Mr. Rick Van Nieuwenhuyse reports

CONTANGO PROVIDES CORPORATE UPDATE: KITSAULT DRILL PROGRAM EXCEEDS TARGET, JOHNSON TRACT INFRASTRUCTURE AHEAD OF PLAN, LUCKY SHOT 2070 EAST DRIFT DRILLING UNDERWAY

Contango Silver & Gold Inc. has provided a corporate update on its 2026 field season for all projects. The company completed 56,492 metres of drilling at its Kitsault project in British Columbia, well above the 40,000 metres originally planned. At the Johnson Tract project, the company completed the access road to the portal location and portal laydown area in addition to completing a new camp pad originally planned for 2027. At the Lucky Shot project, drilling is now under way in the 2070 East Drift, the first modern program ever to test the eastern extent of the Lucky Shot vein system.

Rick Van Nieuwenhuyse, the company's chief executive officer, said: "At the beginning of the year, I said it was all about execution, and this season demonstrated what disciplined execution can deliver. In addition to releasing the mineral resource update on Kitsault, we drilled roughly 40 per cent more metres than planned and on budget. At Johnson Tract, the company completed important infrastructure including work that was not scheduled until next year and launched the first modern drilling program on the eastern portion of the Lucky Shot vein system. We also successfully created a cleaner, unhedged balance sheet. Now, with momentum behind each of our projects and a newly elected favourable British Columbia government that has signalled support for responsible resource development, we believe we are well positioned to advance each of our projects on our outlined timeline and carry this momentum into 2027."

Kitsault project, British Columbia

The company completed its 2026 drill program on Oct. 15, 2026, at the Kitsault project in the Golden Triangle of northwestern British Columbia. In addition to releasing the updated MRE on Sept. 22, 2026, a total of 56,492 metres were drilled across 152 drill holes, compared with the 40,000 metres originally planned, an increase of approximately 40 per cent. The additional metres were achieved through operational efficiencies, including rig productivity resulting in reduced cost per metre, and fewer weather or mobilization delays.

The program was composed of 152 drill holes from 61 drill pads, and was designed to expand known zones of high-grade mineralization and infill various areas for resource conversion, as well as testing new targets discovered during the 2025 season. Assay results are pending and are expected to be reported during the next few months following receipt, review and validation.

On Oct. 24, 2026, B.C. voters elected a majority Conservative government for the first time in nearly a century. The company congratulates and welcomes the election of a government that has expressed support for accelerated responsible resource development and for reducing regulatory red tape. The company believes this new leadership will be supportive of advancing the Kitsault project in line with previously outlined timelines. The company plans to release all 2026 assays as the company receives them over the next two or three months, update an MRE in the first half of 2027 incorporating the recently completed 2026 drilling, which will then lead into initial assessment for the Kitsault Valley projects scheduled to be released later in 2027.

Johnson Tract project, Alaska

At the Johnson Tract project, the company completed construction of a 2.6-mile access road connecting the existing camp to the proposed portal site and completed the portal laydown area during the 2026 season. This work was completed ahead of schedule and under budget, and is important for establishing access to support construction of the underground exploration development drift scheduled to begin in 2027. Environmental studies continued throughout the 2026 season and provide valuable information for the continuing permitting process.

As a result of budgetary efficiencies achieved during the season, the company was also able to complete the construction of a new camp pad, which was work originally planned for 2027. Completing the pad this year advances site preparation ahead of the original schedule and allowed the company to select an engineering consultant for construction of the new camp, which is targeted for 2027. The planned 60-man camp will be a fully winterized camp and allow for year-round operations as the company advances the Johnson Tract project toward feasibility level work.

Lucky Shot project, Alaska

The company completed its 2026 Coleman surface drill program at Lucky Shot. The program totalled approximately 5,800 metres in 27 holes from five drill pads and targeted infill and stepout areas within the Coleman segment of the Lucky Shot vein system. The remaining batch of Coleman assays is expected to be released during fourth quarter.

Underground drilling of the KM vein from the West Drift extension has also been completed. The program was designed to test the geometry and continuity of the KM vein system and its interpreted relationship to the Lucky Shot fault and the Lucky Shot vein system. A total of 943 metres were completed in 16 holes, and assays are expected to be released during fourth quarter.

The company has begun drilling in the East Drift. This is the first modern program ever to test the eastern extent of the Lucky Shot vein system. Drilling started from the 2070E drift on Oct. 22, 2026, with 42 holes from six drill stations for a total of 3,650 metres planned, and will continue through the end of this year. A second drill rig will be mobilized to site to begin drilling from the 2300E drift on Nov. 15, 2026, with 42 holes planned from six drill stations for a total of 5,320 metres. Both rigs will drill through the end of 2026 and expect to be completed in early 2027. Assays will be released as they are received, reviewed and validated.

Shawn Khunkhun, the company's president, said: "I want to thank our field teams and contractors for an exceptionally productive season. Getting more done for the same budget across three projects, while bringing forward infrastructure at Johnson Tract and opening up the east side of the Lucky Shot vein system for the first time in the modern era, reflects the quality of our people and our commitment to operational excellence. With our hedges now removed, we have a clean balance sheet and full exposure to the gold price. Our shareholders are positioned to benefit directly from a strong gold market as production from Manh Choh continues. We look forward to sharing results as they become available and to building on this foundation in 2027."

Manh Choh mine, Alaska

The third processing campaign of 2026 for ore from the Manh Choh mine began on Aug. 20 and concluded on Sept. 24, 2026. The campaign ended earlier than planned due to persistent above-average rainy conditions throughout September. In addition, modifications, completed on the mill to handle the higher copper and sulphide content, resulted in increased reagent consumption. The remaining tons originally scheduled for the third campaign will be processed during the fourth campaign of 2026, which is scheduled to begin in November.

Due to these delays and increased diesel costs and reagent consumption, unit cash costs for the third quarter are expected to be similar to those of second quarter 2026. Further details will be provided with the company's third quarter 2026 financial results, scheduled for release in mid-November. The company is guiding toward the lower end of its 2026 production guidance of 40,000 gold equivalent ounces attributable to its 30-per-cent interest in the Peak Gold joint venture with unit costs consistent with Q2 2026.

Qualified person

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

About Contango Silver & Gold Inc.

Contango is an NYSE American- and a Toronto Stock Exchange-listed company, with gold and associated mineral production in Alaska and gold, silver and associated mineral exploration and development projects in Alaska and the Golden Triangle in British Columbia. Contango holds a 30-per-cent interest in the Peak Gold JV, which leases approximately 675,000 acres of land in Alaska, including the production of Manh Choh mine, 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. KG Mining (Alaska) serves as the manager 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; (iv) mineral rights to approximately 11,700 acres of State of Alaska mining claims and upland mining leases; and (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. These interests confer exploration and development rights, subject to applicable agreements, laws, permits and approvals.

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