PEAK GOLD JOINT VENTURE PROJECT TOK MINING DISTRICT, ALASKA Contango ORE, Inc. September 20, 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. You 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. 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. Royal Gold, Inc. is expected to earn their 40% interest in the Joint Venture by December 31, 2017. 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 4
54 miles 45 miles TETLIN LAND Land includes 675,000 acres of fee simple land leased from Tetlin Village and approximately 174,900 acres of State mining claims owned by Peak Gold JV. 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). 5
TETLIN REGIONAL GEOLOGY Modified after Newberry et. al, 1998 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. 7
TETLIN GOLD IN SOIL OVER MAGNETICS 3.5 miles 4 miles West Peak Zone North Peak Zone 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. 9
GRADE x THICKNESS: MAIN PEAK - NORTH PEAK ZONES 10
TETLIN PROJECT RESOURCES (Resource from Contango ORE, June 2017) Updated estimates of mineralized material 1 for the Main and North Peak areas which are operated by the Peak Gold, LLC joint venture ( Peak Gold ) in Eastern Alaska The measured and indicated resources 2 were calculated with resource cones at a gold price of $1,200 per ounce with a cut-off grade of 0.5 grams per tonne and at $1,400 gold with a cut-off grade of 0.43 grams per tonne. Measured and Indicated within $1200/oz Gold Pit Shell at a 0.50 g/t AuEq Cut-off Grade Grade > Cut-off Contained Metal Class Tonnage (kt) Au (g/t) Ag (g/t) Cu (%) Au (k oz) Ag (k oz) Cu (M lbs) Measured 484 6.25 16.73 0.15 97.3 260.4 1.6 Indicated 10,117 3.51 14.06 0.16 1,142.6 4,573.3 35.7 M&I 10,601 3.64 14.18 0.16 1,239.9 4,833.7 37.3 Equivalent Gold (g/t) = Au (g/t) + 0.0122 x Ag (g/t) Measured and Indicated within $1400/oz Gold Pit Shell at a 0.43 g/t AuEq Cut-off Grade Grade > Cut-off Contained Metal Class Tonnage (kt) Au (g/t) Ag (g/t) Cu (%) Au (k oz) Ag (k oz) Cu (M lbs) Measured 486 6.22 16.65 0.15 97.2 260.2 1.6 Indicated 10,808 3.34 13.97 0.16 1,159.5 4,854.5 38.0 M&I 11,294 3.46 14.09 0.16 1,256.7 5,114.7 39.6 Resource data from IMC, June 2017 11
1 The U.S. Securities and Exchange Commission does not recognize this term. Mineralized material is that part of a mineral system that has potential economic significance but cannot be included in the proven and probable ore reserve estimates until further drilling and metallurgical work is completed, and until other economic and technical feasibility factors based upon such work have been resolved. Investors are cautioned not to assume that any part or all of the mineral deposits in this category will ever be converted into reserves or that the ore can be legally and economically extracted or produced. 2 The terms measured and indicated resource are not SEC recognized terms. Peak Gold has determined that such resources would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration and defined as Mineral Resource. Estimates of resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. 12
Aggregate mineralized material, of which measured and indicated resources as shown above are a subset 3, at various cutoff grades are show below: Grade > Cut-off Contained M etal Cut-off Tonnage Au Ag Cu Au Ag Cu (g/t AuEq) (kt) (g/t) (g/t) (%) (k oz) (k oz) (M lbs) 0.3 18,142 2.62 13.64 0.15 1,526 7,957 61 0.4 16,730 2.81 14.23 0.16 1,514 7,656 58 0.5 15,650 2.98 14.68 0.16 1,502 7,387 55 0.6 14,702 3.15 15.1 0.16 1,488 7,139 52 0.7 13,883 3.3 15.38 0.16 1,474 6,864 49 0.8 13,110 3.46 15.66 0.16 1,458 6,602 47 0.9 12,378 3.62 15.94 0.16 1,442 6,343 45 1 11,663 3.8 16.14 0.16 1,423 6,053 42 Equivalent Gold (g/t) = Au (g/t) + 0.0122 x Ag (g/t) 3 The quantity and grade of reported Inferred Resources included in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category. 13
TETLIN PROJECT WORK SUMMARY Year Core Rock Soil samples samples samples Pan Con samples Stream Sed samples Core (feet) Drilling costs are approximately $400 per meter of $122 per foot. Geophys (km) Trenching (feet) Expenditures (US$) Airborne Mag+EM (km) (not including IP) 2009 0 958 33 94 11 0 0 2,330 639,429 0 2010 0 613 760 668 795 0 14 0 877,762 0 2011 1,267 20 688 0 0 8,057 3,957 0 2,371,088 3,957 2012 5,223 82 1,029 0 0 36,004 0 0 3,501,880 0 2013 8,970 14 1,406 85 278 47,079 2,414 0 8,056,936 2,414 2014 0 0 0 0 0 0 0 0 6,999,620 0 2015 8,352 133 0 0 0 46,128 0 0 6,800,000 0 2016 10,450 21 694 0 0 67,336 24 0 11,000,000 0 2017* 11,034 79 1,172 357 366 49,218 48 0 11,900,000 0 Total 45,296 1,920 5,782 1,204 1,450 253,822 6,457 2,330 52,146,715 6,371 * 2017 performance data is accurate through June 30, 2017. Expenditures numbers for 2017 also include Phase III 2017 and are total approved budget figures. 14
CONTANGO ORE CORPORATE METRICS CTGO: OTCQB As of September 15, 2017: Outstanding shares of common stock (which includes 172,330 shares of unvested restricted stock ): 4,921,163 Outstanding options: 265,000 Outstanding warrants: 580,999 Fully Diluted shares of common stock: 5,767,162 Stock price: $17.25 Market capitalization: $84.9 million 15
TETLIN PROJECT SUMMARY Road accessible on stable, State of Alaska and fee simple lands. Current indicated resource averages +3 grams gold per tonne, is located at or near surface and is open to expansion. Multiple unexplored gold occurrences identified outside of the 100-acre Main Peak North Peak area. Royal Gold is expected to earn their full 40% interest in the Peak Gold JV by December 31, 2017. In 2018, Contango Ore will resume paying capital costs at its 60% interest. Royal Gold will continue to be the manager of the Joint Venture, we expect further exploratory drilling to occur in 2018. 16