Mr. Shawn Khunkhun reports

CONTANGO SILVER & GOLD PROVIDES PROJECT UPDATES

Contango Silver & Gold Inc. has provided updates on its 2026 programs across the Contango Silver & Gold portfolio.

Lucky Shot surface drill program

The Lucky Shot surface drill program commenced on June 22, 2026, with the mobilization of two helicopter-supported drill rigs to site. A total of 29 holes across five drilling platforms -- totalling approximately 6,800 metres -- are planned. The program is designed to infill areas of known mineralization within the Coleman portion of the resource, while also executing step-out drilling to test the structural continuity between the Coleman and Lucky Shot vein systems. Results will be released as they become available.

Dave Larimer, Contango's vice-president, exploration, said: "We are incredibly excited to kick off the surface drilling program at Lucky Shot. This deposit has already demonstrated continuity and growth potential, and getting the rigs turning on the surface allows us to test the down-dip extension of the Coleman zone toward the Lucky Shot vein system in addition to providing the infill we need to complete a feasibility level mine design. We're eager to see what the core reveals as we push to unlock the full value of this system."

Johnson Tract permitting and other activities

Permitting for the surface infrastructure -- including the access road and barge facility designed to link the Johnson Tract critical metals project site to the coast -- remains firmly on schedule, with six actions completed to date. Real-time progress updates are transparently available via the federal permitting dashboard.

To support these continuing regulatory processes, the company has opened the Johnson Tract camp for the summer season to anchor extensive field activities. Field surveys within the project easements will be conducted in accordance with the programmatic agreement approved by the appropriate permitting authorities. These environmental and cultural baseline studies include: marine and freshwater quality surveys eagle, shorebird, and seabird surveys marine mammal acoustics and fish surveys wetlands mapping cultural resource studies

In addition to the surveys, summer operational activities include geotechnical drilling within the easements for the road access and barge landing facility, as well as the construction of a 2.6-mile road on Cook Inlet Regional Inc. (CIRI) owned land connecting the camp to the proposed exploration portal location. Equipment mobilization via barge and helicopter is under way and will continue through June and July, with on-site construction activities expected to extend into October.

Rick Van Nieuwenhuyse, the company's chief executive officer, said: "This summer marks a pivotal operational shift for Contango as we advance Johnson Tract. Following our entry into the federal FAST-41 program, our permitting efforts have given us a clear, predictable timeline to unlock this high-grade critical metals project. Our focus on the ground this season is twofold: expanding our environmental baseline studies to ensure top-tier stewardship to support the permitting processes, and executing the critical infrastructure required to connect our existing camp to the proposed portal location. This access road will allow us to start construction on the underground exploration tunnel in 2027 once all permits have been received."

Kitsault Valley continuing drilling program

The Kitsault Valley drill program is progressing as planned with over 14,000 metres of drilling already completed. Drilling has focused on infill and extensional drilling at Torbrit, North Star, Wolf and Red Point. The first samples from Torbrit and North Star have been sent to the analytical facility and results are expected to start trickling in during Q3 activities. The Kitsault Valley updated mineral resource estimate (MRE) is on track to be released by late July.

Shawn Khunkhun, the company's president, said: "We are tracking well ahead of schedule in the Kitsault Valley, with over one-quarter of our planned 40,000-metre surface drill program already completed. The exceptional efficiency of our team on the ground has given us an incredible head start this season. We are highly encouraged by the strong visual indicators and historical continuity we are seeing as we systematically target resource expansion and infill zones, and we look forward to reporting a steady stream of assay results as they become available."

Hedge contract settlement

During the first and second quarters of 2026, the company has been actively delivering gold into the 2026 hedge contracts. The company is pleased to announce that all of the remaining 11,000 ounces for 2026 obligations have been fully delivered ahead of schedule with the remaining 15,000 ounces of gold hedge contracts scheduled to be delivered in the first half of 2027.

Mike Clark, the company's chief financial officer, said: "We are pleased to have delivered into our entire hedge book for 2026, resulting in more exposure to high gold prices for the company. We will continue to work towards eliminating the remainder of the hedges this year."

Conference call and webcast

Contango will host a conference call and webcast to discuss the project updates in this report with chief executive officer Rick Van Nieuwenhuyse and president Shawn Khunkhun on Wednesday, June 24, 2026, at 3 p.m. ET/12 p.m. PT.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Dave Larimer, CPG, VP, exploration, for Contango, who is a qualified person as defined by SEC Regulation S-K 1300. Mr. Larimer is not independent of the company.

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, and (v) mineral tenures of approximately 247,000 acres (100,000 ha) located in and around the Kitsault Valley in the Golden Triangle of northwest British Columbia.

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