History
Contango grew from an Alaska gold explorer into a producing 30% partner in the Manh Choh mine, then merged with Dolly Varden Silver in 2026.
2013-2020: Exploring Tetlin and finding partners
The record opens in March 2013, when Contango raised about $14.8 million by selling units of stock and warrants to fund its 2013 Alaska exploration program. At the same time it raised its poison-pill trigger (a defensive device against unwanted takeovers) from 15% to 20% ownership. Shares on issue rose from about 2.5 million at the end of 2012 to about 3.8 million at the end of 2013.
In October 2014 Contango agreed to bring in Royal Gold to fund exploration of its Tetlin gold properties. Royal Gold would invest an initial $5 million and could earn up to 40% by funding up to $30 million by October 2018. The deal closed in January 2015, forming Peak Gold LLC, for which Contango contributed the Tetlin assets in return for 100% of the venture. The record then goes quiet until September 2018, when a Preliminary Economic Assessment, an early study of a project's potential, came back positive.
In September 2020 Royal Gold sold its entire 40% stake and 809,744 Contango shares to Kinross Gold. Kinross also bought a 30% interest in the venture from Contango for $32.4 million cash plus those shares, which Contango cancelled. Kinross became the operator with 70% of the venture, leaving Contango with 30%. That same month Contango ended its 2012 rights plan and immediately adopted a new one.
2021-2023: Diversifying and funding a mine
In August 2021 Contango bought the Lucky Shot gold project in Alaska from CRH Funding for $5 million cash plus a $6.25 million note, with further payments tied to production milestones. It was the first material asset outside Peak Gold. In November 2021 the exchange certified the company's securities for listing.
In April 2022 Contango agreed to a $20 million unsecured convertible debenture from Queen's Road Capital at 8% interest, convertible at $30.50 a share. In July 2022 Kinross's board approved development of the project, now named Manh Choh, after a positive feasibility study. That turned Contango's 30% stake from an exploration bet into a mine under construction.
Paying for its share required more money. In May 2023 Contango arranged a $70 million facility from ING and Macquarie, drawing $10 million at closing. In July 2023 it raised about $28-32 million in a public offering at $19.00 a share. Shares on issue grew from about 7.1 million at the end of 2022 to about 9.5 million at the end of 2023.
2024-2025: Production and expansion
In May 2024 Contango agreed to buy HighGold Mining in an all-stock deal of about $37 million, with existing holders keeping about 85%, adding the Johnson Tract project in Alaska. It also agreed to buy Avidian Gold's Alaska subsidiary, with the Golden Zone and Amanita properties, for up to $3.4 million. Manh Choh poured its first gold on July 8, 2024, marking the start of production. The HighGold deal closed two days later, on July 10, 2024. In November 2024 the company deregistered its securities, ending its obligation to file reports with the SEC.
In September 2025 Contango raised about $47.5 million net in a stock and pre-funded-warrant offering to advance Lucky Shot toward a mine production decision and to advance Johnson Tract. Shares on issue rose to about 15.0 million by the end of 2025.
2025-2026: Merger with Dolly Varden
In December 2025 Contango agreed to a merger of equals with Dolly Varden Silver, a Canadian silver explorer, with its holders receiving 0.1652 of a Contango share per share, for about 50% of the combined company. A proxy statement followed in January, and the final version in February set a shareholder meeting for March 17, 2026. It asked holders to approve the share issue, raise authorized shares from 45 million to 250 million, and adopt a 2026 incentive plan.
In February 2026 Contango raised about $47.2 million, mostly to buy back its Manh Choh gold hedges (fixed-price sales contracts) and buy downside-protection puts instead. Shareholders approved the merger with 99.7% in favour, and it closed in late March. The company was renamed Contango Silver & Gold Inc., adding the Kitsault Valley silver project in British Columbia. Shares on issue ended up at about 33.4 million. Shawn Khunkhun became President, Rick Van Nieuwenhuyse stayed CEO, and Clynton Nauman became Chairman, with Brad Juneau remaining a director.
In May 2026 the company bought the land and claims at Lucky Shot for about $16.1 million, ending a 2% royalty. In June it settled its remaining earn-out to CRH Funding for $5 million cash plus 100,000 shares, and received its first cash distribution from Peak Gold. In July 2026 it converted its remaining hedges into about $33 million of additional term debt at a lower interest margin, buying gold puts instead. At that date it held 30% of the producing Manh Choh mine alongside Lucky Shot, Johnson Tract and Kitsault Valley.
Written from the 26 story beats below (2013 to 8 July 2026), which come from the company's own announcements and filings.