“There’s a Catch-Up Trade Coming for Contango Silver and Gold Post Merger” says Shawn Khunkhun

Bill Powers interviews Shawn Khunkhun, CEO of Dolly Varden Silver, for an update on Dolly Varden’s proposed merger with Contango Ore. The merger is expected to close around March 26 after shareholder votes and final court approval, with the combined company trading as CTGO on NYSE American and also listing on the TSX. Khunkhun outlines a $50M ETF/index buying “catch-up trade” expected soon after closing, and emphasizes a $50M exploration budget funded by roughly $100M cash plus cash flow from an the Alaskan Mahn Choh producing mine, alongside $14.5M debt. He provides guidance targeting a 50% increase in silver inventory toward 100M ounces, improved gold resource conversion and grade, and discusses planned growth including Lucky Shot (production by 2028) and Johnson Tract capex, potential hub-and-spoke processing, and a scenario of up to $250M free cash flow in 2027.

00:00 Intro

00:27 Merger Timeline and Approvals

02:17 Exploration Strategy and Budgets

04:25 Balance Sheet and Funding Plan

05:26 Resource Growth Guidance

06:56 Jurisdiction and Catchup Trade

10:02 ETF Rebalance and US Domicile

10:44 Grants and Permitting Upside

11:54 2027 Free Cash Flow Outlook

14:04 Valuation Framework and Comps

17:33 Capex Roadmap and Production Build

19:03 Hub and Spoke Processing Model

21:43 Silver Price Guidance and Equity Catchup

24:38 NewCo Leadership and Share Structure