TICKERS: DV; DVS; DVQ

Silver Co. to Buy Next Door Property
Research Report

Source: Craig Stanley (5/12/25)

Dolly Varden Silver Corp.'s (DV:TSX.V; DVS:NYSEA; DVQ:FSE) land package in the Golden Triangle will quadruple in size with this $5M acquisition, noted a Raymond James report.

Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) announced it is acquiring the 59,400-hectare Kinskuch property, next to its Kitsault Valley project in northwestern British Columbia's Golden Triangle, from Hecla Mining Co. (HL:NYSE) for CA$5 million (CA$5M), reported Raymond James Analyst Craig Stanley in a May 5 research note.

Outperform Rated Stock

Raymond James has an Outperform rating on Dolly Varden, currently trading at about CA$3.52 per share, noted Stanley.

The company has 317.2 million (317.2M) shares outstanding. Its market cap is CA$1.117 billion. Its 52-week range is CA$3.21–5.84 per share.

Consideration Details

Dolly Varden will cover the total CA$5M for Kinskuch with 1.35M shares, thereby increasing Hecla's stake in Dolly Varden to about 15%, Stanley reported. Also, Hecla will retain a 2% net smelter return royalty on the property, 1% of which Dolly Varden may buy back for CA$5M.

Acquisition Benefits

For Dolly Varden, the acquisition will expand its land position in the Golden Triangle to 77,000 hectares and will triple its total strike length of the Red Line, noted Stanley. The Red Line is the contact between the Triassic Stuhini and Jurassic Hazelton formations, "a key marker for precious metals and copper mineralization" in the historical mining district.

Catalysts Ahead

Stanley reviewed the events involving this Canadian explorer that investors should watch for in the near term. Dolly Varden is expected to announce 2025 drill program plans for Kitsault Valley, now hosting a total resource of 64,000,000 of silver and 983,000 ounces of gold, in seven deposits. Also this year, the company intends to do work at its Kinskuch-surrounded Big Bulk porphyry project. Dolly Varden has plenty of cash, about CA$30M, to carry out its plans.

Next year, the company will update the Kitsault Valley mineral resource estimate, incorporating into it drill results from the past four programs.

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