Core Viewpoint - Dolly Varden Silver Corporation is moving forward with a statutory arrangement with Contango ORE, Inc., requiring shareholder approval at an upcoming special meeting [1][4]. Meeting Details - The special meeting of shareholders will take place on March 17, 2026, at 10:00 a.m. Vancouver time, at the offices of Stikeman Elliott LLP [3]. - Shareholders are encouraged to vote before the proxy voting deadline of March 13, 2026, at 10:00 a.m. Vancouver time [3]. The Arrangement - Under the arrangement, Contango will acquire all issued and outstanding common shares of Dolly Varden, with shareholders receiving 0.1652 of a Contango share for each Dolly Varden share held [4]. - Eligible Canadian shareholders may opt for 0.1652 of an exchangeable share in a Canadian subsidiary of Contango [4]. - The arrangement requires approval from at least 66 2/3% of the votes cast by Dolly Varden shareholders at the meeting [4]. Board Recommendation & Rationale - The board of directors unanimously recommends that shareholders vote in favor of the arrangement, citing various reasons including voting support agreements with directors, officers, and large shareholders who collectively own approximately 22% of the outstanding shares [5][10]. About Dolly Varden Silver Corporation - Dolly Varden Silver Corporation is focused on advancing its 100% held Kitsault Valley Project in British Columbia, which includes the Dolly Varden and Homestake Ridge Projects [7]. - The company has consolidated around 100,000 hectares of prospective tenure in the Golden Triangle, which includes five past-producing high-grade silver mines [7]. - The Kitsault Valley Project is considered prospective for further precious metal deposits and contains properties that may host copper and gold mineralization [7].

Core Insights - The materials sector is currently experiencing a trend of oversold stocks, presenting potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Dolly Varden Silver Corp (NYSE:DVS) is identified as one of the major oversold players in the materials sector, with a Relative Strength Index (RSI) value of 26.2 [2] - Vizsla Silver Corp (NYSE:VZLA) has seen its shares fall by 13.2%, closing at $4.29, and has a momentum score of 92.56 [2] - FMC Corp (NYSE:FMC) is also mentioned as part of the oversold stocks in the sector, indicating potential investment interest [2] Group 2: Market Performance - Precious metals shares, including gold and silver, have traded lower recently, with a noted sell-off from previous strength [2] - The stock of Dolly Varden Silver Corp has decreased approximately 27% over the past month, reaching a 52-week low of $1.69 [2]

Core Insights - Dolly Varden Silver has completed 32 drill holes at the Wolf Vein, with significant silver price increases contributing to heightened interest in the company [1][6] - Silver is currently trading at US$110 per ounce, while gold has reached a record price of US$5,050 per ounce, indicating strong demand for precious metals [1][2] Company Developments - The 2025 drill program included infill and vertical extension drilling, with new mineralization discovered that is similar to the Torbrit Deposit [2][3] - Directional drilling technology has been employed to optimize drilling efficiency, allowing for multiple uses of the same mother hole [7][8] - Significant silver intercepts include 467 g/t over 15.32 meters and 518 g/t over 0.52 meters, indicating high-grade mineralization [8][9] Merger and Strategic Rationale - Dolly Varden announced a proposed merger with Contango, which holds a 30% interest in the Manh Choh Gold Project, enhancing the combined company's asset portfolio [10][14] - The merger aims to create a North American-focused multi-stage silver and gold company, with a combined market capitalization of approximately US$812 million (C$1.1 billion) [16][17] - The transaction is supported by significant shareholders, representing approximately 22% of the outstanding shares of both companies [17] Future Outlook - The merger is expected to extend Contango's five-year plan into a 20-year development and exploration strategy, leveraging Dolly Varden's high-grade mineral inventory [18][19] - The collaboration is anticipated to enhance exploration and development opportunities across Alaska and Northwest British Columbia [19][20]

Group 1 - Dolly Varden Silver Corporation (DVS) and Contango Ore have announced a merger of equals, with stockholders of each company controlling approximately 50% of the new entity, MergeCo [2] - The merged company will own the Manh Choh gold mine in Alaska and several silver and gold prospects in British Columbia and Alaska, including Johnson Tract and Kitsault Valley [2] - The anticipated closing date for the merger is late February or early March 2026, with a $15 million reciprocal termination charge in place [2] Group 2 - The 2025 exploration program at Kitsault Valley completed 56,131 meters in 84 drill holes, focusing on new prospects and existing deposits [3] - As of January 21, 2026, DVS's stock has increased by 18.58% year-to-date [3]

Core Viewpoint - Silver prices have surged to nearly all-time highs due to geopolitical tensions and supply limitations, making it an attractive investment option for investors seeking security [2][3]. Silver Market Overview - On January 19, 2026, silver peaked at $94.08 per ounce, driven by investor demand amid trade tensions and geopolitical issues [2]. - The following day, silver reached a record high of $95.87 per ounce before closing at $94.38, marking a 32% increase in 2026 and a 147% increase in 2025 [3]. Investment Opportunities in Silver Stocks - A list of the 15 best-performing silver stocks was compiled based on a one-year performance criterion of over 20% returns [5]. - The methodology involved screening silver stocks using Finviz and analyzing hedge fund sentiment data from Insider Monkey [5][6]. Notable Silver Stocks - **Freeport-McMoRan Inc. (NYSE:FCX)**: - Achieved a 54.98% return over the past year, with a price target increase from $58 to $68 by JPMorgan [7][9]. - The company is involved in mining copper, gold, molybdenum, and silver [10]. - **Dolly Varden Silver Corporation (NYSE:DVS)**: - Recorded a 106.20% return over the past year and is involved in a merger with Contango Ore [11][12]. - The company has completed significant exploration programs, focusing on new prospects [13]. - **Wheaton Precious Metals Corp. (NYSE:WPM)**: - Achieved a 144.7% return over the past year, with price targets raised by RBC Capital and Jefferies [14][15]. - The company is recognized for its favorable valuation and anticipated growth in the precious metals sector [16][17].

Group 1 - Precious metal stocks experienced a pre-market rally, with Hycroft Mining (HYMC.US) rising over 5% [1] - Coeur Mining (CDE.US) increased by more than 2.8%, while AngloGold Ashanti (AU.US) and Newmont Corporation (NEM.US) saw gains of over 1.4% and 1%, respectively [1] - First Majestic Silver (AG.US) rose over 3%, and both Endeavour Silver (EXK.US) and Dolly Varden Silver (DVS.US) increased by more than 2.8% [1] Group 2 - Spot gold prices increased by over 1%, reaching $4,526.64 [1] - Spot silver prices surged by over 4%, hitting $74.75, both marking new historical highs [1]

Core Viewpoint - Dolly Varden Silver Corp. is pursuing a merger with Contango ORE Inc. to create a consolidated, high-grade precious metals platform in British Columbia's Golden Triangle, aiming for increased scale and market presence in a stable jurisdiction [1]. Company Overview - Dolly Varden Silver Corporation is focused on advancing its 100% held Kitsault Valley Project, which includes the Dolly Varden Project and the Homestake Ridge Project, located in the Golden Triangle of British Columbia, Canada, approximately 25 kilometers by road to tide water [2].

Core Viewpoint - 2025 was a transformative year for Dolly Varden Silver, marked by strategic capital allocation and a focus on growth, resulting in significant value creation for shareholders [1][2]. Financial Performance - Dolly Varden Silver's market capitalization increased from approximately $304 million in 2024 to $590 million in 2025, reflecting a growth of over 93% [4]. - The company raised CAD $63 million in 2025 and ended the year with a cash position exceeding CAD $60 million [4]. - Following the uplisting to the NYSE American on April 21, 2025, the share price appreciated more than 62%, enhancing liquidity and institutional visibility [4]. Strategic Growth Initiatives - The company expanded its land holdings more than six-fold, from approximately 15,000 hectares to over 100,000 hectares, positioning itself as a district-scale silver company [5]. - Strategic acquisitions included properties such as Kinskuch, Theia, and Red Cliff, enhancing the exploration potential in the Golden Triangle [5]. Exploration Achievements - A 56,131-meter drill program was completed, one of the largest in the company's history, yielding high-grade results such as 1,422 g/t silver over 21.70 meters at the Wolf Vein [6][20]. - The exploration results indicate significant mineralization continuity across the district, reinforcing the view that the area remains underexplored [7]. Merger and Future Outlook - A merger with Contango ORE was announced, creating a new North American high-grade silver and gold producer, enhancing growth potential and operational expertise [8][10]. - The combined company will have a market capitalization of approximately US$812 million (C$1.1 billion), improving trading liquidity and institutional ownership [15]. - The 2026 exploration plan aims for resource growth and new discoveries, with ongoing due diligence for further strategic M&A opportunities [10][11].

Group 1 - Gold stocks experienced a pre-market surge, with Hycroft Mining (HYMC.US) rising over 21%, Coeur Mining (CDE.US) up over 5%, AngloGold Ashanti (AU.US) increasing over 4%, and Newmont Corporation (NEM.US) gaining over 3% [1] - Silver stocks also saw collective gains in pre-market trading, with First Majestic Silver (AG.US) rising nearly 4%, Endeavour Silver (EXK.US), and Dolly Varden Silver (DVS.US) both increasing over 4% [1] Group 2 - The price of spot gold rose nearly 2% to surpass $4420 per ounce, reaching new highs, with a year-to-date increase of over 68% [1] - Spot silver prices increased by 2.6% to exceed $69 per ounce, also hitting new highs, with a year-to-date rise of over 140% [1]

Core Viewpoint - Dolly Varden Silver announced a proposed merger with Contango ORE, aiming to create a new high-grade silver and gold producer named Contango Silver & Gold, which will have a 20-year development pipeline across Alaska and British Columbia [6][10]. Company Overview - Dolly Varden Silver has expanded its valuation from $20 million to approximately C$560 million over the last five years, supported by aggressive drilling programs and strategic acquisitions [1][2]. - Contango ORE, listed on NYSE American, focuses on gold exploration and production in Alaska, holding a 30% interest in the Manh Choh Gold Project, which produced 173,400 gold ounces in the first nine months of 2025 [3][4]. Merger Details - Upon completion of the merger, existing shareholders of both companies will own approximately 50% of the new entity, MergeCo, which will be renamed Contango Silver & Gold Inc. [10]. - The merger is expected to enhance the combined company's market capitalization to approximately US$812 million (C$1.1 billion) and improve trading liquidity and institutional ownership [14][16]. Strategic Rationale - The merger aims to create a North American-focused multi-stage silver and gold company with a diverse asset portfolio, including advanced-stage exploration and current production [11][12]. - The combined entity will leverage high-grade projects such as the Lucky Shot and Johnson Tract in Alaska, and the Kitsault Valley project in British Columbia, all strategically located near existing infrastructure [12][13]. Financial Position - The combined companies will have over US$100 million in cash and only US$15 million in debt, with annual cash flow from the Manh Choh gold mine [12][14]. - The merger is expected to provide a solid financial foundation for growth and long-term value creation for shareholders [11][17]. Leadership and Management - The new company will be led by Rick Van Nieuwenhuyse as CEO, Shawn Khunkhun as President, and Mike Clark as Executive Vice President and CFO [10]. - The leadership team is expected to bring operational expertise to transition projects from exploration to production effectively [7][11]. Exploration Potential - The merger is anticipated to enhance exploration capabilities, with a strong focus on high-grade mineral inventory and a track record of successful exploration across the combined portfolio [12][13]. - The integration of Dolly Varden's exploration team with Contango's operational expertise is expected to drive resource expansion and discovery opportunities [7][11].