Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER ANNOUNCES ISSUANCE OF COMMON SHARES FOR ACQUISITION OF BIG BULK PROPERTY OPTION

Further to the news release dated Dec. 20, 2023, Dolly Varden Silver Corp. has completed the issuance of 275,000 common shares of the company to Libero Copper & Gold Corp. as consideration for the acquisition by Dolly Varden of an option agreement from Libero entitling Dolly Varden to earn in a 100-per-cent undivided interest in the property known to Libero as the Big Bulk property, composed of seven mineral claims in the Golden Triangle, British Columbia. In connection with the issuance of the consideration shares to Libero, the company has filed a prospectus supplement to its base shelf prospectus dated April 25, 2023, to qualify the distribution thereof.

In connection with the acquisition, Dolly Varden also entered into a further amending agreement to the option agreement clarifying that Dolly Varden may only elect to issue common shares of the company to satisfy any option payments under the option agreement so long as the deemed price of the common shares at the time is equal to or greater than 64 cents, as required by the rules of the TSX Venture Exchange. Whether Dolly Varden chooses to make such payments in cash or common shares is otherwise at the discretion of Dolly Varden.

About Dolly Varden Silver Corp.

Dolly Varden 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 and Red Chris).

We seek Safe Harbor.