DV:TSX.V; DOLLF:OTCQX

Dolly Varden Silver Corp.

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held, 163 sq. km. Kitsault Valley project located in the Golden Triangle of British Columbia, Canada. 25 kms by road to deep tide water.

This project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris). Combined resources are of 34,731,000 ounces of silver and 165,993 ounces of gold in the Indicated category and 29,277,000 ounces of silver and 816,719 ounces of gold in the Inferred category.

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Expert Comments:

Tech Analyst Believes Now Is an Excellent Time To Add Positions
(3/17/23)

Clive Maund, CliveMaund.com

(3/16/23)

"Dolly Varden Silver Corp. put in a strongly bullish reversal candle, called a 'dragonfly doji,' yesterday, which is a sign that the low for the reaction is in and that the company should now start higher again. . .this is an excellent point to add to positions in Dolly Varden or make fresh purchases."

Rick Mills, Ahead of the Herd

(3/15/23)

"My favorite junior silver explorer right now is Dolly Varden Silver Corp. . .Shawn Khunkhun has said that since he took over as CEO in February 2020, the company has significantly grown the resource to almost 50 Moz silver equivalent, Indicated, and another 90 Moz Inferred. 2022 drilling potentially added between 22 and 24 Moz silver, which could mean a 30–40% increase of Dolly Varden's silver resource."

Clive Maund, CliveMaund.com

(3/12/23)

"The fundamentals of Dolly Varden Silver Corp. are excellent. . .we have a better entry point now, and it is rated Buy again here."

Bob Moriarty Says This Silver Co. Could Become a New Eskay Creek
(3/6/23)

Thibaut Lepouttre, Caesars Report

(2/28/23)

"Dolly Varden Silver Corp.'s recently released assay results from the Wolf zone at Kitsault Valley are very strong. The company intersected 15.94m of 1,499 g/t silver and 2.35% zinc-lead in hole DV22-329; as the true width is estimated at 8.77m, this is an excellent result."

Co. Sees Highest Silver Grades Yet From BC Property
(2/9/23)

Silver Grade of 23,997 G/T Hit at B.C. Mining Project
(2/8/23)

Rick Mills, Ahead of the Herd

(2/8/23)

"The final results from 2022 drilling at Dolly Varden Silver Corp.'s Kitsault Valley project are in, and they are spectacular. The Vancouver-based company returned its best silver assay on the property — an impressive 23,997 grams g/t silver, 1.24% lead and 0.34% zinc over 0.35m. . .Dolly Varden encountered 'jewelry-box style' mineralization at its Wolf vein target."

Stuart McDougall, Research Capital Corporation

(2/7/23)

"Dolly Varden Silver Corp. released what we view as more positive results from a 2022 drill program at its Kitsault Valley project. . .the latest update extends the known Wolf and Kitsol deposits while adding a new gold-copper-silver discovery known as Red Point, located 500m to the west of the latter."

Drilling Returns Many High-Grade Au, Ag Intercepts

(2/1/23)

Silver Explorer Starts Off Year With Cash Infusion

(1/12/23)

Silver Explorer Seeing Results in Golden Triangle

(12/6/22)

First Drill Results are 'Compelling,' High Grade

(12/2/22)

Vein System at B.C. Mining Asset Grows in Importance

(12/2/22)

New Drill Results Expand Deposit, Leading to Buy Rating

(11/14/22)

Analyst Sees 'Opportunity' in Golden Triangle Project

(11/3/22)

Analyst Says, 'Invest Now' in this Attractive Mining Co.

(11/2/22)

Silver Explorer's Shares Rise After News of New Investor Breaks

(10/6/22)

Dolly Varden Silver Corp. is adding a new institutional investor to its stable of big-name backers that includes Hecla Mining Co. and mining financier Eric Sprott.

More Expert Comments

Ben Pirie, Atrium Research (2/3/23) "Dolly Varden Silver Corp. is among the companies with the best gold drill intercepts in the industry in January, with 25m of 46.3 g/t gold. We believe here lie some of the highest upside opportunities in the exploration market, evident by the strong outperformance compared to the broader market as they uncover potentially sizeable assets."

Rick Mills, Ahead of the Herd (1/31/23) "Dolly Varden Silver Corp. is one of only a few junior resource companies putting out excellent drill results in a difficult market. The company was up 11% on Monday's news, to $1/share; since Sept. 27 the stock has nearly tripled in value."

Stuart McDougall, Research Capital Corporation (1/30/23) "Dolly Varden Silver Corp. released more results from its 2022 drill program at Homestake Ridge. . .infill hole HR22-333 intersected 0.78m grading 13.95 g/t Au and 196 g/t Ag, starting at about 98m downhole. . .stepout hole 362 intersected 2.5m grading 1,252 g/t Ag, including 0.75m at 3,330 g/t Ag. . .mineralization remains open for possible expansion with additional drilling."

Clive Maund, CliveMaund.com (1/24/23) "It looks like Dolly Varden Silver Corp. is close to a perfect buy spot following its three-week reaction back to the lower rail of the strong uptrend channel shown on the latest six-month chart. . .all the pieces appear to be in place for a new upleg to begin, which is likely to be sharp and result in good percentage gains from the current price."

	Geordie Mark, Haywood Securities (1/11/23) "One of our Top Mining Picks heading into 2023 is Dolly Varden Silver Corp. 2022 drilling at Kitsault Valley impressed, showing growth and discovery on high grade gold and silver systems (e.g.,) Wolf, Torbrit and Homestake Main. . .the 2023 program is likely to be on the same scale or larger than the 2022 program. . .all such work is enabled by a balance sheet augmented by a recent $22.6M financing."

Rick Mills, Ahead of the Herd (12/14/22) "Dolly Varden Silver Corp. continues to hit high-grade silver and gold at its Kitsault Valley project. . .the highlights from a batch of drill results from Homestake Ridge released on Nov. 29 included 27.44 g/t Au and 463 g/t Ag (33.34 g/t Au eq) over 9.16m in hole HR22-328, including 75.13 g/t Au and 2,337 g/t Ag (103.66 g/t Au eq) over 1.77m, and 0.5m of 216 g/t Au, 113 g/t Ag and 0.48% Cu (218.06 g/t Au eq)."

Stuart McDougall, Research Capital Corporation (11/29/22) "Dolly Varden Silver Corp. released the first batch of results from the seasonable drilling program at its Homestake Ridge gold-silver project. . .the update follows ones from the adjoining Dolly Varden claims and, in our view, demonstrates equally compelling high-grade potential, with one hole reporting 75.13 g/t Au and 2,337 g/t Ag over 1.77m, followed a few meters later by 216 g/t Au and 113 g/t Ag over 0.5m."

	Geordie Mark, Haywood Securities (11/21/22) "Dolly Varden Silver Corp.'s drill results on the Wolf vein-breccia system did not disappoint and affirm our belief of Wolf to grow well beyond the defined resource and lead to the augmentation of the global silver-rich resource base on the Kitsault Valley project. . .the main features of the results include high-grade silver in DV22-316 (9.6m grading 551 g/t) and DV22-311 (12.8m grading 412 g/t) and appreciable downdip expansion of the known Wolf system with DV22-316 and DV22-311 representing about 207m and about 400m stepouts from DV22-300."

	Bob Moriarty, 321 Gold (11/21/22) "Dolly Varden Silver Corp.'s last press release showed 12.51m of 442 g/t Ag; that's almost $300 rock in U.S. dollars and highly economic. . .the company's ownership is almost totally in the hands of professional investors. Sprott owns 11%, Hecla another 10%, Fury with 26% and another 45% in institutional investors."

	Geordie Mark, Haywood Securities (11/7/22) "Today's batch of drill results from Dolly Varden Silver Corp. adds to the holistic picture of resource growth and discovery around these silver-rich assets on the Kitsol Valley project, British Columbia, and in particular, highlight the high-grade nature of the silver deposits. We see significant growth potential around the Kitsol vein and a similarly oriented epithermal vein system to the north."

Geordie Mark, Haywood Securities (10/21/22) "We are initiating coverage on Dolly Varden Silver Corp. with a Buy rating. . .the company's recent consolidation to generate the current portfolio of silver- and gold-rich assets on the Kitsault Valley project presents a unique opportunity in British Columbia's Golden Triangle to add a more silver-rich facet to the metallogenic picture as well as undertake exploration on an integrated front not possible before."

Rick Mills, Ahead of the Herd (8/12/22) "Dolly Varden Silver Corp. has returned a set of impressive drill results from its Kitsol vein target, located near the historic Torbrit mine on the company's Kitsault Valley project. . .an 18m interval at an average 414 g/t Ag included 15m averaging 646 g/t Ag (4.29m true width); 74m averaging 658 g/t Ag (7.04m true width); and 34m averaging 801 g/t Ag (3.2m true width). . .within the 18m mineralized interval, three 0.5m-long samples assayed 2,910 g/t Ag, 2,390 g/t Ag and 2,500 g/t Ag, respectively!"

Rick Mills, Ahead of the Herd (7/15/22) "Cashed up from a $13M million financing involving big-name investors like Hecla Canada and Eric Sprott, Dolly Varden Silver Corp. is one of only a few junior resource companies conducting drill programs this summer, in a difficult market. Thirty thousand meters is a large drill campaign, and I am looking forward to seeing it bear fruit as the first assays trickle in; shareholders can expect ample news flow throughout H2/22 and into 2023."

Rick Mills, Ahead of the Herd (5/27/22) "Dolly Varden Silver Corp. had previously stated that it effectively follows a two-pronged approach to increasing shareholder value. Not only does it aim to grow its resource base through more drilling, but the company was also eyeing properties surrounding its original land package, which led to the Homestake Ridge acquisition and subsequent formation of the Kitsault Valley property. . .Dolly Varden is ready to make its strategies count, beginning with its initial field program at Kitsault Valley."

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."

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."

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."

Experts Following This Company

	Thibaut Lepouttre, Editor – Caesars Report
	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

2/6/2023 – Dolly Varden Silver Intersects 15.94 meters Averaging 1,499 g/t Silver Including 0.35 meters of 23,997 g/t Silver at the Wolf Deposit

1/30/2023 – Dolly Varden Silver Reports Multiple Gold and Silver Intersections at Homestake Ridge, with 46.31 g/t Au and 70 g/t Ag over 25m, Including 1,145 g/t Au and 826 g/t Ag over 0.48m

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.

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