outlook: Management is guiding toward 75,000 ounces of production next year at an all-in sustaining cost of $1,200-$1,300 per ounce, using a $3,700 gold price for financial projections.

Lucky Shot: The newly discovered KM vein returned grades of up to 10 ounces per tonne, and a 1,100-meter underground drill program is expected to begin shortly, with results planned before year-end.

Kitsault: More than 50,000 meters were drilled this season, above the original 40,000-meter plan. An updated resource estimate is expected within weeks, with a focus on converting inferred resources into indicated resources.

Johnson Tract: The access road, bridges, laydown area, and portal pad are substantially complete, setting up tunnel construction and year-round underground work next year.

Funding: Management said exploration and development programs have been funded from Manh Choh cash flow without returning to the capital markets, and expects current net debt of approximately $47 million to be eliminated by the end of next year.