Dolly Varden Silver CEO Reflects on Transformative 2025, Merger with Contango ORE
Vancouver, BC — December 23, 2025 — Leads & Copy — Dolly Varden Silver CEO Shawn Khunkhun addressed shareholders in a year-end letter, highlighting a transformative year for the company.
Khunkhun stated that 2025 was a defining year for Dolly Varden Silver (TSX-V: DV) (NYSE MKT: DVS) (FSE: DVQ). He noted that through disciplined execution, strategic capital allocation, and a clear focus on scale and quality, the company had transformed financially, operationally, and strategically, delivering meaningful value to shareholders.
Dolly Varden’s market capitalization grew from approximately $304 million in 2024 to $590 million in 2025. Following its uplisting to the NYSE American on April 21, 2025, the company’s share price has appreciated more than 62%, significantly expanding its U.S. investor base, improving liquidity, and increasing institutional visibility. Khunkhun called this milestone an important step in positioning Dolly Varden Silver as a North American precious metals company with the scale and profile to attract long-term capital.
The company raised CAD $63 million in 2025 and ended the year with a cash position exceeding CAD $60 million. Khunkhun said that this treasury allows the company to aggressively advance exploration, integrate acquisitions, and remain opportunistic as it continues to evaluate accretive growth opportunities.
Dolly Varden Silver increased its prospective land holdings more than six-fold, from approximately 15,000 hectares to over 100,000 hectares through strategic acquisitions, including the Kinskuch, Theia, Porter, BA, Red Cliff, and American Creek properties. The company now controls a dominant land position covering more than 50 kilometers of the highly prospective Hazelton Formation, including extensive coverage of the well-known “Red Line” geological marker. Khunkhun stated that the district hosts five past-producing mines, highlighting the region’s proven high-grade endowment and that these acquisitions transformed Dolly Varden Silver into a true district-scale silver company and created one of the most compelling exploration land packages in the Golden Triangle.
Exploration remained a core driver of value throughout the year, with the completion of a 56,131-meter drill program. Results from the program include 1,422 g/t silver over 21.70 meters at the Wolf Vein; 3.34 g/t gold over 120 meters at Homestake Silver; 26.74 g/t gold over 14.76 meters at the Homestake Silver Deposit; and 14.50 g/t gold over 21.18 meters at the Homestake Silver Deposit. Khunkhun noted that these results demonstrate both the grade and continuity of mineralization across the district and reinforce their view that this camp remains significantly underexplored.
Dolly Varden Silver announced a merger with Contango ORE, creating a new North American high-grade, mid-tier silver and gold producer and developer. Khunkhun explained that the combination brings together Dolly Varden Silver’s high-grade silver assets and district-scale exploration upside with Contango’s advanced development assets and operating expertise. Together, they are building a company positioned for near-term production, long-term growth, and sustained value creation, while maintaining a strong balance sheet and disciplined capital strategy.
Looking ahead, Khunkhun mentioned assays pending from the 56,131-meter drill program, a 2026 exploration plan, 85,000 hectares of prospective land acquired in 2025, ongoing MA due diligence, a shareholder vote in February, a merger potentially completing in March and a new Resource Estimate in H1 2026.
The company’s management team 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 the combined company will consist of Clynt Nauman as Chairman, Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Rick Van Nieuwenhuyse and Shawn Khunkhun. The corporate office will be based in Fairbanks, Alaska, with a secondary office located in Vancouver, British Columbia.
On December 8, 2025 Khunkhun appeared on the Jay Martin Show and said that the Dolly Varden merger makes sense for Contango because it takes their five-year plan and turns it into a 20-year plan.
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101, has reviewed, validated and approved the scientific and technical information.
Contact: guy.bennett@globalstocksnews.com
Source: Dolly Varden Silver
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