Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER COMMENCES 2025 DRILL PROGRAM WITH FOUR DRILL RIGS AT THE KITSAULT VALLEY PROJECT

Dolly Varden Silver Corp.'s 2025 exploration drill program focused on its 100-per-cent-owned Kitsault Valley project is under way. Two diamond drills commenced in early May at the Moose vein and Red Point exploration targets. The four drills are now focused on the Wolf vein stepouts on the southwest side of the deposit, where the vein is widening, with indications of higher-temperature mineralization and alteration.

Total metreage of approximately 35,000 metres planned for the 2025 drill program will be split approximately 60/40 between the Dolly Varden properties to the south, including the Big Bulk copper-gold porphyry, and the Homestake Ridge property to the north, along the Kitsault Valley trend.

"Our 35,000-metre drilling program, which is well under way, is balanced between the discovery of new mineralization, expansion of known zones and derisking through infill drilling. In particular, priority drilling at our high-grade Wolf vein is targeting a key structural intercept with a controlling structure, where there is significant expansion potential located along strike to the south. Concurrent derisking work will continue to add value to one of the premier silver and gold advanced exploration projects in the Golden Triangle," said Shawn Khunkhun, chief executive officer of Dolly Varden Silver.

Wolf deposit

At the Wolf vein, drilling is focused on the extension of the southwesterly plunging, high-grade silver corridor along strike and at depth, with the aim to further expand the zone and target the intersection of the two main structures interpreted to be the locus of silver mineralization. Directional drilling technology is being employed to accurately intersect the steeply dipping vein with prioritizing aggressive westerly stepouts from the last 120-metre stepout drill hole, DV24-421, which intersected 379 grams per tonne silver, 0.64 per cent lead and 0.66 per cent zinc over 21.69 metres, including 1,804 grams per tonne silver, 4.36 per cent lead and 3.10 per cent zinc over 1.67 metres (from previous release dated Jan. 7, 2025).

Recently completed alteration and structural studies indicate that the vein mineralization at Wolf is becoming consistently more robust with a higher-temperature alteration signature toward the southwest, as it approaches the projection of the central valley/Moose Lamb basin-bounding fault system that connects through from the Torbrit silver deposit.

Note: Estimated true widths vary depending on intersection angles and range from 50 per cent to 85 per cent of core lengths; further modelling of the new interpretation is needed before true widths can be calculated.

Moose vein

The Moose vein is situated 1.5 kilometres north of the Wolf vein on a similar crosscutting structure that projects under the mid-valley sedimentary cap. Drilling in 2023 intersected mineralized vein and vein breccias similar to the Wolf vein, with previously reported results from drill hole DV23-371 of 712 grams per tonne silver over 1.00 metre within a wider vein interval grading 269 grams per tonne silver over 7.55 metres (from previous release dated Nov. 6, 2023). The 2024 drilling at Moose will target the downplunge mineralization projection, trending toward and below the mid-valley sedimentary cover rock. This target is a newly interpreted plunge orientation of the wide and high silver grade seen at similar crosscutting veins located farther south of the Moose vein, such as Wolf and Kitsol.

Red Point

The Red Point target is on the west side of the Kitsault River trending northwest toward the Homestake Ridge deposits, approximately six kilometres to the northwest. Red Point mineralization consists of a broad area of quartz, sericite, pyrite alteration with high-grade gold values within stockwork zones. Reinterpreted downhole structural data suggest high-grade structural corridors crosscutting the main northwestern trend should be prioritized for drill testing early in the 2025 season. Follow-up drilling will step out from drill hole DV24-400, which intersected 21.10 grams per tonne gold over 0.50 metre within a broader zone averaging 0.79 gram per tonne gold over 20.15 metres (from previous release dated Jan. 7, 2025) associated with intense quartz sericite stockwork.

Quality assurance/quality control

The company adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Best-practice guidelines for exploration-related activities conducted on its property. QA/QC procedures are overseen by the qualified person.

Dolly Varden's 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-gram 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, the qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release. Mr. van Egmond 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 one of the largest high-grade undeveloped precious metals assets in British Columbia's Golden Triangle, 25 kilometres by road to tidewater. The Kitsault Valley project, which combines the past-producing silver mines Dolly Varden and Torbrit, includes the Homestake deposits and the Kinskuch property. The 770 -square-kilometre project is prospective for hosting further precious metal deposits being located on the same structural and stratigraphic belts that host Eskay Creek and Brucejack. The project also contains the Big Bulk property, which is prospective for porphyry and skarn mineralization. The porphyry belt is similar in age and style of mineralization to regional deposits such as Red Chris and KSM. The company has the Porter project, which includes the past-producing, high-grade Porter Idaho silver mine, located four kilometres from Stewart, B.C.

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