Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) announced the completion of its 2025 diamond drilling campaign at the 100%-owned Kitsault Valley project in British Columbia. The company reported a total of 56,131 meters drilled across 84 holes. The program focused on stepout and infill drilling at the Wolf and Homestake silver deposits, as well as testing additional exploration targets throughout the Kitsault Valley and Big Bulk copper-gold porphyry project.
According to the company, early-season results from the Wolf vein supported an expansion of the program from the originally planned 35,000 meters to 55,000 meters. "The team delivered safely and efficiently, and the work strengthens our conviction in growing Kitsault Valley's high-grade silver and gold potential," said President and CEO Shawn Khunkhun in the news release.
Approximately 60% of the drilling was conducted on the Dolly Varden property and 40% on the Homestake Ridge property. The company deployed directional drilling technology to increase the efficiency of stepout and infill holes, using a single mother hole to target the mineralized zones through multiple daughter holes. This method aimed to improve targeting precision and reduce operational time.
The program was fully funded, with Dolly Varden reporting a CA$34 million cash position as of late September 2025. Current resource estimates from the most recent technical report include 34.7 million ounces of indicated silver and 165,993 ounces of indicated gold, plus 29.3 million ounces of inferred silver and 816,719 ounces of inferred gold across the two properties.
In a separate announcement, Dolly Varden entered into a two-year marketing services agreement with Orbiton Capital Corp., a San Francisco-based firm. The agreement, valued at US$100,000, includes digital media support and strategic advisory services. Orbiton does not currently hold shares in the company, though a shareholder of Orbiton personally owns 20,000 Dolly Varden stock options under a separate consulting agreement.
Silver Prices Reach Record High Amid Tight Supply and Precious Metals Strengthen
According to a Stockhead report dated October 16, silver surpassed US$50 per ounce following a sustained rally that began in September. Analysts Carlos Crowley Vazquez and Elaine Faddis of Blue Ocean Equities noted that silver had gained approximately 65% year-to-date, outperforming gold's 50% increase. The report attributed some of the pressure on supply to silver lease rates rising to around 30%, reflecting strong demand from India and growing inflows into silver-backed exchange-traded funds. Crowley Vazquez pointed to limited new mine supply and a shortage of tradeable silver bars in London as contributing factors, adding that "some of the largest silver producing countries, including Mexico and Peru, are really not becoming more mining friendly . . . we're not seeing big mines come online, so that's a bit of an issue from a supply perspective."
In a separate analysis also on October 16, Shad Marquitz of Excelsior Prosperity observed that producers had benefited from the rising price environment, with silver moving from above US$30 to over US$50 per ounce during the year. He noted that silver prices remained well above the 50-day Exponential Moving Average, describing the trend as consistent with broader bullish activity. Marquitz also stated that margins had widened for many companies, as the pace of silver's price increase exceeded input costs, leading to stronger valuations across mid-tier and growth-focused producers.
On October 18, Ahead of the Herd highlighted macroeconomic factors supporting the rally, including a developing commodity super-cycle driven by geopolitical pressures and underinvestment. The article cited data showing the Bloomberg Commodity Total Return Index had risen 12% year-to-date, led by gains in gold, silver, and copper. Richard Mills, author of the report, noted that silver had advanced approximately 75% over the same period, supported by both investment flows and industrial use cases such as solar panels and electric vehicles. The report also referenced data from The Silver Institute, which projected a fifth consecutive annual supply deficit in the silver market, citing tightening inventories and growing interest in silver's dual role as both an industrial and monetary asset.
Gold continued to show strong performance in 2025, with analysts pointing to multiple macroeconomic drivers behind its sustained rise. In an October 10 article, Anthony Keane reported that gold had climbed 123% over the past two years, outperforming most other asset classes. Factors contributing to the rally included declining interest rates, geopolitical tensions, and increased demand for finite resources. Kyle Rodda of Capital.com noted that "the supply of money grows at a much faster pace than we can pull gold out of the ground," while also citing global conflict and trade issues as contributing catalysts. Tony Catt of Catapult Wealth highlighted growing central bank interest, calling gold "an asset class where there is a lot of central bank buying." A research note from UBS described a broadly bullish sentiment, stating it was "hard to find anyone who isn't a gold bull," though data from Dimensional Fund Advisors offered a historical perspective, showing gold posted positive returns in just over half of all calendar years since 1980.
Analysts Highlight Strong Gold Intercepts at Homestake Deposit
On October 1, Jeff Valks, senior analyst at The Gold Advisor, emphasized the significance of Dolly Varden Silver Corp.'s recent stepout drilling at the Homestake deposit. Valks described the intercepts as "the kind of grade profile that gets investors leaning forward, not just because of the length of the intercept, but the spikes of ultra-high grade within it." The hole is located approximately 45 meters along strike from intercept HR24-433 and 30 meters up dip from HR24-451, confirming mineralization outside the current resource model.
Historically recognized as a silver-rich gold target, the Homestake Silver deposit has shown signs of transitioning into a gold-dominant system, particularly toward the north. This was supported by assay results from HR25-456, which returned 22 grams per tonne (g/t) gold over 0.65 meters and a separate one-meter interval grading 3.11 g/t gold. The presence of base metals, including copper, lead, and zinc, further contributed to the deposit's polymetallic profile.
Coverage in the Silver Stock Investor newsletter by Peter Krauth on the same day also noted the importance of the discovery. Krauth called the intercepts "impressive" and stated that the hole "sits 45 meters along strike and 30 meters above earlier high-grade hits, confirming both continuity and strong growth potential well beyond the current resource model." He described the results as indicating "a wide, high-grade plunging zone that remains open to the north and at depth," and highlighted Homestake's evolving nature as a driver of renewed exploration interest.
On October 1, Haywood Securities issued a RADAR Flash research note highlighting Dolly Varden Silver Corp.'s latest assay results from its Homestake Silver project. According to analysts Marcus Giannini and Mark Westaway, hole HR25-456 returned 3.34 grams per tonne (g/t) gold over 120 meters, with subintervals of 0.52 meters grading 216 g/t gold and 1.3 meters grading 166 g/t gold. The firm noted that the gold mineralization was hosted in multi-phase veins and breccias containing visible gold, pyrite, chalcopyrite, galena, and sphalerite. The analysts emphasized that this structural environment supported "the propagation of multiple gold bearing fluid events" and viewed the results as "increasingly accommodating for a conceptual mining operation of scale."
Haywood stated that the expanding north-plunging gold trend at Homestake Silver was open at depth and remained a focus of the company's 2025 drill program, which neared completion with approximately 55,000 meters drilled. The analysts expected "a steady stream of assays throughout the offseason" ahead of an updated mineral resource estimate in 2026. They added that Dolly Varden continued to demonstrate "the uncapped potential for precious metal growth across its Kitsault Valley project in British Columbia."
Haywood assigned a Buy rating and a target price of CA$9.60 per share, based on a 0.70x NAV multiple applied to its fully financed corporate NAV estimate of CA$13.83 per share. The note concluded, "We continue to view Dolly's high-grade endowment as an increasingly attractive target for larger North American-focused precious metal producers," and recommended accumulating shares at current levels.
On October 16, Haywood Securities included an update on Dolly Varden Silver in its latest sector review, stating: "Our mining team adjusts its commodity price forecasts . . . highlighted names include Dolly Varden Silver Corp. Continuing its 55,000m 2025 drill program at Kitsault Valley, highlighting high-grade gold and silver continuity. Strategic value enhanced by Hecla's regional footprint, positioning Dolly Varden for potential mergers and acquisitions."
On October 20, Jeff Clark of Paydirt Prospector also offered a positive assessment following Dolly Varden's completion of its 2025 drill campaign. Clark noted that the company had drilled 56,131 meters across 84 holes, utilizing directional drilling methods to increase precision and efficiency. According to Clark, Dolly Varden reported confirmed resource expansion at both the Wolf and Homestake Silver deposits, with additional mineralization encountered at new exploration targets including the Big Bulk copper-gold porphyry. He wrote, "Given the size of the program, confirmed resource expansion language at Wolf and Homestake Silver, the efficiency gains from directional drilling, and assays pending, Dolly Varden remains a Buy."
Clark pointed to management's confidence in the project's potential, citing CEO Shawn Khunkhun's statement that high-grade results from the Wolf Vein led to a program expansion from 35,000 to 55,000 meters. "The team delivered safely and efficiently," Khunkhun said, "and the work strengthens our conviction in growing Kitsault Valley's high-grade silver and gold potential."
In addition to the operational update, Clark referenced Dolly Varden's engagement with Orbiton Capital for a 24-month digital marketing agreement valued at US$100,000. He noted that while Orbiton does not currently hold a direct interest in the company, a shareholder of the firm owns 20,000 stock options from an unrelated agreement.
Clark reported that Dolly Varden's share price had increased 6.5% in the U.S. on the day of his writing and was up 75% over the past six months. He also cited a revised CA$11.25 target price issued by Haywood Securities, which he stated would represent a 75% upside from the current price of CA$6.40. "For our readers keeping a scorecard," he wrote, "the setup is straightforward: a large-scale drill program completed, resource expansion at two cornerstone deposits, and a queue of assays that will determine how well those meters translate to the model." Clark disclosed a long position in Dolly Varden and confirmed he had not taken profits.
Advancing High-Grade Targets Across Expanded Land Package
In 2025, Dolly Varden significantly expanded its land position in British Columbia's Golden Triangle, increasing its holdings from 15,000 hectares to more than 100,000 hectares through a series of acquisitions. These transactions included past-producing properties such as the Porter Idaho Silver Mine and Mountain Boy Silver Mine, reinforcing the company's strategic presence in one of the world's most prolific silver and gold regions.
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Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA;DVQ:FSE)
The 2025 drill program was designed to support this expansion, extending mineralization at the Wolf Vein system and advancing regional exploration. The Wolf Vein has now been traced over a plunge length of 1,100 meters and remains open for further exploration at depth and along strike. Dolly Varden continues to emphasize high-grade silver and gold mineralization across its project areas.
Investor materials indicated that the company had drilled close to 200,000 meters since 2020 and had executed five acquisitions in 2025 alone. This activity contributed to a reported market capitalization of approximately CA$550 million as of September 25, 2025.
With core logging and fieldwork for the season now complete, Dolly Varden stated that assay results from the program will be released in stages as the company integrates data into its geological models.
Ownership and Share Structure
According to Dolly Varden's Corporate Presentation, institutional investors own 50% of the company. Along with Hecla with 13.7%, other strategic investors include Fury Gold Mines Ltd. (FURY:TSX) with 13.5% and Eric Sprott with 9.5%. The rest is in retail.
Dolly Varden has 85.43 million outstanding shares and 90.5 million fully diluted shares. Its market cap is CA$550million. Its 52-week range, according to Refinitiv, is CA$3.21–CA$7.46 per share.
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- Dolly Varden is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- 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.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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