Mr. Shawn Khunkhun reports

75.0M STEP-OUT AT DOLLY VARDEN SILVER'S WOLF VEIN INTERSECTS 381 G/T AG OVER 29.0M, INCLUDING 1,898 G/T AG OVER 1.0M

Dolly Varden Silver Corp. has released drill results from the Wolf vein, which includes drill hole DV23-368, a 75-metre stepout down plunge, which intersected 1,898 grams per tonne (g/t) silver (Ag) over one metre within 381 g/t Ag over 29.34 metres core length. Five drills have completed over 43,000 metres of the expanded 55,000-metre drill program at the Dolly Varden and Homestake Ridge areas. This release includes 19 drill holes from early season drilling at the Wolf.

Highlights from the Wolf vein drilling include:

• DV23-368, southwest extension stepout: 381 g/t Ag, 0.46 per cent lead (Pb) and 0.39 per cent zinc (Zn) over 29.34 metres (22.59 metres estimated true width), including 1,898 g/t Ag over one metre (0.77 metre estimated true width) from a 75 m stepout.
• DV23-352, southwest extension: 246 g/t Ag over 18.07 metres (12.29 metres estimated true width), including 712 g/t Ag over 2.95 metres (2.01 metres estimated true width).
• DV23-339: 287 g/t Ag, 0.35 g/t gold (Au) and 22.83 per cent Pb over 2.65 metres (1.67 m estimated true width).
• Note: Intervals are core length -- true widths vary from 50 per cent to 83 per cent of core length interval (see the table entitled "Complete drill hole assays from Wolf vein"), assays are uncut.

"As the drilling progresses at Wolf, we are seeing the continuity to depth of the high-grade silver mineralization," said Shawn Khunkhun, president and chief executive officer of Dolly Varden Silver. "Drill hole DV-368 has extended the length of potentially underground bulk-minable mineralization plunge to over 950 metres and it remains wide open for expansion, with ongoing drilling continuing to stepout to the south."

Hole DV23-368 is a 75 m stepout along plunge from drill hole DV22-320, which graded 321 g/t Ag over 12.85 metres (Feb. 6, 2023, news release). Drilling continues to expand the length of the Wolf vein mineralization with consistent, high-grade silver mineralization within the wide vein breccia. The mineralization within the Wolf vein is composed of multiple phases of brecciation within a northeast-southwest-oriented epithermal vein system.

Initial holes at Wolf during the 2023 drill program tested between the widely spaced holes completed the previous season, and successfully intersected the vein structure both within and peripheral to the southwest plunge of the high-grade silver mineralization. Drilling has been continuing at Wolf since the start of the 2023 program, and continues with infill and testing for extensions to the high-grade silver mineralization.

Drill hole DV23-359 is a 50-metre stepout from drill hole DV22-311 (see Feb. 6, 2023, news release) that graded 412 g/t Ag over 12.80 metres, including 1,646 g/t Ag over 2.1 metres within a vein spay. Deviation in hole DV23-359 shallowed the planned dip, encountering the vein over 100 m up-dip from DV22-311. It intersected the Wolf splay vein as a 30-centimetre-wide sulphide-rich vein (2.25 per cent Pb over 0.50 m core length). Subsequent drilling, with assays currently pending, intersected the subparallel vein splay on either side of DV22-311.

Drill holes DV23-347, 351, 354 and 356 are stepouts targeting the eastern extension of the veins, collared east of the high-grade intercept of DV22-329 (see Feb. 6, 2023, news release). The drill holes did not intercept mineralization, suggesting that the vein breccia may have a more northeasterly strike and parallel the main host structure. It remains open to the northeast and will be drilled shortly.

Two thousand twenty-three drill program update

The 15-kilometre-long extent of the prospective Hazelton rocks on the property is host to numerous surface occurrences of alteration and silver mineralization that have been prioritized for drill testing. With the additional metres available under the current budget, drill holes have been planned at discovery-focused exploration targets. Currently, the drills are testing exploration targets peripheral to the Homestake Ridge deposits and will be moved down the valley to follow up on exploration targets beneath the sediment cap, as well as at the southern end of the western gold belt that extends 10 kilometres from Homestake Ridge to Red Point.

Quality assurance/quality control

The company adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best practices guidelines for exploration-related activities conducted on its property. Quality assurance/quality control (QA/QC) procedures are overseen by the qualified person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory, and the other half retained on site. Third party laboratory checks on 5 per cent of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, B.C. The entire sample is crushed to 70 per cent minus-two millimetres (mm) (10 mesh), of which a 500-gram split is pulverized to minus-200 mesh. Multielement analyses were determined by inductively coupled plasma mass spectrometry (ICP-MS) for 48 elements following a four-acid digestion process. High-grade silver testing was determined by fire assay with either an atomic absorption or a gravimetric finish, depending on grade range. Au is determined by fire assay on a 30 g split.

Qualified person

Rob van Egmond, PGeo, vice-president of exploration for Dolly Varden Silver, the qualified person as defined by National Instrument 43-101, has reviewed, validated and approved the scientific and technical information contained in this news release, and supervises the continuing exploration program for Dolly Varden on the Kitsault Valley 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. The 163-square-kilometre 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 high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley 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).

We seek Safe Harbor.