Dolly Varden Silver Intersects 467 g/t Silver over 15.32 Meters, Including 1,309 g/t Silver over 2.32 Meters at Wolf Vein

On January 20, 2026, Dolly Varden Silver (DV) released assay results from the 2025 exploration program at the Kitsault Valley Project. The primary highlights include: * High-Grade Silver Intercepts: Hole DV25-435 intersected 467 g/t Silver (Ag) over 15.32 meters, including 1,309 g/t Ag over 2.32 meters. Hole DV25-436 returned 323 g/t Ag over 22.86 meters. * Geological Breakthrough: The company reported the discovery of "Torbrit style mineralization" across the Central Valley Fault. * Strategic Implication: The results successfully connect the Wolf Vein with the Torbrit Deposit, located over one kilometer to the south. Management identifies connecting these two largest deposits in the Kitsault Valley trend as a priority goal. * Polymetallic Nature: The results continue to show significant base metal credits (Lead/Zinc) associated with the silver, with values up to 9.27% Zinc in narrower high-grade intervals.

This news is Material - Positive. While the pending merger with Contango ORE (announced Dec 2025) is the dominant corporate narrative, these technical results are critical for the valuation of the underlying assets. * Resource Expansion: Bridging the 1km gap between the Wolf Vein and Torbrit deposit suggests a singular, continuous, district-scale system rather than isolated deposits. This has the potential to significantly increase total tonnage and mine life in future economic studies. * Validation of Merger Rationale: The merger with Contango ORE is predicated on combining Contango's cash flow with Dolly Varden's exploration upside. These results confirm the "upside" portion of that thesis, ensuring the pro-forma company has immediate organic growth targets. * Technical De-Risking: Successfully identifying mineralization across the Central Valley Fault de-risks the structural model and opens up the "gap" zone for aggressive resource definition drilling in 2026.

• Company: Dolly Varden Silver is transitioning from an exploration-focused junior into a mid-tier precious metals producer through a merger of equals with Contango ORE (pending close Q1 2026).
• Flagship Project: The Kitsault Valley Project in the Golden Triangle of British Columbia, Canada. This integrates the Dolly Varden silver property (Wolf, Torbrit veins) and the Homestake Ridge gold-silver property.
• Project Geology: High-grade epithermal silver and gold veins. Recent drilling (2025/2026) has identified distinct gold-rich zones (Homestake) and silver-rich zones (Wolf/Torbrit) that are now structurally linked.
• Merger Asset Addition: Upon closing, the company will gain the Manh Choh Gold Mine (Alaska, 30% interest, producing), providing immediate free cash flow to fund Kitsault development.