Contango ORE, Inc. announced the completion of the second production campaign of 2025 at the Peak Gold JV, where the company's share of production reached approximately 15,700 ounces of gold, surpassing the original guidance of 15,000 ounces. The campaign processed around 255,000 tons of ore with an average head grade of 0.220 ounces per ton, slightly below the plan, but achieved higher-than-expected gold recovery rates at 93%. Mill throughput was notably above expectations, averaging 10,122 tons per day, which is 17% higher than planned and roughly 25% above the rate of the first campaign in 2025. This increased throughput is anticipated to reduce operating costs compared to the first campaign, which reported all-in-sustaining costs of $1,374 per ounce of gold sold. The company maintains its guidance for a 30% share of the Peak Gold JV's 2025 production at 60,000 ounces of gold, with life-of-mine average annual production expected at 58,750 ounces per year up to 2029, and all-in sustaining costs estimated at $1,400 per ounce. Contango has sold 7,200 ounces of gold from the second campaign, with the rest anticipated to sell by the end of June. The projected cash distributions for 2025 from the Peak Gold JV exceed $93 million, based on a $3,200 per ounce spot gold price for the latter half of the year. These funds are intended to enhance the company's cash reserves, reduce debt, and support hedge contracts. Additionally, permitting activities for the Johnson Tract project continue to progress.