Contango Ore to merge with Dolly Varden Silver in all-stock deal; combined market cap ~$812M

Contango Silver & Gold Inc.

Exchange ratio 0.1652 Contango share per Dolly Varden share; owners split ~50% each on a fully diluted basis.
Combined company has >US$100M cash, ~US$15M debt, plus cash flow from producing Manh Choh gold mine in Alaska.
New board: 7 directors (4 Contango, 3 Dolly Varden); CEO Rick Van Nieuwenhuyse, President Shawn Khunkhun, CFO Mike Clark.
Name to change to Contango Silver & Gold Inc.; expected Q1 2026 close; subject to shareholder, court, and regulatory approvals.
Mutual $15M termination fee; voting support agreements from ~22% of each company's outstanding shares.

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