Shawn Khunkhun

We assembled the land position, five past producing silver mines. We did a lot of drilling. We built up a large resource, 65 million ounces of silver, 90 ounces of gold.

it'll go on to produce about 100,000 oz a year for at least a decade.

Contango silver and gold will be a 5 million oz a year silver producer which also produces 200,000 oz annually of gold.

That too will be generating $100 million free cash flow, taking our production profile from the current 60,000 oz to 100,000 oz.

This is an asset that'll contribute to the production profile about 5 million oz a year of silver.

It's producing, on average, life of mine, 60,000 oz a year.

Johnson Track project was which is the third project in Alaska, another high-grade gold project which is about 1.1 million ounces of gold at roughly 10 g per ton.

Johnson Tract project was which is the third project in Alaska, another high-grade gold project which is about 1.1 million ounces of gold at roughly 10 g per ton.

Johnson track project was which is the third project in Alaska, another high-grade gold project which is about 1.1 million ounces of gold at roughly 10 g per ton.

That yielded a new discovery. I I took a quick look at your screen. So, that that yielded a new discovery. So, we got the KM discovery.

Um there is a new mineral resource estimate that's scheduled to come out in June. Um so, we're looking to incorporate 200,000 m of drilling.

we're looking to incorporate 200,000 m of drilling.

Johnson Track project was which is the third project in Alaska, another high-grade gold project which is about 1.1 million ounces of gold at roughly 10 g per ton.

Johnson track project was which is the third project in Alaska, another high-grade gold project which is about 1.1 million ounces of gold at roughly 10 g per ton.

With a $7 million spend, a economic study was produced highlighting a $615 million net present value.

It's producing, on average, life of mine, 60,000 oz a year.

When I look at next year, you you know, using a conservative gold price, we're we're going to make about $250 million.

It's generating, on average, about $100 million of free cash flow.

It's generating, on average, about $100 million of free cash flow.

With a $50 million investment over 2 years, we will turn the Lucky Shot back into production by 2028.

with a $50 million investment over 2 years, we will turn the Lucky Shot back into production by 2028.

Um that's Canadian. It was about $37 million US was the acquisition of High Gold.

With a $7 million spend, a economic study was produced highlighting a $615 million net present value.

With a $7 million spend, a economic study was produced highlighting a $615 million net present value.

With a $7 million spend, a economic study was produced highlighting a $615 million net present value.

We have the potential to make $200 million of free cash flow next year.

Now, when I look at next year, you you know, using a conservative gold price, we're we're going to make about $250 million.

we're going to produce anywhere between 75 and 80,000 oz at an AISC from 12 to 1,300

we're putting $60 million into the projects, 67 and a half million

we're self-funded. So, all the plans that we have of taking the Lucky Shot into production and Johnson Track and Kitsault Valley, it's all sequenced in a way where we don't need to go back to market.

With a $7 million spend, a economic study was produced highlighting a $615 million net present value.

We're self-funded. So, all the plans that we have of taking the Lucky Shot into production and Johnson Track and Kitsault Valley, it's all sequenced in a way where we don't need to go back to market.

We got a $102 million distribution in 2025.

Um we've got about $100 million in the bank.

Um we've got about $100 million in the bank.

We got a $102 million distribution in 2025.

When I look at next year, you you know, using a conservative gold price, we're we're going to make about $250 million.

Um we've got about $100 million in the bank.

So, we we don't plan on any dilution to achieve the goals to get to 5 million oz of silver production and 200,000 oz of gold production.

we don't plan on any dilution to achieve the goals to get to 5 million oz of silver production and 200,000 oz of gold production.

we don't plan on any dilution to achieve the goals to get to 5 million oz of silver production and 200,000 oz of gold production.

When I look at next year, you know, using a conservative gold price, we're we're going to make about $250 million.

Once we start producing from the silver project, which is about 3 years out, we'll then get valued as a silver producer

we will turn the Lucky Shot back into production by 2028.

we will turn the Lucky Shot back into production by 2028.

With a $50 million investment over 2 years, we will turn the Lucky Shot back into production by 2028.

we will turn the Lucky Shot back into production by 2028.

Scheduled to come online in 2030.

Uh so, you guys also got 40,000 m of drilling planned here. So, what I can say is we've drilled 20,000 m.

Scheduled to come online in 2030.

Um there is a new mineral resource estimate that's scheduled to come out in June.

Um there is a new mineral resource estimate that's scheduled to come out in June.

Scheduled to come online in 2030.

There is a new mineral resource estimate that's scheduled to come out in June.

So, the report's coming this month, in July.

There is a new mineral resource estimate that's scheduled to come out in June.

Dolly Varden Silver was a silver explorer in BC's prolific Golden Triangle. Also drilling Lucky Shot and Kitsault Valley.

So, in Alaska, there is an exceptionally high-grade open-pit gold mine called Mancho, and that is our producing asset.

it's a high-grade primary silver asset in very very safe jurisdiction in BC's Golden Triangle.

In Alaska, there is an exceptionally high-grade open-pit gold mine called Mancho... it's a high-grade primary silver asset in very very safe jurisdiction in BC's Golden Triangle.

it's a high-grade primary silver asset in very very safe jurisdiction in BC's Golden Triangle.

pure high-grade silver project in the prolific golden triangle area of northern British Columbia

Dolly Varden is located in BC's Golden Triangle.

We're focused in Canada and the US, and we're specifically focused on projects that fit the DSO model, the direct shipping or model.

We're focused in Canada and the US, and we're specifically focused on projects that fit the DSO model, the direct shipping or model.

We're focused in Canada and the US

in Alaska, there is an exceptionally high-grade open-pit gold mine called Mancho, and that is our producing asset.

projects in both Alaska and British Columbia.

it's in a safe and stable mining jurisdiction in Canada.

the Johnson Tract project is on the fast 41 uh permitting.

Rob Van Egmond is um our our vice president of our Canadian operations. So, he's doing exactly what he was doing for Dolly Varden.

What I've done is I've brought capital uh and uh marketing uh to undervalued opportunities, shed a light on them, and have transacted on M&A deals, raised about $3 billion along the process, and uh have seen a lot of assets revalued under my leadership.

I took over the business um five years ago. We were a $20 million company. Uh today we're valued at about $600 million

with 50% of that in the hands of management, uh strategics and institutions, that leaves 15 million shares in the hands of the public

Mike Sinnamon, who was recently named the new CEO of B2Gold, is on the board.

we're employing a direct shipping or model. So, we're not building processing facilities and permitting tailings.

We've completed about 196,000 meters of drilling.

I'm looking at potential for direct shipping of our ore in the future

Today, the company trades at about a 0.3 NAV multiple, where our peer group is trading at 0.7

We're focused on high-grade projects. We're focused in Canada and the US, and we're specifically focused on projects that fit the DSO model, the direct shipping or model.

We're focused on high-grade projects. We're focused in Canada and the US, and we're specifically focused on projects that fit the DSO model, the direct shipping or model.

We're focused on high-grade projects.

We're focused on high-grade projects. We're focused in Canada and the US, and we're specifically focused on projects that fit the DSO model, the direct shipping or model.

Kinross is our partner.

we've uh modeled about $50 million of buying from the ETFs and indexes.

we are a company that represents less than one of five opportunities that are either going to be takeover candidates or the next producers.

Today, the company trades at about a 0.3 NAV multiple, where our peer group is trading at 0.7, and the outliers are trading at over one times NAV.

it only has 33 million shares issued and outstanding.

the company is in production. It has a development pipeline, and it only has 33 million shares issued and outstanding.

we only have 33 million shares out outstanding.

We only have 33 million shares out and with 50% of that in the hands of management, uh strategics and institutions, that leaves 15 million shares in the hands of the public

we have less than a 100 million shares issued and outstanding.

We did all that growth for about 3% dilution

Today, the company trades at about a 0.3 NAV multiple, where our peer group is trading at 0.7, and the outliers are trading at over one times NAV.

Between the institutional ownership that's over 50%, the corporate ownership over 25% and Mr. Eric Sprat owning about 10% that leaves less than 15% in the hands of the public.

So, we we don't plan on any dilution to achieve the goals to get to 5 million oz of silver production and 200,000 oz of gold production.

There is a new mineral resource estimate that's scheduled to come out in June.