Contango ORE (CTGO) Company Report

Contango ORE, Inc. and Dolly Varden Silver Corporation have entered into an arrangement agreement to combine on a merger-of-equals basis, forming Contango Silver & Gold Inc..
The combined entity is expected to have a market capitalization of approximately US$812 million, with existing shareholders of both companies each owning approximately 50%.
The transaction, which involves Dolly Varden shareholders receiving 0.1652 of a Contango share for each Dolly Varden share, is anticipated to close in late February or early March 2026.
The new company will be well-funded with over US$100 million combined cash on hand and US$15 million in debt, supported by cash flow from the Manh Choh gold mine, which produced 173,400 gold ounces in the first nine months of 2025.
This merger creates a North American multi-asset portfolio, including the producing Manh Choh gold mine and high-grade development projects such as Lucky Shot and Johnson Tract in Alaska, and Kitsault Valley in British Columbia.

Dec 11, 2025, 10:29 PM

8-K

Contango Ore and Dolly Varden Silver Announce Intent to Merge

CTGO

M&A

New Projects/Investments

Contango Ore and Dolly Varden Silver announced their intention to merge, with Contango's Rick Van Nieuwenhuyse becoming CEO and Dolly Varden's Shawn Khunkhun becoming President of the combined entity.
The merger creates a company with approximately 3 million gold equivalent ounces or 225 million silver equivalent ounces , leveraging Contango's Manh Choh mine, which is expected to generate over $100 million of free cash flow annually.
The combined entity aims for an enhanced capital markets profile, anticipating $9 million a day of liquidity, and will have 31 million shares outstanding post-merger.
Both companies have secured strong initial shareholder support, with 22% from each company signing voter support agreements and an additional 13% indicating support for the transaction.

Dec 8, 2025, 6:00 PM

Transcript

Contango and Dolly Varden Announce Merger Agreement

CTGO

M&A

New Projects/Investments

Board Change

Contango (CTGO) and Dolly Varden have entered into a definitive agreement for a merger, creating a combined entity with a market capitalization of $800 million USD (over CAD 1 billion).
The transaction is structured as a true merger of equals, with Contango as the surviving entity. Dolly Varden shareholders will receive 0.1652 shares of Contango for each Dolly Varden share, meaning roughly six shares of Dolly Varden equals one share of Contango.
The combined company will have a strong financial position, including over $100 million USD in cash and an average of $100 million of free cash flow per year from the Manh Choh operation.
The merger creates a mid-tier North American silver-gold company with a complementary high-grade asset portfolio, including approximately 3 million ounces of gold equivalent or 225 million ounces of silver equivalent.
The leadership team for the combined company will feature Rick as CEO, Sean as President, Mike Clark as CFO, and Clynton Nauman as Chair. The transaction is expected to close in Q1.

Dec 8, 2025, 6:00 PM

Transcript

Contango Ore and Dolly Varden Silver Corp. Announce Merger

CTGO

M&A

Contango Ore and Dolly Varden Silver Corp. are merging to create Contango Silver & Gold Inc., a new North American high-grade, mid-tier silver & gold producer and developer.
The transaction is expected to close in late February or early March, 2026, with an implied fully diluted in-the-money equity value of US$812 million for the pro forma entity.
Upon closing, existing shareholders of both Contango and Dolly Varden will each own approximately 50% of the combined company.
The combined entity will have over US$100 million in cash on hand and only US$15 million in debt.
The leadership team for the combined company will include Rick Van Nieuwenhuyse as CEO, Shawn Khunkhun as President, and Mike Clark as Executive Vice President and CFO.

Dec 8, 2025, 6:00 PM

Presentation

Contango Ore and Dolly Varden Silver Announce Merger

CTGO

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Contango Ore and Dolly Varden Silver are merging, with Contango as the surviving entity, creating a combined company with an $800 million U.S. market cap (over CAD 1 billion). Dolly Varden shareholders will receive 0.1652 shares of Contango for each Dolly Varden share.
The transaction is expected to close in Q1, with Rick Van Nieuwenhuyse becoming CEO, Shawn Khunkhun as President, and Mike Clark as CFO.
The combined company will have over $100 million USD in cash and benefit from $100 million of free cash flow a year from the Manh Choh mine.
The merger creates a portfolio of four mineral districts, aiming for current production of 60,000 ounces of gold a year, with a path to 200,000 ounces of gold production and 6 million ounces of silver equivalent production from the Kitsault Valley.

Dec 8, 2025, 6:00 PM

Transcript

Contango ORE and Dolly Varden Silver Announce Merger

CTGO

M&A

Board Change

Management Change

Contango ORE and Dolly Varden Silver Corporation have entered into an arrangement agreement to combine on a merger-of-equals basis, forming a new entity, "MergeCo," expected to be renamed Contango Silver & Gold Inc..
Upon completion, existing shareholders of both companies will each own approximately 50% of MergeCo. The combined entity is expected to have a market capitalization of approximately US$812 million (C$1.1 billion), over US$100 million in combined cash, and only US$15 million in debt.
MergeCo will be led by Rick Van Nieuwenhuyse as CEO, Shawn Khunkhun as President, and Mike Clark as Executive Vice President and CFO. The MergeCo Board will include Clynt Nauman as Chairman, Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Rick Van Nieuwenhuyse, and Shawn Khunkhun.
The merger aims to create a well-funded North American asset portfolio, leveraging cash flow from the Manh Choh gold mine to advance high-grade silver and gold projects in Alaska and British Columbia.
The transaction is expected to close in late February or early March 2026, following shareholder approvals at meetings anticipated in February 2026.

Dec 8, 2025, 12:30 PM

Press Release

Contango ORE's Johnson Tract Critical Metals Project Accepted into FAST-41 Program

CTGO

New Projects/Investments

Contango ORE's Johnson Tract Critical Metals Project was accepted as a "covered project" into the Federal Permitting Improvement Steering Council's FAST-41 program on December 1, 2025.
The FAST-41 program aims to improve the federal permitting process for large infrastructure projects by increasing transparency, coordination, and accountability, establishing a structured process and public-facing Permitting Dashboard.
Contango ORE's President & CEO, Rick Van Nieuwenhuyse, stated that the company is committed to advancing the project through the permitting process with enhanced coordination, predictable timelines, and high standards of environmental stewardship.
Contango ORE engages in exploration for gold and associated minerals in Alaska, holding a lease on the Johnson Tract project and a 30% interest in the Peak Gold JV.

Dec 2, 2025, 9:30 PM

Press Release

Contango ORE Announces Start of Lucky Shot Underground Drill Program

CTGO

New Projects/Investments

Contango ORE, Inc. commenced its Lucky Shot underground drill program on November 19, 2025, aimed at completing a Feasibility Study.
The program targets ~18,000 meters (~59,055 ft) across 210 drill holes to upgrade the Lucky Shot vein resource to Proven and Probable categories.
Drilling is projected to extend through 2026, with initial assay results expected in Q1 2026 and the Feasibility Study slated for completion in 2027.

Nov 21, 2025, 10:30 PM

8-K

Contango ORE, Inc. Announces Q3 2025 Results with Record Income from Operations and Strong Cash Position

CTGO

Earnings

Guidance Update

New Projects/Investments

Contango ORE, Inc. reported record high income from operations of $25 million and an adjusted net income of $24.9 million for the quarter ended September 30, 2025, with a cash position of $107 million at quarter-end.
In Q3 2025, the company sold 16,669 ounces of gold at cash costs of $1,402 per ounce sold and all-in-sustaining costs of $1,597 per ounce sold.
Net cash provided from operating activities for the nine months ended September 30, 2025, was $60.2 million, driven by $87.0 million in cash distributions from the Peak Gold JV.
The company expects 6,000 to 8,000 gold ounces for its 30% share of Q4 2025 production and reaffirmed its 2025 gold production guidance of 60,000 ounces.
Contango is advancing its Lucky Shot project, targeting 30,000 to 40,000 ounces of gold per year, with a feasibility study expected in 12 to 18 months and a production decision in 2027.

Nov 13, 2025, 11:23 PM

8-K

Contango ORE Announces Q3 2025 Results and Production Guidance

CTGO

Earnings

Guidance Update

New Projects/Investments

Contango ORE reported a record high income from operations of $25.0 million and adjusted net income of $24.9 million for Q3 2025, compared to $22.7 million and $19.1 million respectively for Q3 2024.
The company ended Q3 2025 with an unrestricted cash position of $107.0 million.
In Q3 2025, 16,669 ounces of gold were sold with cash costs of $1,402 per ounce and all-in-sustaining costs of $1,597 per ounce.
Contango ORE expects 6,000 to 8,000 gold ounces for its 30% share of Q4 production, contributing to a 2025 gold production guidance of 60,000 ounces (30% basis).
A 15,000-meter underground in-fill drilling program is underway at the Lucky Shot mine site, targeting 30,000 to 40,000 ounces of gold per year with a production decision expected in 2027.