Dolly Varden Silver

Dolly Varden Silver Corp. is a Canadian-based precious metals exploration and development company focused on advancing high-grade silver and gold assets in the Golden Triangle of British Columbia, one of the world’s most prolific and mining-friendly jurisdictions. The company controls a dominant, district-scale land package exceeding 100,000 hectares in the southern portion of the Golden Triangle, encompassing multiple past-producing mines and extensive prospective geology along the Hazelton Formation and the regionally significant “Red Line” marker.

The company’s flagship Kitsault Valley Project hosts a combination of high-grade silver and gold deposits, including the historic Dolly Varden, Torbit, and Homestake Silver mines. Formerly among the richest silver producers in the British Empire, these assets benefit from exceptional grades, extensive historical data, and strong modern exploration results. Dolly Varden Silver is actively advancing its projects through aggressive drilling, geological modeling, and strategic land consolidation, with a focus on expanding and upgrading its existing mineral resource base.

Dolly Varden Silver is listed on the TSX Venture Exchange (TSX-V: DV), NYSE American (NYSE-A: DVS), and the Frankfurt Stock Exchange (FSE: DVQ). The company is backed by a strong institutional shareholder base and an experienced management team with deep expertise in exploration, capital markets, and mine development.

Dolly Varden Silver offers investors leveraged exposure to silver at a time of tightening global supply, rising industrial demand, and increasing interest in primary silver producers. Silver continues to benefit from strong fundamentals driven by its essential role in solar energy, electrification, and advanced technologies, alongside its traditional monetary and investment demand. With primary silver mines accounting for a limited share of global production, high-grade, pure silver plays remain scarce.

The company’s assets are located in British Columbia, a Tier-1 mining jurisdiction known for political stability, established infrastructure, and supportive regulatory frameworks. Dolly Varden Silver also maintains strong relationships with local communities and First Nations, providing a clear path for responsible exploration and long-term development. The Golden Triangle itself has seen more than US$5 billion in mergers and acquisitions since 2018, underscoring its strategic importance and continued discovery potential.

With a rapidly expanding land position, consistent high-grade drill results, and a growing mineral resource base, Dolly Varden Silver is well positioned to benefit from rising silver prices while offering significant exploration upside. The company’s disciplined capital strategy and focus on district-scale consolidation differentiate it from smaller, single-asset explorers.

Dolly Varden Silver Corp. is led by an experienced executive team with deep expertise in capital markets, mineral exploration, and corporate growth. The company is headed by President, CEO, and Director Shawn Khunkhun, who brings over 20 years of experience across the mining and investment sectors. Mr. Khunkhun has a strong track record of building resource companies through strategic financings, acquisitions, and market positioning. Over his career, he has facilitated more than $3 billion in capital raises and, at Dolly Varden Silver, has overseen growth in market capitalization from approximately $20 million to over $600 million, while raising more than $185 million in equity.

Exploration activities are led by Robert van Egmond, P.Geo., Vice President of Exploration and Qualified Person under NI 43-101. Mr. van Egmond has over 30 years of international mining experience, including work with major producers and junior explorers across multiple commodities. His technical background includes extensive exploration and development work in British Columbia’s Golden Triangle.

Financial leadership is provided by Ann Fehr, CPA, CGA, Chief Financial Officer, who has more than 25 years of experience in corporate finance, financial reporting, governance, and regulatory compliance within the mining sector.

Dolly Varden Silver’s growth strategy is centered on advancing a district-scale, high-grade silver and gold system through systematic exploration, resource expansion, and strategic acquisitions. The company has grown its land position more than sixfold since 2020, transforming itself into one of the largest landholders in the southern Golden Triangle. This consolidation strategy allows Dolly Varden to control multiple mineralized trends and explore a complete mineralizing system across silver, gold, and copper targets.

A key focus of the company’s exploration program is the expansion of high-grade zones at the Wolf Vein and Homestake Silver deposits, both of which remain open along strike and at depth. In 2025, the company completed an expanded 56,131-meter drill program, prioritizing resource expansion, geological de-risking, and new discoveries across its broader Kitsault Valley Trend. Ongoing metallurgical and engineering studies support longer-term development planning.In parallel, Dolly Varden Silver continues to evaluate additional accretive acquisition opportunities within the Golden Triangle. By maintaining financial flexibility and leveraging its strong technical team, the company aims to build a long-life, high-grade silver district capable of supporting future development scenarios while preserving shareholder value.

Dolly Varden Silver has demonstrated strong access to capital markets, having raised over CAD $175 million since 2020 without executing a down round. As of October 2025, the company reported approximately CAD $64 million in cash, providing a solid balance sheet to fund ongoing exploration and near-term growth initiatives. The company’s market capitalization stood at approximately CAD $561 million, reflecting growing investor confidence and institutional participation.

The Kitsault Valley Project hosts a significant NI 43-101 compliant mineral resource base across the Dolly Varden and Homestake Ridge deposits, with both indicated and inferred silver and gold resources. While the company remains in the exploration and resource expansion phase, the high-grade nature of its deposits, combined with historical production and existing regional infrastructure, provides a strong foundation for future economic studies.

Dolly Varden Silver maintains a disciplined financial strategy, prioritizing exploration efficiency, strategic acquisitions, and balance sheet strength. This approach allows the company to advance its assets without excessive dilution while maintaining flexibility to capitalize on favorable market conditions.

Dolly Varden Silver Corp. is emerging as one of the most compelling primary silver exploration stories in Canada, anchored by high-grade deposits, a dominant district-scale land position, and a proven management team. Operating in the Golden Triangle, one of the world’s premier mining districts, the company combines historical production, modern exploration success, and significant discovery potential.

With strong silver market fundamentals, continued drilling success, and a disciplined approach to growth and capital management, Dolly Varden Silver is well positioned to deliver long-term value for shareholders. For investors seeking exposure to high-grade silver in a safe jurisdiction with meaningful exploration upside, Dolly Varden Silver represents a differentiated and strategically positioned opportunity.