DV:TSX.V; DOLLF:OTCQX

Dolly Varden Silver Corp.

Dolly Varden Silver is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects: the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits since it comprises the same structural and stratigraphic settings that host numerous other high-grade deposits (Eskay Creek and Brucejack). The Big Bulk property is prospective for porphyry- and skarn-style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM and Red Chris).

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Expert Comments:

Investors Gain Leverage to Ag With B.C. Exploration Co.
(3/8/22)

Stuart McDougall, Research Capital Corporation

(2/27/22)

On Feb. 25, 2022, Dolly Varden Silver Corp. successfully closed the Homestake Ridge acquisition from Fury Gold Mines and completed a separate $5.3M equity financing with Hecla Mining under that company's anti-dilution rights. On the back of these developments, we reiterate our Speculative Buy rating and increase our target price."

The Critical Investor

(2/26/22)

"After a failed hostile takeover attempt of Dolly Varden Silver Corp. in in the past, Hecla Mining now resorts to maintaining its pro rata equity interest in the company these days, as it exercised its anti-dilution right regarding the Homestake Ridge transaction. This time it is going to invest CA$5.3M at a share price of CA$0.59 in Dolly Varden, maintaining its equity interest at 10.25%. . .it is nice to have additional cash with lots of drilling planned."

Geordie Mark, Haywood Securities

(2/10/22)

"To consolidate the mineral potential of the Kitsault Valley (a former mining district), Dolly Varden Silver Corp. has proposed to acquire the Homestake Ridge project for $5M cash and the issuance of 76.5M common shares to Fury Gold. . .consolidation of this land package, which would extend for 15 km and have a 163 sq km footprint, brings together combined Indicated resources hosting 34.7 Moz silver and 166 Koz gold."

Rick Mills, Ahead of the Herd

(2/3/22)

"Dolly Varden Silver Corp. continues to return high-grade silver results from the southern end of the highly mineralized Golden Triangle, one of only a few pure-play silver districts in the world, and the largest such project in all of Canada. The first batch of drill assays from 2021 saw silver grades exceeding 1,500 g/t; the latest assays, the first of 21 drill holes left to report, returned up to 1,220 g/t."

Rick Mills, Ahead of the Herd

(1/22/22)

"Assays are pending for the 21 holes at Dolly Varden Silver Corp.'s namesake project completed at the high-grade Torbrit and Kitsol silver deposits. In the spring, when the company returns to the property with boots on the ground, we expect to see continued investigation of the Dolly Varden project targets, including the Wolf vein extension and Western gold-copper belt."

Dolly Varden Silver: Consolidating a High-Grade Gold-Silver District In British Columbia
(12/19/21)

After Dolly Varden Silver announced the transaction with Fury Gold Mines regarding the Homestake Ridge Project, the Critical Investor looked into future potential coming from combining Homestake with the Dolly Varden Project, and exploration potential.

Dolly Varden Buys Homestake Ridge From Fury
(12/7/21)

Stuart McDougall, Research Capital Corporation

(12/6/21)

"Dolly Varden Silver Corp. announced a proposed acquisition of the Homestake Ridge project from Fury Gold Mines. . .Dolly Varden is offering $5M in cash and 76.5M shares, for an implied value of about $50M as of Dec. 3's closing price. . .our initial analysis suggests the terms to be fair and value adding to Dolly Varden shareholders."

More Expert Comments

	Rick Mills, Ahead of the Herd (11/11/21) "Dolly Varden Silver Corp. plans to unlock more silver resources from the historical deposits through drilling; according to the company, only about 3% of the property has been explored in detail. An updated NI 43-101 resource estimate completed by Dolly Varden in 2019 revealed 32.9 Moz silver in Indicated resources and 11.477 Moz Inferred, for a total of 44 Moz silver, adjacent to the historical deposits; an aggressive two-year drilling campaign is already underway to expand these resources."

Rick Mills, Ahead of the Herd (9/30/21) "This year's 10,000m drill program is the first phase of Dolly Varden Silver Corp.'s aggressive two-year campaign at the Dolly Varden project to aggressively expand and upgrade the Torbrit silver deposit and multiple silver-rich satellite zones; the ultimate goal is for Dolly Varden to become the next high-grade pure silver mine. About 9,000m of the 10,000m program have been drilled, with assay results pending."

Rick Mills, Ahead of the Herd (9/2/21) "Drilling is progressing well so far in Dolly Varden Silver Corp.'s 10,000m program, split equally between infill and expansion of the high-grade, potentially bulk-mineable silver resource at the Dolly Varden property. It was previously estimated that the project has 32.9 Moz silver in the Indicated category and 11.477 Moz Inferred, all adjacent to the historical deposits; these figures could get much bigger once the drilling is ultimately completed, perhaps surpassing 100 Moz total."

Rick Mills, Ahead of the Herd (8/7/21) "With silver continuing to play a critical role in all 'green revolution' discussions, there should be plenty of traction for silver-focused companies like Dolly Varden Silver Corp. going forward. The company is well underway into a drill program that could potentially expand its silver resources by three times more; this would support its belief that there is a pure silver district emerging within the Golden Triangle of British Columbia."

Rick Mills, Ahead of the Herd (7/10/21) "Dolly Varden Silver Corp. commenced drilling at its namesake silver project. . .this initial surface diamond drill program will consist of 10,000m, split 50/50 between infill and expansion of the high-grade, potentially bulk-mineable silver resource at the Torbrit deposit and regional exploration of multiple, highly prospective targets throughout the property. The 2021 drill program is the first phase of an aggressive two-year campaign at Dolly Varden."

Clive Maund, CliveMaund.com (5/8/21) "There are signs that Dolly Varden Silver Corp. is about to come to life. . .the company is a good value here as it is on strong support and not far off recent lows. It is rated an immediate Speculative Buy for all time frames."

	Rick Mills, Ahead of the Herd (3/2/21) "Dolly Varden Silver Corp. is conducting exploration in the Golden Triangle at the perfect time for the silver market, which is supporting higher prices and a renewed sense of purpose as an essential metal for the modern economy. . .the company finds itself in the rare position of being a pure-play silver explorer in a space where most silver production comes from lead-zinc deposits or is a byproduct of gold mining. This makes Dolly Varden the perfect vehicle for rising silver prices."

	Bob Moriarty, 321 Gold (2/19/21) "Dolly Varden Silver Corp. released brilliant assay results a few days ago that any silver investor should breathe hard over, with hole 222 showing 1,083 g/t silver over 2.7m inside a 310 g/t intercept over 6m. Hole 244 gave us 642 g/t silver over 4m within a brilliant 304 g/t silver over 45.82m."

Stuart McDougall, Research Capital Corporation (2/16/21) "Dolly Varden Silver Corp. released the final results from a 2020 drill program at its namesake silver project in the Golden Triangle region. . .the main Torbrit zone returned up 1.6 kg/t silver. . .hole 244 intersected 2.73m grading 359 g/t, followed by a separate 45.8m that averaged 304 g/t. The latter intercept included 17.32m grading 490 g/t, which itself included 1.06m at 1,595 g/t."

	Rick Mills, Ahead of the Herd (1/25/21) "It's rare these days to find a pure silver explorer, and Dolly Varden Silver Corp. appears to have everything it needs to make a success of its project of the same name. That includes a first-rate exploration team with loads of experience and successes behind its collective belt; a project in a jurisdiction that is both safe and geologically endowed with high-grade silver mineralization including four past-producing mines; and a tightly-held share structure."

Stuart McDougall, Research Capital Corporation (10/7/20) "Today's update represents the first nine holes of Dolly Varden Silver Corp.'s drill program. . .highlights include stepout hole DV20-211, which cut 12.75m grading 351 g/t silver, including 2.7m at 1,083 g/t. . .10 such holes have been completed to date."

Experts Following This Company

– The Critical Investor
The Critical Investor – The Critical Investor
Michael Gray, Analyst – Agentis Capital
	Maurice Jackson, Founder – Proven and Probable
	Geordie Mark, Head, Mining Research – Haywood Securities
Clive Maund – CliveMaund.com
Stuart McDougall, Mining Analyst, Equity Research – Research Capital Corporation
	Rick Mills – Ahead of the Herd
	Bob Moriarty, Author – 321 Gold

Company News

5/17/2022 – Dolly Varden Silver Mobilizes Three Drill Rigs to Commence an Initial 30,000 Meters of Resource Expansion, Upgrade and Exploration Drilling

3/31/2022 – Dolly Varden Silver Announces Closing of Private Placement for Gross Proceeds of $13 Million led by Eric Sprott and Hecla Mining

3/9/2022 – Dolly Varden Silver Announces Proposed Share Issuance for Financial Advisory Services

3/7/2022 – Dolly Varden Silver Announces $10 Million Flow-Through Brokered Private Placement

2/28/2022 – Dolly Varden Silver Welcomes Tim Clark and Michael Henrichsen to the Board of Directors and Ivan Bebek as an Advisor

2/25/2022 – Dolly Varden Silver and Fury Gold Mines Complete Consolidation of the High Grade Silver-Gold Kitsault Valley Project

The information provided above is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.See disclaimer for more details.