Contango ORE (CTGO) Announces Pricing of $30.4 Million Underwritten Public Offering of Common Stock at $19/Share

Contango ORE, Inc. (“Contango,” “CORE” or the “Company”) (NYSE American: CTGO), today announced the pricing of its previously announced underwritten public offering (the “Offering”) of 1,600,000 shares of its common stock at a public offering price of $19.00 per share. Gross proceeds from the Offering are expected to be $30.4 million before deducting underwriting discounts, commissions, and estimated Offering expenses. In addition, Contango has granted the underwriters a 30-day option to purchase up to an additional 240,000 shares of common stock.

The Company intends to use the net proceeds from the Offering to fund its contribution obligations to the Peak Gold JV for the Manh Choh project (a joint venture between Kinross 70% and Contango 30%), to continue exploration drilling for potential resource expansion at its Lucky Shot project, and to fund working capital requirements.

Rick Van Nieuwenhuyse, the Company’ President and Chief Executive Officer, said, "This financing is an important milestone for the Company as we are pleased to announce that Contango is now fully funded to reach production at the Manh Choh mine, which is scheduled to commence full-scale production in the second half of 2024. This financing will allow us to fully utilize our secured $65 million credit facility with ING Capital LLC and Macquarie Bank Limited and, in turn, meet the final funding obligations at the Manh Choh mine. It will also allow us to start an exploration drill program at the Lucky Shot project, primarily focused on in-fill and expansion drilling of the Lucky Shot vein structure. Once all assays and geologic modeling are completed, we will update our S-K 1300 Resource Technical Report on the Lucky Shot project. We also anticipate this financing will bring broader market awareness and increased trading volume as we bring Alaska’ next gold mine into production."

Maxim Group LLC and Freedom Capital Markets are acting as joint book-runners for the Offering. The Offering is expected to close on or about July 26, 2023, subject to the satisfaction of customary closing conditions.

The Offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-260511) previously filed with the U.S. Securities and Exchange Commission (“SEC”) and declared effective on November 17, 2021. The shares may be offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the Offering, which form a part of the effective registration statement, have been filed with the SEC and are available on the SEC’s website at www.sec.gov. The final terms of the Offering will be disclosed in a final prospectus supplement to be filed with the SEC. When available, copies of the final prospectus supplement and accompanying prospectus relating to the Offering may also be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by email at [email protected] or telephone at (212) 895-3745 or by contacting Freedom Capital Markets, at 40 Wall Street, 58th Floor, New York, NY 10005, or by email at [email protected] or telephone at (800) 786-1469.

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