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 E S T O R P R E S 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 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 ...

Core Viewpoint - Contango ORE and Dolly Varden Silver have announced a merger to create a new North American high-grade, mid-tier silver and gold producer, referred to as MergeCo, which will leverage their complementary asset portfolios and enhance shareholder value [2][4]. Transaction Overview - The merger will be executed on a merger-of-equals basis, with existing shareholders of both companies owning approximately 50% of MergeCo on a fully diluted basis [3][15]. - MergeCo is expected to be renamed Contango Silver & Gold Inc. and will be led by a combined management team from both companies [3][11]. Strategic Rationale - The merger aims to create a well-funded North American asset portfolio, including the cash-flowing Manh Choh gold mine in Alaska and several high-grade silver and gold projects in British Columbia and Alaska [2][4]. - The combined entity will focus on low-capex Direct Shipping Ore (DSO) projects, leveraging existing infrastructure for development [10]. Financial Position - MergeCo will have over US$100 million in cash on hand, only US$15 million in debt, and significant annual cash flow from the Manh Choh gold mine [10]. - The combined market capitalization is expected to be approximately US$812 million (C$1.1 billion), enhancing trading liquidity and institutional ownership [10]. Asset Highlights - Key assets include the Manh Choh Mine, Lucky Shot Mine, Johnson Tract, and Kitsault Valley, all strategically located to support high-grade development [6][7][9]. - The Manh Choh Mine is noted for its high-grade reserves, with gold reserves estimated at approximately 8 grams per tonne and production of 173,400 gold ounces in the first nine months of 2025 [10][19]. Governance and Leadership - The board of directors for MergeCo will include members from both Contango and Dolly Varden, ensuring a diverse governance structure [3][11]. - Leadership will be provided by Rick Van Nieuwenhuyse as CEO, Shawn Khunkhun as President, and Mike Clark as Executive Vice President and CFO [3][11]. Regulatory and Approval Process - The transaction is subject to court approval and requires the affirmative vote of shareholders from both companies at special meetings expected in February 2026 [16][18]. - Major shareholders from both companies, holding approximately 22% of the outstanding shares, have entered into voting support agreements in favor of the merger [17].

Core Viewpoint - Contango ORE, Inc. has successfully integrated the Johnson Tract Critical Metals Project into the FAST-41 program, which aims to enhance the federal permitting process for large infrastructure projects, ensuring improved coordination and transparency [1][2]. Group 1: Project Announcement - The Johnson Tract Critical Metals Project has been accepted as a "covered project" under the FAST-41 program as of December 1, 2025 [1]. - The President & CEO of Contango expressed gratitude to the Permitting Council and the US Army Corps of Engineers for their support in advancing the project through the permitting process [1]. Group 2: FAST-41 Program Overview - FAST-41, established in 2015, aims to streamline the federal permitting process for large infrastructure projects by increasing transparency, coordination, and accountability [2]. - The program includes a public-facing Permitting Dashboard to track projects and set public timetables for environmental reviews and authorizations [2]. - A Memorandum of Understanding (MOU) was signed on August 27, 2025, between the Permitting Council and the State of Alaska to provide federal permitting assistance through the FAST-41 program [2]. Group 3: Company Background - Contango ORE, Inc. is listed on NYSE American and focuses on the exploration of gold and associated minerals in Alaska [3]. - The company holds a 30% interest in the Peak Gold Joint Venture, which encompasses approximately 675,000 acres for exploration and development [3]. - Contango also has leases on the Johnson Tract and Lucky Shot projects, along with 100% ownership of approximately 8,600 acres of peripheral mining claims in Alaska [3].

Core Insights - Contango ORE, Inc. has initiated the Lucky Shot drill program to support a Feasibility Study, with drilling expected to occur in four phases during Summer 2026 [1] - The underground exploration drilling will target approximately 18,000 meters across 210 drill holes, aiming to upgrade the Lucky Shot vein resource to Proven and Probable categories [1] - The Feasibility Study is anticipated to be completed in 2027, with assay results expected to start reporting in Q1 2026 [1] Drilling Program Details - The initial phase of drilling is focused on a resource "In-Fill" program on the Lucky Shot Vein, with additional testing on mineralized structures recently mapped in the West Drift [2] - Channel samples from the West Drift structure have shown significant gold grades, including 26.1 g/t, 379 g/t, and 9.1 g/t over 0.5 meters, averaging approximately 139 g/t over 1.5 meters [2] - The goal of the drill program is to gather data for a robust resource model to support the Final Feasibility Study [2] Company Overview - Contango is listed on NYSE American and focuses on gold exploration in Alaska, holding a 30% interest in the Peak Gold JV, which covers approximately 675,000 acres [4] - The company also has leases on the Johnson Tract and Lucky Shot projects, along with 100% ownership of around 8,600 acres of peripheral mining claims in Alaska [4]

Financial Data and Key Metrics Changes - The company reported record operating income of $25 million for Q3 2025, with an all-in sustaining cost (ASIC) of $1,597 per ounce, below the $1,625 target [3][6] - Cash position increased significantly from $20 million at year-end 2024 to $107 million as of September 30, with $87 million received from the Peak Gold joint venture [6][8] - Adjusted net income was introduced to provide clarity on the business's performance, excluding unrealized derivative hedge losses that impacted the P&L by $30 million [9][10] Business Line Data and Key Metrics Changes - Q3 production exceeded plans by approximately 2,000 ounces, contributing to the record operating income [3] - The test batch blending of low-grade oxide ore from Manh Choh with Fort Knox ore achieved a 94% recovery rate, expected to add about 1,300 ounces in Q4 [13][14] Market Data and Key Metrics Changes - The company noted stable diesel prices in Alaska, which positively impacted transportation costs, a significant part of the overall cost structure [4][5] - The gold price environment remains high, with current prices above $4,000, influencing the economic viability of processing lower-grade materials [15][18] Company Strategy and Development Direction - The company aims to execute a solid five-year plan with potential for M&A opportunities in Alaska, BC, and Yukon, focusing on organic growth through Lucky Shot and Johnson Tract [33][34] - The strategy includes continuing exploration at existing projects while also considering additional opportunities that fit the direct shipping ore (DSO) model [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current operational strategy and the ability to deliver on production targets, with expectations to fulfill hedges by September 2026 [36][37] - The permitting process for Johnson Tract is ongoing, with expectations to receive necessary permits by Q1 of next year, allowing for mobilization and construction to begin [30][31] Other Important Information - The company is focused on maintaining a low ASIC while optimizing transportation and operational efficiencies [20][21] - The Lucky Shot project is expected to produce 30,000-40,000 ounces annually, with a feasibility study anticipated in 12-18 months [23][24] Q&A Session Summary Question: What are the capital allocation priorities following the increase in cash position? - The company aims to pay down debt and fulfill hedges as quickly as possible, with a focus on maintaining production levels [6][8] Question: Can you provide insight into the adjusted net income? - Adjusted net income was introduced to clarify the business's performance excluding unrealized derivative losses, which significantly impacted the net income [9][10] Question: What is the status of the Lucky Shot project? - The drill rig has been mobilized for a 15,000-meter underground infill program, with results expected by mid-January [23][25] Question: How is the permitting process for Johnson Tract progressing? - The company is working on obtaining two fundamental permits, expected by Q1 of next year, to proceed with the underground exploration [29][30] Question: When do you expect to fulfill the old hedges? - The objective is to deliver into the hedges by September 2026, with the last ones maturing in mid-2027 [36][37] Question: How large is the net operating loss carry forward? - The company does not anticipate paying taxes in the near future due to the ability to offset costs incurred at Lucky Shot against profits [38][39]

Financial Data and Key Metrics Changes - The company reported record operating income of $25 million for Q3 2025, with all-in sustaining costs (AISC) maintained below the target of $16.25 at $15.97 per ounce [4][5] - Cash position increased significantly from $20 million at the end of 2024 to $107 million as of December 30, 2025, primarily due to an $87 million distribution from the Peak Gold joint venture [8] Business Line Data and Key Metrics Changes - Q3 production exceeded plans by approximately 2,000 ounces, contributing to the record operating income [4] - The company processed 287,000 tonnes at a recovery rate of 92.5% in Q3, with a grade of 0.214 ounces per tonne [23] Market Data and Key Metrics Changes - The company noted stable diesel prices and low oil prices as factors contributing to lower AISC, which is significant given the transportation costs involved in ore movement [5][6] Company Strategy and Development Direction - The company aims to focus on organic growth through projects like Lucky Shot and Johnson Track, while also considering M&A opportunities within Alaska, BC, and Yukon [46][48] - The strategy includes continuing to explore and develop existing resources while maintaining a solid five-year plan for growth [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current operational strategy and the potential for future growth, emphasizing the importance of maintaining a strong cash position and minimizing debt [46][48] - The management highlighted the significance of the successful blending of low-grade oxide ore with Fort Knox ore, achieving a 94% recovery rate, which could lead to processing additional previously uneconomic materials [18][20] Other Important Information - The company is currently mobilizing a drill rig for a 15,000-meter underground infill program at Lucky Shot, with production estimates of 30,000 to 40,000 ounces annually [29][30] - The permitting process for the Johnson Track project is ongoing, with expectations to receive necessary permits by Q1 of the following year [40][41] Q&A Session Summary Question: What is the strategic thinking behind capital allocation? - The company aims to pay off hedges and debt quickly while maintaining production ahead of schedule, which has saved approximately $2.4 million this quarter [9][10] Question: Can you provide insight into adjusted net income? - Adjusted net income was introduced to clarify the impact of unrealized derivative hedge losses, which amounted to a $30 million impact on the P&L due to fluctuations in gold prices [12][13] Question: What is the expected timeline for the old hedges to be fulfilled? - The objective is to deliver into hedges by September 2026, with the last ones maturing in mid-2027 [52][54] Question: How large is the net operating loss carry forward? - The company anticipates not paying taxes this year or next, as it plans to offset costs from Lucky Shot against profits from Montchaux [56][57] Question: What are the upcoming plans for the Johnson Track project? - The company is focused on obtaining permits for the underground exploration drift and plans to mobilize equipment for road construction next summer [40][41]

NYSE-A:CTGO CORPORATE PRESENTATION Investors are cautioned that while the S-K 1300 definitions are "substantially similar" to the NI 43-101 definitions, there are differences between the two. Accordingly, there is no assurance any mineral reserve or mineral resource estimates that Peak Gold may report as "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had CORE prepared the mineral reserve or mineral r ...

Financial Performance - Contango reported record high income from operations of $25 million for Q3-2025, up from $22.7 million in Q3-2024, representing an increase of approximately 5.7%[3] - Adjusted net income for Q3-2025 was $24.9 million, compared to $19.1 million in Q3-2024, reflecting a year-over-year increase of about 30.3%[3] - For the nine months ended September 30, 2025, net cash provided from operating activities was $60.2 million, a significant increase from $10.6 million in the same period of 2024[4] - Contango's unrestricted cash position as of September 30, 2025, was $107 million, compared to $20.1 million at the end of 2024[4] - Cash distributions received from the Peak Gold JV amounted to $33 million in Q3-2025, contributing to the company's improved cash flow[9] Production and Costs - The company sold 16,669 ounces of gold in Q3-2025, with cash costs of $1,402 per ounce and all-in-sustaining costs of $1,597 per ounce, both below the 2025 target of $1,625 per ounce[2] - The company expects to produce between 6,000 and 8,000 gold ounces in Q4-2025, with additional production from a test batch of Manh Choh ore[2] Projects and Future Plans - A 15,000-meter underground in-fill drilling program is underway at the Lucky Shot mine, with assay results expected in Q1-2026[7] - The company plans to complete a feasibility study for the Lucky Shot project within 12 to 18 months, targeting annual production of 30,000 to 40,000 ounces of gold[10] Capital Raising - Contango raised gross proceeds of $50 million through an equity offering, issuing 1,975,000 shares at a public offering price of $20.00 per share[14]

Financial Performance - In 2024, the Company received $40.5 million in cash distributions from the Peak Gold JV related to production at the Manh Choh Project, followed by $87.0 million received during the nine months ended September 30, 2025[115]. - Income from equity investment in the Peak Gold JV for Q3 2025 was $29.5 million, up from $28.5 million in Q3 2024[136]. - For the nine months ended September 30, 2025, income from equity investment in the Peak Gold JV was $79.2 million, significantly higher than $27.7 million for the same period in 2024[145]. - Metal sales for Q3 2025 generated a gain of $2.2 million from 16,669 ounces sold at an average spot price of $3,647, compared to $0.9 million from 12,850 ounces at $2,521 in Q3 2024[139]. - Metal sales for the nine months ended September 30, 2025, resulted in a gain of $4.3 million from 51,574 ounces sold at an average spot price of $3,300, compared to $0.9 million from 12,850 ounces at $2,521 in the same period of 2024[147]. - Loss on derivative contracts for Q3 2025 was $30.3 million, down from $28.8 million in Q3 2024, with 11,900 gold ounces delivered into contracts[140]. - Loss on derivative contracts for the nine months ended September 30, 2025, totaled $83.7 million, compared to $57.1 million for the same period in 2024, with 23,839 ounces delivered into contracts[148]. Project Updates - During Q1 2025, the Peak Gold JV processed 323,000 tons of ore with an average grade of 0.215 oz per ton, resulting in approximately 65,000 oz of recovered gold, of which Contango's 30% share amounted to 19,500 oz[116]. - In Q2 2025, the Peak Gold JV processed 255,000 tons of ore with an average grade of 0.222 oz per ton, resulting in approximately 52,000 oz of recovered gold, with Contango's share being 15,700 oz[117]. - In Q3 2025, the Peak Gold JV processed 287,000 tons of ore with an average grade of 0.214 oz per ton, resulting in approximately 56,800 oz of recovered gold, with Contango's share being approximately 17,000 oz[118]. - The Johnson Tract Project's Technical Report Summary indicates a pre-tax NPV5 of $359.0 million and a pre-tax IRR of 37.4%[127]. - The Lucky Shot Property aims to produce 30,000 to 40,000 ounces of gold per year, with a feasibility study expected to be completed in 12 to 18 months[123]. - The Manh Choh Project commenced production in July 2024 and remains on schedule, contributing to the cash flows of the Peak Gold JV[158]. Expenses and Cash Management - General and administrative expenses for Q3 2025 were $2.5 million, slightly down from $2.6 million in Q3 2024[135]. - Exploration expenses for Q3 2025 were $2.0 million, down from $3.0 million in Q3 2024, primarily related to permitting processes at the Johnson Tract Project[134]. - As of September 30, 2025, the company had approximately $107.0 million in cash, with cash distributions from the Peak Gold JV totaling $87.0 million from Q3 2024 to Q3 2025[156][159]. - The company plans to use net proceeds of approximately $47.5 million from a recent stock sale to advance the Lucky Shot Project and Johnson Tract Project[160]. - Cash cost on a by-product basis per ounce sold for Q3 2025 was $1,402, while AISC on a by-product basis per ounce was $1,597[155]. Ownership and Future Plans - As of September 30, 2025, the Company's directors and executives beneficially own approximately 12.3% of the Company's common stock[131]. - The Company anticipates acquiring additional exploration properties in Alaska, subject to the availability of funds[132].

Core Viewpoint - Contango ORE, Inc. reported strong financial performance in Q3-2025, with record income and production levels, while also outlining future production and exploration plans [2][3][4]. Financial Performance - Total income from operations for Q3-2025 was $25 million, an increase from $22.7 million in Q3-2024 [3]. - Adjusted net income for Q3-2025 was $24.9 million, compared to $19.1 million in Q3-2024 [3]. - The company reported a net loss of $5.4 million for Q3-2025, an improvement from a net loss of $9.7 million in Q3-2024 [3]. - Cash costs per ounce sold were $1,402, and all-in-sustaining costs were $1,597, both below the 2025 target of $1,625 [2][3]. Production and Sales - Contango sold 16,669 ounces of gold in Q3-2025, with a total of 17,057 ounces produced [5][13]. - Year-to-date gold production reached 52,020 ounces, with total gold sales amounting to approximately $170.2 million [5]. - The company expects Q4-2025 production to be between 6,000 and 8,000 ounces due to seasonal conditions [2]. Cash Flow and Financial Position - Net cash provided from operating activities for the nine months ended September 30, 2025, was $60.2 million, significantly up from $10.6 million in the same period of 2024 [4]. - The unrestricted cash position as of September 30, 2025, was $107 million, compared to $20.1 million at the end of 2024 [4][14]. - Cash distributions received from the Peak Gold JV amounted to $87 million year-to-date [4][5]. Exploration and Future Plans - A drill rig is being mobilized for a 15,000-meter underground drilling program at the Lucky Shot mine, with results expected in Q1 2026 [9]. - The Lucky Shot project aims to produce 30,000 to 40,000 ounces of gold annually using a Direct Shipping Ore approach, with a feasibility study expected to be completed in 12 to 18 months [9]. - Ongoing work at the Johnson Tract project includes permitting for underground exploration and environmental assessments [10]. Debt and Financing - The company repaid $7 million on its credit facility during Q3-2025, reducing the outstanding balance to $23.1 million [14]. - Subsequent to the period end, an additional $8.5 million was repaid, further lowering the balance to $14.6 million [14]. - Contango raised gross proceeds of $50 million through an equity offering, issuing 1,975,000 shares at a public offering price of $20.00 per share [14].