Contango : Independent Technical Report on the Garalo Gold Project

BIRIMA GOLD RESOURCES CONSULTING

S09/Hann Mariste II - Dakar Senegal

N.I.N.E.A 007 054 521 - Register No SN DKR 2018 A 27289

Tel [phone], Dakar, Senegal. [phone], Conakry, Guinea

[e-mail]/ [e-mail]

INDEPENDENT TECHNICAL REPORT FOR THE GARALO GOLD PERMIT

Sikasso Region -Mali South - West Africa

PREPARED FOR

CONTANGO HOLDINGS PLC

Brandon Hill Capital Limited

Jonathan Evans

T: [phone]

E:[e-mail]

by

BIRIMA GOLD RESOURCES CONSULTING

Report for NI 43-101

Qualified Person:

Serigne DIENG Ph.D. AuSIMM

Effective Date: 12th March, 2021

TABLE OF CONTENTS

Page

1.	SUMMARY	10
1.1.	EXECUTIVE SUMMARY	10
1.2.	CONCLUSIONS	11
1.3.	RECOMMENDATIONS	13
1.3.1.	DRILLING	13
1.3.1.1.	Garalo G1 Target	13
1.3.1.1.1.	Recommended Phase I RC Drilling Program	13
1.3.1.1.2.	Recommended Phase II DD Drilling Program on G1 Target	13
1.3.1.2.	Garalo G3 Target	14
1.3.1.2.1.	Recommended Phase I RC Drilling Program on G3 Target	14
1.3.1.2.2.	Recommended Phase II DD Drilling Program on G3 Target	14
1.3.1.3.	Phase III RAB drilling program on others targets within the Garalo permit	15
1.3.2.	Geophysical Survey	16
1.3.3.	Additional Recommendations	16
1.3.4.	Recommended Exploration Budget	17
1.4.	TECHNICAL SUMMARY	18
1.4.1.	Property Location	18
1.4.2.	Property Description and Land Tenure	18
1.4.3.	Regional Geology	19
1.4.4.	Property Geology	20
1.4.4.1.	The metasedimentary sequence	20
1.4.4.2.	The granitic intrusive rocks	20
1.4.4.3.	Late syn-tectonic to post tectonic intrusive rocks	20
1.4.5.	Structures	22
1.4.6.	Mineralization	22
1.4.7.	Exploration	23
2.	INTRODUCTION	26
2.1	Preparation	26
2.2	Purpose of the Report	26
2.3	Source of Information and Data	26
2.4.	Forward Looking Information	27
3.	RELIANCE UPON OTHER EXPERTS	28
4.	PROPRIETY DESCRIPTION AND LOCATION	29
4.1	Location	29
4.2	Property Description Ownership, Obligations. Government Participation, Royalties Encumbrances	30
4.3	Exploration Permit	31
4.4	Environmental Liabilities	32
5.	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURES AND
PHYSIOGRAPHY	33
5.1	Accessibility	33
5.2	Climate	33
5.3	Local Resources	34
5.4	Infrastructure	35

5.5.	Community	35
5.6.	Physiography	35
6.	HISTORY	36
6.1.	History of the gold exploration in Mali	36
7.	GEOLOGICAL SETTING AND MINERALISATION	39
7.1.	Regional Geological and Structural Setting	39
7.1.1.	Geology of the Birimian of the West Africa Shield	41
7.1.1.1.	Leo-Man Shield	41
7.1.1.2.	Baoulé-Mossi Domain	41
7.1.2.	Geology of Mali	43
7.2.	Permit Geological and Structural Setting	43
7.2.1.	Geological setting	44
7.2.1.1.	The metasedimentary sequence	45
7.2.1.2.	The granitic intrusive rocks	45
7.2.1.3.	The volcanic basaltic rock	45
7.2.1.4.	Late intrusive rocks	46
7.2.1.4.1.	The Gabbro dykes	46
7.2.1.4.2.	The diorite dykes	46
7.2.1.4.3.	Leucocratic felsic intrusive	47
7.2.2.	Structural Setting	48
7.2.3.	Gold Mineralization	49
7.2.4.	Alteration	51
8.	DEPOSIT TYPES	53
9.	EXPLORATION	54
9.1.	Soil Sampling Geochemistry Survey	54
9.1.1.	Soil geochemical sampling completed by AGEX in 2001 within the Garalo permit	54
9.1.2.	Soil geochemical sampling completed by PGRM in 2004 within the Garalo permit	55
9.1.3.	Soil geochemical sampling completed by GSM in 2005 within the Garalo permit	56
9.2.	Regolith Mapping	57
9.3.	Geophysical Survey	59
9.3.1.	Regional Airborne Magnetic & Radiometric Survey	59
9.3.2.	Ground Geophysical Survey	61
9.3.2.1.	Induced Polarization Specification	61
9.3.2.2.	Processing of Induced Polarization Results	61
9.3.2.3.	Ground Induced Polarization Geophysical Survey on Target G1A	61
9.3.2.4.	Ground Induced Polarization Geophysical Survey on Target G3A	65
9.3.2.5.	Conclusions and Recommendations	68
9.4.	Trenching Program	68
9.4.1.	Trenching Program completed by AGEX on Target G3A in 2003	68
9.5.	Drilling Program	69
9.5.1.	RAB Drilling program completed by AGEX in 2003	69
9.5.2.	RC Drilling program completed by AGEX in 2003	70
9.5.2.1.	RC Drilling program completed by AGEX on Target G1A in 2003	71
9.5.2.2.	RC Drilling program completed by AGEX on Target G3A in 2003	72
9.5.3.	RC Drilling program completed by AGEX in 2004	75
9.5.4.	RAB Drilling program completed by AGEX in 2004	76
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9.5.5.	Diamond Drilling program completed by GSM in 2006	77
9.5.5.1.	Diamond Drilling program completed by GSM on G3A Target in 2006	79
9.5.5.2.	Diamond Drilling program completed by GSM on G1A Target in 2006	83
9.5.6.	AC Drilling program completed by GSM in 2008	87
9.5.6.1.	Grid G6 - Air-Core Drill Program	87
9.5.6.2.	Grid G1B - Air-Core Drill Program	93
9.5.7.	RC Drilling program completed by GSM in 2008	96
9.5.7.1.	RC Drilling program completed by GSM in 2008 on G1A Target	97
9.5.7.2.	RC Drilling program completed by GSM in 2008 on G3A Target	100
10.	DRILLING	105
10.1.	Diamond Drilling program completed by GSM	105
10.2.	Reverse Circulation (RC) Drilling	105
10.3.	GSM Air Core Drilling	105
10.4.	Drilling Quality	106
10.5.	RC and Air Core drill hole logging	106
10.6.	Logging Quality	106
11.	SAMPLING METHOD AND APPROACH	107
11.1.	Diamond Core Sampling	107
11.2.	RC Sampling	107
11.3.	RAB and Aire Core Sampling	107
11.4.	Analytical Laboratories	107
12.	SAMPLE PREPARATION ANALYSIS AND SECURITIES	108
12.1.	RC and Auger samples	108
12.2.	RC and Aire Core Drill Samples analysis	108
12.3.	QA/QC Procedures	108
12.4.	QA/QC Program Quality Control Procedures	108
13.	DATA VERIFICATION	109
14.	MINERAL PROCESSING ET METALLURGICAL TESTING	110
15.	MINERAL RESOURCE ESTIMATES	110
16.	MINERAL RESERVE ESTIMATES	110
17.	MIMING METHOD	110
18.	RECOVERY METHOD	110
19.	PROJECT INFRASTRUCTURE	110
20.	MARKET STUDIES ET CONTRACTS	110
21.	ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACTS	110
22.	CAPITAL AND OPERATING COST	110
23.	ECONOMIC ANALYSIS	110
24.	ADJACENT PROPRITIES	111
24.1.	Kalana Gold Deposit	111
24.2.	Yanfolila Belt	113