Contango ORE and Dolly Varden Silver Announce Merger to Create a New North American High-Grade, Mid-Tier Silver & Gold Producer and Developer

Dow Jones Newswires

Dolly Varden Silver Corporation

-4.70%

FAIRBANKS, Ala. and VANCOUVER, BC, Dec. 8, 2025 /PRNewswire/ - Contango ORE, Inc. ("Contango" or the "Company") (NYSE American: CTGO) and Dolly Varden Silver Corporation ("Dolly Varden") (NYSE American: DVS) (FSE: DVQ) are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement") to combine Contango and Dolly Varden on a merger-of-equals basis pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Transaction"). The combination of Contango and Dolly Varden (the combined entity referred to as "MergeCo") would provide investors with a unique opportunity to participate in the upside of a well-funded North American asset portfolio consisting of the cash flowing high-grade Manh Choh gold mine in Alaska as well as several high-grade silver and gold projects located in British Columbia and Alaska including the Kitsault Valley and Johnson Tract projects.

Upon completion of the Transaction, existing Contango and Dolly Varden shareholders will each own approximately 50% of the outstanding shares of MergeCo, on a fully diluted in-the-money basis. MergeCo is expected to be renamed Contango Silver & Gold Inc. and 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 directors of MergeCo (the "MergeCo Board") will include Clynt Nauman as Chairman, Brad Juneau, Darren Devine, Mike Cinnamond, Tim Clark, Rick Van Nieuwenhuyse and Shawn Khunkhun.

Rick Van Nieuwenhuyse, President, CEO & Director of Contango, commented: "This merger is an exciting transaction for both Contango and Dolly Varden shareholders given the complementary and synergistic nature of our North American asset portfolios. With the Manh Choh Gold Mine providing significant cash flows in a strong gold and silver price environment, the combined company will have a source of non-dilutive funding to advance development of its high-grade Lucky Shot and Johnson Tract projects in Alaska and Kitsault Valley project in British Columbia. Kitsault Valley and Johnson Tract are particularly synergistic as both are high grade, have similar metallurgy, are located near tidewater and fit the Direct Shipping Ore ("DSO") model. In addition, both have tremendous exploration upside. With Dolly Varden's cornerstone land position in the Golden Triangle, one of the most exciting and prospective mining districts in the world, we see great potential to expand resources and advance Kitsault Valley to production. The combined company will be well financed for growth that is expected to continue to deliver long-term value for its shareholders."

Shawn Khunkhun, President, CEO & Director of Dolly Varden, further commented: "We are very pleased to present this Transaction to the shareholders of Dolly Varden. The merger represents a step-change for the company, adding production and combining an exceptional portfolio of projects with the potential for high-grade precious-metal development. The combined company is poised to become a unique, multi-asset platform for silver and gold production, focused exclusively on the United States and Canada. Our respective boards are fully aligned on how to best realize this vision, sharing a commitment to aggressively expand our resource base, accelerate mine exploration and subsequent development across the portfolio and pursue growth-oriented acquisitions."

Transaction Highlights & Strategic Rationale

Complementary Assets: Creation of a North-American focused multi-stage silver and gold company, with an asset portfolio ranging from advanced-stage exploration to current production.
Well Funded: Over US$100 million combined cash on hand, only US$15 million in debt and annual cash flow from the producing high-grade Manh Choh gold mine in Alaska, operated in partnership with Kinross Gold Corporation ("Kinross").
High-Grade Projects: Leverage to high-grade development of assets anchored by the Lucky Shot and Johnson Tract projects in Alaska, and the Kitsault Valley silver-gold project in British Columbia -- all strategically located near existing infrastructure supporting a DSO approach.
Shared Capex Strategy: Common development philosophy to pursue low-capex DSO projects that can be developed using existing processing facilities.
Exploration Potential: Track-record of high-grade exploration success across the portfolio.
Enhanced Capital Markets Profile: The combined company's shareholders to benefit from greater critical mass with a combined market capitalization of approximately US$812 million (C$1.1 billion), as well as increased trading liquidity, index inclusion, research coverage and institutional ownership.
Insider and Institutional Support: All directors and officers of Contango and Dolly Varden, as well as significant shareholders of both companies, have signed voting support agreements in favour of the Transaction, representing approximately 22% of the outstanding Contango shares and approximately 22% of the outstanding Dolly Varden shares.
Expanded Presence: Listing on the NYSE American, and intention to apply to list on the Toronto Stock Exchange following closing of the Transaction.

Flagship Assets

Manh Choh Mine, Alaska

Ore mined at Manh Choh is trucked to Kinross's Fort Knox mine and milling complex in Fairbanks, Alaska for processing; operations commenced in Q3 2024.
One of the highest-grade open pit mines in the world with gold reserves estimated at approximately 8 grams per tonne ("g/t").
Joint venture between Kinross (70%) and Contango (30%), operated by Kinross.
Production of 173,400 gold ounces for the first nine months of 2025 (52,020 gold ounces attributable to Contango) at an all-in sustaining cost ("AISC") of US$1,505 per ounce ("oz").
Total cash distributions for the first nine months of 2025 of US$87 million to Contango.

Lucky Shot Mine, Alaska

Current Indicated resource of 0.1 million ounces of gold at 14.5 g/t in the historically productive Willow Mining District, Alaska.
Fully permitted for mining operations.
Underground development completed for advanced exploration.
18,000 meter drill program currently underway targeting expansion of Measured and Indicated resources to 400,000 to 500,000 ounces with a DSO feasibility study and mine go-ahead decision targeted by 2027.

Johnson Tract, Alaska

Current Indicated resource of 0.7 million ounces of silver, 0.6 million ounces of gold, and 400 million pounds of zinc (1.1 million gold equivalent ounces ("GEO")) and Inferred resources of 0.2 million ounces of silver, 31,000 ounces of gold, and 65 million pounds of zinc.
Critical metals project (gold, silver, copper, zinc, lead) accepted for coverage on the FAST-41 Covered Projects dashboard on December 2, 2025.
Initial Assessment completed on May 6, 2025 outlined a NPV5% of US$615 million with an IRR of 53% at US$4,000/oz gold, AISC of $860 per gold equivalent oz and a payback period of less than a year.
In August 2024, Contango received a 404-permit to build a road from camp to the portal site and plans to construct the road in 2026. Targeted completion of a DSO feasibility study with mine go-ahead decision by 2029.

Kitsault Valley, British Columbia

Large cornerstone land position in the Golden Triangle with exploration upside in one of the most exciting and prospective mining districts in the world.
Current Indicated resource of 34.7 million ounces of silver and 0.2 million ounces of gold and Inferred resources of 29.3 million ounces of silver and 0.8 million ounces of gold, with an update anticipated in 2026.
In 2025, completed a 56,131 meter drill program with initial highlights including 1,422 g/t silver over 21.70 meters at the Wolf Vein deposit (see September 2, 2025 press release), 26.74 g/t gold over 14.76 meters and 14.50 g/t gold and 75 g/t silver over 21.18 meters at the Homestake Silver deposit (see November 10, 2025 and December 4, 2025 press releases).
Past production of over 20 million ounces of silver in the Kitsault Valley, including the Dolly Varden Mine, historically the richest silver mine in the British Empire with production at 1,100 g/t of silver between 1919 and 1923, and the Torbit Mine, historically Canada's third largest primary silver producer, producing at 466 g/t of silver between 1949 and 1959.

Leadership & Governance

Management of the combined company will draw upon the experience and expertise of both companies, 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.

Transaction Details

Pursuant to the terms and conditions of the Arrangement Agreement, Contango will acquire all of the issued and outstanding common shares of Dolly Varden (the "DV Shares") at an exchange ratio of 0.1652 of a share of voting common stock of Contango (the "CTGO Shares") for each DV Share held (the "Exchange Ratio").

Immediately prior to closing of the Transaction, all restricted share units of Dolly Varden will vest and be settled for DV Shares. Pursuant to the Transaction, all outstanding stock options of Dolly Varden will be exchanged for stock options to acquire CTGO Shares, adjusted to reflect the Exchange Ratio. Eligible Canadian shareholders of Dolly Varden will be able to elect to receive exchangeable shares in a Canadian subsidiary of Contango, which will be exchangeable into CTGO Shares, instead of the CTGO Shares to which they would otherwise be entitled.

Upon completion of the Transaction, existing Contango and Dolly Varden shareholders will own approximately 50% each of the outstanding shares of MergeCo, respectively, on a fully diluted in-the-money basis.

The Transaction will be effected pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and will require approval by the British Columbia Supreme Court (the "Court"), the approval of 66 2/3% of the votes cast by Dolly Varden shareholders at a special meeting of Dolly Varden shareholders expected to be held in February 2026 (the "DV Meeting") and the affirmative vote of a majority of the shares present in person or by proxy and entitled to vote at the special meeting of Contango shareholders expected to also be held in February 2026 (the "CTGO Meeting").

Directors, officers and certain major shareholders of Dolly Varden, who collectively hold approximately 22% of the outstanding DV Shares, have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their DV Shares in favour of the Transaction. Similarly, directors, officers and certain major shareholders of Contango, who collectively hold approximately 22% of the outstanding CTGO Shares, have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their CTGO Shares in favour of the Transaction. Certain other major shareholders of Contango and Dolly Varden have also indicated their support and intention to vote in favour of the Transaction.

In addition to the approval of the Court and the Dolly Varden and Contango shareholders noted above, the Transaction is subject to the receipt of applicable regulatory and exchange approvals (including approval of the NYSE American and TSX Venture Exchange), and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Transaction is expected to close in late February or early March, 2026. The Arrangement Agreement includes customary deal protections, including reciprocal fiduciary-out provisions, non-solicitation covenants and the right to match any superior proposals. A reciprocal termination fee in the amount of US$15 million is payable by either party in certain circumstances as set out in the Arrangement Agreement.

Full details of the Transaction will be included in Dolly Varden's management information circular in respect of the DV Meeting and Contango's proxy statement in respect of the CTGO Meeting, both of which are expected to be mailed to shareholders in January 2026. Shareholders of both parties are urged to read these documents once available, as they will contain important additional information concerning the Transaction; they will be posted on SEDAR+ (in the case of Dolly Varden) and EDGAR (in the case of Contango). In addition, a copy of the Arrangement Agreement will be filed under Dolly Varden's profile on SEDAR+ and Contango's profile on EDGAR.

This news release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of any person, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except pursuant to registration under, or an available exemption from the registration requirements of, the Securities Act of 1933, as amended.

Contango Board Recommendation

The Arrangement Agreement has been unanimously approved by the board of directors of Contango (the "CTGO Board"). Canaccord Genuity Corp. has provided a fairness opinion to the CTGO Board stating that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the Exchange Ratio is fair, from a financial point of view, to the stockholders of Contango.

Dolly Varden Board Recommendation

The Arrangement Agreement has been unanimously approved by the board of directors of Dolly Varden (the "DV Board"), based upon the recommendation of a special committee of certain independent directors of the DV Board (the "DV Special Committee") that was formed to evaluate the Transaction.

Haywood Securities Inc. has provided an oral fairness opinion to the DV Board stating that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be received by the Dolly Varden shareholders pursuant to the Arrangement is fair, from a financial point of view, to Dolly Varden shareholders.

Raymond James Ltd. has provided an oral fairness opinion to the DV Special Committee stating that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be received by the Dolly Varden shareholders pursuant to the Arrangement is fair, from a financial point of view, to Dolly Varden shareholders.

Advisors & Counsel

Canaccord Genuity Corp. is acting as financial advisor, Blake, Cassels & Graydon LLP is acting as Canadian legal counsel, and Holland & Knight LLP is acting as US legal counsel to Contango.

Haywood Securities Inc. is acting as financial advisor, Stikeman Elliott LLP is acting as Canadian legal counsel, and Dorsey & Whitney LLP is acting as US legal counsel to Dolly Varden. Raymond James Ltd. is acting as financial advisor to the DV Special Committee.

Conference Call, Webcast & Presentation

Contango and Dolly Varden will host a joint conference call and webcast to discuss the Transaction on December 8, 2025 beginning at 10:00 am Pacific Time / 1:00 pm Eastern Time.

Participants may join the webcast using the following login details:

https://6ix.com/event/contango-ore-and-dolly-varden-silver-merge

Additional information regarding Contango, Dolly Varden and the Transaction may also be found in a corporate presentation available on Contango's website at www.contangoore.com and on Dolly Varden's website at www.dollyvardensilver.com.

Qualified Persons

Dave Larimer, CPG, Exploration Manager, a "Qualified Person" as defined by S-K 1300, has approved the scientific and technical information contained in this news release on behalf of Contango.

Rob van Egmond, P.Geo., VP Exploration for Dolly Varden, a "Qualified Person" as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical information contained in this news release on behalf of Dolly Varden. Rob van Egmond, P.Geo. is not independent of Dolly Varden in accordance with NI 43-101.

About Contango

Contango is a NYSE American listed company that engages in exploration for gold and associated minerals in Alaska. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the Peak Gold JV. Contango and its subsidiaries also have (i) a lease on the Johnson Tract project from the underlying owner, CIRI Native Corporation, (ii) a lease on the Lucky Shot project from the underlying owner, Alaska Hardrock Inc., (iii) 100% ownership of approximately 8,600 acres of peripheral State of Alaska mining claims, and (iv) a 100% interest in approximately 145,000 acres of State of Alaska mining claims that give Contango the exclusive right to explore and develop minerals on these lands.

Website: www.contangoore.com

About Dolly Varden

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25km by road to tide water. Including the Kitsault Valley Project, Dolly Varden has consolidated approximately 100,000Ha of prospective tenure in the Golden Triangle with 5 past producing high-grade silver mines including Dolly Varden, Torbrit, Porter Idaho, Mountain Boy and Esperanza historic mines. The 163 km(2) 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).

Website: www.dollyvardensilver.com

FORWARD LOOKING STATEMENTS This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "Forward-looking Information"). These include statements regarding Contango and Dolly Varden's intent, or the beliefs or current expectations of the officers and directors of Contango and Dolly Varden for MergeCo post-closing. Actual results and outcomes of the proposed Transaction may vary materially from the amounts set out in any Forward-looking Information. As well, Forward-looking Information may relate to: future outlook and anticipated events, such as the consummation and timing of the Transaction; the strategic vision for MergeCo following the closing of the Transaction and expectations regarding exploration potential, expansion of resources, development, production capabilities and future financial or operating performance of MergeCo post-closing, including investment returns and share price performance; production and cost guidance and other economic projections; the potential valuation of MergeCo following the closing of the Transaction; increases in trading liquidity, index inclusion, research coverage and institutional ownership; the ownership interests of existing Contango and Dolly Varden shareholders in MergeCo; the expected name of MergeCo; the accuracy of the pro forma financial position and outlook of MergeCo following the closing of the Transaction; the composition and success of the new management team and the MergeCo Board; the satisfaction of the conditions precedent to the Transaction; the timing of the meetings and the mailing of the Dolly Varden Circular and Contango Proxy Statement and completion of the Transaction; the treatment of stock options and restricted share units of Dolly Varden in connection with the Transaction; the issuance and conversion of the exchangeable shares; the intention to apply to list MergeCo on the Toronto Stock Exchange following closing of the Transaction; current estimates and the conversion of mineral resources and mineral reserves; the success of Dolly Varden and Contango in combining operations upon closing of the Transaction; the success and timing of completing exploration, development and production activities at the combined projects of MergeCo; the production and operating capabilities, including expectations thereof, of the Manh Choh Gold Mine; the potential of MergeCo to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.

Forward-looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Contango and Dolly Varden believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Contango and Dolly Varden as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to the closing of the Transaction; risks related to the financial impact that tariffs placed on Canada by the United States and risks related to retaliatory tariffs placed on the United States by Canada; risks related to new members of management and the MergeCo Board; risks relating to changes in the gold or silver price; risks related to operations at the Manh Choh Gold Mine; risks related to development of MergeCo's assets in accordance with expectations; and other risks described from time to time in Dolly Varden's most recently filed annual information form, financial statements and, MD&A and other disclosures (under the heading "Risk Factors" or otherwise) which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar, and in Contango's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC (including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein) which are available on EDGAR at www.sec.gov/edgar. Forward-looking Information is designed to help readers understand Dolly Varden and Contango's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Dolly Varden and Contango assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If either Dolly Varden or Contango updates any one or more forward-looking statements, no inference should be drawn that the either company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.

Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources

Disclosure regarding the mineral properties of Dolly Varden included in this news release, was prepared in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the "SEC"), including Regulation S-K 1300 under the U.S. Securities Exchange Act of 1934, as amended, generally applicable to U.S. companies. Accordingly, information contained in this news release is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

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SOURCE Contango Ore

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Kinross Gold Corp : Ubs Raises Target Price To $33 From $31

Reuters

Kinross Gold

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Risk Warnings and Disclaimers

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Kinross Gold Corp. Price Target Announced at C$44.00/Share by Desjardins Securities

Dow Jones Newswires

Kinross Gold

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Ratings actions from Baystreet: http://www.baystreet.ca

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Ratings actions from Baystreet: http://www.baystreet.ca

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Kinross Gold Drilling Returns Multiple Gold Intercepts Confirming Carlin-Type Fluids Signature at Riley Gold's PWC Project (Cortez District - Nevada)

Newsfile Corp.

Highlights

Kinross drill program confirms Carlin-type mineralization signature at Riley Gold's PWC Gold Project.
Kinross framework drill program planning for 2026 is underway.
Highlighted intersections include up to 2.19 g/t gold as well as a significant 489ft (149m) thick intersection of Carlin-type disseminated gold mineralization in the lower plate Wenban formation.
Kinross has increased the project size to 27.2 square kilometers by additional staking and is currently expanding the soil sample coverage over the project.

Vancouver, British Columbia--(Newsfile Corp. - November 24, 2025) - Riley Gold Corp. (OTCQB: RLYGF) ("Riley Gold" or the "Company") is pleased to provide an exploration update for the Company's Pipeline West/Clipper Gold Project ("PWC") located in the Cortez mining district of the Battle Mountain - Eureka Trend. PWC is operated by Kinross Gold U.S.A., Inc. ("Kinross"), a wholly-owned subsidiary of Kinross Gold Corporation , under an exploration earn-in agreement executed in March 2024 whereby Kinross has the right to earn up to 75% of PWC by spending USD$20,000,000 (for full details of the Kinross agreement please see the March 14, 2024 news release).

PWC 2026 Exploration Program

Kinross has confirmed planning is underway for a committed next phase of exploration at PWC which will include additional framework drilling in 2026, based on the 2025 and 2024 drill results. A geochemical soil survey is currently underway expanding the previous soil survey coverage to the southwest to fully delineate the existing +3km open gold and pathfinder element soil anomaly. Kinross has also increased the PWC property size by 2.5 square kilometers through additional claim staking. A comprehensive Leapfrog 3D geologic model for targeting is being updated for comparison with the many Cortez Districts >5.0-million-ounce gold discoveries. The primary target being a large, Carlin-type gold deposit peripheral to the Gold Acres stock, which is the geologic setting for Nevada Gold Mines LLC's ("NGM") Pipeline gold deposit. The PWC geological model is testing a Carlin-type system analogous to NGM's Meikle Mine and Barrick Mining Corporation's ("Barrick") Fourmile Project.

PWC 2025 Drilling Program

Mr. Paul Dobak, Riley Gold's Technical Advisor for PWC, commented, "Results from the 2025 drilling are very encouraging. They confirm a source for the surface Carlin-type gold and trace element soil anomalies and show evidence in the upper plate of leakage of Carlin-type hydrothermal fluids along high-angle brittle faults and evidence of disseminated Carlin-type mineralization in lower plate carbonate rocks at depth. These Carlin-type fluids appear to have circulated around and cross-cut the older contact metamorphic skarn alteration associated with the Gold Acres Stock. This geologic setting is consistent to what is observed peripheral to the Meikle and Fourmile deposits."

Drilling Location Overview

Kinross drilling to date consisted of three framework drill holes PW24-01, PW25-02 and PW25-03 (Figure 1 and 2 below), with this year's drilling stepping out more than 2.5 kilometers northwest of the first drill hole (PW24-01). PW25-02 and PW25-03 targeted a +3km long north-south trending gold and pathfinder element soil anomaly at a structural intersection of major northwest and north trending faults (Figure 2 from Riley Gold's soil survey news release dated February 8, 2023).

Figure 1. Picture looking from NGM's Pipeline Deposit westward proximal to PWC drilling.1

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10015/275662_13b502357408a91f_002full.jpg

Figure 2. PWC Gold Project drill hole locations, previous gold-in-soil survey, and increased project size to the southwest.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10015/275662_13b502357408a91f_003full.jpg

2025 PWC Drilling by Kinross

Drill results and logging confirm Carlin-type fluid signatures are present in PW25-02 and PW25-03, representing a possible Carlin-type gold system within the PWC claim block. These fluids are not only present in the lower plate (Horse Canyon and Wenban formations) but also as leakage anomalies along brittle high-angle structures in the upper plate above the Roberts Mountains Thrust ("RMT") that could be the source of the gold-in-soils at surface (Figure 2). Tracking these faults down to a higher grade trapped source is one target concept. Mineralized faults in the upper plate rocks are significant with notable discoveries in the Cortez and Carlin districts such as the Meikle and Fourmile deposits showing leakage of Carlin-type hydrothermal fluids from the lower plate to the upper plate (See Figure 3 below). Additional framework drilling in 2026 is planned to develop vectors towards possible high-grade mineralized zones.

Figure 3. Schematic diagram of a Carlin type deposits pictured above showing ore deposit settings with ore zones and fluid pathways. Examples of such deposits are Meikle (7.0 Moz at 25 g/t Au)2 and Fourmile.3

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10015/275662_13b502357408a91f_004full.jpg

2025 Kinross Drilling Highlights

Assays from ALS Geochemistry (Reno, NV) confirm numerous zones of gold representing leakage along high-angle structures above the RMT. Highlights within the upper and lower plate zone include:

Drill hole PW25-03

26.80 feet ("ft") (8.17 meters ("m")) of 0.53 grams per tonne ("g/t") gold from 2,074.5ft (632.31m) including 13.32ft (4.06m) of 0.74 g/t gold from 2,088ft (636.42m) upper plate.

14ft (4.26m) of 1.33 g/t gold from 2,639ft (804.37m), including 4ft (1.22m) of 2.19 g/t gold from 2,639ft (804.37m), fault gouge with a carbon seam in a high-angle structure just above the RMT contact (see core box photo below Figure 4).

16.3ft (4.97m) of 0.33 g/t gold from 2,937ft (895.2m) at the transition from upper to lower plate in a high-angle brittle structure with arsenian pyrite (see core box photo below Figure 5).

489ft (149.05m) of 0.09 g/t gold from 3,415ft (1040.9m), including 15ft (4.57m) of 0.66 g/t gold from 3,585ft (1092.7m) and 5ft (1.52m) of 0.82 g/t gold from 3,585 ft (1092.7m). (see core box photo Figure 5). This thick interval of lower grade gold mineralization contains strong Carlin-type geochemical pathfinder elements including arsenic, antimony, mercury and thallium indicating disseminated Carlin-type mineralization (Figure 6).

Figure 4. Core box photos of PW25-03 2,639ft (804.37m) to 2,653ft (808.63m) fault gouge in high angle upper plate structure with carbon seam and gold plus As, Sb, Hg and Tl.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10015/275662_13b502357408a91f_005full.jpg

Figure 5. Core box photos of PW25-03 lower plate from 2,937ft (895.20m) to 2,953.3ft (900.17m) showing hydrothermal breccia vein with white dolomite matrix-cement with mosaic to rotated clast breccia. This structure shows a multi-stage event, variably pyritized, with fault gouge matrix in the Wenban limestone.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10015/275662_13b502357408a91f_006full.jpg

Figure 6. Core box photos of PW25-03 lower plate from 3,585ft (1,092.7m) to 3600ft (1097.28m) showing black carbonaceous laminated Wenban limestone with disseminated Carlin-type gold mineralization.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10015/275662_rileyfigure6.jpg

Drill hole PW25-02

19.52ft (5.95m) of 0.43 g/t gold from 2,740ft (835.15m), including 4.5ft (1.38m) of 0.79 g/t gold from 2,755ft (839.72m) in a high-angle brittle fault at the RMT contact.

10.5ft (3.2m) of 0.51 g/t gold from 3,157.5ft (964.1m) in a high-angle brittle fault cutting calc-silicate skarn below the RMT.

2ft (0.61m) of 0.59 g/t gold from 3,187ft (971.4m) high-angle brittle fault cutting calc-silicate skarn below the RMT.

(Core drill intercepts are apparent thickness and the true thickness is not known at this time. Further drilling and analysis will be required to determine true thickness.)

Downhole Geochemistry Significance

PW25-02 and PW25-03 drill holes are 250m apart and were targeting concepts around gold-in-soil anomalies. The two holes have similar geochemical properties, both cut by high-angle structures with anomalous gold and pathfinder elements and show evidence of significant folding. PW25-03 contains significantly higher gold values, and structural zones with much elevated pathfinder element values. The downhole lithology and geochemistry, shown in Figure 7 below, indicates the approximate location of the RMT at 2,950ft (899.2m). Both drill holes also show spikes in gold and trace element values at high-angle structures in the upper plate section and elevated gold and trace element values indicating disseminated mineralization, such as the 149.05m (489ft) thick section of carbonaceous limestone of the Wenban Formation at the bottom portion of the drill hole PW25-03.

Figure 7. Fence diagram of gold plus pathfinder geochemistry for PW25-02 and PW25-03.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10015/275662_rileyfigure7.jpg

"A discovery opportunity in this gold rich trend can be company making but requires patience. That said, in only a few holes we have identified signatures that give us confidence and comfort that we are on the right track. The Fourmile deposit was discovered on the 14th drill hole, which is very quick, and has now turned into a world-class generational find of 4 16m ounces of 16g/t gold, so we are in early days. We are looking for something that is geologically akin to Fourmile and Meikle," commented Todd Hilditch, CEO of Riley Gold.

About PWC:

PWC constitutes a very prospective exploration property for Carlin-type, disseminated and replacement gold deposits. PWC consists of a land package totaling approximately 27.2 km² of unpatented mining claims and patented fee lands adjoining NGM. PWC is situated along the Cortez structural zone of the exceptionally productive Cortez Trend within the Battle Mountain — Eureka Trend in north central Nevada (Figure 8). The Cortez and Pipeline complexes (adjoining Riley Gold's PWC boundary) are top producers within Nevada, a State that has consistently produced between 4-5 million ounces of gold a year.

Figure 8. PWC project location in the Cortez district.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/10015/275662_rileyfigure8.jpg

QAQC Procedures

Samples are submitted to ALS Geochemistry, Reno Nevada, which is a certified and accredited laboratory, independent of Kinross. Samples are prepared using industry-standard prep methods and analysed using Au-ICP21(Au; 30g fire assay) and ME-MS61m (48 element Suite; 0.25g four-acid digestion/ICP- MS, plus Hg via aqua regia digestion/ICP-MS) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Kinross QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed internally by Kinross technical personnel.

Qualified Person

This news release has been reviewed and approved by Richard DeLong, P.Geo., Director of Riley Gold and a 'qualified person', as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Riley Gold Corp.

Riley Gold is an exploration and development company focused in Nevada, USA, with assets located in the Battle Mountain Eureka Trend (within the Cortez District) and the Walker Lane Trend. Riley Gold's founders and leadership team have a proven track record of maximizing shareholder value during each phase of the mining life cycle: exploration, development, and production.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Todd Hilditch

Chief Executive Officer

Tel: (604) 443-3831

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement regarding forward-looking information.

This press release contains statements which constitute "forward looking information" under applicable Canadian securities laws, including statements regarding plans, intentions, beliefs and current expectations of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking information. Although Riley Gold believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Riley Gold can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties and the Company's future business activities may differ materially from those in the forward-looking information as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions and the ability to obtain the requisite approvals of the TSX Venture Exchange when necessary. Investors are cautioned that any such forward-looking information is not a guarantee of future business activities and involves risks and uncertainties. Additional information on these and other factors that could affect Riley Gold operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

1 Bradley, et., al., 2020

2 Bettles Keith, 2002. "Exploration and Geology, 1962 to 2002, at the Goldstrike Property, Carlin Trend, Nevada", Integrated Methods for Discovery: Global Exploration in the Twenty-First Century, Richard J. Goldfarb, Richard L. Nielsen

3 Modified from: Carlin Type Gold System Exploration - 911 Metallurgist

4 Barrick Mining Corporation - Updated Studies Confirm Barrick's Fourmile as One of This Century's Most Significant Gold Finds

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275662

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Third Regional Treasure in The Great Canadian Treasure Hunt is Released in the Golden Triangle of Northwestern British Columbia

Newsfile Corp.

The third regional prize, over $34,000 in gold coins, are hidden in the heart of British Columbia's legendary gold mining region

Toronto, Ontario--(Newsfile Corp. - November 21, 2025) - EarthLabs Inc. (OTCQX: SPOFF) (FSE: 8EK0) The Great Canadian Treasure Hunt continues to mesmerize Canadians as thousands come together to search for more than $1.3 million in gold treasure. The organizers, The Northern Miner, are excited to announce the third regional prize: six one-ounce gold coins, valued at over $34,000, are located in one of Canada's most prolific gold regions - the mineral-rich belt of northwestern B.C.'s Golden Triangle.

This third regional prize in the Great Canadian Treasure Hunt follows the discovery of the second regional prize in Cobalt, Ontario, by a father-son duo. These regional prizes continue to drive excitement and momentum among treasure hunters and observers across Canada, not to mention the desire to track down the grand prize.

"The Golden Triangle is more than a patch of mountains in northwestern B.C., it's a living testament to Canada's rich mining legacy," said Anthony Vaccaro, President of The Northern Miner Group. "For over a century, miners have pursued its vast mineral wealth, uncovering some of the richest gold, silver and copper deposits in the world. Today, the Golden Triangle continues to bridge Canada's historic mining achievements with future opportunities, exemplifying the nation's resource potential across the country."

The newly released B.C. treasure invites followers of the hunt to learn more about the Golden Triangle's significant role in Canada's mining history, explore its scenic wilderness and join the search for the treasure. Every regional clue ties back to the grand treasure, valued at more than $1 million, hidden somewhere in Canada.

Watch the Golden Triangle reveal video here: English | French

Participants can join the hunt and view the new Golden Triangle clue at https://www.northernminer.com/news/the-northern-miner-treasure-hunt-golden-triangle-dreams-from-buck-to-billions/1003884857/ or treasure.northernminer.com.

Monthly Prizes Connect to the $1M+ Gold Hunt

Nine more bonus prizes (each representing six one-ounce gold coins) will roll out over the next year, revealed through new monthly stories and videos. Every release carries two layers of mystery: clues pointing to the regional bonus prize and the $1+ million grand treasure. Together, these releases will ignite fresh debates and theories while inspiring people to reconnect with the country's history of adventure and discovery.

This campaign is proudly presented with the support of industry sponsors including Agnico Eagle Mines Limited, Sprott Money, EarthLabs Inc., IAMGOLD Corporation, Kinross Gold Corporation, The World Gold Council, McEwen Inc., Alamos Gold Inc., Ernst & Young LLP, Mining Matters, MINING.COM,

CEO.CA and The Canadian Mining Journal.

For more information, including full contest rules, FAQs and updates, visit treasure.northernminer.com.

Follow @northernminer (X/FB/YouTube) | @thenorthernminer (IG) | @mining (X) | @miningdotcom (IG/FB/YouTube); @ceodotca (X/IG/FB/TikTok) | @ceocafilm (YouTube) for ongoing clues and community updates.

-30-

About The Northern Miner

The Northern Miner is a one-of-a-kind information resource. With over 110 years of experience serving the mining and exploration industry, crucial reports by The Northern Miner writing staff inform the decision-making process of thousands of high-performing mining professionals.

Founded in 1915, The Northern Miner remains the industry's most respected mining news authority, known for its on-the-ground journalism, editorial independence, and deep sector expertise. Now owned by EarthLabs Inc., it operates alongside platforms like MINING.COM, CEO.CA, and Canadian Mining Journal, delivering critical insight and trusted intelligence to the global mining community.

About EarthLabs Inc.

EarthLabs Inc. (OTCQX: SPOFF) (FSE: 8EK0) is a mining investment, technology, and media company that aims to provide strategic leverage to the metals and mining sector through investments, royalties and a full suite of data-driven media SaaS tools and services including CEO.CA, The Northern Miner, MINING.COM, Canadian Mining Journal and DigiGeoData.

For media inquiries, please contact:

Amanda Upshaw

Brookline Public Relations

aupshaw@brooklinepr.com

403-389-2291

Disclaimer

18+. No purchase necessary. Open to residents of Canada only. All prize valuations are in Canadian dollars (CAD) and based on the spot gold prices as of November 20, 2025, and may fluctuate with market prices. Full contest rules, eligibility criteria, and redemption process available at treasure.northernminer.com.

Neither the TSX Venture Exchange ("TSXV"), OTC Best Market ("OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement on Forward-Looking Information

Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements. Often, but not always, these forward-looking statements can be identified by the use of words such as "estimate", "potential", "projected", "assumed", "planned", "to be", "may", "could", "should", or similar expressions.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These risks include, but are not limited to, those described in the Company's filings on SEDAR+ at www.sedarplus.ca. While the Company has attempted to identify key risks and assumptions, actual outcomes may vary.

Forward-looking statements reflect the beliefs, expectations, and opinions of management as of the date of this release. The Company disclaims any obligation to update or revise these statements, whether as a result of new information, future events, or otherwise, unless required by law. Undue reliance should not be placed on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275533

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Kinross Gold Corp : Cibc Raises Target Price To $37 From $36

Reuters

Kinross Gold

-1.26%

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Prince Silver Appoints Derek Iwanaka as Chief Executive Officer

Acceswire

VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / November 18, 2025 / Prince Silver Corp. (OTCQB:PRNCF) ("Prince Silver" or the "Company") is pleased to announce the appointment of Mr. Derek Iwanaka as Chief Executive Officer of the Company. Mr. Iwanaka will be nominated for election to the Company's Board of Directors at its next annual general meeting, scheduled for December 23, 2025.

Mr. Iwanaka brings over 23 years of investor relations, corporate development, and capital markets experience in the mining industry. He has played key roles in advancing numerous public mining companies through various stages of growth, mergers, and project development. Over his career, he has contributed to more than 20 corporate transactions and has been instrumental in raising over US$100 million through equity financings, including one of the first at-the-market ("ATM") offerings executed by a Canadian brokerage firm.

Mr. Iwanaka most recently served as Vice President, Investor Relations and Corporate Development at BeMetals Corp., a precious and base metals exploration company founded largely by former B2Gold Corp. and Bema Gold Corp. executives. At BeMetals, he was part of the leadership team for its strategic acquisitions, project advancements, and investor engagement as the company established its diversified metals portfolio.

Prior to that, he was Vice President, Investor Relations at First Mining Gold Corp., where he helped guide the company's evolution from a mineral bank to a gold project developer in eastern Canada. During his tenure, First Mining completed seven corporate transactions, consolidating a large NI 43-101 compliant gold resource base and growing its market capitalization from approximately CAD$45 million to over CAD$500 million.

From 2010 to 2015, Mr. Iwanaka was Director of Investor Relations at Uranerz Energy Corp., a U.S.-based in-situ recovery uranium producer that completed a CAD$320 million business combination with Energy Fuels Inc. in 2015. Earlier in his career, he managed investor relations at Brilliant Mining Corp., a nickel producer recognized twice in the TSX Venture 50™, and began his career in 2002 with Bema Gold Corp., a mid-tier gold producer that was later acquired by Kinross Gold Corporation for US$3.1 billion.

Mr. Iwanaka holds a Bachelor of Commerce degree with a major in Marketing from the University of Northern British Columbia.

"We are excited to welcome Derek as our new CEO," said Ralph Shearing, President & Director of Prince Silver. "Derek's track record in building shareholder value, executing strategic transactions, and leading investor communications makes him a tremendous asset as we advance Prince Silver's vision. His leadership will be critical as we position the Company for its next stage of growth."

"I'm honoured to join Prince Silver at such a pivotal time in its evolution," said Derek Iwanaka, incoming CEO of Prince Silver. "With such a compelling precious metals assets located in one of the world's best mining jurisdictions, I look forward to working with the team to unlock value for shareholders and advance the Company's strategic objectives."

The Company also announces that it has extended the date of its annual general meeting which was previously scheduled to be held on December 16, 2025, to now be on Tuesday, December 23, 2025 at 11 a.m. Pacific Standard Time at Suite 2500 - 700 West Georgia Street, Vancouver BC V7Y 1B3. The record date for the meeting will remain unchanged at November 11, 2025.

About Prince Silver Corp.

Prince Silver is a silver exploration company focused on advancing the Prince Silver Project in Nevada, USA. The known deposit identified with historic drilling is open in all directions and is near surface. The Company also holds an interest in the Stampede Gap Project, a district scale copper-gold-moly porphyry system located ~15km north-northwest of the Prince Silver Project.

On Behalf of the Board of Directors

Ralph Shearing, Director, President

Tel: 604-764-0965

Email: rshearing@princesilvercorp.com

Website: www.princesilvercorp.com

Forward-Looking Information

Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: completion of the Acquisition and related transactions, proposed drill programs, amendments to the Company's website, property option payments and regulatory and corporate approvals. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, dependence on key personnel, completion of satisfactory due diligence in respect of the Acquisition and related transactions, and compliance with property option agreements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, failure to obtain regulatory or corporate approvals, exploration results, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE: Prince Silver Corp.

View the original press release on ACCESS Newswire

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