SCHEDULE 13G/A 0001813276-25-000002 0001813276 XXXXXXXX LIVE 2 Common Shares 12/31/2025 0001502377 Contango ORE, Inc. 21077F100 516 2nd Avenue Suite 401 Fairbanks AK 99701 Rule 13d-1(c) Queen's Road Capital Investment Ltd. E9 685034.00 0.00 685034.00 0.00 685034.00 N 4.39 FI Contango ORE, Inc. 516 2nd Avenue, Suite 401, Fairbanks, Alaska 99701 Queen's Road Capital Investment Ltd. Cheung Kong Centre Suite 2006, 2 Queen's Road Centre Hong Kong, Hong Kong The reporting person is a Cayman Islands corporation 685,034 common shares 1. This number includes: a. 29,297 outstanding common shares, and b. 655,737 common shares that the reporting person has a right to acquire upon conversion of US$20 million principal amount of the issuer's five-year, 9% unsecured convertible debentures (the "Debentures"). Rule 13d-3(d)(1) provides that securities are deemed to be beneficially owned if one has a right to acquire beneficial ownership of those securities within 60 days, including through the conversion of a security. The Debentures are convertible at a price of US$30.50 per common share, and thus the reporting person has the right to acquire 655,737 common shares upon conversion of the Debentures. 2. This number does not include the common shares that will be issuable to the reporting person in the future in partial payment of interest on the Debentures. Interest is payable on the Debentures in quarterly installments in arrears on January 31, April 30, July 31 and October 31 of each year. A portion of the interest (equal to 2% per annum) will be payable in common shares issuable at a price equal to the 20-day volume weighted average trading price (the "VWAP") of the common shares on the exchange on which the common shares are trading that has the greatest trading volume, ending three trading days preceding the date such interest payment is due. 4.39% This percentage was calculated based on a total of 14,962,410 common shares outstanding as of December 31, 2025. 685,034 0 685,034 0 N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Queen's Road Capital Investment Ltd. /s/ Alex Granger 02/06/2026