Dolly Varden Silver Corporation

What Dolly Varden Silver Corporation does

Dolly Varden Silver Corporation was a Canadian precious metals exploration and development company headquartered in Vancouver, British Columbia, that focused exclusively on advancing high-grade silver and gold assets in BC's Golden Triangle. Its core asset was the 100,000-hectare Kitsault Valley district-scale project, which includes the high-grade Homestake Silver deposit. The company operated as a single-asset junior explorer, raising equity capital (over US$125M across nine rounds from 2016-2025 from investors including Hecla Mining Company and Fury Gold Mines) to fund drilling campaigns, with the 2025 program completing 56,131 meters across 84 holes and yielding intercepts including 4,554 g/t Ag over 5.28 meters and 26.74 g/t Au over 14.76 meters. Dolly Varden was pre-revenue, monetizing exploration success through equity capital markets rather than product sales, and its go-to-market centered on institutional investor relations and analyst coverage (Raymond James, Research Capital, Haywood Capital). On March 26, 2026, Dolly Varden completed a merger-of-equals with Contango ORE to form Contango Silver & Gold Inc., combining Dolly Varden's exploration assets with Contango's 30% interest in the producing Manh Choh Gold Mine (operator: Kinross, producing ~60,000 oz Au annually at ~8 g/t) and the Lucky Shot and Johnson Tract projects in Alaska. Following the merger, Dolly Varden shares were delisted from the TSX Venture Exchange (March 27, 2026) and NYSE American (April 6, 2026), and the combined entity trades under CTGO on TSX and NYSE American, operating with US$100M+ in cash, minimal debt, and an expected ~US$100M in annual free cash flow from Manh Choh funding a fully-funded exploration pipeline.

Name

Dolly Varden Silver Corporation

Legal name

Dolly Varden Silver Corporation

Website

https://dollyvardensilver.com

Company type

Public

Founded year

1910

Operating status

Acquired

Headcount range

11–50 employees

Short description

Dolly Varden Silver Corporation was a Vancouver-based, pre-revenue junior miner advancing the 100,000-hectare high-grade Kitsault Valley silver-gold project in BC's Golden Triangle. In March 2026, it merged with Contango ORE to form Contango Silver & Gold, a mid-tier precious metals producer with Manh Choh gold production and a BC-Alaska exploration pipeline.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Metal Ore Mining (2122), Support Activities for Mining (2131)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Mineral Processing Plant Design & EPCM (Flowsheet Development, Piloting & Scale-up) (IMAKALAK)

Keywords

• Silver exploration
• Gold mining
• Precious metals development
• Mineral resource estimation
• Mining project development

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Precious Metals Production: As a pre-production exploration company, Dolly Varden was developing its assets for future silver and gold production revenue. Following the merger with Contango ORE in March 2026, the combined entity now generates revenue from the Manh Choh gold mine (30% interest, operated by Kinross) producing approximately 60,000 oz gold annually for Contango's share, along with future production anticipated from the Kitsault Valley, Lucky Shot, and Johnson Tract projects.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Dolly Varden Silver Corporation was a precious metals mineral exploration and development company focused on advancing its flagship Kitsault Valley Project in British Columbia's Golden Triangle. The project consolidates four contiguous silver-gold properties (Dolly Varden, Big Bulk, Homestake Ridge, and Kinskuch) into a district-scale asset containing one of the largest undeveloped high-grade silver resources globally. The company's business centered on resource delineation drilling, technical studies including a Preliminary Economic Assessment, and advancing the project toward mine production and eventual sale of silver-gold concentrate to smelters.

Product overview

Dolly Varden Silver Corporation was a single-asset focused precious metals exploration and development company. Its primary product was the 100%-owned Kitsault Valley Project, a district-scale silver-gold asset in British Columbia's Golden Triangle. The company pursued high-grade silver and gold deposits through exploration drilling programs, culminating in a merger-of-equals with Contango ORE Inc. in March 2026. Following the merger, the combined entity (Contango Silver & Gold Inc.) operates Dolly Varden's Kitsault Valley alongside Contango's Manh Choh Gold Mine and Lucky Shot and Johnson Tract projects to create a North American mid-tier precious metals producer.

Differentiator

Problem solved

Functional benefit

Products and services

• Kitsault Valley Project The Kitsault Valley Project is Dolly Varden Silver's flagship 100%-owned silver-gold mining project in northwestern British Columbia, consolidating four contiguous properties into a district-scale asset. The project contains one of the largest undeveloped high-grade silver resources globally, with measured and indicated silver resources of approximately 71.7 million ounces at the Dolly Varden deposit alone and total indicated silver resources reaching roughly 140 million ounces when including adjacent Homestake Ridge deposits. The project includes existing infrastructure access (roads, nearby port at Stewart) and is targeted at producing silver-gold concentrate for sale to smelters and refiners.
• Preliminary Economic Assessment (PEA) Study Technical economic study evaluating the development viability of the Kitsault Valley Project, demonstrating robust economics at conservative commodity prices and supporting advancement toward feasibility-level studies and mine development.

Quantifiable outcome

• 2025 drilling completed 56,131m across 84 holes with intercepts including 26.74 g/t Au over 14.76m and 4,554 g/t Ag over 5.28m
• +2 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core and major.

• Contango ORE, Inc. (now Contango Silver & Gold Inc.)coreStrategic or Co-development Partner · 26 March 2026Merger-of-equals completed on March 26, 2026, creating a North American mid-tier precious metals producer with over US$100 million in cash and minimal debt. The transaction involved an exchange ratio of 0.1652 Contango shares per Dolly Varden share. Dolly Varden shares were delisted from TSX Venture Exchange on March 27, 2026 and NYSE American on April 6, 2026. The combined entity holds assets including the Manh Choh Gold Mine in Alaska and the Kitsault Valley silver-gold project in British Columbia.
• Fury Gold Mines LimitedmajorStrategic or Co-development Partner · 25 February 2022Dolly Varden acquired Homestake Resource Corporation from Fury Gold Mines Limited through a shareholder-approved transaction that closed around February 25, 2022. This acquisition consolidated assets into a high-grade precious metals project in British Columbia's Golden Triangle, expanding Dolly Varden's land position and resource base.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Coeur Mining: US-based precious metals miner with silver and gold operations across North America. Comparable as a mid-tier silver-gold producer focused on Tier-1 jurisdictions, similar to the post-merger Contango Silver & Gold profile.
• Pan American Silver: One of the world's largest primary silver producers with diversified operations across the Americas. Comparable as a senior silver-focused incumbent and a likely acquirer profile for mid-tier precious-metals developers like Dolly Varden.
• Newmont Corporation: Largest gold miner globally with operations in Tier-1 jurisdictions including BC and Alaska. Comparable as a Tier-1 gold incumbent whose footprint overlaps geographically with Dolly Varden's Manh Choh and BC assets.
• Hecla Mining Company: Senior North American silver and gold producer with diversified operations across the US, Canada, and Mexico. Hecla was a repeat strategic investor in Dolly Varden, providing financing in 2022 and 2025, making it both a capital source and a directly comparable silver-focused incumbent.

Direct peers

• Endeavour Silver: Mid-tier silver-gold producer with multiple operating mines in Mexico. Comparable as a silver-focused intermediate producer in a similar size bracket to the post-merger Contango Silver & Gold entity.
• First Majestic Silver: Pure-play silver mining company with operations primarily in Mexico. Closely comparable to Dolly Varden's silver-focused exploration mandate and the merged entity's silver-asset concentration.
• MAG Silver Corp. Silver-focused exploration and development company with the Juanicipio project in Mexico. Highly comparable to Dolly Varden as a high-grade silver developer in a premier jurisdiction targeting institutional mining investors.
• SilverCrest Metals: High-grade silver-gold developer with the Las Chispas mine in Mexico. Comparable as a high-grade precious-metals developer that successfully transitioned from exploration to production — a useful benchmark for Dolly Varden's path forward.
• Fury Gold Mines: Canadian gold exploration company with assets across BC and Quebec. Comparable as a BC-focused precious-metals explorer; Fury sold Homestake Resource to Dolly Varden in 2022 and co-led Dolly Varden's $24M raise in 2025, making it both a peer and historical counterparty.
• Alexco Resource Corp. Silver-focused exploration and development company with assets in the Keno Hill silver district, Yukon, Canada. Closely comparable to Dolly Varden as a high-grade Canadian silver developer targeting Tier-1 jurisdictions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dolly-varden-silver-corp

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds9 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dolly Varden Silver Corporation