Contango Ore: How the Dolly Varden merger builds a mid-tier powerhouse

Cash flow, large resources, and experienced teams combine

Contango Ore is combining with Dolly Varden Silver to form Contango Silver & Gold, creating a company with more than 3 million ounces of gold, 100 million ounces of silver, over 100 million U.S. dollars in cash, over $100 million in annual cash flow from current operations at Manh Choh, and a plan to reach 200,000 ounces of gold production within five years while generating significant annual free cash flow.

Contango Ore is evolving to create a new mid-tier producer by uniting its assets and team with those of Dolly Varden Silver. Management describes the transaction as a way to instantly add scale, liquidity, and a diversified portfolio across Alaska and British Columbia.

At current market levels, the combined business is expected to approach 1 billion U.S. dollars in value with 33 million shares outstanding and a balance sheet that includes more than 100 million U.S. dollars in cash. The plan outlines a five-year path to 200,000 ounces of gold and 4 to 6 million ounces of silver annually, supported by over 100 million U.S. dollars in free cash flow each year.

Why this combination matters for investors

Contango Ore brings a development team with decades of experience advancing projects from discovery to production. Dolly Varden contributes major discoveries, strong investor backing, and exploration momentum. Leadership from both sides points to this mix of technical expertise and capital strength as the core advantage of the new company.

The portfolio spans Alaska and British Columbia, jurisdictions the companies describe as mining friendly with established permitting frameworks. Long-standing relationships with Alaska Native corporations and First Nations are highlighted as a foundation for responsible growth.

Gold and silver exposure in a rising market

With record gold prices drawing attention and silver also reaching new highs, the merged company aims to capture upside from both metals. Executives compare the ambition to building a modern version of long-established producers, but on a faster timeline backed by cash flow and exploration optionality.

What investors should watch next

• Progress toward the 200,000 ounce gold production target

• Integration of the Alaska and B.C. asset portfolios

• Drilling results across the four exploration districts

• Advancement of permitting and development milestones

• Growth in free cash flow as projects move forward

For more information on Contango Ore, Inc. (NYSE-A: CTGO) and the Dolly Varden Merger please click on the request investor info button.

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