Contango Completes Merger with Dolly Varden

About this update from Dolly Varden Silver Corporation

Contango Completes Merger with Dolly VardenFairbanks, Alaska and Vancouver, British Columbia--(Newsfile Corp. - March 26, 2026) - Contango Silver & Gold Inc. (NYSE American: CTGO) ("Contango" or the "Company") and Dolly Varden Silver Corporation ("Dolly Varden") are pleased to announce they have completed their previously announced merger (the "Arrangement"), following receipt of all required shareholder and court approvals. An application has been submitted to the Toronto Stock Exchange to list the Contango Shares (as defined below) and it is expected that the Contango Shares will be listed shortly, subject to satisfaction of applicable listing requirements and approval of the Toronto Stock Exchange.With the completion of the transaction, all issued and outstanding Dolly Varden common shares have been acquired by 1566004 B.C. Ltd. ("Acquireco"), an indirect wholly owned subsidiary of Contango, under a statutory plan of arrangement. Each Dolly Varden common share has been exchanged for 0.1652 of a share of voting common stock in Contango (each whole share being, a "Contango Share"), or, for Eligible Holders (as such term is defined in the Arrangement Agreement, as defined below) who validly elected, 0.1652 of an exchangeable share in the capital of Acquireco (each whole share being, an "Exchangeable Share"), in each case subject to the terms and conditions of the arrangement agreement dated December 7, 2025, as amended February 11, 2026, between the Company, Dolly Varden and Acquireco (the "Arrangement Agreement"). The Exchangeable Shares are exchangeable for Contango Shares on a one-for-one basis subject to adjustment. All Dolly Varden stock options outstanding at closing were deemed to be exchanged for equivalent securities to acquire Contango Shares, adjusted in accordance with the exchange ratio noted above. Pursuant to the Arrangement, Contango issued 13,686,278 Contango Shares and replacement options to purchase 417,048 Contango Shares, and Acquireco issued 1,597,301 Exchangeable Shares. After completion of the transaction, there are 30,507,599 outstanding Contango Shares, excluding the Exchangeable Shares. For further information on the Arrangement, please refer to the Company's definitive proxy statement dated February 13, 2026, which can be accessed online on Contango's website at www.contangoore.com/investors/special-meeting and un...

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