Unpacking the Massive Merger of Contango Ore and Dolly Varden
Contango Silver & Gold is the new entity born from the merger of Dolly Varden Silver and Contango ORE — a cash-flowing gold producer in Alaska now armed with one of western Canada's largest undeveloped silver assets in the Kitsault Valley. In this episode, Jay sits down with CEO Rick Van Nieuwenhuyse and President Shawn Khunkhun to unpack the thesis: use real cash flow from the Manh Choh mine to self-fund a pipeline of high-grade development and exploration projects without diluting shareholders.Rick, an exploration geologist who founded NovaGold and made the original Donlin discovery, shares the hard-won lessons that shaped Contango's Direct Shipping Ore model — a capital-light approach that bypasses the need to build a mill by shipping high-grade rock to Kinross's Fort Knox processing facility. Shawn lays out the financial architecture: $100 million in cash on hand, approximately $100 million per year in free cash flow, and a $50 million exploration program spanning 60,000 metres of drilling across Lucky Shot, Johnson Tract, and Kitsault Valley in 2026 alone.
The conversation covers the path from 60,000 to 200,000 ounces of annual gold production, the FAST-41 permitting program now being leveraged for critical metals projects, the historic political shift favoring domestic mineral supply chains, and why — in a market where equities have yet to price in the metals breakout of 2025 — the current correction may represent the most compelling entry point in the cycle.
Contango Silver & Gold (NYSE American: CTGO)
https://contangoore.com/
516 2nd Avenue, Suite 401 Fairbanks, Alaska 99701
Corporate Head Office Phone: 1-907-388-7770
Investor Relations Email: info@contangoore.com
0:00 Introduction
0:41 Rick Van Nieuwenhuyse's Background & the Donlin Discovery
4:14 Lessons Learned: Why Remote Mega-Projects Are a Hard Road
5:33 The Direct Shipping Ore Model Explained
6:24 Manh Choh Mine Operations & the Kinross Partnership
7:51 Self-Funding Advantage: Cash Flow Over Dilution
8:23 $100M Treasury, Lucky Shot & the Path to 100K Oz/Year
10:02 Johnson Tract & the Path to 200K Oz Gold Production
11:46 Positioning Against Hecla: Valuation & Pipeline Depth
12:44 The Melting Ice Cube Problem & Why Pipeline Matters
14:21 2026 Drill Programs: 60,000 Metres Across Three Projects
16:05 The FAST-41 Permitting Program & Political Tailwinds
19:14 Bipartisan Consensus on Critical Metals
20:30 Rally Thinking vs. Secular Cycles: A Mindset Shift
21:34 Market Correction Advice: You Make Money on the Buy
25:43 Institutional Sentiment & the Generalist Warming
27:33 Kitsault Valley: Updated MRE & the Development Lens
29:16 Manh Choh Production Guidance & Pit Transition Economics
31:00 Kitsault as a DSO Candidate: Grade, Water & Infrastructure
32:36 Johnson Tract Milestones: Road Construction & Underground Access
34:25 Closing Remarks
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Disclaimer: Contango Silver & Gold Inc. has paid for this video production. Questions are not exchanged prior to the interview and it is ultimately the discretion of the Jay Martin Show as to how the interview gets published.
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