The TSX Venture Exchange has accepted for filing documentation with respect to the arm's-length acquisition of an option to acquire a 100-per-cent undivided interest in the property known as the Big Bulk property, comprising seven mineral claims. Pursuant to an assignment and assumption agreement dated Dec. 19, 2023, Dolly Varden issued 275,000 common shares to acquire the option for the Big Bulk property. Pursuant to an amending agreement dated Dec. 19, 2023, and a second amending agreement dated Jan. 5, 2024, between the company and the arm's-length optionor, the aggregate consideration for the acquisition of the property over a period of five years is as follows:

• Year 1, $50,000 cash;
• Year 2, $150,000 cash;
• Year 3, $250,000 cash or equivalent common shares;
• Year 4, $500,000 cash or equivalent common shares;
• Year 5, $500,000 cash or equivalent common shares.

Any common shares issued by the company shall be issued to the exchange's minimum pricing rules and further provided that the common shares may only be issued if the deemed price is equal to or greater than 64 cents per common share; otherwise, the company may only satisfy such payment in cash.

For further details, please refer to the company's news releases dated Dec. 20, 2023, and Jan. 10, 2024.