barge and helicopter, and construction of the road from the camp to the proposed underground explo- ration portal was completed, including bridge cross- ings at Double Glacier Creek and the Johnson River. The portal pad and surface preparations for under- ground exploration drift development also were completed on schedule and within budget. Permitting for the surface infrastructure, includ- ing the access road and barge facility intended to connect the project site to the coast, remains on schedule. Contango said field surveys were conduct- ed under a programmatic agreement approved by the appropriate permitting authorities. Most environmental and cultural baseline studies were substantially complete as of the company's September update, with the remaining work expect- ed to wrap up over the following weeks. The studies cover marine and freshwater quality, eagle and other bird populations, marine mammal acoustics, fish, wetlands and cultural resources.
substantial expansion of camp facilities in 2027. “These milestones significantly de-risk the project as it moves towards development,” the company said in its update, citing the infrastructure work and prog- ress toward completing the technical and environ- mental groundwork needed for future project stages. Contango's initial assessment for Johnson Tract out- lined a post-tax net present value of $615.4 million and an internal rate of return exceeding 60%, based on a gold price assumption of $4,000 per ounce. These are assessment estimates tied to the stated assumptions, not a guarantee of future project economics. Coordinated Work Across the Portfolio The latest milestones reflect Contango's effort to advance multiple projects during a single field season while continuing production at Manh Choh. The company also reported completing a drill program exceeding 50,000 meters at Kitsault in British Columbia's Golden Triangle, underscoring the scale of its exploration activities beyond Alaska.
Simulations: See what you need to avoid operational bottlenecks. .com For Alaska, the immediate work ahead includes underground drilling at Lucky Shot, continued pro- duction at Manh Choh and further permitting, techni- cal work and development planning at Johnson Tract. Contango's progress across the three projects illus- trates the different stages represented in its port- folio: an operating mine generating cash flow, an exploration project moving toward a feasibility study and a critical metals project advancing infrastructure and baseline work. The company said its 2026 programs were complet- ed with a focus on safety and execution, crediting employees, contractors, vendors and local partners for delivering the season's milestones. Contango Silver & Gold Inc. is listed on the NYSE American and Toronto Stock Exchange under the symbol CTGO. In addition to its 30% interest in the Manh Choh joint venture, the company holds mineral rights and project interests at Lucky Shot and Johnson Tract in Alaska, as well as mineral tenures in the Kitsault Valley of northwestern British Columbia.
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the eastern extent of the L2 vein system.
The underground program is intended to improve understanding of the mineralized system, refine geo- logical and resource models, and generate technical information for a feasibility study planned for com- pletion later in 2027. The completed underground development provides access to the targeted vein systems and supports the next stage of technical evaluation, according to the company.
Johnson Tract Advances Access and Site Preparation
At Johnson Tract, a critical metals project located approximately 125 miles southwest of Anchorage near tidewater, Contango has completed several infrastructure and site-preparation milestones while advancing permitting and environmental studies. The company completed geotechnical drilling within the planned easements for the access road and barge landing facility. Equipment was mobilized by
Engineering and planning also are underway for a
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THE ALASKA MINER - THE MAGAZINE OF THE ALASKA MINERS ASSOCIATION
FALL 2026 | ALASKAMINERS.ORG
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