Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER'S 45,000 METER DRILL PROGRAM UNDERWAY AT THE KITSAULT VALLEY PROJECT

Diamond drilling with four rigs has commenced at Dolly Varden Silver Corp.'s Kitsault Valley project, which includes the Dolly Varden silver property and Homestake Ridge gold-silver property. Two drills are targeting the Wolf vein and two at the Kitsol vein. A fifth drill rig is available as the program progresses.

"We have hit the ground running with four drills on our fully funded 2023 exploration drilling program. We have already completed several drill holes at Wolf and Kitsol, where aggressive stepouts in 2022 significantly expanded silver mineralization along strike to the north and south as well as downdip. The team is excited to test numerous new target areas beneath the sediment cap with the objective of connecting these two wide and high-silver-grade areas," said Shawn Khunkhun, president and chief executive officer of Dolly Varden.

In addition to stepout holes and exploration drilling at the Wolf and Kitsol veins, several new targets will be tested, including the projection of the Moose vein under the sediment cap.

In several weeks, the drills will be moved up the valley to the Homestake Ridge area. Further drilling will test the plunge of wide, high-grade gold-silver mineralization that was defined by recent oriented core and structural interpretations.

Geology crews have been on site since early May, completing a program of additional sampling of core from 2022 Homestake Main drilling where assay results revealed an extensive low-grade gold (over 0.1 gram per tonne gold) envelope to high-grade mineralization.

Qualified person

Rob van Egmond, PGeo, vice-president exploration for Dolly Varden Silver, the qualified person as defined by NI 43-101, has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden project.

About Dolly Varden Silver Corp.

Dolly Varden Silver is a mineral exploration company focused on advancing its 100-per-cent-held Kitsault Valley project (which combines the Dolly Varden project and the Homestake Ridge project) located in the Golden Triangle of British Columbia, Canada, 25 kilometres by road to tidewater.

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