Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER'S STEP-OUT DRILLING INTERSECTS 606 G/T SILVER OVER 16.38 METERS AT WOLF VEIN

Dolly Varden Silver Corp. has released additional results from the Wolf vein step-out directional drilling. Drill hole DV24-412 averaged 606 grams per tonne silver over 16.20 metres on a 45 m step-out from 2023 drilling and 31 m below DV24-404 (previously released Aug. 12, 2024). Approximately 8,000 metres of a continuing 25,000 m drill program at the company's 100-per-cent-owned Kitsault Valley silver and gold project is being drilled at the Wolf vein to expand and infill the plunge of high-grade silver mineralization.

Wolf vein step-out drilling

Highlights include:

• DV24-412: 606 g/t Ag, 0.61 per cent lead and 1.43 per cent zinc over 16.20 metres, including 868 g/t Ag, 0.18 per cent Pb and 0.88 per cent Zn over 2.27 metres;
• DV24-414: 771 g/t Ag, 2.93 per cent Pb and 2.29 per cent Zn over 3.77 metres, including 1,065 g/t Ag, 4.64 per cent Pb and 3.48 per cent Zn over 2.26 metres within a 15.02 m wide vein breccia zone grading 254 g/t Ag, 0.86 per cent Pb and 1.34 per cent Zn.

(1) Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 60 per cent to 70 per cent of core lengths. Further modelling of the new intersections is needed before true widths can be estimated.

"The strength of mineralization including strong native silver and pyrargyrite plus strong, accessory base metals appear to be increasing to the southwest as we vector towards a key structural intersection point. These holes, oriented by directional drilling, show excellent continuity of the high grades at the Wolf vein," said Shawn Khunkhun, chief executive officer of Dolly Varden Silver.

A total of four southwest step-out holes have been completed from one drill pad using directional drilling technology to precisely target areas for step-out and infill work. Drill holes DV24-409, DV24-412 and DV-414 reported in this release are daughter holes directed off the initial mother hole DV24-404 that grades 1,091 g/t Ag over 9.38 metres (previously released Aug. 12, 2024).

The wide, high-grade silver intersection in drill hole DV24-412 is located 31 metres below previously reported drill hole DV24-404 and demonstrates that the vertical extent of the plunging high-grade zone is consistent at depth.

DV24-409 is the step-out farthest southwest drilled from this position and intersected the Wolf mineralized zone 75 metres from 2023 drilling. The silver-bearing vein breccia intersection grades 421 g/t Ag over 2.72 metres within a zone that is 10.32 metres core length consisting of various vein and vein breccias. As seen in other drill holes at the upper and lower vertical extents of the wider, higher-grade silver plunge, there is a separate vein breccia zone with higher base metal values within that interval that averaged 94 g/t Ag, 1.30 per cent Pb and 2.39 per cent Zn (see attached table).

Drill hole DV24-414 targeted the lower portion of the high-grade plunge, approximately 65 metres vertically below and northeast of DV24-404. This hole intersected 15.02 metres of vein breccias that had a mix of low-grade and high-grade silver, lead and zinc mineralization averaging 254 g/t Ag, 0.86 per cent Pb and 1.34 per cent Zn over all, with higher-grade intervals attributed to more sulphide-rich breccias grading 771 g/t Ag, 2.93 per cent Pb and 2.29 per cent Zn over 3.77 metres (see attached table).

Wolf vein

The Wolf vein is hosted in Jurassic-age Hazelton formation volcanic rocks, and is interpreted as a structurally controlled, multiphased, epithermal vein and vein breccias that occur along a southwest-plunging zone of wider, higher-grade silver mineralization. Native silver, pyargerite, argentite and argentiferous galena are hosted in multiple phases of silica and iron carbonate veins and breccias. The extension of the mineralization discovered underneath the sedimentary rock cap and the outcropping Wolf deposit has a plunge extent of over 950 metres at minus 45 degrees to the southwest.

Quality assurance and 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 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. Gold is also determined by fire assay on a 30 g split with either atomic absorption or gravimetric finish, depending on grade range. Metallic screen on a 1.0-kilogram sample may be completed on high-grade gold samples.

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 at the Dolly Varden 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 km 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 on-trend, high-grade deposits, such as Eskay Creek and Brucejack. Five kilometres to the east of the Kitsault Valley project is 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).

For additional information on risks and uncertainties, see the company's most recently filed annual management discussion and analysis (MD&A) dated March 27, 2024, and management information circular dated May 28, 2024, both of which are available on SEDAR. The risk factors identified in the MD&A and the circular are not intended to represent a complete list of factors that could affect the company.