Contango Silver and Gold Inc. (NYSE American: CTGO) announced it has settled milestone payment obligations totaling up to $18.75 million on its Lucky Shot Project in Alaska for approximately $6.57 million, according to a press release.

The company amended its Membership Interest Purchase and Sale Agreement with CRH Funding II PTE. Ltd., a Singapore private limited corporation, on June 26, 2026. Under the terms of the amended agreement, Contango paid $5 million in cash upon signing and will issue 100,000 common shares by July 6, 2026. The shares carry a deemed value of $1.57 million, based on the closing share price of $15.74 on June 26, 2026.

CEO Rick Van Nieuwenhuyse stated: "By eliminating our remaining payment obligations and securing 100% unencumbered control of the Lucky Shot asset, we have significantly de-risked the project and ensured that our investors will realize its full upside potential."

Separately, the company received a $9 million cash distribution from the Peak Gold JV on June 25, 2026, related to production from the second campaign of 2026 at the Manh Choh mine in Alaska. 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, which operates the joint venture.