CTGO News & Events

Contango Ore (CTGO) is pleased to announce that two leading independent proxy advisory firms, including Institutional Shareholder Services, have recommended that Contango stockholders vote "FOR" the arrangement to be considered at the company's upcoming special meeting of stockholders in connection with Contango's proposed plan of arrangement with Dolly Varden Silver (DVS). Under the Arrangement, Contango will acquire all of the 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, for eligible holders who validly elect, 0.1652 of an exchangeable share, in each case subject to the terms and conditions of the arrangement. No fractional shares will be issued.

Contango Ore provided an update on Johnson Tract permitting, Manh Choh operations and hedge contract settlements. The Johnson Tract Critical Metals Project Permitting Timetable was officially placed onto the FAST-41 Dashboard on January 30. The permitting timetable for Johnson Tract serves as a publicly visible contract between the federal government and the company to ensure that development of the Johnson Tract Critical Metals Project stays on track and remains coordinated between all parties involved in the ongoing permitting process. On February 5, the Peak Gold JV commenced the first production campaign for 2026 of Manh Choh ore through the Kinross Fort Knox mill located near Fairbanks, Alaska. Processing of ore for Campaign #1-2026 is planned to continue into early to mid-March. On February 12, the company paid $46,381,535 to settle gold hedge contracts for 15,446 ounces with an average strike price of $2,025 per ounce with maturities ranging between March and September 2026. In addition, the company paid $448,986 to purchase 15,446 puts with a strike price of $4,000 per ounce. The remaining gold hedge contracts total 11,000 ounces in 2026 and 15,000 ounces in the first half of 2027.

Contango Ore is pleased to announce that it has priced its underwritten offering of common stock of the company consisting of 1,678,206 shares at an offering price of $24.96 per Share to two institutional investors. In the Offering, Contango also offered pre-funded warrants to purchase 325,000 Shares at a purchase price of $24.95 per share, which equals the offering price per share less the 1c exercise price per Share of each Pre-funded Warrant. Aggregate gross proceeds from the offering will be approximately $50M, before deducting underwriting discounts and commissions and other offering expenses, and excluding the exercise of the Pre-funded Warrants. All the Shares and Pre-funded Warrants in the Offering are to be sold by Contango. The closing of the Offering is expected to occur on or about February 12, subject to the satisfaction of customary closing conditions. Canaccord Genuity is acting as sole bookrunner for the offering.

Contango Ore (CTGO) and Dolly Varden Silver (DVS) are pleased to announce that they have entered into an arrangement agreement to combine Contango and Dolly Varden on a merger-of-equals basis pursuant to a statutory plan of arrangement under the Business Corporations Act. The combination of Contango and Dolly Varden would provide investors with a unique opportunity to participate in the upside of a well-funded North American asset portfolio consisting of the cash flowing high-grade Manh Choh gold mine in Alaska as well as several high-grade silver and gold projects located in British Columbia and Alaska including the Kitsault Valley and Johnson Tract projects. Upon completion of the Transaction, existing Contango and Dolly Varden shareholders will each own approximately 50% of the outstanding shares of MergeCo, on a fully diluted in-the-money basis. MergeCo is expected to be renamed Contango Silver & Gold Inc. and will be led by Rick Van Nieuwenhuyse as CEO, Shawn Khunkhun as President and Mike Clark as Executive Vice President and CFO. The board of directors of MergeCo will include Clynt Nauman as Chairman, Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Rick Van Nieuwenhuyse and Shawn Khunkhun. Subject to the satisfaction of such conditions, the Transaction is expected to close in late February or early March, 2026. The Arrangement Agreement includes customary deal protections, including reciprocal fiduciary-out provisions, non-solicitation covenants and the right to match any superior proposals. A reciprocal termination fee in the amount of $15M is payable by either party in certain circumstances as set out in the Arrangement Agreement.