Contango ORE, Inc. has announced a significant cash distribution of $21 million from the Peak Gold JV as part of its 2025 production campaign, bringing the total cash distribution to $54 million year-to-date. The company completed its second of four campaigns for 2025, producing approximately 36,000 ounces of gold, with the next campaign scheduled for August. Contango's 30% share of the JV's 2025 production is projected at 60,000 ounces, with a life-of-mine average annual production of 58,750 ounces until 2029. The all-in sustaining costs are estimated at $1,400 per ounce of gold sold. The company plans to reduce its credit facility balance to $23 million by making an early $7 million principal payment. Additionally, Contango has delivered 11,900 ounces of gold into hedge contracts, reducing the hedge contract balance to 62,900 ounces, with an anticipated remaining hedge of 43,000 ounces by the end of 2025. The second quarter financial results are expected in early August. Due to higher-than-expected results and future projections, cash distributions for 2025 from the Peak Gold JV are now expected to exceed $95 million, assuming a $3,100 per ounce spot gold price for the remainder of the year. The increased cash flow will be utilized to enhance the company's cash position, reduce debt, and fulfill hedge contracts, while advancing permitting activities on the Johnson Tract project.