Mr. Rick Van Nieuwenhuyse reports

CONTANGO COMPLETES MERGER WITH DOLLY VARDEN

Contango Silver & Gold Inc. and Dolly Varden Silver Corp. have completed their previously announced merger, following receipt of all required shareholder and court approvals. An application has been submitted to the Toronto Stock Exchange to list the Contango shares and it is expected that the Contango shares will be listed shortly, subject to satisfaction of applicable listing requirements and approval of the Toronto Stock Exchange.

With the completion of the transaction, all issued and outstanding Dolly Varden common shares have been acquired by 1566004 B.C. Ltd. (Acquireco), an indirect wholly owned subsidiary of Contango, under a statutory plan of arrangement. Each Dolly Varden common share has been exchanged for 0.1652 of a share of voting common stock in Contango, or, for eligible holders (as such term is defined in the arrangement agreement, as defined below) who validly elected, 0.1652 of an exchangeable share in the capital of Acquireco, in each case subject to the terms and conditions of the arrangement agreement dated Dec. 7, 2025, as amended Feb. 11, 2026, between the company, Dolly Varden and Acquireco. The exchangeable shares are exchangeable for Contango shares on a one-for-one basis subject to adjustment. All Dolly Varden stock options outstanding at closing were deemed to be exchanged for equivalent securities to acquire Contango shares, adjusted in accordance with the exchange ratio noted above. Pursuant to the arrangement, Contango issued 13,686,278 Contango shares and replacement options to purchase 417,048 Contango shares, and Acquireco issued 1,597,301 exchangeable shares. After completion of the transaction, there are 30,507,599 outstanding Contango shares, excluding the exchangeable shares. For further information on the arrangement, please refer to the company's definitive proxy statement dated Feb. 13, 2026, which can be accessed on-line on Contango's website and under the company's EDGAR profile, and Dolly Varden's management information circular prepared in respect of the arrangement, which can be accessed on-line under Dolly Varden's SEDAR+ profile.

The combined entity, renamed Contango Silver & Gold Inc., brings together Contango's cash-flowing Manh Choh gold mine and advanced high-grade exploration projects in Alaska with Dolly Varden's high-grade Kitsault Valley silver-gold project in British Columbia's Golden Triangle -- one of the most prolific mineral belts in the world.

The merger creates a powerful North American mid-tier precious metals producer with:

• A portfolio of high-grade precious metals assets spanning advanced exploration stage to production stage projects in Alaska and British Columbia;
• More than $100-million (U.S.) in combined cash and minimal debt, providing a robust platform for growth;
• A balanced 50/50 ownership split between Contango and former Dolly Varden shareholders.

Contango is being led by Rick Van Nieuwenhuyse, chief executive officer, Shawn Khunkhun, president, and Mike Clark, executive vice-president and chief financial officer. The board of directors includes Clynt Nauman (chairman), Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Rick Van Nieuwenhuyse and Shawn Khunkhun, reflecting balanced representation and deep industry expertise.

"This merger marks the start of an exciting new chapter," said Rick Van Nieuwenhuyse, chief executive officer of Contango Silver & Gold. "By combining Contango's cash-flowing Manh Choh mine, the advanced stage exploration Lucky Shot and Johnson Tract projects, and the district-scale exploration of high-grade silver in the Kitsault Valley, we are building a uniquely positioned gold and silver focused company with a strong balance sheet and production base, significant growth potential, and exceptional exploration upside."

Shawn Khunkhun, president of Contango Silver & Gold, remarked: "Contango Silver & Gold offers investors exposure to an emerging North American mid-tier producer focused on high-grade silver and gold assets. Our current value proposition is compelling on a cash flow basis, supported by strong production potential and disciplined capital management. Beyond near-term cash flow, the most significant upside may lie in the optionality embedded within our portfolio. Our unique pipeline of high-grade primary silver and gold projects provides meaningful leverage to rising metal prices, as well as long-term growth potential through exploration and development success."

With completion of the acquisition, the Dolly Varden common shares are expected to be delisted from the TSX Venture Exchange at the close of trading on March 27, 2026, and from the NYSE American on April 6, 2026. Dolly Varden will make an application to cease to be a reporting issuer in Canada shortly thereafter. Contango has applied to list Contango shares on the Toronto Stock Exchange, subject to satisfaction of applicable listing requirements and approval of the Toronto Stock Exchange.

Conference call and webcast

Contango will host a conference call and webcast to discuss the new company on Thursday, March 26, 2026, at 1 p.m. ET/10 a.m. PT. Participants may join the webcast using the following call-in details.

About Contango Silver & Gold Inc.

Contango is a NYSE American-listed company that engages in the exploration for and development and production of gold and associated minerals in Alaska and in the Golden Triangle in British Columbia. Contango holds a 30-per-cent interest in the Peak Gold JV (joint venture), which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70 per cent owned by KG Mining (Alaska) Inc., an indirect subsidiary of Kinross Gold Corp., operator of the Peak Gold JV. The company and its subsidiaries also have (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project, which consists of mineral rights to approximately 8,600 acres of state of Alaska and patented mining claims located in the Willow mining district about 75 miles north of Anchorage, Alaska, from the underlying owner, Alaska Hardrock Inc., (iii) mineral rights to approximately 145,000 acres of state of Alaska mining claims, (iv) mineral rights to approximately 11,700 acres of state of Alaska mining claims and upland mining leases, all of which give Contango the exclusive right to explore and develop minerals on these lands, and (v) mineral tenures of approximately 247,000 acres (100,000 hectares) located in and around the Kitsault Valley in the Golden Triangle of northwest British Colombia.

We seek Safe Harbor.