Shareholders Greenlight Dolly Varden Silver Merger

Dolly Varden Silver and Contango ORE shareholders overwhelmingly approve merger, creating a stronger precious metals entity. Final court approval and delisting are the next steps.

A significant consolidation in the precious metals exploration sector is moving forward after receiving overwhelming shareholder approval. Investors in both Dolly Varden Silver and Contango ORE have voted decisively in favor of a proposed merger, clearing a major hurdle for the transaction first announced in December 2025.

Overwhelming Investor Support

The shareholder sentiment became unequivocal on Tuesday, March 17. An impressive 98.78% of the votes cast by Dolly Varden Silver shareholders endorsed the plan to be acquired by a subsidiary of Contango ORE. With Contango's investors also providing their approval, the path is now largely clear for the legal completion of the deal.

This strategic move is designed to combine the asset portfolios of both companies. In exchange, Dolly Varden shareholders will receive either common shares of Contango or exchangeable shares. The core objective is to leverage synergies to create a stronger, more competitive entity within the precious metals space.

Market Context and Upcoming Milestones

The market's recent reaction to the news has been muted. In its latest session, Dolly Varden stock closed at CAD 5.14, trading just above its 52-week low of CAD 5.03. Since the start of the year, the share price has declined by approximately 19%. Industry observers interpret the merger as a strategic effort to enhance scale and operational efficiency amid a challenging market environment.

Attention now turns to the final legal and procedural steps. Several critical dates are scheduled for the coming days:

• March 23, 2026: A court hearing for final approval from the Supreme Court of British Columbia.
• March 24, 2026: Deadline for shareholders to elect to receive exchangeable shares.
• End of March 2026: Planned delisting from the TSX Venture Exchange and NYSE American.

Following the court's final order, the shares will be removed from public trading. Shareholders who wish to receive exchangeable shares must submit their election by the March 24, 2026 deadline. Any shareholder who does not make an election will automatically receive consideration according to the default terms of the arrangement.