Contango Silver & Gold Inc. · AMEX:CTGO
Contango Silver & Gold — Contango ORE — Merger or Acquisition (December 2025)
40 slides from Contango Silver & Gold's merger presentation, Dec 12, 2025
Slide 1: Merger to Create a New North American High-Grade, Mid-Tier Silver & Gold Producer and Developer
NYSE-A:CTGO TSX-V:DV | NYSE-A:DVS MERGER TO CREATE A NEW NORTH AMERICAN HIGH-GRADE, MID-TIER SILVER & GOLD PRODUCER AND DEVELOPER I N V ES TO R P R ES E N TAT I O N D E C E M B E R 2 0 2 5 W W W . C O N T A N G O O R E . C O M W W W . D O L L Y V A R D E N S I L V E R . C O M
Slide 2: Legal Disclaimer
DISCLAIMER LEGAL DISCLAIMER The information contained in this presentation furnished by or on behalf of Dolly Varden Silver Corporation (“Dolly Varden”) or Contango ORE, Inc. (“Contango”) has been prepared in respect of the proposed transaction described herein involving Dolly Varden and Contango (t
Slide 3: Disclaimer (Cont'd)
DISCLAIMER (CONT’D)Although Contango and Dolly Varden believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forw
Slide 4: Disclaimer (Cont'd)
DISCLAIMER (CONT’D) To view a copy of the Manh Choh S-K 1300 Report, see: https://www.sec.gov/Archives/edgar/data/1502377/000115752323000931/a53408787_ex961.htm. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this
Slide 5: Presenters
PRESENTERS Rick Van Nieuwenhuyse Shawn Khunkhun President, CEO & Director President, CEO & Director Contango Dolly Varden
Slide 6: Transaction Highlights & Strategic Rationale
TRANSACTION HIGHLIGHTS & STRATEGIC RATIONALE Creation of a North-American focused multi-stage silver and gold company, with an asset portfolio COMPLEMENTARY ASSETS ranging from advanced-stage exploration to current production Over US$100 million combined cash on hand, only US$15 million in debt and
Slide 7: Key Terms of the Transaction
KEY TERMS OF THE TRANSACTION Combination of Contango and Dolly Varden on a merger-of-equals basis pursuant to a court-approved TRANSACTION plan of arrangement under the Business Corporations Act (British Columbia) CONSIDERATION Dolly Varden shareholders to receive 0.1652 of a Contango share for each
Slide 8: Complementary High-Grade Asset Portfolio
COMPLEMENTARY HIGH-GRADE ASSET PORTFOLIO Asset Diversification, Increased Scale and Significant Exposure to Gold and Silver in Neighbouring Tier I Jurisdictions Resources & Grade Manh Choh1,2 Lucky Shot3 Johnson Tract4 Dolly Varden5 M&I (koz AuEq) 278 106 1,053 707 g/t (AuEq) 7.9 14.5 9.4 5.3 Inferr
Slide 9: Multi-Phase Growth Platform Supported by Cash Flows
MULTI-PHASE GROWTH PLATFORM SUPPORTED BY CASH FLOWS Catalyst Rich Portfolio of Advanced Exploration-Stage Assets Supported by Cash Flows from Manh Choh Production Advanced Exploration/Development Production Kitsault Valley (“KV”) Johnson Tract (“JT”) Lucky Shot (“LS”) Manh Choh (“MC”) • Assays pendi
Slide 10: Enhanced Capital Markets Profile
p.a. GEO production MC • 5,000m drill program Continued exploration initiatives Contango Assets Dolly Varden Assets 9 ENHANCED CAPITAL MARKETS PROFILE Dual Listing, Potential Index Re-Balancing, a Deep Institutional Share Registry and Increased Research Coverage to Drive Re-Rating Pro Forma Share St
Slide 11: Strategically Positioned Amid Sector Scarcity
STRATEGICALLY POSITIONED AMID SECTOR SCARCITY The Merger Strategically Positions the Pro Forma Company Amid Scarcity of Multi-Stage, Mid-Tier North American Au-Ag Companies North America – Producers (Ag project in Mexico) CTGO + DV North America – North America – Ag-Focused Developers Au-Focused Dev
Slide 12: Top North American Explorer
TOP NORTH AMERICAN EXPLORER Top-Performing Drilling Results Across CTGO and DV Assets 2024 Best Holes: North American Silver Dolly Varden Reporting State / Reported Interval Interval Grade x Property Name Company Province Date Hole ID (meters) Grade (g/t) Interval • 3rd best silver grade x thickness
Slide 13: Combined Company Leadership Team
COMBINED COMPANY LEADERSHIP TEAM Proven Leadership Team with a Demonstrated Track Record of Value Creation in the North American Mining Sector Rick Van Nieuwenhuyse Shawn Khunkhun Michael Clark CEO & Director President & Director CFO 40+ years of experience in the 20+ years of experience in capital
Slide 14: Combined Company Portfolio Overview
COMBINED COMPANY PORTFOLIO OVERVIEW
Slide 15: Alaskan Focused Portfolio Executing on Our Direct Ship Ore Model
ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) MANH CHOH MINE (30%)1 • Production started Q3 2024 • M&I 278 koz resource with exploration upside • ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 • LOM = 37% hedge and 63% spot • Est. 2025 annual production of ~60,000 GEO2,3 +
Slide 16: What Is the Direct Shipping Ore (DSO) Approach?
WHAT IS THE DIRECT SHIPPING ORE (DSO) APPROACH? Drill & Muck at Load & Weigh at Mine Site Mine Site Transport via Rail/Road/Barge • Ore mined underground • Containers loaded and weighed at • Ore containers are transferred to Rail/Barge • Loaded into covered/sealed mine site • Transported to off-site
Slide 17: Contango's Development Pipeline
CONTANGO’S 5 YEAR DEVELOPMENT PIPELINE +3X GROWTH PROFILE Fully Funded to Execute Fastest Gold Producing Growth Profile in the Industry• Lucky Shot online: target ~30,000 to 40,000 GEO • Manh Choh 60,000oz annual production annually All 3 projects in production • Definition resource drilling at Luck
Slide 18: Cornerstone in the Golden Triangle, BC
CORNERSTONE IN THE GOLDEN TRIANGLE, BC 18
Slide 19: Kitsault Valley Project
KITSAULT VALLEY PROJECT HOMESTAKE KITSAULT VALLEY PROJECT WOLF VEIN 19
Slide 20: Torbrit, Kitsol and Dolly Varden Silver
TORBRIT, KITSOL and DOLLY VARDEN SILVER DV18-163: 419 g/t Ag, 0.28%Pb, 0.14% Zn over 65.3m true width incl. 16m at 1,240 g/t Ag Torbrit Main and North Discovery DV22-283: 50.18m (~30.0m true width) averaging 414 g/t Ag incl. 7.15m (4.29m true width) averaging 646 g/t Ag Kitsol DV20-211: 351 g/t Ag o
Slide 21: Summary
SUMMARY Merger of Equals Increases Scale and Benefits to All Shareholders Complementary Creation of a mid-tier North American silver-gold company Assets Non-Dilutive Exposure to cash flow from the producing high-grade Manh Choh Gold Mine Funding High-Grade Leverage to a continuum of high-grade advan
Slide 22: Q&A
MERGER TO CREATE A NEW NORTH AMERICAN HIGH -GRADE, MID-TIER SILVER & GOLD PRODUCER AND DEVELOPER Q&A
Slide 23: Appendix
| Ms S DOLLY VARDEN ‘SILVER CORP | APPENDIX
Slide 24: Timeline of the Merger
TIMELINE OF THE MERGER Plan of Arrangement Transaction Anticipated to Close in Q1 2026 DECEMBER JANUARY FEBRUARY—MARCH ✓ Merger ✓ Record Date ✓ Shareholder Votes Announcement ✓ Interim Court ✓ Final Court Order Order Hearing Approving Merger ✓ Mail Special ✓ Anticipated Closing Meeting Materials 202
Slide 25: Manh Choh – A DSO Success
MANH CHOH – A DSO SUCCESS • Manh Choh to Fort Knox 240 mi • Kinross is operator (70% owner) • On schedule and on budget • State and Federal permits received within 18 months • Construction and Ramp Up completed in 2 years • First gold pour in July 2024 • Contract mining & trucking YTD 2025 RESULTS &
Slide 26: Manh Choh Mine Success of DSO Approach
MANH CHOH MINE CTGO SUCCESS OF DSO APPROACH DSO CRITERIA • High-grade resources • Gold, Silver, Copper focus • Near Infrastructure • Road • Rail • Water • Simple permitting from a mining perspective • Private and State lands 2024 • Minimal water and wetlands impact 2023 Ore stockpiled at Manh Choh a
Slide 27: Wolf Vein
WOLF VEIN 1,422 g/t Silver over 21.70m, including 10,700 g/t Silver over 1.00m at Wolf Vein 27
Slide 28: Homestake Silver Results
HOMESTAKE SILVER RESULTS 26.74 g/t Gold over 14.76 meters, including 122 g/t Gold over 2.85 meters at Homestake Silver Deposit Homestake Silver NQ drill core from hole HR25-469 of a sample interval grading 91 g/t Au over 0.63 meters compared to a slab with similar gold grade from the 320 level at As
Slide 29: Alaskan Focused Portfolio Executing on Our Direct Ship Ore Model
ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) MANH CHOH MINE (30%)1 • Production started Q3 2024 • M&I 278 koz resource with exploration upside • ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 • LOM = 37% hedge and 63% spot • Est. 2025 annual production of ~60,000 GEO2,3 ~
Slide 30: Lucky Shot – Our Next DSO Project
LUCKY SHOT – OUR NEXT DSO PROJECT FOCUSED ON RESOURCE EXPANSION OVER THE NEXT 2-3 YEARS DEVELOPMENT Looking NNE • Historically producing district: 250,000 ozs averaging 40 g/t Au • Mesothermal quartz vein with free gold Coleman Adit • +1 mi (1.6 km) strike length • Contango controls entire district
Slide 31: Lucky Shot – Potential of 400,000 to 500,000 GEO
LUCKY SHOT – OUR NEXT DSO PROJECT POTENTIAL OF 400,000 to 500,000 GEO FEASIBILITY UNDERWAY • Planned 15,000m in-fill drill program for resource definition OBJECTIVES: • Define high-grade “ore shoots” • Delineate 400,000 to 500,000 GEO • Collect data for detailed mine plan • Targeting 30,000 to 40,00
Slide 32: Lucky Shot – Willow Creek District Scale Opportunity
LUCKY SHOT – WILLOW CREEK DISTRICT SCALE OPPORTUNITY DEVELOPMENT • Historic High-Grade Gold Mining District • Initial Discoveries 1890’s • 20+ Historic Mines and Prospects • Relatively “unmined” since 1942 • Mesothermal, shear hosted quartz +Auveins Lucky Shot ore with visible gold Coleman LUCKY SHO
Slide 33: Alaskan Focused Portfolio Executing on Our Direct Ship Ore Model
ALASKAN FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) MANH CHOH MINE (30%)1 • Production started Q3 2024 • M&I 278 koz resource with exploration upside • ~60,000 GEO in 2025 (70% hedge and 30% spot) 2,3 • LOM = 37% hedge and 63% spot • Est. 2025 annual production of ~60,000 GEO2,3 ~
Slide 34: Johnson Tract
JOHNSON TRACT PRIVATE SURFACE RIGHTS (CIRI OWNERSHIP) WIDE FLAT VALLEY WITH MINIMAL WETLANDS PERMITTING/DEVELOPMENT • Valley is well suited for infrastructure • 50-man camp • 290 DDH: +83,000m drilled • 2024 Program Focused On: • Infill drilling at resource • Hydrological testing • Geotechnical test
Slide 35: Johnson Tract Robust Grades with Thick Intercepts
JOHNSON TRACT ROBUST GRADES WITH THICK INTERCEPTS; GREAT METALLURGY & IDEAL FOR UNDERGOUND MINING METHODS Selected Drill Intercepts Vein Styles Thick (40m true width & high-grade) True width 10x thicker than high-grade peers Amenable to low-cost underground mining 35 35
Slide 36: Johnson Tract Plan View
JOHNSON TRACT PLAN VIEW ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS (G/T) JOHNSON TRACT LOOKING NORTHWEST DEPOSIT JT BLOCK MODEL NORTH 36 36
Slide 37: Johnson Tract Initial Assessment
JOHNSON TRACT INITIAL ASSESSMENT ROBUST ECONOMICS WITH 1.3 YEAR PAYBACK JOHNSON TRACT INITIAL ASSESSMENT1 • Pre-Tax net present value discounted at 5% (NPV5) of USD $359.0 million • Pre-Tax Internal Rate of Return (IRR) of 37.4% • Post-Tax NPV5 of USD $224.5 million with a post-tax IRR of 30.2% at t
Slide 38: Contango's Reserves and Resources
CONTANGO’S RESERVES AND RESOURCES CONTANGO OWNED RESERVES Notes: Manh Choh Reserves 1. Published from Contango 10K. Reserves current as of Au Au Ag Ag AuEq TONNES Cu Cu Pb Pb Zn Zn AuEq 31 December 2024. PROJECT CLASSIFICATION Grade Ounces Grade Ounces Ounces (000) (%) (M Lb) (%) (M Lb) (%) (M Lb) (
Slide 39: Contango's Reserves and Resources
CONTANGO’S RESERVES AND RESOURCES Au Au Ag Ag AuEq TONNES Cu Cu Pb Pb Zn Zn AuEq PROJECT CLASSIFICATION Grade Ounces Grade Ounces Ounces (000) (%) (M Lb) (%) (M Lb) (%) (M Lb) (g/t) (g/t) (000) (g/t) (000) (000) Manh Choh Inferred — 3.2 — 9.2 —Lucky Shot Inferred 82 9.5 25 Johnson Tract Inferred 706
Slide 40: Dolly Varden's Resources
DOLLY VARDEN’S RESOURCES Category Property Cut-Off Tonnes Ag (g/t) Ag oz Au (g/t) Au (oz) Dolly Varden 150 g/t Ag 3,417,000 299.8 32,931,000 Indicated Homestake Ridge 2.0 g/t AuEq 736,000 74.8 1,800,000 7.02 165,993 Total 34,731,000 165,993 Dolly Varden 150 g/t Ag 1,285,300 277.0 11,447,000 Inferred