Document:

Exhibit 10.1

  

   

    

  

    SUBSCRIPTION AGREEMENT

      

      CONTANGO ORE, INC.

     

    This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into as of the date on the signature page hereto,
      by and between Contango ORE, Inc., a Delaware corporation (the “Company”), and the undersigned (the “Purchaser”).

     

    WHEREAS, the Company’s common stock, par value $0.01 per share (the “Common Stock”) is listed on the
      NYSE American under the ticker symbol “CTGO”;

     

    WHEREAS, Purchaser desires to subscribe for and purchase from the Company (i) the number of shares of
      Common Stock set forth on the signature page hereto (the “Shares”) and (ii) a warrant, in the form attached hereto as Exhibit A (the “Warrant”), entitling the Purchaser to purchase shares of Common Stock (the “Warrant Shares”, and together with the
      Shares and the Warrant, the “Securities”) for the aggregate purchase price set forth on the signature page hereto (the “Purchase Price”), which payment will be directed to the Company, and the Company desires to issue and sell to Purchaser the Shares
      and the Warrant in consideration of the payment of the Purchase Price by Purchaser to the Company;

     

    WHEREAS, certain other purchasers (the “Other Purchasers”) have entered into separate subscription
      agreements with the Company;

     

    WHEREAS, the Purchaser, along with the Other Purchasers and upon acceptance by the Company of the
      subscription set forth herein, will enter into the Registration Rights Agreement in the form attached hereto as Exhibit B (the “Registration Rights Agreement”) in connection with the closing of the transactions contemplated by this Subscription
      Agreement;

     

    NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and
      covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties agree as follows:

     

    1.         Acceptance of Subscription.  It is understood and agreed that the Company shall have the
      right to accept or reject this subscription, in whole or in part, and that the same shall be deemed to be so accepted only when it is signed by the Company.  Once accepted, this subscription shall be irrevocable by the Company.

     

    2.         Representations, Warranties and Covenants of Purchaser.  Purchaser hereby represents and
      warrants to and covenants with the Company as follows:

     

    (a)            Economic Loss and Sophistication.  Purchaser is able to bear the economic risks of this investment, and
      consequently, without limiting the generality of the foregoing, Purchaser is able to hold the Shares for an indefinite period of time and has a sufficient net worth to sustain a loss of all or a portion of its investment in the Shares in the event
      such loss should occur.  Purchaser has such knowledge and experience in financial and business matters that it is capable of evaluating the risks and merits of this investment.

     

    (b)            Investment Intent.  Purchaser understands and acknowledges that the sale of the Securities is being
      made in reliance on Section 4(a)(2) and Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), or under other applicable exemptions from registration thereunder.  Purchaser is acquiring the Securities for its own account,
      for investment and not with view to the distribution, resale, subdivision, or fractionalization thereof, and Purchaser has no present plans to enter into any contract, undertaking, agreement, or arrangement for any such distribution, resale,
      subdivision, or fractionalization.

    
      -1-

      
        

    

    (c)            Non-Registered Securities.  Purchaser understands that (i) the Securities (A) have not been
      registered under the Securities Act or any state securities laws, (B) will be issued in reliance upon exemptions from the registration and prospectus delivery requirements of the Securities Act, and (C) will be issued in reliance upon exemptions from
      the registration and prospectus delivery requirements of state securities laws which relate to private offerings, and (ii) Purchaser must therefore bear the economic risk of such investment indefinitely unless a subsequent disposition thereof is
      registered or exempted under the Securities Act and applicable state securities laws.  Purchaser represents that it is knowledgeable with respect to Rule 144 of the Securities and Exchange Commission promulgated under the Securities Act.

     

    (d)            Information.  Purchaser acknowledges and agrees that: (i) the Company has provided or made available
      to Purchaser (through EDGAR, the Company’s website or otherwise) (A) the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2022, including the risk factors set forth therein, (B) the Company’s Definitive Proxy Statement on
      Schedule 14A filed on October 4, 2022, (C) the Company’s filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), filed on or prior to the date of this Subscription Agreement, (D) all
      press releases or investor presentations issued by the Company on or prior to the date of this Subscription Agreement that are included in a filing by the Company on Form 8-K or clearly posted on the Company’s website, (E) the Private Placement
      Memorandum dated December 8, 2022 (the “Private Placement Memorandum”) regarding the Securities and the Company, as amended or supplemented on or prior to the date hereof, and (F) this Subscription Agreement
      and any other written materials furnished or made available to Purchaser by or on behalf of the Company and related to the purchase of the Shares, on or prior to the date hereof ((A) through (F), collectively, the “Offering

        Materials”); (ii) Purchaser has read carefully and understands the information supplied by the Company with respect to a prospective investment in the Securities, including as set forth in the Offering Materials; (iii) Purchaser has
      consulted and obtained the advice of its own attorneys, accountants, tax consultants and investment advisers with respect to the investment in the Shares contemplated hereby and its suitability for Purchaser; (iv) Purchaser has had the opportunity to
      obtain any additional information necessary to verify the accuracy of the information contained in such documents and to evaluate the merits and income tax consequences of the investment; and (v) Purchaser has been given the opportunity to meet with
      representatives of the Company and to have said representatives answer any questions regarding the terms and conditions of this particular investment, and all such questions have been answered to its full satisfaction.  Purchaser understands that
      actual results may not correspond to the assumptions set forth in the Offering Materials regarding the Company.  Purchaser will carefully review any supplements to the Offering Materials upon receipt thereof.  In considering an investment in the
      Securities and in delivering this Subscription Agreement, Purchaser hereby acknowledges, represents, and warrants that it has relied solely upon the Offering Materials and independent investigations made by Purchaser and its representatives. 
      Purchaser is not relying upon any representations made by, or other information (whether oral or written) furnished by or on behalf of, the Company or any officer, employee, agent or affiliate of any thereof, other than as set forth in the Offering
      Materials.  Purchaser has carefully considered and has, to the extent it believes such discussion necessary, discussed with its representatives the suitability of an investment in the Securities in light of its particular tax and financial situation,
      and Purchaser and its representatives have determined that the Securities being subscribed for by Purchaser hereunder is a suitable investment for it.  Purchaser is not subscribing pursuant hereto for the Securities as a result of, or pursuant to:
      (1) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media (including any internet site whose information about the Company is not password protected) or broadcast over television or radio; or
      (2) any seminar or meeting whose attendees, including Purchaser, had been invited as a result of, or pursuant to, any general solicitation or advertising.

    
      -2-

      
        

    

    (e)            Existing Relationship.  Purchaser became aware of this offering of the Securities solely and
      directly from the Company as a result of a pre-exiting, substantial relationship with the Company, and the Securities were offered to Purchaser solely by direct contact between Purchaser and Company. Purchaser did not become aware of this offering of
      the Securities, nor were the Securities offered to Purchaser, by any other means. Purchaser acknowledges that the Company has not acted as its financial advisor or fiduciary. Purchaser acknowledges that the Company represents and warrants that the
      Securities (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any other federal,
      state or foreign securities laws.

     

    (f)            State & Foreign Securities Laws; Other Relevant Laws.  Purchaser represents that it meets any
      additional or different suitability standards imposed by the securities and other laws of the jurisdiction of Purchaser’s principal place of business, residence or domicile applicable to or required in connection with an investment in the Securities.

     

    (g)            Purchaser Awareness.  Purchaser has examined the Offering Materials and such other information as it
      has deemed necessary to evaluate independently and to understand the merits and risks of an investment in the Securities.  Purchaser is aware and understands that Purchaser is not entitled to cancel, terminate or revoke this Subscription Agreement or
      any of the powers conferred herein.

     

    (h)            High Degree of Risk.  Purchaser has been advised and understands that the purchase of the Securities
      involves a high degree of risk and uncertainty.  Purchaser has read and understands the risk factors under the heading “Risk Factors” set forth in the Private Placement Memorandum and the other Offering Materials.

     

    (i)            Due Formation; Good Standing; Authorization.  If not a natural person, (i) Purchaser has been duly
      formed and is validly existing and in good standing under the laws of the jurisdiction governing its formation, (ii) Purchaser is qualified, and has all requisite power and authority under its organizational documents and applicable laws to execute
      and deliver this Subscription Agreement and to perform its obligations hereunder, and (iii) the person signing this Subscription Agreement on behalf of Purchaser has been duly authorized by it to do so.  If Purchaser is a natural person, Purchaser is
      qualified and has all requisite legal capacity to acquire and hold the Securities and to execute and deliver this Subscription Agreement and to perform its obligations hereunder.

    
      -3-

      
        

    

    (j)            Investment Company Act.  Purchaser understands and acknowledges that the Company is not registered
      as, and does not have any obligation or intention to register as, an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”).  Purchaser, if it is a private
      investment company or a non-U.S. investment company exempt from registration under the Investment Company Act pursuant to Section 3(c)(1) or 3(c)(7) thereunder, is not structured or operated for the purpose or as a means of circumventing the
      provisions of the Investment Company Act.

     

    (k)            Investor Status.  Purchaser is an “accredited investor” (within the meaning of Rule 501(a) under the
      Securities Act) satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring the Securities only for its own account and not for the account of others, or if Purchaser is subscribing for the Securities as a fiduciary or
      agent for one or more investor accounts, each owner of such account is an accredited investor and Purchaser has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements,
      representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Securities with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and
      shall provide the requested information on Schedule A following the signature page hereto). Purchaser is not an entity formed for the specific purpose of acquiring the Securities.

     

    (l)            ERISA.  Except as otherwise specifically disclosed by Purchaser to the Company, Purchaser is not a
      Benefit Plan Investor (as defined below).  If Purchaser is a Benefit Plan Investor, the purchase and holding of the Shares by Purchaser will not result in a prohibited transaction under Section 406 of the Employee Retirement Income Security Act of
      1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), for which an exemption is not available.  If Purchaser is a
      Benefit Plan Investor, it acknowledges that Purchaser has evaluated for itself the merits of an investment in the Company, and it has not solicited and has not received from the Company, its affiliates, or any director, officer, partner, member,
      manager, employee or agent of the Company or such affiliate, any evaluation or other investment advice on any basis in respect of the advisability of a subscription for the Securities in light of the plan’s assets, cash needs, investment policies or
      strategy, overall portfolio composition or plan for diversification of assets and it is not relying and has not relied on the Company, any of its affiliates, or any director, officer, partner, member, manager, employee or agent of the Company or any
      such affiliate, for any such advice.  If Purchaser is a Benefit Plan Investor, the trustee or other plan fiduciary directing the investment (i) in making the proposed investment, is aware of and has taken into consideration the diversification
      requirements of Section 404(a)(1)(C) of ERISA and (ii) has concluded that the proposed investment in the Company is permissible under the documents governing the plan and the fiduciary, is prudent and is consistent with other applicable fiduciary
      responsibilities under ERISA.  If Purchaser is an individual retirement account or an employee benefit plan not subject to Title I of ERISA, such as a governmental or church plan, the owner of the individual retirement account or other fiduciary
      directing the investment of the plan has concluded that the proposed investment in the Company is permissible under the documents and applicable law governing the account or the plan and the fiduciary, is prudent and is consistent with its other
      fiduciary responsibilities, if any.  For purposes hereof, a “Benefit Plan Investor” is (A) an employee benefit plan subject to Part 4 of Subtitle B of Title I of ERISA, (B) any plan to which Section 4975 of the
      Code applies, or (C) an entity whose underlying assets include plan assets (within the meaning of Section 3(42) of ERISA) by reason of a plan’s investment in the entity.

    
      -4-

      
        

    

    (m)            Section 13 and Section 16 Compliance.  Purchaser understands and acknowledges that ownership of the
      Securities in certain amounts may subject Purchaser to reporting and other informational requirements imposed by Section 13 and Section 16 of the Exchange Act.  In addition, without limiting the generality of the foregoing, Section 16(b) of the
      Exchange Act imposes liability on company “insiders” for realizing short-swing profits relating to the Company’s securities.  Purchaser is responsible for any and all filing requirements under Section 13 and Section 16 of the Exchange Act.  The
      Company cannot advise the Purchaser regarding, nor is the Company responsible for, any Purchaser filing requirements under Section 13 and Section 16 of the Exchange Act.  Purchaser is urged to seek the advice of counsel with respect to the
      application of Section 13 and Section 16 of the Exchange Act to such Purchaser’s particular situation as well as any other consequences arising under U.S. federal or state securities laws or under the laws of any foreign jurisdiction.

     

    (n)            Truth and Accuracy.  Purchaser understands and acknowledges that the Securities are being offered
      and sold in reliance on a transactional exemption from the registration requirements of federal and state securities laws, and that the Company is relying in part upon the truth and accuracy of the representations, warranties, agreements,
      acknowledgments and understandings of such Purchaser set forth in this Subscription Agreement in (i) concluding that the issuance and sale of the Securities is a “private offering” and, as such, is exempt from the registration requirements of the
      Securities Act, and (ii) determining the applicability of such exemptions and the suitability of such Purchaser to purchase the Securities.

     

    (o)            Compliance with Other Instruments and Laws; Valid and Binding Obligation; No Authorization Required. 

      The execution and delivery of, and performance of the terms and obligations of, this Subscription Agreement will not cause Purchaser to violate any judgment, order, decree, law, ordinance, rule, regulation, statute, agreement, charter, organizational
      document or indenture to which Purchaser or Purchaser’s property is subject.  Assuming due authorization, execution and delivery of this Subscription Agreement by the Company, this Subscription Agreement is a valid and legally binding obligation of
      Purchaser, enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, reorganization, moratorium or other similar laws relating to the enforcement of creditors’ rights generally and by
      general principles of equity.  No authorization, consent or approval is required to be obtained by Purchaser from any governmental authority or agency or other official body in any relevant jurisdiction in connection with the execution or delivery of
      this Subscription Agreement by Purchaser or the performance by Purchaser of its obligations under this Subscription Agreement.

    
      -5-

      
        

    

    (p)            Anti-Terrorism Representations.  Neither Purchaser, nor any of its beneficial owners, appears on the Specially
      Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control of the United States Department of the Treasury or in the Annex to United States Executive Order 13224 – Blocking Property and Prohibiting Transactions with Persons
      Who Commit, Threaten to Commit, or Support Terrorism, nor are they otherwise a prohibited party under the laws of the United States.  Purchaser further represents that the monies used to fund the investment in the Shares are not derived from,
      invested for the benefit of, or related in any way to, the governments of, or persons within, any country under a U.S. embargo enforced by the Office of Foreign Assets Control.

     

    (q)            Anti-Money Laundering Representations.

     

    (i)            Purchaser does not know or have any reason to suspect that (A) the monies used to fund Purchaser’s
      investment in the Securities have been or will be derived from or related to any illegal activities, including but not limited to, money laundering activities, or (B) the proceeds from Purchaser’s investment in the Securities will be used to finance
      any illegal or illegitimate activities.  Purchaser (1) has conducted thorough due diligence with respect to all of its beneficial owners, (2) has established the identities of all beneficial owners and the source of each of the beneficial owner’s
      funds and (3) will retain evidence of any such identities, any such source of funds and any such due diligence.  Purchaser understands and agrees that, notwithstanding anything to the contrary contained in any document, if, following Purchaser’s
      subscription for the Securities, the Company reasonably believes that any aspect of a transaction with Purchaser (whether by virtue of Purchaser holding the Securities or otherwise) will be in contravention of United States federal, state,
      international or other laws or regulations, including anti-money laundering laws, the Company may be obligated to “freeze the account” of Purchaser, including prohibiting any distributions with respect to the Securities.  In addition, in any such
      event, Purchaser may be forced to withdraw from the Company or may otherwise be subject to the remedies required by law, and, to the fullest extent permitted by applicable law, Purchaser shall have no claim against any person for any form of damages
      as a result of any of the actions described in this paragraph.

     

    (ii)            Purchaser agrees to execute instruments, provide information, or perform any other acts as may reasonably
      be requested by the Company or an authorized representative of the Company, for the purpose of: (A) carrying out due diligence as may be required by applicable law to establish and verify Purchaser’s identity and source of funds, as well as those of
      any of Purchaser’s beneficial owner(s) and of any of Purchaser’s investors, partners, members, managers, directors, officers, beneficiaries or grantors and beneficial owner(s) of such investors, partners, members, managers, directors, officers,
      beneficiaries or grantors, as applicable; (B) maintaining records of such identities and sources of funds, or verifications or certifications as to the same; and (C) taking any other actions as may be required to comply with and remain in compliance
      with anti-money laundering statutes, regulations or conventions applicable to the Company (including the use of “truth technologies” such as World-Check, to verify any such information).

    
      -6-

      
        

    

    (iii)            None of Purchaser, any person controlling or controlled by Purchaser, any person having a beneficial interest in Purchaser
      or any person for whom Purchaser is acting as agent or nominee in connection with the Securities is: (A) a senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not),
      a senior official of a major non-U.S. political party, or a senior executive of a non-U.S. government owned corporation (“SFPF”); (B) an immediate family member of any SFPF; (C) a person who is widely or
      publicly known (or should be known by Purchaser) to maintain a close personal relationship with any SFPF; or (D) a person that has been formed by or for the benefit of any SFPF.

     

    (iv)            In the event that Purchaser is a non-U.S. banking institution (a “Non-U.S. Bank”) or
      receives deposits from, makes payments to or conducts transactions relating to, a Non-U.S. Bank in connection with Purchaser’s investment in the Company, such Non-U.S. Bank: (A) has a fixed address, other than an electronic address or a post office
      box, in a country in which it is authorized to conduct banking activities; (B) employs one or more individuals on a full-time basis; (C) maintains operating records related to its banking activities; (D) is subject to inspection by the banking
      authority that licensed it to conduct banking activities; and (E) does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a registered affiliate.

     

    (v)            Purchaser agrees that the representations and warranties set forth in this Section 2(q) shall be deemed repeated and
      reaffirmed by Purchaser as of each date that Purchaser is required to make a contribution of capital to, or to receive a distribution from, the Company.

     

    (r)            As of the date of this Subscription Agreement, the Purchaser and its affiliates do not have, to the
      Purchaser’s knowledge, and during the 30 day period prior to the date of this Subscription Agreement the Purchaser and its affiliates, to Purchaser’s knowledge, have not entered into, any “put equivalent position” as such term is defined in Rule
      16a-1 under the Exchange Act or short sale positions with respect to the Common Stock.

     

    (s)            Brokers and Dealers.  The Purchaser has not dealt with any broker or finder in connection with the
      transactions contemplated by this Subscription Agreement, and has not incurred, and shall not incur, directly or indirectly, any liability for any brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the
      transactions contemplated by this Subscription Agreement.  The Purchaser agrees that it will indemnify and hold harmless the Company and each Indemnified Person (as defined below) from and against any and all claims, demands, or liabilities for
      broker’s, finder’s, placement, or other similar fees or commissions incurred by the Purchaser in connection with the purchase of the Securities or the consummation of the transactions contemplated by this Subscription Agreement.

    
      -7-

      
        

    

    (t)            Counsel to the Company Does Not Represent Purchaser.  Purchaser understands and acknowledges that
      Holland & Knight LLP represents only the Company, and not Purchaser, in connection with the issuance and sale of the Securities.

     

    (u)            No Filing Required.  It is not necessary to ensure the legality, validity, enforceability or
      admissibility in evidence of this Subscription Agreement that any document be filed, recorded or enrolled by Purchaser with any governmental department or other authority in any relevant jurisdiction.

     

    (v)            Effect and Time of Representations.  The foregoing representations, warranties, covenants and
      agreements, together with all other representations, warranties, covenants and agreements made or given by Purchaser to the Company in any other written statement or document delivered in connection with the transactions contemplated hereby, shall be
      true and correct in all respects on and as of the date the Company accepts this subscription as if made on and as of such date and shall survive such date.  In addition, Purchaser agrees to notify the Company promptly of any change in any
      representation, warranty, covenant or agreement relating to Purchaser set forth herein and to provide the Company with such further information as the Company may reasonably require.

     

    3.        Restrictions on Transfer.

     

    (a)            Resale Restrictions.  Purchaser understands that the offer and sale of the Securities to such
      Purchaser have not been registered under the Securities Act or under any state securities laws.  Purchaser agrees not to offer, sell or otherwise transfer the Securities, or any interest in the Securities, unless (i) the offer and sale is registered
      under the Securities Act, (ii) the Securities may be sold in accordance with the applicable requirements and limitations of Rule 144 under the Securities Act and any applicable state securities laws and, if the Company reasonably requests, such
      Purchaser delivers to the Company an opinion of counsel to such effect, or (iii) such Purchaser delivers to the Company an opinion of counsel reasonably satisfactory to the Company that the offer and sale is otherwise exempt from Securities Act
      registration.

     

    (b)            Common Stock Restrictive Legend.  Purchaser understands and agrees that a legend in substantially
      the following form will be placed on the certificates of the Securities:

     

    THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND WERE OFFERED
      AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.  THE SECURITIES MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS PURSUANT TO REGISTRATION OR
      EXEMPTION FROM REGISTRATION REQUIREMENTS THEREUNDER AND, IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT OR THE ISSUER HAS RECEIVED DOCUMENTATION REASONABLY SATISFACTORY TO IT THAT SUCH
      TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER SUCH ACT.

    
      -8-

      
        

    

    (c)            Illiquid Investment.  Purchaser acknowledges that it, he or she must bear the economic risk of its investment in the
      Securities for an indefinite period of time, until such time as the Securities are registered or an exemption from registration is available.

     

    4.        Closing.

     

    (a)            The closing of the sale and purchase of the Securities (the “Closing”) under this Subscription Agreement
      shall take place on such date and at such place as shall be selected by the Company in its sole discretion.

     

    (b)             Purchaser acknowledges receipt of the Registration Rights Agreement and, upon the Closing, hereby
      specifically accepts, adopts and agrees to be bound by each provision thereof and agrees that its signature page to this Subscription Agreement shall constitute its counterpart signature page to the Registration Rights Agreement.

     

    5.        Indemnification.  Purchaser acknowledges that it understands the meaning and legal consequences of the representations, warranties and covenants set forth in Section 2 hereof and that the Company has relied and will rely upon
      such representations, warranties and covenants, and Purchaser hereby agrees to indemnify and hold harmless the Company and its respective affiliates, partners, directors, officers, members, managers, controlling persons, agents and employees (each,
      an “Indemnified Person”), from and against any and all loss, damage or liability, joint or several, and any action in respect thereof, to which any such person may become subject due to or arising out of a
      breach of any such representation, warranty, agreement or covenant.  The reimbursement and indemnity obligations of Purchaser under this paragraph shall be in addition to any liability which Purchaser may otherwise have, and shall be binding upon and
      inure to the benefit of any successors, assigns, heirs, estates, executors, administrators and personal representatives of the Indemnified Persons.  To the extent any Indemnified Person is not a party to this Subscription Agreement and is therefore
      unable to directly enforce the indemnity provisions of this Section 5, it is agreed that the Company shall be entitled and is hereby authorized (but is not obliged) to enforce the provisions of this  Section 5 on behalf of each
      Indemnified Person.

     

    6.        Survival.  All representations, warranties and covenants contained in this
      Subscription Agreement and the indemnification contained in Section 5 hereof, shall survive the execution, delivery and acceptance of this Subscription Agreement.

    
      -9-

      
        

    

    7.        Governing Law; Waiver of Trial By Jury.  THIS SUBSCRIPTION AGREEMENT
      SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.  This Subscription Agreement, and all claims or causes of action (whether in contract or tort)
      that may be based upon, arise out of or relate to this Subscription Agreement or the negotiation, execution or performance of this Subscription Agreement (including any claim or cause of action based upon, arising out of or related to any
      representation or warranty made in or in connection herewith), will be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflicts of laws.  Any action against any party relating to the
      foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any federal or state court located within
      the State of Delaware over any such action.  The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection that they may now or hereafter have to the laying of venue of any such dispute brought in such court
      or any defense of inconvenient forum for the maintenance of such dispute.  Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
      EACH OF THE PARTIES TO THIS SUBSCRIPTION AGREEMENT HEREBY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS
      SUBSCRIPTION AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS SUBSCRIPTION AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR
      HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.  EACH OF THE PARTIES TO THIS SUBSCRIPTION AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
      JURY AND THAT THE PARTIES TO THIS SUBSCRIPTION AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS SUBSCRIPTION AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     

    8.        Attorneys’ Fees.  In any action or proceeding brought to enforce any
      provision of this Subscription Agreement, or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees (including any fees incurred in any appeal) in addition to its
      costs and expenses and any other available remedy.

     

    9.        Assignment.  Purchaser agrees that it will not transfer or assign this
      Subscription Agreement or its rights and obligations hereunder.

     

    10.      Binding Effect.  Except as otherwise provided herein, this Subscription
      Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives, and permitted assigns.

     

    11.      Entire Agreement.  This Subscription Agreement, together with all
      attachments, schedules and exhibits thereto, supersede any oral or written agreements or understandings heretofore made, and contain the entire agreement of the parties, and there are no representations, warranties, covenants, or other agreements
      except as stated or referred to herein or therein.

     

    12.      Amendment.  This Subscription Agreement may be modified or amended only
      with the written consent of the Company and Purchaser.

     

    13.      Counterparts.  This Subscription Agreement may be executed in one or more
      separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

    
      -10-

      
        

    

    14.      Gender; Headings; “Including”.  Pronouns in neuter gender shall be construed to include any
      other gender unless the context clearly otherwise requires.  Headings appearing at the beginning of any section are for convenience only and shall not constitute part of such section and shall be disregarded in construing the language contained in
      such section.  The word “includes” and its derivatives means “includes, but is not limited to” and corresponding derivative expressions.

     

    15.      Severability.  Should any portion or provision of this Subscription Agreement be declared
      illegal, invalid or unenforceable in any jurisdiction, then such portion or provision shall be deemed to be severable from this Subscription Agreement to the extent practicable while preserving the economic intention of the parties and, in any event,
      such illegality, invalidity or unenforceability shall not affect the remainder hereof.

     

    16.      Further Assurances.  Purchaser will promptly furnish to the Company such additional
      information that the Company may hereafter reasonably require in order to determine or verify the information provided herein or which the Company reasonably believes will enable the Company to comply with all applicable anti-money laundering
      statutes, rules, regulations and policies, including any policies applicable to an investment held or proposed to be held by the Company.

     

    17.      PDF Signature Pages.  This Subscription Agreement may be validly executed and delivered by
      PDF format through electronic mail and such document shall be considered authentic and binding.

     

    [SIGNATURE PAGES FOLLOW]

    
      -11-

      
        

    

    PURCHASER SIGNATURE PAGE

     

    IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement for the purchase of the
      Shares and the Warrant. This page constitutes the signature page for each of (i) the Subscription Agreement for the purchase of the Shares in the amount set forth below, (ii) the Warrant Agreement, entitling the Purchaser to purchase shares of Common
      Stock in the amount set forth below and (iii) the Registration Rights Agreement. Upon acceptance by the Company, the undersigned shall be obligated to purchase the Shares and the Warrant at $20.00 per Share in cash and remit payment thereof to the
      Company as set forth below.

    

    

    

    

    
      	Dated:

            	December 23, 2022

            	

            	(1)

            
	

            	Insert Date

            	

            	Name of Purchaser

            
	

            	

            	

            	

            
	

            	

            	

            	

            
	

            	

            	

            	By:

            	 	(2)
	$

            	

            	

            	Signature of Authorized Person

            
	

            	
               Insert amount of shares of Common Stock to be
                  purchased at $20.00 per share of Common Stock. Such amount shall also constitute the amount of Warrant Stock under the Warrant Agreement.

            	

            	

            	(3)

            
	

            	

            	

            	Name

            
	

            	

            	

            	

            
	

            	

            	

            	

            	(4)

            
	 	

            	

            	TItle

            

    

    

    Type or print legibly:  the name of the Purchaser on line (1) above; the name of the individual signing on behalf of the
      Purchaser on line (3) above; and the title of the person signing on behalf of the Purchaser on line (4) above.  The person signing on behalf of the Purchaser should place his or her signature on line (2) above.

    

    

    
      	
              Address:

            	

            
	

            	

            
	

            	

            
	

            	

            
	

            	

            
	

            	

            
	

            	

            
	

            	

            
	
              Contact Name:

            	 	 	 	

            
	

            	

            
	
              Telephone No.:

            	 	 	 	

            
	

            	

            
	
              Email Address:

            	 	 	 	

            

       

      

      
        Purchaser Signature Page to Subscription Agreement

      

    

    
      
        

    

    

    

    COMPANY SIGNATURE PAGE

     

    Not To Be Completed By Purchaser

     

    

    

    Subscription for ____________ shares of Common Stock at $20.00 per share and a Warrant entitling the Purchaser to purchase ______________
      shares accepted as of December 23, 2022. This page constitutes the signature page for each of (i) the Subscription Agreement for the purchase of the Shares in the amount set forth above by the Purchaser and (ii) the Warrant Agreement, entitling the
      Purchaser to purchase shares of Common Stock in the amount set forth above.

    

    

    
      	
               

            	
              CONTANGO ORE, INC.

            
	
               

            	
               

            	
               

            
	
               

            	By:	

            
	 	
               Name:

            	 
	 	Title:	 

    

    

    

    

    
      Company Signature Page to Subscription Agreement

    

    
      
        

    

    

    

    Schedule A

     
    Eligibility Representations of Purchaser

    

    

    This Annex A should be completed and signed by Purchaser and constitutes a part of the Subscription Agreement.

    

    

    A. ACCREDITED INVESTOR STATUS (Please check the box, if applicable)

    ☐ Purchaser is an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) and has marked and initialed the appropriate box below
      indicating the provision under which it qualifies as an “accredited investor.”

    

    

    B. AFFILIATE STATUS

    (Please check the applicable box)

    PURCHASER:

    ☐ is:

    ☐ is not:

    an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

    

    

    Purchaser has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to Purchaser and under which Purchaser
      accordingly qualifies as an “accredited investor.”

    

    

    ☐ (1) Any bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of
      the Securities Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any investment adviser registered pursuant to section 203 of the Investment
      Advisers Act of 1940 or registered pursuant to the laws of a state; any investment adviser relying on the exemption from registering with the Commission under section 203(l) or (m) of the Investment Advisers Act of 1940; any insurance company as
      defined in section 2(a)(13) of the Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that act; any Small Business Investment Company licensed by the
      U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act; any plan established and
      maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within
      the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered
      investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

    

    

    ☐ (2) Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940;

     

    

    
      Schedule A to Subscription Agreement

    

    
      
        

    

    ☐ (3) Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, partnership, or
      limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

    

    

    ☐ (4) Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general
      partner of a general partner of that issuer;

    

    

    ☐ (5) Any natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, exceeds $1,000,000;

    

    

    (i) For purposes of calculating net worth under this paragraph (5):

    

    

    (A) The person's primary residence shall not be included as an asset;

    

    

    (B) Indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the
      time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the
      acquisition of the primary residence, the amount of such excess shall be included as a liability); and

    

    

    (C) Indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at
      the time of the sale of securities shall be included as a liability;

    

    

    ☐ (6) Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse or
      spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

    

    

    ☐ (7) Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed
      by a sophisticated person as described in § 230.506(b)(2)(ii) of the Securities Act;

    

    

    ☐ (8) Any entity in which all of the equity owners are accredited investors;

    

    

    ☐ (9) Any entity, of a type not listed in paragraph (1), (2), (3), (7), or (8), not formed for the specific purpose of acquiring the securities offered, owning
      investments in excess of $5,000,000;

     

    

    
      Schedule A to Subscription Agreement

    

    
      
        

    

    

    

    ☐ (10) Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational
      institution that the Commission has designated as qualifying an individual for accredited investor status. In determining whether to designate a professional certification or designation or credential from an accredited educational institution for
      purposes of this paragraph (10), the Commission will consider, among others, the following attributes:

    

    

    (i) The certification, designation, or credential arises out of an examination or series of examinations administered by a self-regulatory
      organization or other industry body or is issued by an accredited educational institution;

    

    

    (ii) The examination or series of examinations is designed to reliably and validly demonstrate an individual's comprehension and
      sophistication in the areas of securities and investing;

    

    

    (iii) Persons obtaining such certification, designation, or credential can reasonably be expected to have sufficient knowledge and experience
      in financial and business matters to evaluate the merits and risks of a prospective investment; and

    

    

    (iv) An indication that an individual holds the certification or designation is either made publicly available by the relevant
      self-regulatory organization or other industry body or is otherwise independently verifiable;

    

    

    ☐ (11) Any natural person who is a “knowledgeable employee,” as defined in rule 3c-5(a)(4) under the Investment Company Act of 1940 (17 CFR 270.3c-5(a)(4)), of
      the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act;

    

    

    ☐ (12) Any “family office,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1):

    

    

    (i) With assets under management in excess of $5,000,000,

    

    

    (ii) That is not formed for the specific purpose of acquiring the securities offered, and

    

    

    (iii) Whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such
      family office is capable of evaluating the merits and risks of the prospective investment; or

    

    

    ☐ (13) Any “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1)), of a family office
      meeting the requirements in paragraph (a)(12) of this section and whose prospective investment in the issuer is directed by such family office pursuant to paragraph (a)(12)(iii).

     

    

    
      Schedule A to Subscription Agreement

    

    
      
        

    

    Exhibit A

     
    

       

     
    Form of Warrant Agreement

    

    

    

    

    

    

    
      Exhibit A to Subscription Agreement

    

    
      
        

    

    Exhibit B

    

    

    Form of Registration Rights Agreement

    

    

    

    

    

    

    
      Exhibit B to Subscription AgreementExhibit 10.2

     

   
   

    

   
  

    
    WARRANT

      to Purchase Common Stock of

      Contango ORE, Inc.

      a Delaware corporation

      (the “Company”)

     

    As of December 23, 2022

     

    THE WARRANT EVIDENCED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES

        ACT”), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED UNLESS (i) THE OFFER AND SALE IS REGISTERED UNDER THE SECURITIES ACT, OR (ii) THE OFFER AND SALE IS EXEMPT FROM SECURITIES ACT REGISTRATION. IN
      ADDITION, THE WARRANT MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF BY THE HOLDER EXCEPT TO AN AFFILIATE OF THE HOLDER; PROVIDED, HOWEVER, THAT THAT SUCH TRANSFEREE MUST HAVE THE QUALIFICATIONS NECESSARY TO BE AN INITIAL PURCHASER OF THE
      WARRANT.

     

    The undersigned (“Holder”), or registered assigns, is entitled to purchase from the Company at any
      time following the date of this Warrant until 5 p.m., Central Standard Time, on the second (2nd) anniversary of the date of this Warrant (the “Expiration Date”), the number of shares set forth on the signature
      page hereto of Warrant Stock (as defined below), in whole or in part, at a per share of Warrant Stock purchase price at any date equal to the Purchase Price (as defined below), all on the terms and conditions herein below provided.

     

    This Warrant is issued pursuant to a Subscription Agreement dated as of the date of this Warrant between the Holder and the Company (the “Agreement”).

     

    Section 1.          Certain Definitions. In addition to the terms defined below and elsewhere in this
      Warrant, capitalized terms that are not otherwise defined herein shall have the meanings given to such terms in the Agreement.

     

    “Additional Shares of Common Stock” shall mean all shares of Common Stock issued by the Company
      after the Closing Date other than shares of Common Stock issued pursuant to options to purchase Common Stock issued pursuant to the Company’s Amended and Restated 2010 Equity Compensation Plan, including those options issued to date.

     

    “Affiliate” shall mean any other person which, directly or indirectly, is in control of, is
      controlled by, or is under common control with, such specified persons. For purposes of this definition, control of a person means the power, direct or indirect, to direct or cause the direction of the management and policies of such person whether
      by contract or otherwise.

     

    “Aggregate Purchase Price” shall have the meaning given in Section 2 below.

     

    “Board of Directors” shall mean the duly appointed board of directors of the Company.

    
      
        

    

    “Business Day” shall mean a day, other than a Saturday, Sunday or legal holiday on which
      commercial banks are authorized or obligated by law or executive order to close in the State of Texas.

     

    “Closing Date” shall mean the date of this Warrant.

     

    “Commission” shall mean the Securities and Exchange Commission.

     

    “Common Stock” shall mean the Company’s authorized common stock, $.01 par value per share, as
      constituted on the date of original issuance of this Warrant, and any stock into which such common stock may thereafter be changed.

     

    “Convertible Securities” shall mean evidences of indebtedness, shares of stock or other securities
      which are convertible into or exchangeable for Additional Shares of Common Stock, either immediately or upon the arrival of a specified date or the happening of a specified event.

     

    “Current Market Price” shall mean, as of any particular date: (a) the volume weighted average of
      the closing sales prices of the Common Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if there have been no sales of the Common Stock on any such exchange on any such day, the average
      of the highest bid and lowest asked prices for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed on a domestic securities exchange, the closing sales price of the Common Stock as
      quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association for such day; or (d) if there have been no sales of the Common Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or
      association on such day, the average of the highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association at the end of such day; in each case, averaged over
      twenty (20) consecutive Business Days ending on the Business Day immediately prior to the day as of which “Current Market Price” is being determined; provided, that if the Common Stock is listed on any domestic securities exchange, the term “Business
      Day” as used in this sentence means Business Days on which such exchange is open for trading. If at any time the Common Stock is not listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar
      quotation system or association, the “Current Market Price” of the Common Stock shall be the fair market value as determined by the Board of Directors using its good faith judgment. The Board of Directors’ determination shall be binding upon all
      parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

     

    “Eligible Stock Units” shall have the meaning in Section 2 below.

     

    “Person” shall mean any individual, corporation, partnership, association, joint stock company,
      trust or trustee thereof, estate or executor thereof, unincorporated organization or joint venture, court or governmental unit or any agency or subdivision thereof, or any other legally recognizable entity.

     

    “Purchase Price” shall mean $25.00 per Stock Unit.

    
      2

      
        

    

    “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar federal
      statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

     

    “Stock Unit” shall mean one share of Common Stock, as such Common Stock was constituted on the
      date of original issue of this Warrant and thereafter shall mean such number of shares (including any fractional shares) of Common Stock as shall result from the adjustments specified in Section 4 of this Warrant.

     

    “Warrant” shall mean this Warrant, evidencing rights to purchase shares of Common Stock, and all
      Warrants issued upon transfer, division or combination of, or in substitution for, this Warrant. All Warrants shall at all times be identical as to terms and conditions and date, except as to the Common Stock for which they may be exercised.

     

    “Warrant Stock” shall mean the shares of Common Stock purchasable by the Holder upon the exercise
      hereof.

     

    Section 2.       Exercise of Warrant. The Holder of this Warrant may, at any time
      following the date of this Warrant but not later than the Expiration Date, exercise this Warrant in whole or in part for the number of shares of Stock Units which such Holder is then entitled to purchase hereunder (the “Eligible Stock Units”). In order to exercise this Warrant, in whole or in part, the Holder hereof shall deliver to the Company at its office
      maintained for such purpose pursuant to Section 18: (i) a written notice of such Holder’s election to exercise this Warrant, (ii) this Warrant, and (iii) the total purchase price for the shares of Eligible Stock Units being purchased upon such
      exercise by delivery in cash, by wire transfer or certified or official bank check of immediately available funds in an amount equal to the product of the Purchase Price multiplied by the number of Eligible Stock Units being purchased upon such
      exercise (the “Aggregate Purchase Price”). Such notice shall be in the form of the Subscription attached as Exhibit A hereto. Upon receipt thereof, the Company shall, as promptly as practicable and in any event
      within ten (10) Business Days thereafter, cause to be executed and delivered to such Holder a certificate or certificates representing the aggregate number of fully paid and nonassessable shares of Warrant Stock issuable upon such exercise. In the
      event the Holder of this Warrant elects to exercise this Warrant with respect to less than all of the Eligible Stock Units, the Company shall also return to the Holder this Warrant marked to show the remaining Stock Units eligible to be exercised.

     

    The stock certificate or certificates for Warrant Stock so delivered shall be endorsed with the following legend and shall be in such denominations as may be
      specified in said notice and shall be registered in the name of such Holder or such other name or names as shall be designated in said notice:

     

    THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED UNLESS (i) THE OFFER AND SALE IS REGISTERED UNDER THE SECURITIES ACT, OR (ii) THE OFFER AND SALE IS EXEMPT
      FROM SECURITIES ACT REGISTRATION.

    
      3

      
        

    

    Such certificate or certificates shall be deemed to have been issued and such Holder or any other Person so designated to be named therein shall be deemed to
      have become a Holder of record of such shares evidenced by such certificate, including to the extent permitted by law and the Company’s certificate of incorporation and bylaws, the right to vote such shares or to consent or to receive notice as a
      stockholder, as of the time said notice is received by the Company as aforesaid.

     

    Except as otherwise provided in Section 8 hereof, the Company shall pay all expenses, transfer taxes and other charges payable in connection with the
      preparation, issue and delivery of stock certificates under this Section 2, except that, in case such stock certificates shall be registered in a name or names other than the name of the Holder of this Warrant, funds sufficient to pay all stock
      transfer taxes which shall be payable upon the issuance of such stock certificate or certificates shall be paid by the Holder hereof at the time of delivering the notice of exercise mentioned above.

     

    All shares of Warrant Stock issuable upon the exercise of this Warrant shall be validly issued, fully paid and nonassessable, and free from all liens and
      other encumbrances thereon.

     

    No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. If the exercise of this Warrant results in a
      required issuance of a fraction of a share, an amount equal to such fraction multiplied by the Current Market Price per share of Common Stock on the day of delivery of notice of exercise to the Company shall be paid to the Holder of this Warrant in
      cash by the Company.

     

    Section 3.        Transfer, Division and Combination. This Warrant may not be sold, transferred or otherwise
      disposed of by the Holder except to an Affiliate of the Holder; provided, however, that that the transferee must have the qualifications necessary to be an initial purchaser of the Warrant (“Transfer
        Restriction”). Subject to the Transfer Restriction and Section 10, this Warrant and all rights hereunder may be transferred, in whole or in part, on the books of the Company to be maintained for such purpose, upon surrender of this Warrant
      at the office of the Company maintained for such purpose pursuant to Section 18, together with a written assignment of this Warrant duly executed by the Holder hereof or its agent or attorney and payment of funds sufficient to pay any stock transfer
      taxes payable upon the making of such transfer. Such assignment shall be substantially in the form of the Assignment attached as Exhibit B hereto. Upon such surrender and payment the Company shall, subject to this Transfer Restriction and Section 10,
      execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and this Warrant shall promptly be cancelled. This Warrant, if properly assigned in compliance
      with this Section 3 and Section 10, may be exercised by an assignee for the purchase of shares of Warrant Stock without having a new Warrant issued.

     

    This Warrant may, subject to the Transfer Restriction and Section 10, be divided or combined with other Warrants upon presentation at the aforesaid office of
      the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder hereof or its agent or attorney. Subject to compliance with the preceding paragraph and with the Transfer
      Restriction and Section 10, as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with
      such notice.

    
      4

      
        

    

    The Company shall pay all expenses, taxes (other than income taxes, if any, of the transferee) and other charges incurred by the Company in the performance
      of its obligations in connection with the preparation, issue and delivery of Warrants under this Section 3.

     

    The Company agrees to maintain at its aforesaid office books for the registration and transfer of the Warrants.

     

    Section 4.         Adjustment of Stock Unit. The number of shares of Common Stock comprising a Stock Unit
      shall be subject to adjustment from time to time as set forth in this Section 4 with respect to any fact or event described herein occurring after the date hereof. The Company will not create any class of Common Stock which carries any rights to
      dividends or assets differing in any respect from the rights of the Common Stock on the date hereof. Anything contained in this Section 4 notwithstanding, any adjustment made pursuant to any provision of this Section 4 shall be made without
      duplication of an adjustment otherwise required by and made pursuant to another provision of this Section 4 on account of the same facts or events.

     

    A            Stock Dividends, Subdivisions and Combinations. In case at any time or from time to
      time following the Closing Date, the Company shall:

     

    (1)            subdivide its outstanding shares of Common Stock into a larger number of shares of Common Stock,

     

    or

     

    (2)            combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, then the number of shares
      of Common Stock comprising a Stock Unit immediately after the happening of any event described in clauses (1) and (2) above shall be adjusted so as to consist of the number of shares of Common Stock which a record holder of the number of shares of
      Common Stock constituting a Stock Unit immediately prior to the happening of such event would own or be entitled to receive after the happening of an event described in clauses (1) and (2) above.

     

    B            Certain Other Dividends and Distributions. In case at any time or from time to time following the Closing
      Date the Company shall make any dividend or other distribution of:

     

    (1)            cash (other than a cash distribution made as a dividend and payable out of earnings or earned surplus legally available for
      the payment of dividends under the laws of the jurisdiction of incorporation of the Company, to the extent, but only to the extent, that the aggregate of all such dividends paid or declared after the date hereof, does not exceed the consolidated net
      income of the Company and its consolidated subsidiaries earned subsequent to the date hereof determined in accordance with generally accepted accounting principles), or

    
      5

      
        

    

    (2)            any evidence of its indebtedness (other than Convertible Securities), or any other property (other than cash and other than
      Convertible Securities or Additional Shares of Common Stock), then the number of shares of Common Stock thereafter comprising a Stock Unit shall be adjusted to that number determined by multiplying the number of shares of Common Stock comprising a
      Stock Unit immediately prior to such adjustment by a fraction (i) the numerator of which shall be the Current Market Price per share of Common Stock at the date of dividend or distribution, and (ii) the denominator of which shall be such Current
      Market Price per share of Common Stock minus the portion applicable to one share of Common Stock of any such cash so distributed and of the fair value of any and all such evidences of indebtedness so distributed. Such fair value shall be determined
      in good faith by the Board of Directors.

     

    C            Merger, Consolidation or Disposition of Assets. In case the Company shall merge or
      consolidate into another corporation, or shall sell, transfer or otherwise dispose of all or substantially all of its property, assets or business to another corporation and pursuant to the terms of such merger, consolidation or disposition, shares
      of common stock of the successor or acquiring corporation are to be received by or distributed to the holders of Common Stock, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, Stock Units each comprising the
      number of shares of common stock of the successor or acquiring corporation receivable upon or as a result of such merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock comprising a Stock Unit immediately
      prior to such event. If, pursuant to the terms of such merger, consolidation or disposition of assets, any cash, shares of stock or other securities or property (including warrants, options or other subscription or purchase rights) are to be received
      by or distributed to the holders of Common Stock in addition to common stock of the successor or acquiring corporation, there shall be an adjustment in the number of shares of Common Stock thereafter comprising a Stock Unit to that number determined
      by multiplying the number of shares of Common Stock comprising a Stock Unit immediately prior to such adjustment by a fraction (i) the numerator of which shall be the Current Market Price per share of Common Stock at the date of such merger,
      consolidation or disposition, and (ii) the denominator of which shall be such Current Market Price per share of Common Stock minus the portion applicable to one share of Common Stock of any cash so distributed and of the fair value of any and all
      such shares of stock, securities or other property. Such fair value shall be determined in good faith by the Board of Directors. In case of any such merger, consolidation or disposition of assets, the successor or acquiring corporation shall
      expressly assume the due and punctual observance and performance of each and every covenant and condition of this Warrant to be performed and observed by the Company and all of the obligations and liabilities hereunder, subject to such modification
      as shall be necessary to provide for adjustments of Stock Units which shall be as nearly equivalent as practicable to the adjustments provided for in this Section 4. The foregoing provisions of this Subsection shall similarly apply to successive
      mergers, consolidations or dispositions of assets.

     

    Section 5.         Notice to Warrant Holders.

     

    A            Notice of Adjustment of Stock Unit. Whenever the number of shares of Common Stock
      comprising a Stock Unit shall be adjusted pursuant to Section 4, the Company shall forthwith obtain a certificate signed by an officer of the Company, setting forth, in reasonable detail, the event requiring the adjustment and the method by which
      such adjustment was calculated and specifying the number of shares of Common Stock comprising a Stock Unit and, if such adjustment was made pursuant to Section 4.C, describing the number and kind of any other shares of stock comprising a Stock Unit
      after giving effect to such adjustment or change. The Company shall promptly, and in any case within 10 days after the making of such adjustment, cause a signed copy of such certificate to be delivered to the Holder. The Company shall keep at its
      office or agency, maintained for the purpose pursuant to Section 18, copies of all such certificates and cause the same to be available for inspection at said office during normal business hours by the Holder.

    
      6

      
        

    

    B            Notice of Certain Corporate Action. In case the Company shall (a) pay any dividend
      payable in cash or in stock of any class to the holders of its Common Stock or to make any other distribution to the holders of its Common Stock, or (b) issue any Additional Shares of Common Stock for a consideration per share less than the Current
      Market Price of per share of Common Stock, or (c) effect any reclassification of its Common Stock (other than a reclassification involving only the subdivision or combination of outstanding shares of Common Stock), or (d) effect any capital
      reorganization, or (e) effect any consolidation, merger or sale, change to the Company’s charter or bylaws, transfer or other disposition of all or substantially all of its property, assets or business, or (f) effect the liquidation, dissolution or
      winding up of the Company, then in each such case, the Company shall promptly give to each Holder of a Warrant, in accordance with Section 18, a notice of such action, which shall specify the date on which any such action was taken, and shall also
      set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such action on the Common Stock and Warrants.

     

    Section 6.          Reservation and Authorization of Common Stock. The Company shall at all times reserve and
      keep available for issue upon the exercise of Warrants such number of its authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full of all outstanding Warrants.

     

    Section 7.          Stock and Warrant Transfer Books. The Company will not at any time, except (i) upon
      dissolution, liquidation or winding up, or (ii) for purposes of declaring and paying a dividend or matters related to voting by shareholders of the Company, close its stock transfer books or Warrant transfer books so as to result in preventing or
      delaying the exercise or transfer of any Warrant.

     

    Section 8.          Transfer Taxes. The Company will pay any and all transfer taxes that may be payable in
      respect of the issuance or delivery of shares of Common Stock on exercise of this Warrant. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of
      Common Stock in a name other than that in which this Warrant is registered, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax, or has established, to the
      satisfaction of the Company, that such tax has been paid.

     

    Section 9.            No Voting Rights. This Warrant shall not entitle the Holder hereof to any voting
      rights, or to any rights as a stockholder of the Company.

     

    Section 10.          Restrictions on Transferability. The Warrants and the Warrant Stock shall be
      transferable only upon compliance with the conditions specified in this Warrant and in compliance with the provisions of the Securities Act and applicable state securities laws in respect of the transfer of any Warrant or any such Common Stock.

    
      7

      
        

    

    Section 11.          Limitation of Liability. No provision hereof, in the absence of affirmative action by
      the Holder hereof to purchase shares of Common Stock, shall give rise to any liability of such Holder for the purchase price or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

     

    Section 12.          Agreement. Nothing in this Warrant shall limit or reduce the rights and benefits of the
      Holder under the Agreement.

     

    Section 13.          Representations and Warranties. Holder makes to the Company, as of the date hereof, the
      same representations and warranties that it made in Section 2 of the Agreement, mutatis mutandis, so that they apply appropriately to this Warrant.

     

    Section 14.          Loss, Destruction of Warrant Certificates. Upon receipt of evidence satisfactory to the
      Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security satisfactory to the Company, or, in the case of any such mutilation, upon surrender
      and cancellation of such Warrant, the Company will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of shares of Warrant
      Stock.

     

    Section 15.           Furnish Information. The Company agrees that it shall deliver to the Holder promptly
      after their becoming available copies of all financial statements, reports and proxy statements which the Company shall have sent to its stockholders generally.

     

    Section 16.           Amendments. The terms of this Warrant may be amended, and the observance of any term
      therein may be waived, only with the written agreement of the Company and the Holder.

     

    Section 17.          Office of the Company. So long as any of the Warrants remains outstanding, the Company
      shall maintain an office where the Warrants may be presented for exercise, transfer, division or combination as in this Warrant provided. Such office shall be at 3700 Buffalo Speedway, Suite 960, Houston, Texas 77098 unless and until the Company
      shall designate and maintain some other office for such purposes and give written notice thereof to the Holder.

     

    Section 18.           Notices Generally. All notices, requests and other communications hereunder must be in
      writing and will be deemed to have been duly given only if delivered personally or by electronic transmission or mailed (first class postage prepaid) to the parties at the following addresses:

     

    If to Company, to:

     

    Contango ORE, Inc.

      3700 Buffalo Speedway, Suite 925

      Houston, Texas 77098

      Attention: Leah Gaines, Vice President, Chief Financial Officer, Chief Accounting Officer, Treasurer and Secretary

      Email: Leah.Gaines@contangoore.com

    Phone: 713.294.8380

    
      8

      
        

    

    If to Holder, to the addresses set forth on the Holder signature page hereto.

     

    All such notices, requests and other communications will (i) if delivered personally to the address as provided in this Section 18, be deemed given upon
      delivery, (ii) if delivered by electronic transmission to the email address as provided in this Section, be deemed given upon receipt, and (iii) if delivered by mail in the manner described above to the address as provided in this Section 18, be
      deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice is to be delivered pursuant to this Section 18). Any party from time to time may
      change its address, email address or other information for the purpose of notices to that party by giving notice in accordance with this Section 18 specifying such change to the other party hereto.

     

    Section 19.             Termination. This Warrant will terminate as of the Expiration Date.

     

    Section 20.             Governing Law. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
      INTERNAL LAWS OF THE STATE OF DELAWARE.

     

     

    

    [Signature Pages Follow]

    
      9

      
        

    

    EXHIBIT A

     

    SUBSCRIPTION FORM

      (to be executed only upon exercise of Warrant)

     

    The undersigned registered owner of this Warrant irrevocably exercises this Warrant for and purchases_________shares of Warrant Stock of Contango ORE, Inc.,
      a Delaware corporation, purchasable with this Warrant, the undersigned herewith makes a cash payment in accordance with Section 2(a) of the Warrant and requests that certificates for the shares of Common Stock hereby purchased and issued in the name
      of and delivered to the undersigned whose name and address is below.

     

    In the event that the holder has elected a cash exercise with respect to some or all of the shares of Warrant Stock to be issued pursuant hereto, the
      undersigned shall pay the Aggregate Purchase Price in the sum of $________________ to the Company in accordance with the terms of the Warrant.

     

    Dated:

     

    _______________________________

    (Signature of Registered Owner)

     

     

    ________________________________

    (Street Address)

     

     

    _________________________________

    (City) (State) (Zip Code)

     

    

     

    

    
      Exhibit A to Warrant Agreement

    

    
      
        

    

    EXHIBIT B

     

    ASSIGNMENT FORM

     

    FOR VALUE RECEIVED the undersigned registered owner of this Warrant hereby sells, assigns and transfers unto the assignee named below all of the rights of
      the undersigned under this Warrant, with respect to the number of shares of Warrant Stock set forth below:

     

    Name and Address of Assignee:

     

    

    

     

    No. of shares of Warrant Stock:

     

    and does hereby irrevocably constitute and appoint the Company attorney to make sure transfer on the books of Contango ORE, Inc., a Delaware corporation,
      maintained for the purpose, with full power of substitution in the premises.

     

    Dated:

     

    Signature:

     

    Witness:

     

    	NOTICE:	
            The signature to the assignment must correspond with the name as written upon the face of the within Warrant in every particular, without alteration or enlargement or any change whatever.

          

     

    

    

    
      
        Exhibit B to Warrant Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]