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The information that follows is derived, for the most part, from, and in some instances is an extract from, the Manh Choh TRS as of May 12, 2023, the Lucky Shot Technical Report Summary (“TRS”) as of May 26, 2023, and the Johnson Tract TRS as of May 12, 2025.
The Manh Choh TRS, Lucky Shot TRS, and Johnson Tract TRS were prepared in compliance with the Item 601(b)(96) and S-K 1300.
Reference should be made to the full text of the Manh Choh TRS, Lucky Shot TRS, and Johson Tract TRS, filed as Exhibits 96.1, 96.2 and 96.3, respectively, to this Form 10-K and incorporated herein by reference.
As of December 31, 2025, the Company held a 30% membership interest, and KG Mining held a 70% membership interest in and manages the Peak Gold JV.
The Company also separately controls the mineral rights to approximately 190,190 acres of State of Alaska and patented mining claims, upland leases, and fee simple leases for exploration through its wholly-owned subsidiaries LSA (consisting of the Lucky Shot Property), Contango Minerals (consisting of the Eagle/Hona, Triple Z, and Shamrock prospects and additional state mining claims in the Willow Mining District), Contango Mining Canada (consisting of Johnson Tract) and Avidian Alaska (consisting of the Golden Zone, Amanita and Amanita NE properties), and has begun allocating more annual resources to exploration of those properties and other new opportunities.
The following table outlines the land ownership of the five legal entities that control mineral rights in Alaska: the Company's 30% ownership of the Peak Gold JV (through CORE Alaska); LSA; Contango Minerals; JT Mining, Inc., and Avidian Alaska; each as of December 31, 2025: Property Location Commodities Claims Estimated Acres Type Peak Gold JV (30% Interest): Tetlin Lease Eastern Interior Gold, Copper, Silver — 675,000 Lease Tok/Eagle Eastern Interior Gold, Copper, Silver 13,000 State Mining Claims 688,000 J T Mining (Leased from Cook Inlet Region, Inc.) (100% Interest): Johnson Tract South Central Gold, Silver, Lead, Zinc, Copper — 21,000 Lease 21,000 LSA (Leased from Alaska Hard Rock Inc.) (100% Interest): Lucky Shot South Central Gold 7,900 State Mining Claims Lucky Shot South Central Gold Patented Mining Claims 8,600 Contango Minerals (100% Interest): Eagle/Hona Eastern Interior Gold, Copper, Silver 69,780 State Mining Claims Triple Z Eastern Interior Gold, Copper, Silver 14,850 State Mining Claims Shamrock Eastern Interior Gold, Copper, Silver 52,700 State Mining Claims Willow South Central Gold 8,000 State Mining Claims Amanita NE Interior Gold 1,030 State Upland Mining Lease Golden Zone Central Gold 10,850 68 State Mining Claims, 1 Upland mining Lease 1,045 157,210 Avidian Alaska (Leased from Tanya Stolz) (100% Interest): Amanita Interior Gold 3,380 54 State Mining Claims, 1 Upland Mining Lease 3,380 TOTALS: 1,363 878,190 Below is a map showing the location of the Peak Gold JV Property and the Contango Properties, including the ownership percentage for the rights associated with each property held by the Peak Gold JV or the Company, as applicable, and the nature of each interest: Below are the coordinates of the Peak Gold JV Property and the Contango Properties: Property Latitude* Longitude* Shamrock 64.397 -146.532 Eagle/Hona 63.209 -143.440 Manh Choh 62.947 -142.627 Triple Z 63.364 -142.490 Lucky Shot 61.776 -149.411 Willow 61.802 -149.232 AmanitaNE 65.021 -147.168 Amanita 64.937 -147.424 Golden Zone 63.194 -149.667 Johnson Tract 60.123 -152.919 * Lat/Long (NAD83) Commercial Production at the Manh Choh Project began in the second half of 2024.
Besides the Lucky Shot Project, which had historic production from late 1920s until 1942, none of the other Contango Properties have ever been commercially produced.
Ore is stockpiled depending on grade and oxide/sulfide content and transported to the Fort Knox mill for future processing.
Other than the former-producing mines located on the Lucky Shot Property (described below), which are not currently in production, there are no existing mines on any of the other Contango Properties.
At Lucky Shot, the Company is developing an underground mine by enhancing underground access for exploration and development drilling.
At Johnson Tract, the Company is working to permit the underground exploration drift, along with performing baseline environmental and engineering work.
Manh Choh Project The mineral reserves and resources at the Manh Choh Project are contained within two deposits: Manh Choh North and Manh Choh South.
Mineral reserves and resources were estimated using the block model and open pit design software to establish the component of the deposit with reasonable prospects for economic extraction.
The current reserve and resource statement reflects mineral additions due to additional drilling within the Manh Choh Project that has been completed over the last year, as well as depletion due to production during the same period.
Monthly reconciliations from mining operations captured incremental ore blocks and waste blocks.
The Mineral reserve and resource estimate was prepared by Kinross Technical Services (KTS) and reviewed by the Qualified Person.
The tables below summarize the mineral reserve and resource estimates for the Manh Choh Project effective December 31, 2025 on both a: (i) Peak Gold, LLC 100% ownership basis and (ii) Contango ORE 30% attributable ownership basis.
Peak Gold, LLC Reserves 100% Ownership Tonnage Grade Contained Metal Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) (g/t Ag) (000 oz Ag) Proven 4.0 11.8 Probable 2,379 7.4 11.3 1,061 Total Proven + Probable 2,904 6.8 11.4 1,260 Contango ORE Reserves 30% Attributable Ownership Tonnage Grade Contained Metal Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) (g/t Ag) (000 oz Ag) Proven 4.0 11.8 Probable 7.4 11.3 Total Proven + Probable 6.8 11.4 Notes: 1.
Mineral reserves were estimated at long term prices of $2,000/oz Au and $23.50/oz Ag. 3.
Numbers may not total due to rounding. 7.
Mineral reserves are reconciled and incorporate depletion from 2024 and 2025 production.
Peak Gold, LLC Resources 100% Ownership (Exclusive of Reserves) Tonnage Grade Contained Metal Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) (g/t Ag) (000 oz Ag) Measured 2.0 11.9 Indicated 2.1 6.6 Total Measured + Indicated 1,003 2.0 9.8 Contango Resources 30% Ownership (Exclusive of Reserves) Tonnage Grade Contained Metal Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) (g/t Ag) (000 oz Ag) Measured 2.0 11.9 Indicated 2.1 6.6 Total Measured + Indicated 2.0 9.8 Notes: 1.
Mineral resources are estimated using long term prices of $2,000/oz Au price and $23.53/oz Ag price. 4.
Numbers may not total due to rounding. 9.
Johnson Tract Project The mineral resources at the Johnson Tract Project are contained within one deposit.
It was developed using a computer-based block model based on drill hole assay information and geologic interpretation of the mineralization boundaries.
The model was based on validated drilling data available through May 2025.
The tables below summarize the mineral resource estimates for the Johnson Tract Project effective as of May 12, 2025 Tonnage Grade Grade Cu Pb Zn AuEq Category (000 t) (g/t Au) (g/t Ag) (%) (%) (%) (g/t) Indicated 3,489 5.33 6.00 0.56 0.67 5.21 9.39 Inferred 1.36 9.10 0.59 0.30 4.18 4.76 Total Indicated + Inferred 4,195 6.69 15.10 1.15 0.97 9.39 14.15 Contained Metal Contained Metal Contained Metal Contained Metal Contained Metal Contained Metal Category (000 oz Au) (000 oz Ag) (M Lb Cu) (M Lb Pb) (M Lb Zn) (000 oz AuEq) Indicated 43.10 51.50 1,053 Inferred 9.20 4.70 Total Indicated + Inferred 52.30 56.20 1,161 Notes 1.
Includes all drill holes completed at Johnson Tract Deposit, with drilling completed between 1982 and most recently as October 2021. 2.
Assumed metal prices are US$1650/oz for gold (Au), US$20/oz for silver (Ag), US$3.50/lb copper (Cu), US$1/lb lead (Pb), and US$1.50/lb for zinc (Zn).
Metal prices were established considering the review of three-year averages of published monthly values. 3.
Gold Equivalent (AuEq) is based on assumed metal prices and payable metal recoveries of 97% for Au, 85% for Ag, 85% Cu, 72% Pb and 92% Zn from metallurgical testwork completed in 2022. 4.
AuEq equals = Au g/t + Ag g/t × 0.01 + Cu% × 1.27 + Pb% × 0.31 + Zn% × 0.59. 5.
An average bulk density value of 2.84 used as determined by conventional analytical methods for assay samples. 6.
Capping applied to assays to restrict the impact of high-grade outliers. 7.
Preliminary underground constrains were applied, including the elimination of isolated or scattered blocks above cut-off grade to define the “reasonable prospects of eventual economic extraction” for the Mineral Resource Estimate. 8.
Mineral resources as reported are undiluted. 9.
Mineral resource tonnages have been rounded to reflect the precision of the estimate. 10.
Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Peak Gold JV Property is accessible via a new 18 mile secured mine access road connected to the Alaska Highway.

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Gone since FY2024

The information that follows is derived, for the most part, from, and in some instances is an extract from, the Manh Choh TRS as of May 12, 2023 and the Lucky Shot TRS as of May 26, 2023, both of which were prepared by Sims Resources LLC, the Company’s Qualified Person.
The Manh Choh TRS and Lucky Shot TRS were prepared in compliance with the Item 601(b)(96) and S-K 1300.
Reference should be made to the full text of the Manh Choh TRS and Lucky Shot TRS, filed as Exhibits 96.1 and 96.2, respectively, to this Form 10-K and incorporated herein by reference.
As of December 31, 2024, the Company held a 30.0% membership interest, and KG Mining held a 70.0% membership interest in and operates the Peak Gold JV.
The Company also separately controls the mineral rights to approximately 168,970 acres of State of Alaska and patented mining claims and upland leases for exploration through its wholly-owned subsidiaries LSA (consisting of the Lucky Shot Property), Contango Minerals (consisting of the Eagle/Hona, Triple Z, and Shamrock prospects and additional state mining claims in the Willow Mining District), Contango Mining Canada (consisting of Johnson Tract) and Avidian Alaska (consisting of the Golden Zone, Amanita and Amanita NE properties), and has begun allocating more annual resources to exploration of those properties and other new opportunities.
The following table outlines the land ownership of the three legal entities that controls mineral rights in Alaska: the Company's 30% ownership of the Peak Gold JV (through CORE Alaska); LSA; Contango Minerals; and Avidian Alaska; each as of December 31, 2024: Property Location Commodities Claims Estimated Acres Type Peak Gold JV (30.0% Interest): Tetlin Lease Eastern Interior Gold, Copper, Silver — 675,000 Lease Tetlin-Tok Eastern Interior Gold, Copper, Silver 10,400 State Mining Claims Eagle Eastern Interior Gold, Copper, Silver 2,600 State Mining Claims 688,000 J T Mining (Leased from Cook Inlet Region, Inc.) (100% Interest): Johnson Tract South Central Gold, Silver, Lead, Zinc, Copper — 21,000 Lease 21,000 LSA (Leased from Alaska Hard Rock Inc.) (100% Interest): Lucky Shot South Central Gold 7,900 State Mining Claims Lucky Shot South Central Gold Patented Mining Claims 8,600 Contango Minerals (100% Interest): Eagle/Hona Eastern Interior Gold, Copper, Silver 69,780 State Mining Claims Triple Z Eastern Interior Gold, Copper, Silver 14,800 State Mining Claims Shamrock Eastern Interior Gold, Copper, Silver 52,700 State Mining Claims Willow South Central Gold 8,000 State Mining Claims Amanita NE Interior Gold 1,021 State Upland Mining Lease Golden Zone Central Gold 10,690 68 State Mining Claims, 1 Upland mining Lease 1,045 156,991 Avidian Alaska (Leased from Tanya Stolz) (100% Interest): Amanita Interior Gold 3,379 54 State Mining Claims, 1 Upland Mining Lease 3,379 TOTALS: 1,363 877,970 Below is a map showing the location of the Peak Gold JV Property and the Contango Properties, including the ownership percentage for the rights associated with each property held by the Peak Gold JV or the Company, as applicable, and the nature of each interest: Below are the coordinates of the Peak Gold JV Property and the Contango Properties: Property Latitude* Longitude* Shamrock 64.397 -146.532 Eagle/Hona 63.209 -143.440 Manh Choh 62.947 -142.627 Triple Z 63.364 -142.490 Lucky Shot 61.776 -149.411 Willow 61.802 -149.232 AmanitaNE 65.021 -147.168 Amanita 64.937 -147.424 Golden Zone 63.194 -149.667 Johnson Tract 60.123 -152.919 * Lat/Long (NAD83) Mining operations at the Manh Choh Project have begun, with commercial production starting in the second half of 2024.
Besides the Lucky Shot Project, which had historic production from late 1920s until 1942, none of the Company’s properties have ever been commercially produced.
The ore is currently being transported and stockpiled at the Fort Knox mill for future processing.
Other than the former-producing mines located on the Lucky Shot Property (described below), which are not currently active, there are no existing mines on any of the other Contango Properties.
The Company is developing an underground mine at Lucky Shot by enhancing underground access for exploration and development drilling.
Proven and probable reserves include gold, copper, silver, lead, zinc or molybdenum attributable to Newmont’s ownership or economic interest.
Manh Choh Project The mineral resources at the Manh Choh Project are contained within two deposits: Manh Choh North and Manh Choh South.
Mineral resources were estimated using the block model and open pit design software to establish the component of the deposit with reasonable prospects for economic extraction.
The Mineral resource block model and estimate were prepared by Kinross Technical Services (KTS) and reviewed by the Qualified Person.
The model was based on validated drilling data available through June 2021.
Additional drilling has been completed on the property outside of the resource area.
The tables below summarize the mineral reserve and resource estimates for the Manh Choh Project effective December 31, 2024 on both a: (i) Peak Gold, LLC 100% ownership basis and (ii) Contango ORE 30% attributable ownership basis.
Peak Gold, LLC Reserves 100% Ownership Tonnage Grade Contained Metal Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) (g/t Ag) (000 oz Ag) Proven 6.4 9.9 Probable 2,873 7.7 14.2 1,309 Total Proven + Probable 3,312 7.5 13.6 1,449 Contango ORE Reserves 30% Attributable Ownership Tonnage Grade Contained Metal Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) (g/t Ag) (000 oz Ag) Proven 6.4 9.9 Probable 7.7 14.2 Total Proven + Probable 7.5 13.6 Notes: 1.
Mineral reserves were estimated at long term prices of $1,300/oz Au and $17/oz Ag. 3.
Peak Gold, LLC Resources 100% Ownership (Exclusive of Reserves) Tonnage Grade Contained Metal Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) (g/t Ag) (000 oz Ag) Measured — — — — — Indicated 2.7 10.4 Total Measured + Indicated 2.7 10.4 Inferred - 3.2 - 45.8 - Contango Resources 30% Ownership (Exclusive of Reserves) Tonnage Grade Contained Metal Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) (g/t Ag) (000 oz Ag) Measured — — — — — Indicated 2.7 10.4 Total Measured + Indicated 2.7 10.4 Inferred - 3.2 - 9.2 - Notes: 1.
Mineral resources are estimated using long term prices of US$1,600/oz Au price and US$22/oz Ag price. 4.
Johnson Tract Project The mineral resource estimate was prepared under NI 43-101 standards and the Company is currently converting this estimate to the SK-1300 standard.
The Peak Gold JV Property is accessible via road connected to the Alaska Highway and via helicopter.
The 23-mile long Tetlin Village Road is an all-weather gravel road connecting the village with the town of Tok on the Alaska Highway.
Two seasonal dirt roads have been permitted and constructed to allow surface access to the Chief Danny gold-copper-silver prospect in the northern Tetlin Hills.
Both of these roads begin along the Tetlin Village Road and extend to the Chief Danny project and access to both roads is controlled by gates at their junction with the Tetlin Village Road.
The Tetlin Lease also provides that the Peak Gold JV will pay the Tetlin Tribal Council a production royalty ranging from 3.0% to 5.0% should the Peak Gold JV deliver to a purchaser on a commercial basis precious or non-precious metals derived from the properties under the Tetlin Lease.
Starting in 2024, the Peak Gold JV will pay production royalties to the Tetlin Tribal Council with an advance minimum royalty of approximately $75,000 per year, plus an inflation adjustment.
Additionally, the Peak Gold JV will pay RG Royalties, LLC a production royalty of 3.0% on commercial production of gold or derived from the Tetlin Lease and the 159 Peak Gold JV owned State of Alaska Mining Claims.
Exploration & Development Overview To date, the exploration activity has been concentrated on the Peak Gold JV Property, with such activity undertaken by the Peak Gold JV.
The Peak Gold JV has commenced mining ore from the Manh Choh Project on the Peak Gold JV Property, and is processing ore at the existing Fort Knox milling complex located approximately 400 kilometers away, as further described below.
As of December 31, 2024, the Company has contributed approximately $ 106.2 million to the Peak Gold JV.
The Peak Gold JV released a feasibility study in July 2022.
Also, in July 2022, Kinross announced that the Kinross Board made a decision to proceed with development of the project.
According to information released by Kinross, aggregate capital expenditures for the Peak Gold JV to execute the development plan will be approximately $189 million, including $30 million for the purchase the highway ore transport fleet, resulting in approximately $64.6 million in capital contributions attributable to the Company's 30% interest.
(which includes the Fort Knox Toll processing costs), however, the current estimated AISC for the life of mine is projected to increase to $1,400 per Au eq. oz.
The Manh Choh camp and road access to the mine site are complete and all mining equipment is on site and mining has commenced.
The mining activity consists of mine development and stockpiling any ore in preparation for transportation to the Fort Knox mill for processing.
Production commenced at Manh Choh during the second half of 2024, with a mine plan that consists of two small, open pits that will be mined concurrently over 5.5 years.
Kinross, on behalf of the Peak Gold JV, is also continuing its comprehensive community programs and prioritizing local economic benefits as it develops the project.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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