Mr. Rick Van Nieuwenhuyse reports

CONTANGO COMMENCES 40,000-METER 2026 DRILL PROGRAM AT THE KITSAULT VALLEY SILVER-GOLD PROJECT

Contango Silver & Gold Inc. has started the 2026 Kitsault Valley surface drill program. Three diamond drills are currently active, focused on infill and resource expansion on the Torbrit and North Star deposits, with two more drills expected to come on line in the next week.

The 2026 drill program will consist of approximately 40,000 metres (m) of drilling, largely focused on infill and resource expansion at the Dolly Varden deposits (Torbrit, North Star and Dolly Varden), the Wolf deposit and the Homestake Ridge deposits (Homestake Main and Homestake Silver). Drilling will support a new resource update along with a preliminary economic study expected to be completed in H1 (first half) 2027 (initial assessment (IA) -- under U.S. reporting standards). Approximately 10,000 m of the planned program will be aimed at exploration holes in the Kitsault Valley and other areas of the extensive land package located in the highly prospective Golden Triangle of British Columbia.

Rob van Egmond, the company's vice-president of exploration, Canada, stated: "It's exciting to get back drilling at the Kitsault Valley for another drilling season. The focus of this year's drill program is resource and infill holes, which will support economic studies required to move these deposits from the exploration stage and into development stage. Drilling will initially focus on the Dolly Varden deposits (Torbrit and North Star) and Wolf deposits before moving north to finish the season out at the Homestake Ridge deposits. In addition to drilling, the company will also focus efforts on environmental baseline studies, permitting, camp and infrastructure upgrades, [and] metallurgical and hydrological studies."

Mr. van Egmond continued: "With the exciting new discovery of Torbrit-style mineralization at Wolf towards the end of the 2025 season, we are eager to get back there to test the continuity of this unique style of mineralization. Drill hole DV25-470 intersected 518 g/t Ag, 0.19 per cent Pb and 0.34 per cent Zn over 0.52 metres, within a wider zone of mineralization and wall rock alteration grading 66 g/t Ag, 0.12 per cent Pb and 0.19 per cent Zn over 12.45 metres, including the presence of native silver. This intersection opens a very exciting kilometre-scale area for further testing the extension of Torbrit-style mineralization at Wolf."

Qualified persons

Rob van Egmond, PGeo, vice-president, exploration, Canada, for Contango, the qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release. Mr. van Egmond is not independent of the company in accordance with NI 43-101.

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 (joint venture), 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 northwestern British Columbia.

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