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 - The silver market experienced a significant decline, with spot silver dropping over 3% in a single day, leading to a downturn in silver-related stocks [1] Company Performance - Endeavour Silver (EXK.US) saw a decline of over 2.9% [1] - First Majestic Silver (AG.US) decreased by more than 2.8% [1] - New Pacific Metals (NEWP.US) fell nearly 5% [1] - Silvercorp Metals (SVM.US) dropped over 1.2% [1] - Dolly Varden Silver (DVS.US) experienced a decline of over 1% [1]

Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones increasing by approximately 300 points on Friday [1] - Micron Technology, Inc. shares rose sharply by 2.5% to $235.92, driven by positive sentiment following Dell's strong third-quarter earnings and guidance [1] - Investors perceive Dell's results as indicative of broader strength in the technology sector, contributing to Micron's stock performance [1] Group 2 - DeFi Technologies Inc. shares surged by 20.5% to $1.6750 after the approval of QCAD as Canada's first compliant CAD stablecoin [3] - YD Bio Ltd saw a 13.7% increase in shares to $11.96, following the announcement of 510(k) clearance and plans for a clinical trial in Taiwan [3] - Other notable gainers included Savara Inc. (+12.3% to $6.02), TMC the metals company Inc. (+12.2% to $6.54), and ImmunityBio, Inc. (+10.7% to $2.3586) [3] - Precious metals stocks, including First Majestic Silver Corp. (+8.3% to $14.64) and Endeavour Silver Corp. (+10% to $9.47), rose amid increasing gold and silver prices [3] - Intel Corporation shares jumped by 7.8% to $39.65, reflecting positive market trends [3] - Crypto-linked stocks, such as Applied Digital Corporation, gained 6.8% to $26.61, following Bitcoin's rise above $90,000 [3]

Core Insights - Dolly Varden Silver has successfully listed on the NYSE American, enhancing access to a larger pool of investors and increasing shareholder value [2][3] - The company has achieved significant milestones, including raising $62 million, drilling 55,000 meters, and expanding its land package to over 100,000 hectares [2][6] - The share price appreciated by 62% in the six months following the US listing, although it has recently pulled back from $7 to $5.50 [3] Company Developments - The company has acquired three properties: Mountain Boy, Kinskuch, and Porter, which contribute to its extensive land holdings [2] - Dolly Varden Silver's market capitalization has grown from $20 million to approximately $600 million over five years, driven by aggressive drilling and strategic acquisitions [6] - Institutional ownership exceeds 50%, with corporate ownership at over 25%, indicating a concentrated share structure that may enhance performance [7] Market Context - The NYSE listing has provided direct access to US investors, significantly increasing marketing ROI and liquidity, with US trading volume being approximately 3.5 times higher than in Canada [5] - The current environment shows a doubling in silver prices, benefiting companies with a small public float like Dolly Varden Silver [7] - Canada ranks as the 3rd most appealing region for mining investment, highlighting the favorable conditions for the industry [10] Industry Impact - The mining sector in Canada contributes C$161 billion to GDP and accounts for 21% of total exports, emphasizing its importance to the economy [11] - The industry generates 700,000 direct and indirect jobs and is a significant employer of Indigenous people, fostering partnerships with Indigenous enterprises [11]

Core Insights - Dolly Varden Silver Corporation reported significant drilling results from the Homestake Silver deposit, highlighting the expansion of a high-grade gold zone with intersections of 26.74 g/t Au over 14.76 meters, including 122 g/t Au over 2.85 meters [1][2][3] Drilling Results - Drill hole HR25-469 intersected 26.74 g/t Au over 14.76 meters, with a broader mineralized zone grading 12.13 g/t Au over 33.80 meters [2][3] - Drill hole HR25-464 encountered 9.22 g/t Au over 6.65 meters, including 58.80 g/t Au over 0.95 meters from a newly recognized stockwork zone [2][3] - The high-grade core of the Homestake Silver deposit is defined for over 300 meters vertically and extends for over 1,000 meters along plunge [6][10] Geological Context - The mineralization at Homestake Ridge is interpreted as a structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton volcanic rocks [12][13] - Recent drilling indicates a shift towards a gold-rich system, with increased frequency of high-grade gold veins and vein breccias [13] Future Exploration Plans - The company plans to focus future drilling programs on expanding the identified high-grade gold mineralization [3][10] - Directional drilling technology is being utilized to precisely target areas for step-out and infill holes at Homestake Silver [11] Company Overview - Dolly Varden Silver Corporation is focused on advancing its 100% held Kitsault Valley Project, which includes the Dolly Varden and Homestake Ridge projects located in the Golden Triangle of British Columbia [26][27]

Execution version UNDERWRITING AGREEMENT October 23, 2025 Dolly Varden Silver Corporation 595 Burrard Street, Suite 3123 Vancouver, BC V7X 1J1 Attention: Mr. Shawn Khunkhun President and Chief Executive Officer Haywood Securities Inc., as co-lead underwriter and joint bookrunner, and Research Capital Corporation, as co-lead underwriter and joint bookrunner, on behalf of a syndicate of underwriters including Raymond James Ltd. (collectively, the "Underwriters"), understand that Dolly Varden Silver Corporatio ...

Core Viewpoint - Dolly Varden Silver Corporation has successfully closed a bought-deal private placement, raising a total of $33,973,000, which includes the full exercise of the over-allotment option [1] Group 1: Financial Details - The company issued 2,906,000 common shares at a price of $6.50 per share, generating gross proceeds of $18,889,000 under the LIFE Offering [6] - Additionally, 750,000 common shares qualifying as "flow-through shares" were sold at $9.42 per share, raising $7,065,000 [6] - The company also issued 990,000 common shares as "flow-through shares" at $8.10 per share, resulting in gross proceeds of $8,019,000 [6] - The underwriters received a cash fee of $1,698,650, which is 5.0% of the gross proceeds from the offerings [3] Group 2: Use of Proceeds - Net proceeds from the sale of common shares will be allocated for working capital and general corporate purposes [2] - Gross proceeds from the sale of flow-through shares will be directed towards further exploration, mineral resource expansion, and drilling at the Kitsault Valley project [2] Group 3: 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 British Columbia [5] - The Kitsault Valley Project encompasses approximately 100,000 hectares of prospective tenure in the Golden Triangle, featuring five past-producing high-grade silver mines [5] - The project is considered prospective for additional precious metal deposits, being situated on the same structural and stratigraphic belts as other high-grade deposits in the region [5][7]

Core Insights - Dolly Varden Silver Corporation has completed its 2025 diamond drill program at the Kitsault Valley Project, totaling 56,131 meters across 84 drill holes, confirming resource expansion and intersecting new mineralization [1][2][3] Group 1: Drill Program Details - The 2025 drill program was expanded from 35,000 meters to 55,000 meters due to early season high-grade results from the Wolf Vein, indicating strong potential for resource growth [2] - Approximately 60% of the drilling was conducted on the Dolly Varden property, while 40% was on the Homestake Ridge property, utilizing directional drilling technology for improved targeting and efficiency [3] Group 2: Marketing and Strategic Partnerships - Dolly Varden Silver has engaged Orbiton Capital Corp. for marketing services, including strategic advice and digital media, under a 24-month agreement for $100,000 USD [4][5] - Orbiton is considered an arm's length party and does not currently hold any direct interest in the Company, although a shareholder of Orbiton holds stock options for 20,000 shares of the Company [5] Group 3: Company Overview - Dolly Varden Silver Corporation focuses on the Kitsault Valley Project, which includes the Dolly Varden and Homestake Ridge Projects, located in British Columbia's Golden Triangle, an area known for high-grade silver and gold resources [8] - The Kitsault Valley Project encompasses approximately 100,000 hectares and includes five past-producing high-grade silver mines, indicating significant exploration potential [8]

Core Viewpoint - Dolly Varden Silver Corporation has entered into an agreement with underwriters for a total gross proceeds of $30,034,000 through a combination of securities offerings [1][2]. Group 1: Offering Details - The LIFE Offering will consist of Common Shares and CFT Shares, generating gross proceeds of $15,084,000, contributing to the total gross proceeds of $30,034,000 [2]. - The underwriters have an option to increase the size of the offerings by up to 15% to cover overallotments, exercisable up to 2 business days before closing [2]. - The offerings are expected to close around October 23, 2025, pending necessary regulatory approvals from the TSX Venture Exchange and NYSE American [4]. Group 2: Use of Proceeds - Net proceeds from the sale of Common Shares will be allocated for working capital and general corporate purposes [3]. - Gross proceeds from CFT Shares and FT Shares will be directed towards exploration, mineral resource expansion, and drilling at the Kitsault Valley project, along with working capital as permitted [3]. Group 3: Share Details - The offerings include 2,300,000 Common Shares at $6.50 each, 750,000 CFT Shares at $9.42 each, and 990,000 FT Shares at $8.10 each [8]. - FT Shares will be offered to accredited investors with a statutory hold period of four months and one day from closing [6]. Group 4: Existing Agreements - Hecla Canada Ltd. and Fury Gold Mines Ltd. have the right to acquire Common Shares at $6.50 each to maintain their pro rata equity interests in the Company [7].

Core Insights - Dolly Varden Silver Corporation reported a significant gold intercept from a step-out drill hole at the Homestake Silver deposit, with hole HR25-456 intersecting 3.34 g/t Au over 120 meters, including high-grade intervals of 216 g/t Au over 0.52 meters and 166 g/t Au over 1.3 meters [1][3][4] Drill Results - The drill hole HR25-456 is a 45-meter step-out from previous holes, confirming continuity and growth potential outside of current mineral resources [1][5] - Approximately 40% of the 2025 drill program, totaling 55,000 meters, is focused on expanding and infilling high-grade gold mineralization at the Homestake Silver Deposit [1][4] Geological Context - The Homestake Ridge deposits are characterized as structurally controlled, multi-phase epithermal vein stockwork and vein breccia systems hosted in Jurassic Hazelton volcanic rocks, with mineralization consisting of pyrite, galena, and sphalerite, along with visible gold [10][11] - Recent drilling indicates a shift towards a gold-rich system, with a shallow north plunging dilation zone defined by a wide mineralized interval and increased frequency of high-grade gold veins [11] Future Exploration - The ongoing drill program includes five diamond drills targeting high-grade gold mineralization and testing areas outside the current resource [4][5] - Additional results from various exploration targets, including the Wolf Vein silver mineralization extension and Big Bulk copper-gold porphyry system, will be reported as assays are received [4]