Contango Silver & Gold Inc.

Hey, good morning, good afternoon, good evening, depending on where in the world you're signing in from. Thank you all for joining me today. Today I've got with me Contango Wars CFO Mike Clark and CEO Rick Van Nuenheisen to go over Contango's QN Financials. Mike got top billing because today is about financials, so he'll be the star of today's show. Today what today is going to go is he's going to give a brief presentation summarizing yesterday's release. Then I've got a few questions, but this is absolutely an interactive event, so please do use the chat button in the bottom right-hand of your screen to ask questions for the Contango executives at any time during today's event. We'll try to get to all of them. I imagine we will actually during today's event, so please do make sure you get in the chat. So I'll try to ask them in roughly sequential order. Also, today's event is being recorded. It'll probably be in your inbox mid-afternoon Eastern time. It'll also be available on events.six.com and on our YouTube channel. Without further ado, I'm going to go off screen and hand it over to Mike just to summarize yesterday's press release.

Thanks, Romeo, and good morning and good afternoon. I'm just going to spend a few minutes just highlighting the quarter ended March 31st, 2025, and just talk on the statement of operations and balance sheet. On the statement of operations, we recorded $19 million in income from operations, which includes $22.3 million in equity income from the peak gold JV, which is our 30% ownership in Moncho. We recorded a net loss of $22.5 million for the quarter, which includes an unrealized loss of $40.5 million related to the head contracts. Now this is primarily driven because gold started the year at $2,600 and ended the quarter around $3,100. We also recorded $2.7 million in interest and finance charges related to debt. At the Manchot operations, we sold a little over 17,000 ounces of gold with another 3,800 ounces in recoverable inventory. Our cash costs were over $13.34 per ounce gold sold, and our ASIC was $13.74 per ounce of gold sold. Our 2025 guidance remains at 60,000 ounces of gold with an ASIC of about $16.25, as we do expect the ASIC will increase in later quarters due to sustaining capital going up related to replacing tractors on the Oro Hall route, as well as a $5.7 million exploration drill program. On the balance sheet, we completed the quarter with $35 million in cash. We had marketable securities of about $900,000. Those subsequent to quarter end have increased to about $4 million U.S., and that's on our Onyx Gold Corp. investment. Our trade payables were $9 million at the end of the quarter, and this really related to a gold shipment that happened on March 31st, as we had to pay the peak gold subsequent to quarter end. During the quarter, we made principal repayments of 13.8 million on the facility, and then subsequent to quarter end, we paid another 8.2, bringing the facility balance down to 30 million as of today. On the derivative liability, the hedge balance technically didn't change during the quarter. We had 86,000 ounces to start the quarter, and we also finished with that as a balance at the end of the quarter. Now, because gold went up, the liability did increase. But I will highlight that we did do what's called a carry trade, and so we effectively locked in the April hedge price during the quarter. So we ended up settling that April 30th. And then finally, we have started delivering into the July hedges, and we have about 2,800 ounces delivered onto those so far. Now I'll just hand it over to Rick.

Yeah, thanks, Mike. I think it's been a good quarter. And we'll actually start the second campaign actually started yesterday. So that'll be our May campaign. It'll run roughly 30 days. And so we'll be looking to report on a total anticipated production from that once the campaign ends towards probably mid-June is roughly when it'll end. And we'll have a bit of an update at that time on our Won't be the gold sales, but it'll be an estimate of gold produced. And then our Q2 results will probably be, what, in, Michael, you've commented on that, probably, what, in July or August? Yep, yep, early August. So things are going well. I think, basically, I can safely say that things are going a little better than planned. I think the total amount of gold produced was more than planned, roughly 30% of Q1. We do have that gold held in inventory, so the campaign processed the gold basically in the middle month of a quarter. It's not exactly in the middle month, so it'll run over, and then the gold sales obviously trail that by about 30 days, roughly. You'll have to just kind of keep that in mind when you're reading our financials. You'll see there's always probably a golden inventory that's been produced but not sold necessarily. So with that, maybe, Romy, I'll turn it back to you, and we can start with Q&A.