Contango Silver & Gold Inc.

Lucky Shot Surface Drill Program Completion and Start of Underground Program

The Lucky Shot surface drill program was completed on August 29, 2026 with a total of 29 holes across five drilling platforms totaling approximately ~5,800 meters completed (Figure 1). The program was successfully executed to infill areas of known mineralization within the Coleman portion of the resource, while also completing step-out drilling to test the structural continuity between the Coleman and Lucky Shot vein systems. The first batch of results was released September 2 nd (Coleman first batch assays) and the remaining assays from the surface program will be released next month.

The Lucky Shot underground drill program will continue with our drill contractor arriving later this week and will start by drill testing the newly discovered KM vein system with approximately 1,100 meters from five drill stations from the recently completed West Drift extension. The drill will then move to the new 2080E development in October to continue to test the eastern extent of the L2 vein system (Figure 1). Approximately 10,000 meters of underground drilling will be completed between now and February 2027 in support of a Feasibility Study to be finalized later in 2027.

Dave Larimer, Contango’s VP Exploration said, “While an early snowfall wrapped up surface drilling at Lucky Shot a bit ahead of schedule, we successfully knocked out nearly 5,800 meters across 29 holes to infill the Coleman resource and test continuity down plunge and towards Lucky Shot—with initial assays already out and the rest on the way. With the surface program complete, we are transitioning directly into an approximately 10,000-meter underground drilling campaign. The newly completed underground development provides excellent access to efficiently test the recently discovered KM vein system and the eastern extension of the L2 vein. This next phase is designed to improve our understanding of the mineralized system, refine the geological and resource models, and generate the technical information required to support the planned Lucky Shot Feasibility Study later in 2027.”

FIGURE 1: Plan view showing the planned underground drill program at Lucky Shot. Highlights in yellow represent current underground development progress.