potential and disciplined capital management,” said Shawn Khunkhun, President of Contango Silver & Gold. “Beyond near-term cash flow, the most sig- nificant 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 develop- ment success.” With the merger complete, attention now shifts to execution — advancing development projects, expanding resources, and leveraging Manh Choh’s cash flow to fund growth without excessive dilution. The company has outlined ambitions to significantly increase production over time, signaling that this deal is less an endpoint than the foundation for a larger build-out. Contango is led by Van Nieuwenhuyse, Khunkhun and Mike Clark, Executive Vice President & Chief Financial Officer. The Board of Directors includes Clynt Nauman (Chairman), Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Van Nieuwenhuyse, and Khunkhun.
company pursued a listing on the Toronto Stock Exchange to complement its NYSE American pres- ence. Contango Silver & Gold announced April 13 that its shares of common stock were approved for listing on the Toronto Stock Exchange and will trade under the trading symbol "CTGO". The merger underscores a broader trend of consolida- tion among junior and mid-tier miners seeking scale, diversification and access to capital in a strong pre- cious metals market. By uniting assets across Alaska and British Columbia, Contango Silver & Gold now controls a portfolio that spans the full development spectrum — from produc- ing mines to advanced exploration targets — position- ing it to grow into a multi-asset operator. The combined land package includes some of the highest-grade silver and gold districts in North America, offering what executives describe as a “full pipeline of value creation” from exploration through production. “Our current value proposition is compelling on a cash-flow basis, supported by strong production
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announcing the closing, pointing to a “strong balance sheet and production base” alongside “significant growth potential and exceptional exploration upside.” The new entity enters the market with more than $100 million in cash and minimal debt, giving it financial flexibility to advance multiple projects simultaneously. Structurally, the deal was designed as a merger of equals, with shareholders of each company owning roughly 50% of the combined entity. Under the terms, each Dolly Varden share was exchanged for 0.1652 of a Contango share (or equiva- lent exchangeable shares for eligible holders), result- ing in the issuance of more than 13.6 million new shares. Investor support was decisive. More than 99% of Contango shareholders and nearly 99% of Dolly Varden shareholders voted in favor of the transaction earlier in March. With the deal closed, Dolly Varden shares were del- isted from public exchanges, while the combined
Manh Choh is operated under the Peak Gold joint venture between Kinross and Contango. Photo by Kinross Alaska
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THE ALASKA MINER - THE MAGAZINE OF THE ALASKA MINERS ASSOCIATION
SPRING 2026 | ALASKAMINERS.ORG
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