Contango ORE, Inc.: Proxy Firms Endorse Dolly Varden Silver Arrangement

Date: March 9, 2026

Location: Fairbanks, Alaska

Key Points for Investors

• Independent Proxy Advisory Support: Two leading proxy advisory firms, including Institutional Shareholder Services (ISS), recommend Contango ORE, Inc. shareholders vote in favor of the proposed Arrangement with Dolly Varden Silver Corporation.
• Special Meeting Details:
  • Date: Tuesday, March 17, 2026
  • Time: 12:00 p.m. Central Time
  • Format: Online webcast (www.meetnow.global/MZZQV69)
  • Proxy voting deadline: Friday, March 13, 2026, at 12:00 p.m. Central Time
• Arrangement Details:
  • Contango will acquire all issued and outstanding common shares of Dolly Varden.
  • Each Dolly Varden common share will be exchanged for 0.1652 of a Contango common share, or eligible holders may elect to receive 0.1652 of an exchangeable share (subject to terms and conditions).
  • No fractional shares will be issued.
• ISS Recommendation: ISS specifically recommends that Contango stockholders vote FOR the Arrangement Proposal.
• Board Recommendation: Contango’s Board of Directors unanimously recommends shareholders vote FOR all proposals at the Special Meeting.

Strategic and Financial Merits

• Fairness Opinion: Contango’s Board received a fairness opinion from Canaccord Genuity Corp., stating that as of December 7, 2025, the exchange ratio was fair from a financial perspective for Contango shareholders.
• Balanced Pro Forma Ownership: Upon completion, Contango shareholders are expected to own 50% of the combined company (based on fully diluted, in-the-money calculations).
• Experienced Leadership: The combined entity will feature:
  • Rick Van Nieuwenhuyse as Chief Executive Officer
  • Shawn Khunkhun as President
  • Michael Clark as Executive Vice President and Chief Financial Officer
  • A seven-member board with directors from both Contango and Dolly Varden
• New Corporate Identity: The merged business is anticipated to be named Contango Silver & Gold Inc.
• Enhanced Business Profile: The transaction aims to create a well-capitalized North American precious metals company with increased scale, market relevance, and a high-quality portfolio of exploration and development assets.

Shareholder Information & Action Needed

• Shareholders are strongly encouraged to vote well in advance of the proxy deadline to ensure their participation.
• For questions or voting assistance, contact Laurel Hill Advisory Group:
  • Email: [email protected]
  • Text or Call: 1-877-452-7184 (North America toll-free), 1-416-304-0211 (collect calls outside North America)

Company Background & Assets

Contango is a NYSE American listed company focused on the exploration, development, and production of gold and associated minerals in Alaska. Key assets and interests include:

• 30% stake in the Peak Gold JV (675,000 acres for exploration and development on the Manh Choh project; 70% owned by KG Mining, subsidiary of Kinross Gold Corporation).
• Lease on the Johnson Tract project (21,000 acres near tidewater, southwest of Anchorage, Alaska).
• Lease on the Lucky Shot project (8,600 acres in the Willow Mining District, north of Anchorage).
• Mineral rights to approximately 145,000 acres of State of Alaska mining claims.
• Mineral rights to approximately 11,700 acres of State of Alaska mining claims and upland mining leases.

These holdings give Contango exclusive rights to explore and develop minerals on these lands.

More information is available at www.contangoore.com.

Forward-Looking Statements

This news release contains forward-looking statements, including expectations about future operations, asset quality, and company strategies. These statements are subject to risks such as operational, geological, and financial uncertainties, volatility in commodity prices, regulatory changes, and other factors typical of the mining industry. Readers should note that actual results may differ materially from those projected due to these risks and uncertainties.

Potential Impact on Share Price

• Shareholder Support: Recommendations from ISS and the Contango Board, combined with the fairness opinion and the strategic rationale, could be viewed positively by the market and may influence the share price.
• Transaction Completion: The merger with Dolly Varden Silver Corporation and creation of a larger, more diversified precious metals company could materially enhance Contango’s market profile, asset base, and future growth prospects, potentially impacting share value.
• Voting Deadline: Shareholder participation and the outcome of the Special Meeting are critical, as approval is required to proceed with the Arrangement.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should carefully review Contango ORE, Inc.’s official filings and consult with a qualified financial advisor before making investment decisions. Forward-looking statements are subject to substantial risks and uncertainties; actual results may differ.

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