TETLIN GOLD PROJECT TOK MINING DISTRICT, ALASKA Contango ORE, Inc. March 17, 2017 1
CONTANGO ORE, INC. DISCLAIMER This presentation may contain forward-looking statements including, but not limited to, comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, in-situ valuations, mining costs, potential mineral recovery processes, mineral resources or reserves and other related matters. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. The forward- looking statements contained in this presentation represent the subjective views of the management of Contango ORE, Inc. and management ’ s current estimates of future performance based on assumptions that are subject to significant business, economic and competitive uncertainties and contingencies, which are beyond the control of Contango ORE, Inc. and which may or may not prove to be correct. The properties addressed herein are at an early stage of development. More work is required before mineralization and project economics can be confidently modeled or determined. Actual results may differ materially from those currently anticipated and presented in this presentation. No representation, warranty or prediction is made or intended as to the results of future work, the ability to obtain governmental approvals for further development or the accuracy or completeness of any of the information contained in this presentation. There is no assurance that the estimates and projections herein will be sustained in future work or that the project will otherwise prove to be economic. Y ou should not unduly rely on these forward-looking statements in this presentation. Contango ORE, Inc. expressly disclaims any and all liability relating to or resulting from the use of information contained in this presentation. Contango ORE, Inc. - Tetlin Project 2
PEAK GOLD, LLC On January 8, 2015, Contango Ore and Royal Gold, Inc. formed a joint venture, Peak Gold, LLC through their wholly owned subsidiaries. Contango contributed its State of Alaska mining claims and its Tetlin Lease to the Joint Venture. Royal Gold would manage and operate continued exploration on the Tetlin project. Royal Gold has the option to invest up to $30 million through October 2018 to earn up to a 40% interest in the Joint Venture with drag-along rights attached. Royal Gold either a 2% or 3% NSR royalty over property controlled by the joint venture, and the landowner has a production royalty between 2.25% and 4.25% over the area of the Tetlin lease. Through December 31, 2016, Royal Gold, Inc., has earned an 20.6% interest in the Joint Venture. Contango ORE, Inc. - Tetlin Project 3
LOCATION Located in Eastern Interior Alaska on Alcan Hwy, 200 paved road miles from Fairbanks, 15 miles south of Tok All-season gravel road with power and communications in the Peak resource area, three large mines operating in the region Contango ORE, Inc. - Tetlin Project 4
TETLIN LAND 45 miles Land includes 675,000 acres of fee simple land leased from Tetlin Village and approximately 167,000 acres of State mining claims owned by Peak Gold JV. 54 miles No previous exploration on Tetlin Village lands, an area measuring 45 miles E-W by 54 miles N-S. Multiple gold-bearing prospects discovered, drilling conducted only on Peak, Discovery, Saddle and Tors, resources outlined at Peak (~100 acres). Contango ORE, Inc. - Tetlin Project 5
TETLIN REGIONAL GEOLOGY Modified after Newberry et. al, 1998 Contango ORE, Inc. - Tetlin Project 6
GEOLOGY AND MINERALIZATION Host rocks are poly-metamorphosed Paleozoic calcareous schists in a largely psammitic schist basement disconformably overlain/intruded by local Tertiary volcanic/plutonic rocks 70 Ma mineralization occurs in chlorite-amphibole-rich distal skarn assemblages. No prograde skarn assemblage present. Native gold associated with massive to semi-massive pyrrhotite-chalcopyrite-arsenopyrite with lesser Ag, Bi, Co, Pb, Sb, Mo, Sn and Zn species. Causative plutonic body is not evident at surface or in drilling. Bedrock in resource area is masked by 1-3 meters of Pleistocene loess supporting thick vegetative mat. Contango ORE, Inc. - Tetlin Project 7
TETLIN GOLD IN SOIL OVER MAGNETICS 3.5 miles 4 miles North Peak Zone West Peak Zone Contango ORE, Inc. - Tetlin Project 8
CAUTIONARY NOTE TO U.S. INVESTORS Note: The US Securities and Exchange Commission permits US listed mining companies to disclose in their SEC filings only information about "reserves," or that part of a mineral deposit which could be economically and legally extracted or produced. Contango ORE Inc. uses the terms "indicated resources" and "inferred resources," which are much less certain as to existence and the ability to legally and economically produce. It cannot be assumed that all or any portion of inferred resources exist or will be converted to a higher resource or reserve category. Investors are urged to carefully consider the disclosure in Contango ORE Inc.'s public disclosures, which may be obtained from the SEC's website. Contango ORE, Inc. - Tetlin Project 9
GRADE x THICKNESS: MAIN PEAK - NORTH PEAK ZONES North Peak West Peak East Peak 2013 Resource Main Peak Outline Contango ORE, Inc. - Tetlin Project 10
TETLIN PROJECT RESOURCES (Resource from Contango ORE, December, 2013) Grade > Cut-off Cut-off Tonnes > Total Total (g/t) cut-off Au Ag Cu Au Eq Au Au-equiv Category (AuEq) (tonnes) (g/t) (g/t) (%) (g/t) Ounces Ounces Indicated 0.5 5,970,000 3.46 11.8 0.25 4.08 664,112 783,115 Inferred 0.5 3,850,000 2.07 14.28 0.23 2.69 256,225 332,969 Based on drilling data available as of December 2013 (78 of 130 holes, 16,010 meters of core). Updated resource estimate anticipated in 1 st half of 2017, 143 additional holes (+30,000m) drilled to date since resource was completed in 2013. Only 7 gold values were capped at 75.0 gpt, 13 silver values were capped at 252.0 gpt and 7 copper values were capped at 5.40%. Resource blocks are blocks 10 x 10 x 5 meters, ore S.G. is 3.15, waste S.G. is 2.81. Grades for Au, Ag and Cu were interpolated using Ordinary Kriging For AuEquiv calc: Gold = US$1318/oz. Copper = $3.25/lb, Silver = $21.55/oz Preliminary metallurgical work shows gold is recoverable by gravity + direct cyanidation . Contango ORE, Inc. - Tetlin Project 11 Resource data from Giroux, Dec., 2013
SIGNIFICANT INTERVALS >200 GxT Zone Drill Hole From (meters) To (meters) Interval (meters) Au_gpt Au_gpt x Interval North Peak TET16235 14.50 53.38 38.88 51.62 2006.99 North Peak TET16271 24.08 41.20 17.12 51.89 888.36 Main Peak TET13062 88.90 153.70 64.80 13.10 848.88 Main Peak TET12018 85.34 143.87 58.53 14.45 845.76 Main Peak TET12036 155.45 204.22 48.77 14.72 717.89 Main Peak TET13063 131.11 171.60 40.49 16.55 670.11 North Peak TET16192 78.51 91.78 13.27 49.19 652.75 North Peak TET16237 9.75 23.94 14.19 45.33 643.23 North Peak TET16256 7.92 21.12 13.20 48.59 641.39 Main Peak TET16267 110.39 161.24 50.85 12.05 612.74 North Peak TET16302 14.31 37.05 22.74 26.61 605.11 Main Peak TET16268 105.39 173.28 67.89 8.70 590.64 Main Peak TET13107 0.00 43.33 43.33 12.81 555.06 Main Peak TET13110 3.05 13.72 10.67 51.71 551.75 Main Peak TET12017 7.92 57.00 49.08 11.22 550.68 Main Peak TET13117 121.62 133.81 12.19 42.94 523.44 Main Peak TET13107 79.09 159.25 80.16 6.24 500.20 North Peak TET16272 23.13 32.96 9.83 49.01 481.77 North Peak TET16289 10.52 36.00 25.48 18.73 477.24 North Peak TET15177 45.84 68.88 23.04 19.86 457.57 Main Peak TET12035 168.62 192.02 23.40 16.97 397.10 North Peak TET16271 44.73 53.92 9.19 41.02 376.97 Main Peak TET13064 156.60 189.40 32.80 10.64 348.99 North Peak TET15176 23.01 76.39 53.38 6.42 342.70 Main Peak TET13124 69.94 141.32 71.38 4.76 339.77 North Peak TET16271 57.25 71.20 13.95 24.28 338.71 North Peak TET15171 17.34 40.15 22.81 13.33 304.06 Main Peak TET13100 10.06 46.32 36.26 7.48 271.22 Main Peak TET13098 9.75 36.88 27.13 9.78 265.33 Main Peak TET15147 9.39 51.28 41.89 6.07 254.27 North Peak TET16304 16.31 37.51 21.20 11.86 251.43 North Peak TET17313 3.66 31.70 28.04 8.80 246.75 Main Peak TET15147 101.70 150.12 48.42 4.98 241.13 Main Peak TET13100 63.40 84.73 21.33 10.71 228.44 North Peak TET16289 39.12 55.70 16.58 13.52 224.16 Main Peak TET13088 136.87 157.20 20.33 11.01 223.83 Main Peak TET13110 17.83 41.70 23.87 9.23 220.32 North Peak TET16305 17.70 47.24 29.54 7.30 215.64 Main Peak TET15153 10.20 32.92 22.72 9.38 213.11 Main Peak TET13104 93.42 127.71 34.29 6.13 210.20 North Peak TET17312 4.27 33.39 29.12 7.12 207.33 Main Peak TET12016 19.96 45.72 25.76 7.84 201.96 North Peak TET16227 21.56 32.31 10.75 18.62 200.17 Contango ORE, Inc. - Tetlin Project 12
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