Contango ORE

The Contango Ore + Dolly Varden Silver proposed merger will create a new well-funded, high-grade silver and gold company. This merger unites four of the highest-grade silver and gold districts in North America, with assets ranging from cash-flowing production to advanced exploration which will allow investors to gain full exposure to a full pipeline of value creation projects.

The combined company will benefit from:

◉ Immediate cash flow from the producing Manh Choh Gold Mine (Alaska)
◉ Low-capex Direct Shipping Ore (DSO) development strategy
◉ Significant exploration upside across a multi-asset portfolio in Alaska and British Columbia

The transaction positions the combined entity among a scarce group of North American mid-tier silver-gold companies with scale, liquidity, and strong institutional support.

Complementary Assets	Creation of a North-American focused multi-stage silver and gold company, with an asset portfolio ranging from advanced-stage exploration to current production
Well-Funded	Over US$100 million combined cash on hand, only US$15 million in debt and annual cash flow from the producing high-grade Manh Choh gold mine in Alaska, operated in partnership with Kinross Gold Corporation
High-Grade Projects	Leverage to advanced-stage exploration assets anchored by the Lucky Shot and Johnson Tract projects in Alaska, and the Kitsault Valley silver-gold project in British Columbia — all strategically located near existing infrastructure supporting a Direct Ship Ore (“DSO”) approach
Shared Capex Strategy	Common development philosophy to pursue low-capex DSO projects that can be developed using existing processing facilities
Exploration Potential	Track-record of high-grade exploration success across the portfolio
Enhanced Capital Markets Profile	The combined company’s shareholders to benefit from greater critical mass with a combined market capitalization of approximately US$812 million (C$1.1 billion), as well as increased trading liquidity, index inclusion, research coverage and institutional ownership
Insider and Institutional Support	All directors and officers of Contango and Dolly Varden, as well as significant shareholders of both companies, have signed voting support agreements in favour of the Transaction, representing ~22% of the outstanding Contango shares and ~22% of the outstanding Dolly Varden shares
Expanded Presence	Listing on the NYSE American, and intention to apply to list on the Toronto Stock Exchange following closing of the Transaction

A New North American Silver-Gold Powerhouse

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