Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER ANNOUNCES FILING OF SPECIAL MEETING CIRCULAR AND RECEIPT OF INTERIM ORDER IN RESPECT OF PREVIOUSLY ANNOUNCED ARRANGEMENT WITH CONTANGO ORE

Dolly Varden Silver Corp. has filed on SEDAR+ its management information circular dated Feb. 11, 2026, in connection with the company's special meeting of shareholders to consider and vote on a special resolution approving the previously announced statutory arrangement with Contango ORE Inc.

Dolly Varden also announces that on Feb. 11, 2026, the company obtained an interim order of the Supreme Court of British Columbia providing for, among other things, the calling and holding of the meeting, dissent rights and other procedural matters.

Meeting details

The meeting will be held in person at the offices of Stikeman Elliott LLP, suite 1700 -- 666 Burrard St., Vancouver, B.C., V6C 2X8, on March 17, 2026, at 10 a.m. (Vancouver time).

Shareholders are urged to vote as soon as possible, well in advance of the proxy voting deadline of 10 a.m. (Vancouver time) on March 13, 2026.

The arrangement

Pursuant to the arrangement agreement dated Dec. 7, 2025, between Dolly Varden, Contango and 1566004 B.C. Ltd., as amended, Contango will acquire all of the issued and outstanding common shares of the company. At the effective time of the arrangement, Dolly Varden shareholders will receive, for each company share held, 0.1652 of a Contango share of voting common stock, unless an eligible Canadian shareholder elects to instead receive 0.1652 of an exchangeable share in a Canadian subsidiary of Contango (subject to the election mechanics and deadlines described in the circular). The arrangement will be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and requires, among other things, the approval of the arrangement resolution by 66.66 per cent of the votes cast by Dolly Varden shareholders at the meeting.

Board recommendation and rationale

The Dolly Varden board of directors unanimously recommends that shareholders vote for the arrangement resolution for a variety of reasons, including, among others:

• The ability of the company to respond to a superior proposal, should one emerge, consistent with the arrangement agreement;
• The opportunity for shareholders to participate in the future value of the combined company;
• The view that the process and outcomes provide equitable and fair treatment to stakeholders;
• The anticipated likelihood of obtaining required approvals, including court approval and regulatory approvals;
• The absence of a financing condition and an expected path to completion (subject to approvals and conditions);
• Expected continuity with certain directors and senior executives expected to have roles with the combined company (as described in the circular);
• Voting support agreements entered into with all directors and officers and certain large shareholders;
• For eligible shareholders, the potential for a tax-deferred rollover election through the exchangeable share election mechanics described in the circular.

Voting support agreements

Voting support agreements have been entered into with all directors and officers of Dolly Varden and certain large shareholders, who collectively beneficially own (or exercise control or direction over) approximately 22 per cent of the outstanding company shares as of the date of the arrangement agreement, and have agreed (subject to the terms of the agreements) to vote in favour of the arrangement.

Shareholder questions and voting assistance

If you have questions about the circular or need help voting, please contact Dolly Varden's proxy solicitation agent, Laurel Hill Advisory Group, by phone at 1-877-452-7184 (North America toll-free) or 416-304-0211 (collect calls outside North America), by text message by texting info to either number, or by e-mail at assistance@laurelhill.com.

About Dolly Varden Silver Corp.

Dolly Varden Silver is a mineral exploration company focused on advancing its 100-per-cent-held Kitsault Valley project (which combines the Dolly Varden project and the Homestake Ridge project) located in the Golden Triangle of British Columbia, Canada, 25 kilometres by road to tide water. Including the Kitsault Valley project, the company has consolidated approximately 100,000 hectares of prospective tenure in the Golden Triangle with five past-producing high-grade silver mines including Dolly Varden, Torbrit, Porter Idaho, Mountain Boy and Esperanza historic mines. The 163-square-kilometre Kitsault Valley project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past-producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

We seek Safe Harbor.