Contango ORE, Inc. Announces Earnings for the Quarter Ended December 31, 2020

Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced that it had a net loss of $(3.2) million, or $(0.53) per basic and diluted share, for the three months ended December 31, 2020 compared to a net loss of $2.9 million or $(0.45) per basic and diluted share for the same period last year. For the six months ended December 31, 2020, the Company reported a net income of $30.2 million, or $4.79 per basic and diluted share, for the six months ended December 31, 2020 compared to a net loss of $4.8 million or $(0.75) per basic and diluted share for the same period last year. The increase in income for the sixth month period ended December 31, 2020 is due to gain on the sale of a portion of the Company’s equity interest in Peak Gold, LLC to a subsidiary of Kinross Gold Corporation on September 30, 2020. As of December 31, 2020 the Company reported cash of $31.9 million. The Company also announced that it filed its Form 10-Q for the quarter ended December 31, 2020 with the Securities and Exchange Commission.

Rick Van Nieuwenhuyse, the Company’s President and CEO commented, “It is great to start the year with over $30 million of cash on hand and executing on the planned $18 million Peak Gold LLC 2021 program (our share is $5.4 million) with our joint venture partner Kinross as manager to advance the Peak Gold deposit towards feasibility and permitting. Peak Gold LLC completed an approximately $3 million program during the 4^th calendar quarter of 2020 before taking a break over the holidays. The field activities are expected to resume in mid-February and extend throughout 2021. Activities are all centered around our Peak Gold resource and include in-fill drilling, geotechnical, metallurgical and hydrology studies, along with engineering and environmental studies. These studies will allow Peak Gold LLC to develop a mine plan as well to initiate permitting in the 2^nd half of calendar year 2021 and to complete a feasibility study in calendar year 2022. Meanwhile, Contango ORE is busy planning and getting ready to execute a $3 million exploration program on our 100% owned Triple Z, Hona and Eagle claim blocks located immediately north and northwest along trend with the Peak Gold resource. We look forward to updating our shareholders on our progress throughout the year.”