More High-Grade Hits Expand Gold Zone in Silver Deposit
Research Report

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Disclosures for Haywood Capital Markets, Dolly Varden Silver Corp., November 10, 2025

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Dolly Varden Silver Corp.'s (DV:TSX.V; DVS:NYSEA; DVQ:FSE) latest assay results from Homestake Silver expanded the known high-grade gold zone within this deposit at the Homestake Silver project in British Columbia's Golden Triangle, reported Haywood Securities Analyst Marcus Giannini in a November 10 research note.

This gold mineralization "has been delineated for over 300 meters (300m) vertically while extending 1,000m along plunge, as this area remains uncapped from our point of view," Giannini wrote.

109% Uplift Implied

Haywood Securities reiterated its CA$11.25 per share (CA$11.25/share) target price on the Canadian explorer, trading at the time of Giannini's report at about CA$5.39/share, the analyst noted. The difference between these prices suggests a 109% return for investors.

Dolly Varden remains a Buy.

"We continue to view Dolly's high-grade endowment as an increasingly attractive target for larger North American-focused precious metal producers," wrote Giannini.

Dolly Varden has 91.8 million shares outstanding, a market cap of CA$495 million, and a 52-week range of CA$3.21–7.46/share.

More Continuous, High-Grade Gold

Headline assays in this latest batch of drill results emphasized the intensity, in terms of grade and continuity, of the gold mineralization at Homestake Silver, Giannini pointed out. Hole HR25-469 returned 26.74 grams per ton gold (26.74 g/t Au) over 14.76m, including 122 g/t Au over 2.85m within a broader zone of 12.13 g/t Au over 33.8m. The true width of these intervals is an estimated 65–75% of the reported length, given the strong continuity of this mineralized system. This hole, HR25-469, was placed more than 50m away from the nearest historic drilling.

"The epithermal style of mineralization seen in this hole maintains strong visual similarities to those seen at the Premier [gold] mine," wrote Giannini.

Another standout hole was HR25-464, a stepout below the known extents of Homestake Silver. This hole showed 9.22 g/t Au over 6.65m, including 58.8 g/t Au over 0.95m within a distinct, newly recognized stockwork zone that warrants follow-up.

Gold Should Grow Resource

Giannini pointed out that Dolly Varden continues to redefine the gold component at Homestake Silver. The mining company's 2025 drill program at Kitsault Valley encompassed 86 holes over 56,131m. About 40% of this meterage was dedicated to stepout and infill drilling along the high-grade gold corridor at Homestake Silver, part of Homestake Ridge. Through this drilling, the explorer delineated additional high-grade gold ounces while continuing to build a model that yields a high incidence of gold-dominant structures.

"Looking ahead, we expect this aspect of Homestake Silver to be a key component for resource growth, reshaping the deposit's potential regarding the overall gold content," Giannini wrote.