Shawn Khunkhun

Contango Silver & Gold: Low-Capex Direct-Ship Ore Model Yields Big Returns

• Top takeaway Argues that supportive governments, supply deficits and demand make this probably the greatest time to be in the mining industry, better even than the 2009-2010 mine finance boom.
• Points to 2025 as the year the bull case showed up in results: a 200% rise in the GDXJ, gold up 70% and silver up 200%, with investors now placing bigger bets and more money being raised.
• Explains his silver conviction: the September 2010 to April 2011 move from about $20 to $49 paid him more than a decade of building gold companies, so he reweighted into silver in 2018-19 and sees real scarcity with only about 10 primary silver producers of scale, some deriving only around 28% of revenue from silver.
• Track record cited on the show: he grew Dolly Varden from roughly a $20 million market cap to several hundred million before this year's merger, and says Contango bought Johnson Trailing, with a $600 million NPV, for $37 million in shares.
• Runs a capital-discipline story he calls unique at the conference: about 33.5 million shares outstanding, self-funded by Manh Choh cash flow (about $100 million a year at his $3,700/oz budget price, about $200 million on 2027 guidance) to develop a 100%-owned pipeline.

President Shawn Khunkhun says Manh Choh's high-grade output self-funds growth, generating roughly $100 million in yearly free cash flow at his $3,700 budgeted gold price. Manh Choh's 2027 guidance: 75,000-80,000 ounces at $1,213-$1,300 cash costs (the direct cost to mine an ounce) as mining shifts into the richer South Pit. The guest argues 2025's rally - gold up 70%, silver 200% - and supportive governments make this mining's best financing market in a century. Management frames the portfolio at about 10 grams per tonne (metal content per tonne), with the new KB estimate lifting indicated silver ounces 93%. Direct shipping ore (DSO - ore sold without on-site processing) needs infrastructure and simple permitting; the guest credits it for Manh Choh's two-and-a-half-year feasibility-to-production timeline.

The Debt Crisis Is Turning Gold Into Money | Shawn Khunkhun - Contango Silver and Gold

• Top takeaway Shawn Khunkhun expects a breakout to new all-time highs in silver at some point in 2027, seeing the nine-month correction - with silver above $60/oz at the interview - as typical of bull-market pullbacks over the past 50 years.
• He argues the US is past the point of no return on its debt, with unfunded liabilities already at $120 trillion in present-value terms, and sees gold emerging as a currency as global Treasury reserves fall 15-20%.
• He holds that gold and silver remain inexpensive relative to every other asset class, though less undervalued than a few years ago, with physical buying in China and the East driving real price discovery.
• He cautions these trends could take 15-20 years to play out, so investors need protection before confidence breaks - and when the masses move, it will be fast and furious.
• He warns some valuations have turned absurd after the GDXJ's 200% gain in 2025, making it a dangerous time, yet depressed companies can still be bought at about $20 per in-ground ounce.

Guest Shawn Khunkhun expects silver's correction to run into 2027 before a breakout to new all-time highs. With US interest costs said to consume 30% of tax receipts, he argues gold and silver remain inexpensive versus other assets. He frames the precious metals space as tiny relative to incoming capital, so the rotation could arrive violently and quickly. Contango (NYSE: CTGO) spans four districts: Kitsault Valley, Johnson Tract, Lucky Shot, and the cash-flowing Manh Choh joint venture. A refreshed resource estimate nearly doubled indicated silver at Kitsault Valley, while projected Manh Choh cash flow funds company growth.

Lab Report | Aug 20 Deep Dive on Contango Silver & Gold

Contango eliminated its hedge book near $4,000 gold, restoring shareholders' complete exposure to gold price upside. High-grade projects using a direct shipping ore model — rock sent to existing mills — avoid tailings dams, big capital, and slow permitting. Moncho cash flow from the 70/30 joint venture operated by Kinross self-funds seven drill rigs and Johnson Track roadwork on a 33-million-share count. On the speaker's valuation yardstick of $500 million to $2 billion per 100,000 ounces produced, Contango screens cheap against its project portfolio. Decades of consolidation emptied the mid-tier ranks, leaving few growth producers positioned for the next stage of the gold bull market.

Gold & Silver Opportunities: Discovery, Development & Growth | July 16, 2026

• Top takeaway Khunkhun argues a junior without cash flow has three options - sell to a major, develop alone, or buy cash flow - and says the merger with Contango Silver & Gold was the third, pairing Contango's gold output with Dolly Varden's silver resource.
• He says Contango is producing about 60,000 ounces of gold a year and roughly $100 million of free cash flow, and states an ambition of 5 million ounces of silver and 200,000 ounces of gold a year.
• On silver he says the sixth consecutive year of supply deficit matters more than bank forecasts: mine output has fallen from about 1.2 billion ounces a year to 800 million against demand near a billion, while industry now takes about half the metal versus roughly 10% decades ago.
• He says the Dolly Varden resource stands at about 65 million ounces of silver at roughly 300 grams per tonne plus 1 million ounces of gold near 5 grams per tonne, with an updated estimate that could push silver past 100 million ounces.
• He treats the Kinross partnership and the Lucky Shot restart, targeted for production by 2028 on about $50 million of spending, as bridges funding work on the flagship Dolly Varden project in British Columbia's Golden Triangle and on Johnson Track.

Central bank buying of over 850 tonnes took gold to record levels in January 2026, and the panel says producer margins sit at historic extremes. Silver is heading into a sixth straight year of supply deficit, with annual mine output falling from 1.2 billion ounces toward 800 million. Robert Eckford argues jurisdiction now outranks project size, and points to New Zealand's six-month permitting as the competitive edge. Peter Espig's rule: fund projects that are not yet cash generative with equity, and reserve debt for producing mines expanding output. Chris Kerlow uses a barbell portfolio — about 80% in large producers, 20% in juniors expected to generate most of the returns.

“You Can Buy $CTGO at Just Three Times Next Year’s Free Cash Flow” – Contango’s Shawn Khunkhun

• Top takeaway Khunkhun argues the roughly 50% fall in Contango's shares since January 2026 reflects a sector-wide sell-off, not a problem with the company, and presents the shares at about three times next year's expected free cash flow as the buying case.
• He insists hedging was never a speculative position on the gold price but a covenant imposed by the debt used to build the mine, and says the company will never hedge again.
• He sides with management over geology when picking which matters more for a long-term holder, on the reasoning that reserves are a depleting inventory and a shareholder needs a team that can accretively maintain or expand it through exploration or M&A.
• He rules out a dividend for at least five years while the company targets a six to seven times increase in cash flow over the next five years with materially higher gold output and the introduction of silver production.
• He argues the shares can re-rate before Lucky Shot reaches production, pointing to what he calls an incredibly tight 33 million share count and to April 2026, when the gold miners index was flat for the month while Contango rose 30%.

Contango ORE trades at roughly three times next year's expected free cash flow, a multiple the company's president calls attractive. Shares fell about 50% since January, which the guest attributes to a broad precious-metals equity sell-off. The guest expects a mineral resource estimate for Kitsault Valley within weeks, plus drill results supporting a 2028 Lucky Shot restart. Contango retired its hedge book with debt at about 7% interest, leaving roughly $90 million in cash against $45 million of debt. Ore from the Alaska mine is trucked to Kinross's Fort Knox mill under a direct ship ore (DSO) arrangement.

I Asked The Greatest Junior Mining Investors What They Are Buying Right Now | Rule Symposium

• Top takeaway Khunkhun says what he likes right now is valuations: with gold at $4,000 an ounce and an industry all-in sustaining cost of about $2,000, even a modest 50,000 ounce producer is generating around $100 million of free cash flow.
• He notes companies are around 50% below their January highs, valuations are low and there is not a lot of investor interest, which he reads as giving investors time to learn about companies properly.
• He adds that some of the juniors are down about 50% against gold's roughly 30% decline, and expects that should also work on the upside.
• He uses his own company as the example, saying Contango went from a March low of about $16 a share to an April high of $29 in one month and is now back at about $20, which he presents as a good opportunity.

Gold and silver fell 30-50% from highs, and multiple guests frame the pullback as a buying window for quality developers, not a trend break. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) explains the margin math: $4,000 gold against a $2,000 AISC. One guest argues gold pays no dividend, so valuation must run against debt, money supply and GDP instead of cash flow. Royalty companies and prospect generators are presented as the safer way to play gold and silver than owning operators outright. Several guests expect a wave of mining M&A, because producers shed high-cost operations and hold cash without a growth pipeline.

Why Silver and Gold Are Headed Back to All-Time Highs | Shawn Khunkhun - Contango Silver & Gold

• Top takeaway Khunkhun expects gold and silver to return to all-time highs but allows further downside first, watching $55 then $50 for silver and citing talk of a $3,600 gold bottom, and says Contango retired all its hedges to show conviction the bottom is in.
• He argues Contango can rerate from about 0.3x NAV to the 0.7x gold-peer average and potentially to 2x as a silver producer, since high-grade deposits in safe jurisdictions trade at the top of the curve.
• He projects a strong 2027 with 75,000-80,000 ounces of production and up to $200 million of free cash flow, and wants the share price 100-200% above its level at the interview.
• He expects the July 2026 S-K 1300 and assay results through Christmas 2026 to drive the stock, saying infill drilling typically yields robust intercepts and the Lucky Shot KM discovery could unlock more mineralization.
• He presents the prior year as proof of execution, saying the DSO step change he predicted led to the billion-dollar merger, and sees accretive M&A in processing facilities and other assets if the valuation rerates.

Contango retired all its gold hedges, which President Shawn Khunkhun presents as conviction that gold is bottoming even if silver retests $50 to $55. The direct shipping ore model (DSO — selling high-grade rock to outside mills) skips new plants and tailings permitting, cutting capital and timelines. Khunkhun argues the merger discount is fading: gold peers average about 0.7 NAV (net asset value), and silver producers can trade at twice that. A Kitsault Valley resource estimate arrives in July, switched to S-K 1300 reporting after the merger, with 40,000 metres of drilling feeding catalysts. Khunkhun guides 75,000-80,000 ounces in 2027 at a $1,200-1,300 AISC (All-In Sustaining Cost — full production cost per ounce), implying $200 million potential free cash flow.

Shawn Khunkhun, President of Contango Silver & Gold | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Khunkhun's core thesis is that Contango's build-out — Lucky Shot by 2028, Johnson Tract, and Dolly Varden and Kitsil Valley toward 2030 — is fully sequenced and self-funded, so no return to market or share dilution is needed.
• He argues the stock is mispriced at about 0.3x NAV versus peers at 0.7x as of the May 2026 interview, with the goal this year of re-rating toward the peer average.
• He guides to about $250 million of free cash flow next year (2027) on a conservative gold price, up from $122 million in 2025.
• He frames the strategy as direct shipping — 'putting rocks in a box' — favoring high-grade projects close to infrastructure with simple permitting instead of building processing facilities.
• On his background: about two decades supporting geologists and mining engineers within Frank Giustra's Fiore Group, bringing capital and marketing to undervalued opportunities, transacting M&A and raising about $3 billion.

Contango says it can reach 5 million ounces of silver and 200,000 of gold annually without dilution, funded by mine cash flow. Direct shipping ore (DSO — high-grade rock sent straight to external processors, no mill built) keeps Contango's capital needs low across Alaska and British Columbia projects. The producing Moncho mine delivered $122 million of free cash flow (cash left after operating costs) in 2025; partner Kinross receives 70 percent of output. The guest cites a $615 million net present value (NPV — future cash flows discounted to today) at Johnson Track from a $37 million acquisition. The guest argues Contango trades at 0.3 times NAV (net asset value — what its projects are worth per share) against 0.7 for comparable high-grade producers.

Gold and Silver May Be Ready for Another Run | Shawn Khunkhun - Contango Silver & Gold

Shawn Khunkhun views the recent gold and silver pullback as healthy, suggesting mining stocks may have oversold relative to the metals, creating a favorable setup for a new leg higher. The newly merged Contango Silver & Gold combines current cash flow from operations with a deep development pipeline, using a DSO strategy to self-fund aggressive future growth. Key assets Lucky Shot, Johnson Track, and Kitsault Valley each offer distinct value, with Kinross playing a strategic role at Manh Choh to drive near-term production and revenue.

GOLD Miners PRINTING Record Cash But They're DOWN? 'MAJOR Buying Opportunity'

Gold miners are generating record cash flows yet remain undervalued, presenting a major buying opportunity for investors. China's record silver imports signal strong physical demand, potentially driving significant price appreciation for precious metals. Contango Silver & Gold offers investors high-grade gold production in Alaska and district-scale silver exploration in British Columbia.

Silver SHORTAGE Meets $100M/Year Cash Flow - Perfect Storm for Investors?

Contango Silver and Gold merger creates a combined entity with $100M annual cash flow to fund aggressive exploration and development. The company is strategically positioned to benefit from a potential silver shortage, focusing on high-grade North American projects. Management highlights the opportunity for market re-valuation of earnings multiples as the company scales production.

I interview the President of Contango Silver & Gold, Shawn Khunkhun.

• Top takeaway He lays out a self-funded growth path from roughly 60,000 attributable gold ounces a year today, 42,000 in 2024 and 60,000 in 2025 with about 80,000 expected next year, to about 100,000 ounces with the Lucky Shot restart targeted for 2028, about 200,000 ounces once Johnson Track contributes, and 4 to 5 million ounces of silver a year from Kitsault Valley.
• He says the Contango Ore and Dolly Varden merger closed on March 26, 2026 and that Contango Ore's TSX Venture delisting on March 27 helped drive a roughly 50% drawdown versus about 30% for peers; he expects the big-board TSX listing, starting the Monday after this April 10, 2026 interview, to reopen Canadian pension-fund demand and models about $50 million of index and ETF buying.
• He flags near-term catalysts: a new Kitsault Valley mineral resource estimate in June that he expects to add materially to the current 65 million ounces of silver, a 40,000-metre drill program, and a goal to take Johnson Track from about 1 million ounces at nearly 10 g/t gold equivalent to a 3 million-ounce deposit.
• He targets a debt-free and hedge-free company in 2026, holding $100 million cash against roughly $33 million of liabilities, being $13 million of debt and a $20 million convertible debenture priced at $30 and callable at $40, while spending about $50 million over two years on Lucky Shot inside a $67.5 million company budget.
• He says only about 33 million shares are outstanding with insiders at 10% after his own recent C$660,000 purchase, 45% retail and 45% institutional and high-net-worth holders including Franklin Templeton, Sprott and Fidelity, and that he wants to be the acquirer rather than the target, preferring accretive tuck-ins such as owning a processing facility only after the January highs are retraced.

Contango Silver & Gold targets growth from 60,000 ounces of gold a year to 200,000 ounces plus 5 million ounces of silver. The president credits the direct shipping ore model, trucking to Kinross' Fort Knox mill, for reaching production in two and a half years. A new mineral resource estimate for Kitsault Valley lands in June, backed by a 40,000-meter drill program targeting high-grade primary silver. The host values the company at an eight-times multiple versus today's five times, calling the discount to peers unusually wide. The channel discloses that Contango compensated the host for this interview, so viewers should weigh the praise accordingly.

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

• Top takeaway Khunkhun argues a catch-up trade is imminent for the post-merger Contango Silver and Gold, with about $50 million of modeled ETF and index buying starting days after the expected March 26 close.
• He guides to up to $250 million of free cash flow in 2027 and calls the merged company mispriced at around $800 million, saying he would initially be content with one times net asset value.
• He outlines self-funded growth: a $50 million exploration budget targeting 100 million ounces of silver and improved gold conversion, Lucky Shot production by 2028, and Johnson Tract doubling gold output to 200,000 ounces.
• He contends the stock has been range-bound since the December 8 deal announcement and that a flood of capital will come in once the transaction closes, with the company redomiciled to the US.
• He frames the combined entity as a new North American mid-tier silver and gold producer at a billion-dollar valuation, with only 33 million shares out and 50% held by management, strategics and institutions including BlackRock, Franklin Templeton, Fidelity and Eric Sprott.

Dolly Varden Silver and Contango Ore expect their merger to close around March 26, with the combined company trading as CTGO on NYSE American and listing on the TSX. The guest expects roughly $50 million of ETF and index buying soon after closing — a catch-up trade after the stock stayed range-bound between merger announcement and completion. A $50 million exploration budget targets a 50% increase in silver inventory toward 100 million ounces, funded by about $100 million of cash and roughly $100 million of annual cash flow from the producing Alaskan mine. Management guides to up to $250 million of free cash flow in 2027, with Lucky Shot returning to production by 2028 and Johnson Tract doubling gold output to 200,000 ounces. The company's hub-and-spoke, direct-shipping model cuts capital costs and avoids tailings permitting, but only works for high-grade projects near existing processors.

Dolly Varden Silver | Shawn Khunkhun and Jimmy Connor

• Top takeaway His core argument is that the merger with Contango lets Dolly Varden skip the Lassonde-curve development low by pairing its silver district with a cash-flowing gold producer that has the permitting and development expertise his exploration team lacks.
• At roughly $100 silver he now believes it is time to move the Kitsault Valley project toward production, reversing the view he held at $20 silver that exploring and acquiring was cheaper than developing.
• He wants to build the next Hecla: a roughly $1 billion, safe-jurisdiction gold producer with a large silver inventory heading into production, with no comparable mid-tier peer.
• He argues the merger's cash flow lets the company fund both development and exploration, keeping the same drill metres as last year while adding year-round programs across multiple projects.
• He sees silver resources growing from 100 million ounces toward 200-400 million ounces on Wolf vein expansion, new Torbrit-style discoveries, and the Theo property, with the March 17 shareholder vote as the next catalyst.

Dolly Varden's proposed merger with gold producer Contango ORE pairs Alaska gold cash flow with a rare high-grade primary silver developer. Contango's direct shipping ore model — trucking high-grade rock to existing mills like Kinross's Fort Knox — avoids new processing plants and tailings permitting. Management expects about $140 million in cash and roughly $150 million of annual free cash flow at closing, fully funding both drill programs. Grade anchors the thesis: the Mancho open pit runs 8 g/t (grams per tonne) gold, and Dolly Varden's Wolf vein averages about 300 g/t silver. Shareholders vote on the deal on March 17, with closing expected by end of March and Lucky Shot drill results due next.

Free Virtual Silver Conference Replay

• Top takeaway Frames the merger of equals with Contango Ore as the way past the Lassonde curve: pairing Dolly Varden's silver with a cash-flowing gold miner that has permitting and development expertise and a proven direct shipping ore model.
• Wants the combined company to become 'the next Hecla' - a safe-jurisdiction gold producer with a large silver inventory - a roughly $1 billion vehicle he says has no mid-tier peer.
• Sees a path from 100 million ounces toward 200+ million: wolf-vein hits of about 300 g/t over 30-40 metre widths below sediment cover, Torbrit-style mineralization a kilometre from Torbrit, and the same signature 20 km north at Theo.
• Says at $100 silver his priority is an economic plan to restart production rather than exploration for its own sake, with the merger funding year-round drilling across four districts.
• Expects the gold-silver ratio to keep compressing toward 30 or 25 after falling from about 100 last May to roughly 60.

Silver's five-year supply deficit and rising industrial demand anchor the bull case speakers make despite a 30% one-day price crash. Sprott managers call the selloff a buying opportunity: average in slowly, judge explorers on deposit size, producers on cash flow. Dolly Varden's merger with Contango pairs high-grade BC silver with an Alaska gold miner's cash flow and permitting expertise. AbraSilver and Aya are advancing toward bigger resources and record output, while Skeena is fully permitted and targets 2027 cash flow. Washington's critical-minerals push, including the $12 billion Project Vault reserve fund, and cheap grid power are reshaping mining economics.

Shawn Khunkhun: Inevitable 'Financial Reset', De-dollarization, Gold & Silver

• Top takeaway The guest argues the silver pullback from ~$120 to ~$75 (recovering to $89-$90 by Feb 4, 2026) is a healthy correction inside an intact bull market — the prior move from $40 to $120 in months was unsustainable.
• Argues silver cannot meet demand until the next decade, citing structural deficits of ~200M oz/year and no ability to flip on new supply from mining.
• Points to Samsung's solid-state EV battery as a major future demand bid alongside traditional photovoltaic use.
• Frames a physical-vs-paper bifurcation, noting one recent trading day turned an entire year's mine supply in paper claims, and sees $150+/oz silver plausible if gold doubles or triples.
• Frames the broader thesis as a fiat 'reset' — sees gold moving from ~$5,500 initially toward $6,000, and potentially $8,000–$9,000.

Silver's 200 million ounce structural annual deficit will not close before 2030, leaving the bull case intact after the $120-to-$75 pullback. The Contango Ore / Dolly Varden merger of equals forms a debt-free North American silver-gold producer targeting five to six million ounces of annual output. Sharp pullbacks inside a structural bull market are healthy and corrections get bought quickly during the middle 'is this real?' phase. Junior mining M&A today must build mid-tier producers — Barrick-Randgold, Newmont-Goldcorp, and Newmont-Newcrest left no breadth at the middle of the market. Easy-money policy and a potential 'financial reset' driven by $35 trillion of US debt could push gold toward $6,000 to $9,000, with silver following higher.

Shawn Khunkhun of Dolly Varden Silver talks to Peter Krauth at the Jan 2026 Metals Investor Forum

Dolly Varden Silver merges with Contango ORE to form a new high-grade, mid-tier silver and gold producer in North America. The combined Kitsault Valley Project consolidates 100,000 hectares in BC's Golden Triangle with five past-producing high-grade silver mines. The project benefits from proximity to tide water and shares geological characteristics with major deposits like Eskay Creek and Brucejack.

Shawn Khunkhun of Dolly Varden Silver presents at Metals Investor Forum in Vancouver | January 2026

Shawn Khunkhun, CEO of Dolly Varden Silver, presents corporate updates at the Metals Investor Forum in Vancouver. The forum showcases highly vetted junior mining companies with excellent management, strong financials, and promising properties. Investors gain direct access to management teams, allowing them to ask critical questions and assess leadership quality firsthand.