Announcement • Mar 26

Contango Ore, Inc. (NYSEAM:CTGO) completed the acquisition of Dolly Varden Silver Corporation (TSXV:DV).

Contango Ore, Inc. (NYSEAM:CTGO) signed a letter of intent to acquire Dolly Varden Silver Corporation (TSXV:DV) on October 16, 2025. Contango Ore, Inc agreed to acquire Dolly Varden Silver Corporation for approximately $350 million in a merger of equals transaction on December 7, 2025. The consideration consists of common equity of Contango Ore, Inc. at a ratio of 0.1652 per common equity. A reciprocal termination fee in the amount of $15 million is payable by either party in certain circumstances as set out in the Arrangement Agreement. Upon completion of the Transaction, existing Contango and Dolly Varden shareholders will each own approximately 50% of the outstanding shares of MergeCo, on a fully diluted in-the-money basis. Merged Company is expected to be renamed Contango Silver & Gold Inc. Following completion of the Arrangement, the Dolly Varden Shares are expected to be delisted from the TSX-V and the NYSE American. The Merged Company will be led by Rick Van Nieuwenhuyse as Chief Executive Officer, Shawn Khunkhun as President and Mike Clark as Executive Vice President and Chief Financial Officer. The Board of the combined company will consist of Clynt Nauman as Chairman, Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Rick Van Nieuwenhuyse and Shawn Khunkhun. The corporate office will be based in Fairbanks, Alaska, with a secondary office located in Vancouver, British Columbia. The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders, listing approval, Dissent Rights and subject to court approval as well as regulatory approval. The Board of Directors of Dolly Varden Silver Corporation formed a special committee for the transaction. The deal has been unanimously approved by the board of directors of Contango and Dolly Varden. As of February 11, 2026 board of directors of Dolly Varden Silver recommended the shareholders to vote for the transaction in special meeting to be held on March 17, 2026 at the offices of Stikeman Elliott LLP. As of March 9, 2026, two leading independent proxy advisory firms, including Institutional Shareholder Services, have recommended that Contango stockholders vote "FOR" the Arrangement to be considered at the Contango's upcoming special meeting of stockholders. The transaction is expected to close in late February or early March 2026. As of March 17, 2026, Dolly Varden Silver Corporation and Contango Ore's shareholders overwhelmingly approved the transaction. The British Columbia Supreme Court hearing for the final order to approve the Arrangement is currently scheduled to take place on March 23, 2026, and closing of the Arrangement is expected follow shortly thereafter. As on March 26, 2026, all court approvals have been received. Canaccord Genuity Group Inc. acted as fairness opinion provider and financial advisor for Contango Ore, Inc, will receive a fee of $0.4 million for opinion rendered. Haywood Securities Inc. acted as financial advisor and fairness opinion provider for Dolly Varden Silver Corporation. Raymond James & Associates, Inc. acted as fairness opinion provider and financial advisor for Dolly Varden Silver Corporation. Steven McKoen and Michelle Noorani of Blake, Cassels & Graydon LLP acted as legal advisor for Contango Ore, Inc. Holland & Knight LLP acted as legal advisor for Contango Ore, Inc. Victor Gerchikov of Stikeman Elliott LLP acted as legal advisor for Dolly Varden Silver Corporation. Dorsey & Whitney LLP acted as legal advisor for Dolly Varden Silver Corporation. Laurel Hill Advisory Group acted as information agent for Contango Ore, Inc and will receive a fee of CAD 0.09 million. Computershare Investor Services Inc. acted as depository bank for Contango Ore, Inc. and Dolly Varden Silver Corporation. Contango Ore, Inc. (NYSEAM:CTGO) completed the acquisition of Dolly Varden Silver Corporation (TSXV:DV) on March 26, 2026. As a part of acquisition, Contango is being led by Rick Van Nieuwenhuyse, Chief Executive Officer, Shawn Khunkhun, President and Mike Clark, Executive Vice President & Chief Financial Officer. The Board of Directors includes Clynt Nauman (Chairman), Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Rick Van Nieuwenhuyse, and Shawn Khunkhun,

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