Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources

6 September 2022

Contango Holdings Plc

("Contango" or the "Company")

Positive Results from Lubu Coking Coal and Coke Tests

Contango Holdings Plc, the London listed natural resource company developing the Lubu Coking Coal Project in Zimbabwe ("Lubu Project") is pleased to provide an update on its continuing coking coal and coke product tests.

Test Results for Coking Coal and Coke

In tandem with the ongoing mine construction and development, which remains on track for completion and first coal sales next quarter, the Company's technical team has undertaken further testwork on parts of the Lubu coking coal deposit.

Tests were undertaken through a newly installed 1 tonne per hour test plant located on site, supplied and supervised by OneVision, the company that is currently installing the larger 100 tonne per hour throughput wash plant. An initial 60 tonnes have now been processed from the same horizon Lubu is to be initially mined from.

This processing has confirmed that, after passing through the wash plant, the coking coal product is of excellent quality. The tests yielded the following results*:

*these results are provisional as they have been analysed at a laboratory in Hwange, but they are consistent with the Company's compliant results

An additional test was undertaken on 15kg of washed coking coal from both the NUTTS and PEAS sections. These were processed through a mini-coking test plant as a first determinant of how the coking coal would react when processed into coke.

These coke tests yielded the following results**:

**these results are provisional as they have been analysed at a laboratory in Hwange

The coke results are better than expected, exceeding the Company's pre-test expectations. Particularly encouraging was the P% being less than 0.06%, the S% less than 0.5%, the ASH well within acceptable ranges and the Fixed Carbon above 80%.

The Company remains in ongoing discussions with a number of potential coke offtake partners who have also reacted positively to this data and the characteristics of Lubu coking coal and coke products.

Carl Esprey, CEO of Contango, commented:

"The latest set of results from our ongoing coking coal and coke tests have reaffirmed the attractive characteristics of Lubu. As followers of the Company will be aware, earlier this year we entered into an offtake with AtoZ Investments for 10,000t per month of washed coking coal, which we expect to deliver first revenue to the Company by the end of the calendar year.

"Whilst we expect AtoZ's ultimate demand to exceed this level, the Company is also in dialogue with a number of additional potential buyers of coking coal and coke, including prominent global industry players and leading commodity traders.

"The latest results should only strengthen our position to complete additional offtake(s) for both coking coal and coke production and I look forward to providing additional updates. This is a truly exciting time for the Company as we look to complete full mine and processing construction ahead of first sales by year end."

**ENDS**

For further information, please visit www.contango-holdings-plc.co.uk or contact: