Of Contango Silver & Gold, Shawn Khunkhun, the company's president, and on-site Dave Larimer, the company's rock star and VP exploration. To run through the very exciting mineral resource estimate at the Kitswalt Valley project in British Columbia. Gentlemen, how's everything going? Yeah, it's great. You know, Beaver Creek this time of year is always beautiful. Fall colors. Nice crisp air. Not a better place to be than everybody's excited, so. Awesome. No, glad to hear it. Here's how today is going to work, just for the folks in the room. I'm going to do some really quick housekeeping, then we'll get into the protein fast, I promise. I'm going to ask the gentleman here some questions, just based on the press release. But this is an open forum. Please do use the chat button at the bottom of the screen. I know several of you have already sent questions in over email. We'll get to those. Once I'm done prepared questions, then I'll try to get to as many as I can in the chat. Get them in early, and I'll likely get to them. But if for whatever reason I can't get to your question, I'll make sure the Contango Silver & Gold team gets them and is able to get back to you quickly, using either your phone number or email found at registration. The only other thing I'll say is this event is being recorded, and will be available for replay in the late afternoon Eastern Time. It'll pop right in your inbox. We'll also be available on Six's YouTube channel. But okay, let's get into the good stuff. I was very excited to read this press release. Rick, I'm going to start with you, and then Shawn, I want to kind of hear your perspective. The headline number, obviously a very exciting 93% increase in indicated resources. To just shy of 90 million ounces of silver equivalent. So before we get into how you got there, which I do want to do, give us a big picture. What does this estimate tell investors about what Contango actually owns in the golden triangle right now? A lot of silver. When we combined companies, we actually got booted out of the zilch. And we were not happy about that. And so this is kind of a statement piece that says, hey, guys, this is the largest silver resource in Canada. Don't forget about us. And it's high-grade silver. It's close to 10 ounces. It's over 10 ounces of silver equivalent per ton. And that equivalent is made up of gold. It's not. It's only 10% of the equivalent number is made up of base metal. So this is a precious metals silver-biased big high-grade silver deposit. So it's like, hey, we're coming. We're coming back on the zilch. That's exciting. Shawn, I'll throw it to you, obviously. You're very, very familiar with the project. For your perspective on this, I'm very. Yeah. Look, we're the project is located in what they call the golden triangle. There's been a lot of silver discovered up in the golden triangle, and there's been a lot of silver produced up in the golden triangle. And so we've identified the largest silver resource in Canada. Primary silver. Romeo, you highlighted the big increase in the indicated category, and you expressed a silver equivalent. If we just looked at the silver resource, we're talking 83 million ounces of high-grade primary 300 gram per ton silver and a million ounces of gold. So what this gives Contango is it gives us a high degree of confidence in a very, very unique globally unique project. And again, and one thing I want to highlight here is we've got one of the largest land packages in that golden triangle. And this resource only represents maybe 3% of that entire land package. These deposits are open. They've really except for one exception have not been drilled to a greater depth than 300 vertical meters. So we're open at depth. We're open along strike. And the company this year in 2026 is in the midst of a 53,000 meter drill program that has not been incorporated into this estimate, but will be incorporated into the next one. And the last thing I'll say is when a company puts out a resource estimate, you've got to look at the data. This resource estimate is built on almost half a million meters of drilling. And almost 2,000 drill holes. So the amount of confidence we have in this resource is very high. I appreciate that very much. And thanks. For both of you giving your perspective. But Dave, with respect to Shawn and Rick, you're the star of today's show to some degree. You're the guy who signed off on these numbers. So I'd love to start with the language in the MRE. Indicated versus inferred. Obviously, we talk about it a lot on these kind of calls. In plain English, and keeping in mind as far as I know, Rick is threatening to cut you off if you get too technical. What does it mean that 90 million ounces now sit in the indicated category? Yeah, yeah. Plain English. You know, the difference is basically indicated and inferred. It's just a level of confidence that you have in that estimate. If you start on the lower side, you know, the inferred resource, it's supported by drilling. Geologic evidence. But the drill space is generally a little wider. There's a little more uncertainty in that continuity. But that's how you build these things up. You believe the mineralization is there, but additional drilling is needed to tighten that geology and the continuity through that. You take that to the next higher category, that indicated resource category. It has closer spacing. Stronger geologic support. And it gives you greater confidence that the amount, the grade, the shape, and the continuity of that mineralization is there. Additionally, it's that indicated category is considered reliable enough just to start your meaningful engineering and economic evaluations at this level. Which we're moving forward to in the initial assessment. So when you look at that 90 million silver equivalent ounces in that indicated category, that's a large portion of the project that is now defined at that higher level, that technical confidence that we have. It gives you a strong foundation, evaluating that future potential mining approaches, processing options, and those different deposits on how they start to fit together in the development plan. I will have to say, at the end of the day, this is a mineral resource. I got to throw on my QP hat. This is not a reserve. It doesn't demonstrate economic viability. But it is significant improvements at this scale in confidence of the resource. It can help us maneuver into the next phase of the project. But without getting too much more technical, I'll kind of leave it there. But I could dive all day if we want on geostatistics and math on this. But I'll leave it there for any follow-up questions on it. I might have to do a separate section with just you, me, and the nerds in the audience for one of those. But I do have one question. Because a couple of Sharpe investors did ask, over email, inferred ounces did come down about 25% from the 2023 numbers. Walk us through why a smaller inferred inventory coming out of this remodel is a sign the estimate got better, not that the ounces went somewhere. Nope, absolutely fair question. That's an important question. I would caveat that by saying the first thing that I think is important is the objective of any mineral resource estimate is not to maximize your number of ounces, but it's to produce the most accurate defensible representation of that mineralization supported by the available drilling. A lot of available drilling that went into this and the significant part of this reduction of the inferred ounces reflects a successful conversion from the inferred into the indicated category. Looking at that indicated silver equivalence, we increased that by approximately 43 million ounces, while the inferred decreased by 22 million ounces. Again, it's not a one-for-one conversion, but the overall movement into that larger, higher confidence resource is an extreme success for us. We also looked at the remodeling. When we talk about the data, the amount of data that went into this, we were able to apply tighter geologic controls, better data, better understanding of the geology that's sitting in that mineralized bodies. And we've rebuilt these mineralized domains. And all the data that supports it behind it. In some areas, this brought the mineralization into the better defined shapes. And in other areas, this material that was previously extrapolated from the last drilling was a little too broad. And it was no longer supported in this estimate. So the ounces didn't simply disappear. Some of them moved to that higher confidence, indicated category, while others were refined. Removed from the reported inventory because the new model is what we consider more disciplined. And this is what a good mineral resource model does. And an update. It should reflect the data, that supports it, and then rather than just preserving ounces and throwing everything in there, it maintains that discipline approach of what's there. Awesome. Appreciate it. One thing I wanted to ask I'll address, but I guess I'll call the elephant in the room. Perhaps not an African element, but a modest-sized Thai elephant. Which is the timing of this MRE being released. I know I'd rather we discuss it here than have it take off in the comment section. The update landed a few months later than originally guided. Just curious, Rick, throw it to you first. Just from your perspective, what happened there? Yeah, and I'll let Dave expand on this. But there's two components to completing a mineral resource assessment. Just getting all the data corralled. And I think that was a bigger job than we anticipated because there are like nine individual deposits. And they were in an older resource that was in older software. And to transform that into a modern leapfrog system took longer than expected. That's one element. And then the other element is just we're at the mercy of our QPs. And our other outside experts. And they're busy. And there's a lot of money being thrown at the expiration business in general. And that just having to rely on a third-party just you have to work at their time schedule. So those are the two components that I think led to the longer time. And Dave can probably give a some of the nitty-gritty. Yeah, yep. Dive in that on the technical side. It's not just an exercise. We're just adding new drill holes, hitting F1, that I call it, and letting the model cycle through there. We look at most mineral resource updates that are out there. As Rick kind of said, they involve maybe one or two deposits. This one was eight deposit upload. Each with its own kind of unique geology, mineralization, down in there in historical data and modeling requirements. While we updated the detailed geology, the interpretations, we also migrated this into leapfrog. Kind of the more modern technical aspects that we'll talk about. All the mineralization domains were put in there. Inputs into the resource estimates. But the largest timing factor that contributed to this was our specialist contractor. We needed to be able to set up the deposits and set up everything just right so we could factor in the data into it. And it was just getting the base data set up was very time-consuming. The guy was busy. It's busy out there. However, at the end of the day, the benefit for this now for us is that we have this modern, integrated geological resource model. It really is designed for efficiency in the future. As I've talked about it in some of our other webinars, we're looking at the technology and how we bring our data in and get to this near-time solution. Now that we have our model set up, and our databases set up so we can run these models, we get this almost near-time resolution. As drilling comes in, factors in through the logging, gets populated into our database, and that gets pushed into our modeling stuff. So we can take a quicker look of what each drill hole is doing to that resource, almost in a near-time basis going forward, which ultimately will help guide our drilling as we go. At the end of the day, this next resource update will still have to go through the formal resource and review. The validation and the QP review of this. But this gives us a closer dedicated near-time resolution on what the models, how the models are behaving while we're drilling. So I'm extremely excited about that. And while the update took a little longer, the work is left us in such a strong position on a technical foundation that will be more efficient in the future. And these resource updates will be able to flow a lot smoother in the future. No, appreciate that. Both of you, just some extra context is helpful. Shawn, I want to throw it to you for a bit. Because I know you spent the better part of a decade building Dolly Varden around this district before combining with Contango. Now you've got a good view at the first full remodel of the combined asset. Does this estimate meet the expectations you had when you agreed to put these companies together? It does. And again, you've heard Dave on the call and Rick. And this is exactly what the Kittsell Valley needed. It needed to be in the hands of a team that was looking to develop the project. And I think as we look ahead at 2027, in addition to another estimate, we're looking ahead at an economic study, we're looking at road improvements, and we're looking to get the project back into production. This was a DSO mine. It was a very famous mine Canada's third largest primary silver mine. Not only are the metal prices at a point where I think it's going to be very economic to move the project back into production, but we now have enough size and scale and this has been a process that started initially with a consolidation of the district. Bringing the home stake project into the Kittsell Valley. And then consolidating at the heck land package that added 60,000 hectares of ground to giving us 100,000 hectares. And so we've successfully consolidated everything from just at south of Red Mountain, down to Alisarm. And yeah, and then again, going back to your question around the merger, that it's the cash flow. So in addition to the technical expertise and the leadership here technically, having that cash flow to fund those road improvements and to move the project back into production. Awesome. One thing I wanted to note as a note as much as ask you a question, Shawn, is the estimate was around at $53 silver. And the metal is obviously spent most, if not all, of the year trading well above that. Including today. So high-grade primary silver districts for people in the audience, are genuinely very rare animals. This is a very unusual thing to take place. So from where you sit, what does this silver market we're seeing now, and in my opinion, likely to see continue in the future, due to the strategic value of an asset like Kittsell? Yeah. I think Rick said it earlier in his opening remarks about the company being pushed out of the SilJay, the last couple of news articles that's come out of Contango have been coming out of the Kittsell Valley. The big drill results, which we had a 10,000 gram meter interval, 165 grams of silver over 55 meters. Those drill results, in addition to this mineral resource estimate, is highlighting the silver in the business. And again, for investors, there are 10 primary silver producers to choose from. And if you go through the list, some of those companies only derive 28% of their revenue from silver. So as we look into the future, as we look out three, four years, and as we look to be a $5 million ounce per annum silver producer, if we take Romeo $50 and if we assume maybe our costs are going to be somewhere around $20 an ounce, that's $30 million of free cash flow for every million ounces we produce. Now, if you want to take spot silver, or you take where silver was trading in Q1, that's a very, very robust project. And then what's complemented here is our ambitions for 200,000 ounces of gold production to complement the $5 million ounces of silver. It's a very, very robust business. And again, we're not dressing up a zinc mine or a lead mine with 30% silver credits here. 90% of the economics in the Kittsell Valley are precious metals. And within those precious metals, it's about 60/40 silver to gold. So Contango really is kind of leveraging every direction for a silver and gold bug, which I am one as a degenerate myself. One thing I want to talk to Dave, and Shawn already referenced this, but in part