Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER INTERSECTS 461 G/T AGEQ(1) OVER 26.99M, INCL. 2,260 G/T AGEQ(1) OVER 0.5M IN 81 METER STEP-OUT AT WOLF

Dolly Varden Silver Corp. has released drill results from the Wolf vein. Drill hole DV23-375 is an 81-metre stepout from mineralization encountered in 2022 and 50 metres below DV23-268 (Sept. 11, 2023, news release) that intersected a wide breccia vein zone. In addition, initial drilling at the Moose vein, 1.5 kilometres north of Wolf, intersected silver mineralized veining similar to the system at Wolf.

Highlights from the Wolf vein drilling include:

• DV23-375, southwest extension stepout: 461 grams per tonne silver equivalent* (296 g/t silver, 1.68 per cent lead, 3.01 per cent zinc) over 26.99 metres, including 2,260 g/t AgEq* (1,475g/t Ag, 10.65 per cent Pb, 12 per cent Zn) over 0.50 metre from an 81-metre stepout;
• DV23-379, southwest extension infill: 287 g/t AgEq* (247 g/t Ag, 0.40 per cent Pb, 0.73 per cent Zn) over 18.21 metres, including 1,170 g/t AgEq (1,125 g/t Ag, 0.14 per cent Pb, 1.09 per cent Zn) over 0.50 metre.

Highlights from initial drilling at the Moose vein, located 1.5 kilometres from Wolf vein within the 5.4-kilometre-long belt of silver mineralization**:

• DV23-371: 712 g/t Ag over one metre within a 7.55-metre-length interval averaging 269 g/t Ag.

Reported intervals are drill core length; true widths vary from 50 to 85 per cent of core length interval. The dip of the Wolf vein at depth, and the Moose vein have insufficient data to define accurate dip.

"The results we are seeing from the Wolf vein continue to demonstrate depth continuity of the high-grade silver mineralization as well as an increase in base metal content," said Shawn Khunkhun, president and chief executive officer of Dolly Varden Silver. "Drill hole DV23-375 has extended the plunge length to over 950 metres with increased thickness of the potentially underground bulk-minable mineralization and it remains wide open for expansion. With over 70 drill holes remaining to be assayed and announced we eagerly await their results."

A total of 51,454 metres were completed during 2023 in 115 drill holes at the Dolly Varden and Homestake Ridge areas with 23,923 of those from the Dolly Varden project area. The contractor's drills have been demobilized and the exploration camp has been winterized. This release includes eight holes from Wolf and four holes from Moose. A total of 31 holes for 15,860 metres were drilled at Wolf in 2023.

Holes DV23-375 is an 81 m stepout down plunge from drill hole DV22-320, that intersected 321 g/t Ag over 12.85 metres (see Feb. 6, 2023, news release) and 50 metres below DV23-268 that intersected 381 g/t Ag over 29.34 metres (see Sept. 11, 2023, news release). Wolf vein mineralization has consistent, high-grade silver mineralization within a wide multiphase vein breccia within a northeast-southwest-oriented epithermal vein system. The mineralization and alteration encountered at the Wolf vein system are becoming wider in the southwest stepouts and the dip of the system is steepening at depth.

Drill hole DV23-379 intersected silver mineralization 25 metres above DV22-320 and was a planned infill between DV22-320 and DV23-368; this hole did not deviate as much as other holes typically do and thus intersected the Wolf vein closer to DV23-320 than planned.

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 at Wolf during the 2023 program consisted of infill and testing for extensions to the high-grade silver mineralization.

Drill holes DV23-366, 367 and 370 are located on the northeast extension of the Wolf structure and encountered strong potassic alteration and narrow vein stockwork with anomalous lead and zinc associated with the extension of the Wolf structure.

Drill holes DV23-364 and 366 tested the limits outside of the wider and higher-grade silver shoot and encountered the Wolf structure with minor veining and strong alteration.

Quality assurance and quality control

The company adheres to Canadian Institute of Mining, Metallurgy and Petroleum best practices guidelines for exploration-related activities conducted on its property. Quality assurance and 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 (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-gram split.

Qualified person

Rob van Egmond, PGeo, vice-president, 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 tide water. The 163 square km 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.