Contango Silver & Gold Inc. (CTGO) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of Contango Ore, Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Brad Juneau, the Chairman of Contango Ore. Mr. Juneau, the floor is yours.

Thank you. So good morning. I am Brad Juneau, Chairman of the Board of Directors of Contango Ore Inc., and I will act as Chairman of this meeting. It is my pleasure to welcome you to the Contango Ore Virtual Annual Meeting of Stockholders. Your interest in the company is very much appreciated. The annual meeting of stockholders of the company is now called to order. Before we proceed, I would like to introduce the members of the company's Board of Directors and officers who are present: Rick Shortz, Darwin Green, Rick Van Nieuwenhuyse, Mike Clark and I believe Curt Freeman. I would also like to introduce 2 nominees for election to the company's Board of Directors, Michael Cinnamond and Clynt Nauman. Furthermore, I would like to thank Joe Compofelice and Curt Freeman, who have served tirelessly of directors of the company and wish them the best. Also with us today are representatives from Moss Adams, LLP and now Baker Tilly US LLP following the June 3, 2025, closing of their merger with Moss Adams, our independent registered public accounting firm. They are available to answer questions from stockholders after we complete the business portion of the meeting. The matters to be considered at this meeting are to elect our Board of Directors to serve until the Annual Meeting of Stockholders in 2026 or until their successors are duly elected and qualified. To ratify the appointment of Moss Adams LLP, now Baker Tilly US LLP, following the June 3, 2025, closing of their merger with Moss Adams, as the independent auditors of the company for the fiscal year ended December 31, 2025, and to conduct a nonbinding advisory vote to approve the compensation of the company's named executive officers. Mike Clark, our Executive Vice President and Chief Financial Officer, will act as Secretary for this meeting. Mike, do you have the list of stockholders of Contango Ore and proof of notice of this meeting.

Mr. Chairman, I have a list of stockholders of record of Contango Ore Inc. certified by Computershare, the company's transfer agent as of the close of business on April 11, 2025, the record date fixed by the Board of Directors for this meeting. The stockholders list shows that on record date, there were 12,539,482 shares of common stock outstanding and entitled to vote. I also have an affidavit of Computershare with respect to mailing of the notice of meeting of stockholders, which evidences the mailing of the notice of the notice and proxy materials to the company's stockholders.

The Secretary will file the Notice of Annual Meeting, the proxy material from the affidavit of mailing with the minutes of this meeting and a list of stockholders with the records of the company. The order of business at this meeting will follow the previously established agenda contained in the proxy. We will first report on the quorum of stockholders and then introduced matters to be considered by the stockholders at the meeting. Following any discussion of the proposal, the polls will open for voting. After the announcement of the results of the vote, we will adjourn the meeting. Mr. Meyer of Computershare will act as Inspector of Elections at this meeting and has submitted an oath of office. He has authority, among other things, to receive and determine the validity of all proxies and ballots submitted to report on whether a quorum is present and to certify the number of shares represented at this meeting and the results vote of the company's stockholders on any motion. Are there any persons present holding proxies that have not been voted and wish to do so at this time. If so, please click to cast your vote on the link on your screen now to vote your shares. Mr. Meyer?

Mr. Chairman, I wish to report that of the total of 12,539,482 shares that the Secretary has reported as being entitled to be voted, there are at least 7,445,465 votes represented at this meeting in person or by proxy. That number is more than a majority of aggregate voting power of the outstanding common stock, and therefore, a quorum is established.

In accordance with the report of the inspector of elections, a quorum is established. Legal notice of the meeting haven't been given and a quorum being present, the meeting is now duly convened. If anyone wishes to address the chair, I ask that they type their question in the chat on the meeting site. Only stockholders who have logged into the annual meeting with the control number from their proxies will be recognized. The first order of business is to vote on the election of the Board of Directors to serve until the next Annual Meeting of Stockholders. Is there a motion for the election of directors?

Mr. Chairman, I move to elect Mr. Brad Juneau, Rick Van Nieuwenhuyse, Richard A. Shortz, Darwin Green, Michael Cinnamond and Clynton Nauman.

I second that motion.

Are there any other nominations. As there have been no other nominations, the nominations are now closed. The second order of business is to ratify the appointment of Moss Adams LLP, now Baker Tilly US LLP following the June 3, 2025 closing of their merger with Moss Adams, as the independent auditors of the company for the fiscal year ended December 31, 2025. Is there a motion to ratify the appointment?

Mr. Chairman, I move to ratify the appointment of Moss Adams LLP, Baker Tilly US LLP as independent auditors of the company for the fiscal year ended December 31, 2025.

And I second that motion.

The third order of business is to consider and cast an advisory nonbinding vote on the compensation that may be paid or become payable to the company's named executive officers. As set forth in the proxy statement that was sent to stockholders of record as of April 11, 2025. Is there a motion to approve the nonbinding proposal?

Mr. Chairman, I move the following resolution be adopted, resolved that the advisory proposal regarding certain compensation that may be paid or payable to Contango's named executive officers as set forth in the proxy statement be approved.

I second the motion.

The time is now 10:07 a.m. on June 10, 2025, and I now declare the polls open for electronic voting. All those who now wish to vote can do so by clicking on the voting icon on the meeting site. If you have already filed your proxy, it would simplify the count greatly if you would not vote electronically unless you wish to change your vote. If there are no further questions, the vote will be tabulated. [ Voting ] It appears that everyone has voted that wishes to. I, therefore, declare the polls closed and ask the inspector of election prepare the report on the voting. Mr. Meyer, have you completed your report?

Mr. Chairman, the report has been completed. The results of the balloting are as follows: Proposal #1, election of Board of Directors for Brad Juneau, receiving a favorable voting percentage of over 88%; for Rick Van Nieuwenhuyse receiving a favorable voting percentage of over 97%; for Michael Cinnamond, receiving a favorable voting percentage of over 99%; for Darwin Green receiving a favorable voting percentage of over 83%; for Clynton Nauman receiving a favorable voting percentage of over 98%; for Richard Shortz receiving a favorable voting percentage of over 82%. For proposal number two, the ratification of the appointment of Moss Adams LLP, now Baker Tilly US LLP as the company's independent auditors for the fiscal year ending December 31, 2025. This proposal received a favorable voting percentage of over 99%. And for the third proposal, to conduct a nonbinding advisory vote to approve the compensation of the company's executives. This proposal received a favorable voting percentage of over 91%.

Thank you. On the basis of the report of the inspector of election of today's annual meeting, each of the proposals has been approved. I order that the Inspector of Elections prepare a written report and that the report of the inspector of election will be filed with the records of the company. I would now like to turn the meeting over to Mr. Rick Van Nieuwenhuyse, our President and CEO, to give the company's presentation.

Thank you, Brad, and good morning, everybody. Just a few short comments on our 3 core projects, starting with our Montreal project. We're just wrapping up the second campaign for the 2025 season processing ore to the Fort Knox mill. So just stay tuned for some announcements on that in the next week or so. The things have, I think, overall gone well. It's summertime here in Alaska, so it's nice weather, and I think everything is going pretty much as planned. On our Lucky Shot project, we're looking at plans to start drilling. I'm not sure we're to get that underway this year, but we're looking at augmenting the resource there and developing the mine plan over the next 2 years. So stay tuned for news on that as we advance the Lucky Shot project, which is fully permitted for mining. And lastly, our Johnson Tract project. Of course, we released the initial assessment a few weeks ago, very positive assessment, very robust economics. This year's plans are entirely related to data gathering, environmental data, engineering data and lots of field work with a lot of variety of consultants, but we do not plan to do any resource-related drilling on the project this year. It's all about permitting at this moment. So we'll have a presentation on the 6 platform tomorrow at 10:00 a.m. Alaska time, 2 p.m. Eastern Standard Time. It's a round table with myself and Byron King and hosted by Romeo Morin. So if you're available, tune in for that. And stay tuned for our updated press releases -- or our press releases updating you on our projects as we advance in towards production. That's it. Brad, back over to you.

If there is no other business to come before the meeting, I will entertain the motion to adjourn the meeting.

I move that the meeting be adjourned.

I second the motion.

It has been moved and seconded that the meeting be adjourned. All those in favor signify by saying aye.

Aye.

Aye.

Those opposed, say no. The motion is carried, and the Annual Meeting of Stockholders of Contango Ore Inc. is adjourned. Thank you for coming.

That concludes the meeting. You may now disconnect.