Dolly Varden Silver Announces Filing of Special Meeting Circular and Receipt of Interim Order in Respect of Previously Announced Arrangement with Contango ORE

Vancouver, British Columbia--(Newsfile Corp. - February 13, 2026) - Dolly Varden Silver Corporation (TSXV: DV) (NYSE American: DVS) (the "Company" or "Dolly Varden") today announced that it has filed on Sedar+ its management information circular dated February 11, 2026 (the "Circular") in connection with the Company's special meeting of shareholders (the "Meeting") to consider and vote on a special resolution (the "Arrangement Resolution") approving the previously announced statutory arrangement (the "Arrangement") with Contango ORE, Inc. ("Contango").

Dolly Varden also announces that on February 11, 2026, the Company obtained an interim order of the Supreme Court of British Columbia (the "Interim Order") 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 Street, Vancouver, British Columbia V6C 2X8 on March 17, 2026 at 10:00 a.m. (Vancouver time).

Shareholders are urged to vote as soon as possible, well in advance of the proxy voting deadline of 10:00 a.m. (Vancouver time) on March 13, 2026.

The Arrangement

Pursuant to the arrangement agreement dated December 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 (The "Company Shares"). 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 2/3% of the votes cast by Dolly Varden shareholders at the Meeting.

Board Recommendation & 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; and
• For eligible shareholders, the potential for a tax-deferred rollover election through the exchangeable share election mechanics described in the Circular.

Voting Support Agreements