Contango Silver & Gold Inc. (NYSE American: CTGO) received a $9 million cash distribution from the Peak Gold joint venture on March 25, according to a company statement. The Peak Gold JV completed the first of four campaigns planned for 2026, with the second campaign scheduled to begin in mid-May.

The company outlined its 2026 exploration program across three projects. At Lucky Shot, Contango has completed 5,900 meters of underground drilling as of April 21 and plans to complete an additional 12,100 meters of surface and underground drilling this year as part of a $21 million investment to support a feasibility study due in the first half of 2027.

The Johnson Tract project has a $26 million budget for 2026. Key milestones include construction of a 3-mile access road from the camp to the portal site, winterization of camp facilities, equipment mobilization for portal site preparation, and environmental permitting for road and barge landing facilities under the FAST-41 program.

At the Kitsault Valley project, the company expects to complete a new mineral resource estimate by the end of the second quarter, followed by a 40,000-meter surface drilling program beginning in June. The $25 million campaign aims to infill known mineral resources at multiple sites while testing exploration targets across the company's holdings in the Golden Triangle region.

Contango holds a 30% interest in the Peak Gold JV, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation. The company operates exploration and development projects in Alaska and British Columbia's Golden Triangle region.