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

6 February 2023

Contango Holdings Plc

('Contango' or the 'Company') 

Lubu Project Update:

Site Preparation and Assembly of the Wash Plant

Contango Holdings Plc, the London listed natural resource development company, is pleased to provide an update on its Lubu Coal Project in Zimbabwe ("Lubu") ahead of scheduled first coking coal production and sales by the end of Q1 2023.

The Company is pleased to report that the wash plant arrived at site on Friday 3 February and has been unloaded ahead of assembly. The wash plant site and foundations were prepared in anticipation of its delivery, therefore construction and assembly is expected to take approximately 3-4 weeks, with commissioning following thereafter. Once calibrated and operating efficiently the wash plant is expected to be able to produce 20,000 tonnes of washed coking coal per month.

In addition, the Company also expects to take delivery at site of its surface miner (Wirtgen 2200SM) in the coming days. The surface miner has a cutting width of 2200mm, ideal for selective mining, and can mine up to 500 tonnes per hour.

Finally, the laboratory is also expected to arrive at site in the first half of February.  Following its delivery, all significant capital items will be at site enabling the Company to ramp up activity ahead of first production and sales at the end of Q1 2023.

Wash plant delivery to Lubu site

Unloading of wash plant at Lubu site

Unloading of wash plant at Lubu site

Wirtgen 2200SM surface miner

The Company will provide regular updates and photos, via its website (https://contango-holdings-plc.co.uk/) and twitter account (@ContangoPlc) over the coming weeks as construction and commissioning progresses.

 **ENDS**

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