[Video Enhanced] Dolly Varden Silver CEO Shawn Khunkhun Delivers Year End Address to Shareholders

(TheNewswire)

Vancouver, BC – December 23, 2025 – TheNewswire - Global Stocks News -Sponsored content disseminated on behalf of Dolly Varden Silver. OnDecember 23, 2025 Dolly Varden Silver (TSX-V: DV) (NYSE MKT: DVS)(FSE: DVQ) CEO Shawn Khunkhun sent a year-end letter toshareholders.

2025 Represented a Step Change forDolly Varden Silver

Dear Shareholders,

2025 was a defining year for Dolly Varden Silver.Through disciplined execution, strategic capital allocation, and aclear focus on scale and quality, we transformed the Companyfinancially, operationally,and strategically, while delivering meaningfulvalue to our shareholders.

Creating Shareholder Value

The progress we made over the past year is reflectedclearly in our market performance:

• Dolly Varden’s market capitalization grew fromapproximately $304 million in2024 to $590 million in 2025 

• Following our uplisting to the NYSE American on April 21, 2025, our share price has appreciated more than 62%, significantlyexpanding our U.S. investor base, improving liquidity, and increasinginstitutional visibility. 

This milestone marked an important step in positioningDolly Varden Silver as a North American precious metals company withthe scale and profile to attract long-term capital.

Strengthened Balance Sheet

We entered this growth phase with discipline andensured we had the capital to execute:

• Raised CAD $63 million in 2025 

• Ended the year with a cash position exceeding CAD $60million 

This strong treasury allows us to aggressively advanceexploration, integrate acquisitions, and remain opportunistic as wecontinue to evaluate accretive growth opportunities.

Accretive Growth Through StrategicM&A

One of the most impactful achievements of the year wasthe expansion of our land position in the southern GoldenTriangle:

• Dolly Varden Silver increased its prospective landholdings more thansix-fold, from approximately 15,000 hectares to over 100,000hectares 

• Strategic acquisitions included the Kinskuch, Theia, Porter, BA, Red Cliff, andAmerican Creek properties 

• The Company now controls a dominant land position covering more than50 kilometers of the highly prospective Hazelton Formation, including extensive coverage of the well-known “Red Line”geological marker 

• The district hosts five past-producing mines, highlighting the region’s proven high-gradeendowment 

These acquisitions transformed Dolly Varden Silver intoa true district-scale silvercompany and created one of the most compellingexploration land packages in the Golden Triangle.

Aggressive and High-ImpactExploration

Exploration remained a core driver of value throughoutthe year:

• Completed a 56,131-meter drillprogram, one of the largest and most ambitiousprograms in the Company’s history 

The program delivered exceptional high-grade results, including:

• 1,422 g/t silver over 21.70meters, including 10,700 g/t silver over 1.00meter at the Wolf Vein 

• 3.34 g/t gold over 120meters, including 166 g/t gold over 1.30 meters in a step-out hole at Homestake Silver 

• 26.74 g/t gold over 14.76meters, including 122 g/t gold over 2.85 meters at the Homestake Silver Deposit 

• 14.50 g/t gold over 21.18meters, including 113 g/t gold and 997 g/t silver over 0.68meters at the Homestake Silver Deposit 

These results demonstrate both the grade and continuity ofmineralization across the district and reinforceour view that this camp remains significantly underexplored.

A Transformational Merger

In a pivotal strategic move, we announced a merger withContango ORE, creating a newNorth American high-grade, mid-tier silver and gold producer anddeveloper.

This combination brings together:

• Dolly Varden Silver’s high-grade silver assets anddistrict-scale exploration upside, and 

• Contango’s advanced development assets and operatingexpertise 

Together, we are building a company positioned fornear-term production,long-term growth, and sustained value creation,while maintaining a strong balance sheet and disciplined capitalstrategy.

Looking Ahead

As we move forward, Dolly Varden Silver is wellpositioned with multiple near-term and long-term catalysts:

• Assays pending from the 56,131-meterdrill program, providing continued newsflow; 

• A 2026exploration plan focused on resource growth andnew discoveries; 

• 85,000 hectares of prospective landacquired in 2025, generating new explorationtargets for 2026; 

• Ongoing MA due diligence, with a disciplined focus on accretive, shareholder-alignedopportunities. 

• Shareholder Vote February22% already have signed voting support agreementand an additional 13% indicating they will be voting in support of themerger. 

• Merger potentially completing in March. 

• New Resource Estimate in H12026. 

We have built a company with scale, financial strength,and an exceptional asset base at a time when high-grade silver andgold assets in safe jurisdictions are increasingly scarce.

On behalf of the entire Dolly Varden Silver team, thankyou for your continued support and confidence. We look forward tobuilding on this momentum and delivering long-term value for ourshareholders!

Sincerely,

Shawn Khunkhun
President & Chief Executive Officer
Dolly Varden Silver

Appendix – Merger Details

Transaction Highlights &Strategic Rationale

• Complementary Assets: Creation of a North-American focused multi-stage silver andgold company, with an asset portfolio ranging from advanced-stageexploration to current production. 

• Well Funded:Over US$100 million combined cash on hand, only US$15 million in debtand annual cash flow from the producing high-grade Manh Choh gold minein Alaska, operated in partnership with Kinross Gold Corporation("Kinross"). 

• High-Grade Projects: Leverage to high-grade development of assets anchored by theLucky Shot and Johnson Tract projects in Alaska, and the KitsaultValley silver-gold project in British Columbia — all strategicallylocated near existing infrastructure supporting a DSOapproach. 

• Shared Capex Strategy: Common development philosophy to pursue low-capex DSOprojects that can be developed using existing processingfacilities. 

• Exploration Potential: Track-record of high-grade exploration success across theportfolio. 

• Enhanced Capital MarketsProfile: The combined Company'sshareholders to benefit from greater critical mass with a combinedmarket capitalization of approximately US$812 million (C$1.1 billion),as well as increased trading liquidity, index inclusion, researchcoverage and institutional ownership. 

• Insider and InstitutionalSupport: All directors and officers of Contangoand Dolly Varden, as well as significant shareholders of bothcompanies, have signed voting support agreements in favour of theTransaction, representing approximately 22% of the outstandingContango shares and approximately 22% of the outstanding Dolly VardenSilver shares. 

• Expanded Presence: Listing on the NYSE American, and intention to apply to liston the Toronto Stock Exchange following closing of theTransaction. 

Flagship Assets

Manh Choh Mine, Alaska

• Ore mined at Manh Choh is trucked to Kinross'sFort Knox mine and milling complex in Fairbanks, Alaska forprocessing; operations commenced in Q3 2024. 

• One of the highest-grade open pit mines in the worldwith gold reserves estimated at approximately 8 grams per tonne("g/t"). 

• Joint venture between Kinross (70%) and Contango (30%),operated by Kinross. 

• Production of 173,400 gold ounces for the first ninemonths of 2025 (52,020 gold ounces attributable to Contango) at anall-in sustaining cost ("AISC") of US$1,505 per ounce("oz"). 

• Total cash distributions for the first nine months of2025 of US$87 million to Contango. 

Lucky Shot Mine, Alaska

• Current Indicated resource of 0.1 million ounces ofgold at 14.5 g/t in the historically productive Willow MiningDistrict, Alaska. 

• Fully permitted for mining operations. 

• Underground development completed for advancedexploration. 

• 18,000 meter drill program currently underway targetingexpansion of Measured and Indicated resources to 400,000 to 500,000ounces with a DSO feasibility study and mine go-ahead decisiontargeted by 2027. 

Johnson Tract, Alaska

• Current Indicated resource of 0.7 million ounces ofsilver, 0.6 million ounces of gold, and 400 million pounds of zinc(1.1 million gold equivalent ounces ("GEO")) and Inferredresources of 0.2 million ounces of silver, 31,000 ounces of gold, and65 million pounds of zinc. 

• Critical metals project (gold, silver, copper, zinc,lead) accepted for coverage on the FAST-41 Covered Projects dashboardon December 2, 2025. 

• Initial Assessment completed on May 6, 2025 outlined aNPV5% of US$615 million with an IRR of 53% at US$4,000/oz gold, AISCof $860 per gold equivalent oz and a payback period of less than ayear. 

• In August 2024, Contango received a 404-permit to builda road from camp to the portal site and plans to construct the road in2026. Targeted completion of a DSO feasibility study with minego-ahead decision by 2029. 

Kitsault Valley, BritishColumbia

• Large cornerstone land position in the Golden Trianglewith exploration upside in one of the most exciting and prospectivemining districts in the world. 

• Current Indicated resource of 34.7 million ounces ofsilver and 0.2 million ounces of gold and Inferred resources of 29.3million ounces of silver and 0.8 million ounces of gold, with anupdate anticipated in 2026. 

• In 2025, completed a 56,131 meter drill program withinitial highlights including 1,422 g/t silver over 21.70 meters at theWolf Vein deposit (see September 2, 2025 press release), 26.74 g/tgold over 14.76 meters and 14.50 g/t gold and 75 g/t silver over 21.18meters at the Homestake Silver deposit (see November 10, 2025 andDecember 4, 2025 press releases). 

• Past production of over 20 million ounces of silver inthe Kitsault Valley, including the Dolly Varden Mine, historically therichest silver mine in the British Empire with production at 1,100 g/t of silver between 1919 and 1923, andthe Torbit Mine, historically Canada's third largest primarysilver producer, producing at 466 g/t of silver between 1949 and1959. 

Leadership & Governance

Management of the combined company will draw upon theexperience and expertise of both companies, led by Rick VanNieuwenhuyse as CEO, Shawn Khunkhun as President, and Mike Clark asExecutive Vice President and CFO.

The Board of the combined company will consist of ClyntNauman as Chairman, Brad Juneau, Darren Devine, Mike Cinnamond, TimClark, Rick Van Nieuwenhuyse and Shawn Khunkhun.

The corporate office will be based in Fairbanks,Alaska, with a secondary office located in Vancouver, BritishColumbia.

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On December 8, 2025 Khunkhun appeared on the Jay MartinShow to explain what each company brings to the table and how thismerger creates a 20-year pipeline of high-grade silver and golddevelopment across Alaska and British Columbia.

“Contango has a solid five-year plan. They'vegot operations, a great balance sheet, and a good pipeline,”Khunkhun told Martin. “The Dolly Varden merger makes sense for thembecause it takes their five-year plan and turns it into a 20-yearplan.”

“With our large, high-grade mineral inventory,Contango now has two decades of development and exploration withgeographical consistency across Alaska and Northwest, BC.”

“The young creative explorers that have made DollyVarden a dominant player in the Golden Triangle are going to come ontothose Contango projects, Johnson Tract, Lucky Shot and Manh Choh,looking for expansion, extension and discovery opportunities.”

“Rick and his sophisticated team of mine builders andoperators are going to come into our project and take us throughdevelopment and into production. It's a perfect marriage,”concluded Khunkhun.

Rob van Egmond, P.Geo., Vice-President Exploration forDolly Varden Silver, the “Qualified Person” as defined byNI43-101, has reviewed, validated and approved the scientific andtechnical information contained in this GSN release.

Disclaimer: Dolly Varden Silver paid GSN $1,750 for theresearch, creation and dissemination of this content.

Contact: guy.bennett@globalstocksnews.com

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