Silver Co. Increasingly Attractive With Latest Assay Results
Research Report

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2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dolly Varden Silver Corp.
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Disclosures for Haywood Capital Markets, Dolly Varden Silver Corp., September 2, 2025

This research report is only for informational purposes. Nothing contained in this report is, or should be, relied upon as a promise or representation as to the future performance. The opinions and information in this communication constitutes the current judgment of the authors as of the date and time of this report and are subject to change without notice. There is no representation, warranty or other assurance that any projections contained in this report will be realized. Past performance is not indicative of future results. This report is not intended to provide personal investment advice. Investors are encouraged to seek advice regarding the advisability or suitability of any investments or strategies discussed in this report. Individuals involved in the production of research materials operate independently and without influence from any other Haywood Securities Inc. departments, including Haywood Securities Inc. affiliates. This report is not and is not to be construed as: (i) an offer to sell or solicitation of an offer to buy securities; (ii) an offer to transact business in any jurisdiction; or (iii) investment advice to any party. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in our research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. Products and services described herein are only available where they can be lawfully provided. All research reports are disseminated and available to all clients simultaneously. No part of this material or any research report may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Haywood Securities Inc. Analyst Certification I, Marcus Giannini, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations. Important Disclosures Of the companies included in the report the following Important Disclosures apply:  Haywood Securities, Inc. has reviewed lead projects of Dolly Varden Silver Corp. (DV-V) and a portion of the expenses for this travel may have been reimbursed by the issuer.  Haywood Securities, Inc. or an Affiliate has managed or co-managed or participated as selling group in a public offering of securities for Dolly Varden Silver Corp. (DV-V) in the last 12 months. Distribution of Ratings (as of September 2, 2025) Price Chart, Rating and Target Price History (as of September 2, 2025) B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review Source: Capital IQ and Haywood Securities Link to Research Policy: http://haywood.com/what-we-offer/research/research-policy

On September 2, 2025, Haywood Capital Markets analyst Marcus Giannini maintained a Buy rating on Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) with an unchanged target price of CA$9.60, representing 85% upside from the share price at the time of the report of CA$5.18.

The analyst cited strong initial assay results from the company's summer drill program at its Kitsault Valley project in British Columbia's Golden Triangle as validation of the high-grade mineralization potential.

Recent Drilling Results and Exploration Progress

Dolly Varden Silver Corp. recently announced strong initial assay results from its summer drill program at the Kitsault Valley project. The highlight drill hole DV25-446 intersected 1,422 grams per tonne silver, 0.51 grams per tonne gold, 3.05% lead, and 1.42% zinc over 21.70 meters, including a higher-grade interval of 10,700 grams per tonne silver, 2.54 grams per tonne gold, 4.33% lead, and 1.68% zinc over 1.00 meter.

DV25-446 was designed to test a gap in drilling, intersecting the mineralized interval 105 meters up-dip from the furthest down plunge step-out hole DV24-421 along the Wolf Vein. Giannini noted that "there was an augmentation of gold and base metal grades at depth, as proximity to the central valley structure increases," reflecting typical metal distribution patterns at the project.

The analyst emphasized the significant grade improvement compared to the parent hole, noting that while DV25-446 is classified as an infill hole and daughter hole to DV24-421, "grades in DV25-446 far outpace hole DV24-421, which returned 379 g/t Ag over 21.69m."

Ongoing Exploration Campaign

The company is conducting an upsized 55,000-meter drill program at the Kitsault Valley and Big Bulk projects, with five drill rigs currently operating. The campaign focuses on step-out and infill drilling of the Wolf Vein and Homestake Silver deposits, as well as exploration drilling of the copper-gold porphyry system at Big Bulk and various regional targets within the Kitsault Valley land package.

Giannini expects "a steady stream of results throughout the balance of the year as they become available," with the technical team continuing to refine understanding of regional mineralization controls. The exploration program is positioning the company for an updated Mineral Resource Estimate expected in early 2026.

Wolf Vein Expansion Potential

The analyst views the Wolf Vein as having substantial expansion potential, noting that "based on today's results and previous deeper drilling, we view the Wolf Vein as entirely open at depth below the younger sedimentary package overlaying the Hazelton Volcanics." The strong continuity of mineralization along the Wolf Vein supports the potential for an eventual bulk-tonnage mining scenario.

Drilling continues to return strong precious metals grades with both gold and silver mineralization increasing at depth, reinforcing the analyst's expectation for ongoing focus on this high-grade domain during the current drilling season.

Financial Position and Valuation

Dolly Varden maintains a strong financial position with CA$49.4 million in cash and 87.2 million shares outstanding, resulting in a market capitalization of CA$452 million and enterprise value of CA$402.6 million.

Giannini's CA$9.60 price target is based on a 0.70x multiple applied to the company's fully financed corporate net asset value of CA$13.83 per share. The valuation methodology incorporates a discounted cash flow operating scenario at Kitsault Valley, other asset credits, and corporate adjustments.

The company currently trades at a price-to-net asset value multiple of 0.34x, compared to peer companies trading at an average price-to-net asset value multiple of 0.60x, suggesting relative undervaluation within the precious metals sector.

Strategic Positioning and Investment Thesis

The analyst continues to view Dolly Varden's high-grade endowment as "an increasingly attractive target for larger North American-focused precious metal producers." The combination of strong drill results, substantial exploration potential, and solid financial position supports the investment thesis for accumulation at current levels.