Mr. Shawn Khunkhun reports

DOLLY VARDEN ACQUIRES HIGH-GRADE SILVER PORTER PROJECT IN GOLDEN TRIANGLE

Dolly Varden Silver Corp. has entered into a definitive agreement with Strikepoint Gold Inc. to acquire Strikepoint's interest in the Porter project, located in the Golden Triangle, British Columbia, further strengthening Dolly Varden's position as a prominent precious metal exploration company in the region.

"Dolly Varden is acquiring a 100-per-cent interest in the highest-grade, pure silver historic producer in northwest B.C. The Porter project has seen historic silver production that produced significant direct-shipping silver ore and hosts substantial known silver mineralization that is wide open for expansion. This project is an accretive addition to our growing mineral tenure position in the southern Golden Triangle," said Shawn Khunkhun, president and chief executive officer of Dolly Varden.

Highlights:

• Acquisition of Strikepoint's interest in 15 contiguous claims and 46 Crown grants, encompassing an area of approximately 3,192 hectares;
• Exploration potential of the project includes the potential of connecting the high-grade historic silver mines of Porter Idaho and Silverado that are separated by 2,350 metres of untested potential;
• The project is located 35 kilometres northwest of the silver deposits on Dolly Varden's Kitsault Valley project, just four kilometres from the town of Stewart and 21 kilometres southeast of Ascot Resource's Premier mine and mill.

Transaction details

Dolly Varden has agreed to purchase from Strikepoint all of its interests to the project for consideration of $1.1-million, which shall be satisfied by Dolly Varden issuing to Strikepoint 295,699 common shares of Dolly Varden, to be issued to Strikepoint at a deemed price of $3.72 per consideration share.

The issuance of the common shares and completion of the acquisition remain subject to TSX Venture Exchange and NYSE American approval and other customary conditions, and are currently expected to occur in the second half of May. The company has agreed to use commercially reasonable efforts to promptly make all filings and take all necessary actions required to effect the acquisition, including the issuance of the consideration shares. The company intends to file a prospectus supplement to its base shelf prospectus dated April 25, 2023, to qualify the distribution of the consideration shares to Strikepoint.

About the Porter project

The Porter project contains two shear-hosted silver-rich vein systems: the historic Silverado mine and Prosperity-Porter Idaho mines that are separated by a 2,350-metre-long unexplored trend. Veins at both sites run at a similar orientation; therefore, it is hypothesized that the system may be continuous under the summit of Mount Rainey, overlooking the town of Stewart. The project is strategically located at the head of the Portland Canal, a deepwater port with year-round, ice-free access.

Since the initial discovery of silver mineralization on Mount Rainey in the early 1900s, most of the work was focused on the Prosperity-Porter Idaho veins, where mineralization is hosted in six dipping parallel shear zones with strike extents of up to 600 metres, downdip extents of up to 500 metres and widths between two and 13 metres. The vein system was mined between 1929 and 1931 and produced 27,123 tonnes of direct shipping ore with recovered grades of 2,542 grams per tonne silver (73.8 ounces per ton) and one g/t gold (yielding approximately 2.2 million ounces of silver). The ore was shipped to the port at Stewart by aerial tramway.

Exploration drilling at the Porter project to date includes 11,702.64 metres in 73 diamond drill holes and 1,768 metres in 226 percussion drill holes.

The Porter project contains a historical mineral resource estimate consisting of 394,700 tonnes grading 868 g/t silver, 3.37 per cent lead and 1.41 per cent zinc (435,000 tons of 25.2 oz/ton silver or a contained 11 million ounces) in the indicated category and 88,900 tonnes grading 595 g/t silver (97,900 tons of 17.3 oz/ton silver or a contained 1.7 million ounces) in the inferred category.

The source of the historical mineral resource estimate is a technical report titled "Technical Report on the Prosperity-Porter Idaho-Silverado silver property" dated March 10, 2008, and was prepared by independent consulting geologist N.C. Carter, PhD, PEng, for Raimount Energy Inc. The historical mineral resource estimate was restated for Mount Rainey Silver Inc. on May 15, 2012. The foregoing estimates made use of an extensive database up to 1985 detailing results of both underground sampling programs, as well as surface and underground diamond and percussion drilling, to complete a polygonal estimate that was prepared pursuant to Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves. The historical mineral resource estimate is relevant to shareholders' understanding of the Porter Idaho project and its future potential. Nevertheless, the reader is cautioned that a qualified person on behalf of Dolly Varden has not done sufficient work to verify either the underlying sampling data or the calculation methodology to consider this to be a current resource, and, as a result, Dolly Varden is treating this mineral resource as a historical estimate as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Shareholders should not rely on the historical mineral resources estimate as a current mineral resource estimate. Dolly Varden has not yet determined the extent of work needed to upgrade or verify the historical estimate.

Further information

While Strikepoint and Dolly Varden are not considered to be related parties pursuant to applicable securities laws, the parties are considered to be non-arm's-length parties pursuant to the policies of the TSX-V on account that Shawn Khunkhun, chief executive officer, president and a director of Dolly Varden, is also the executive chairman and director of Strikepoint. The terms of the acquisition were negotiated by disinterested members of management of Strikepoint and Dolly Varden. No finders' fees or commissions are payable by the company in connection with the transaction.

Pursuant to existing agreement between the company and Hecla Canada Ltd., Hecla will be entitled to acquire common shares of Dolly Varden in connection with the acquisition at a price of $3.72 per pre-emptive share to maintain its pro rata equity interest in the company. If Hecla exercises its pro rata rights, any pre-emptive shares issued will be in addition to those issued as part of the acquisition.

Qualified person

Rob van Egmond, PGeo, vice-president, exploration, for Dolly Varden, the qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release. Rob van Egmond, PGeo, is not independent of the company in accordance with NI 43-101.

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, on-trend, 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.