Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER ANNOUNCES GRANT OF RSU AND STOCK OPTIONS

Pursuant to its stock option plan, Dolly Varden Silver Corp. has granted stock options to directors, officers and consultants to purchase an aggregate of 2,649,000 common shares of the company. The stock options will be exercisable at a price of 84 cents per share with an expiry of March 28, 2029.

The company has granted an aggregate of 1,183,000 restricted share units to officers and directors of the company, which will vest equally over three years, with first vesting occurring after one year. Each vested RSU entitles the holder to receive one common share of the company. The grant of RSU is subject to the company's restricted share unit plan.

The company also wishes to confirm that, in connection with the company's recently completed bought deal public offering, the underwriters received an aggregate cash fee of $749,999 equal to 5.0 per cent of the gross proceeds of the offering.

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.