Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER ANNOUNCES ISSUANCE OF SHARES FOR MTB METAL PROPERTIES PURCHASE

Further to Dolly Varden Silver Corp.'s news release dated May 15, 2025, it has completed the acquisition of interests in four properties located in northwest British Columbia's Golden Triangle from MTB Metals Corp. The properties consist of the American Creek property (consisting of the Mountain Boy property, the Silver Crown property and the Dorothy property), the Theia property, the BA property and the Red Cliff property, with an area totalling over 20,000 hectares, further strengthening Dolly Varden's ground position in the region. As part of the acquisition, Dolly Varden also assumed and stepped into MTB Metals' obligations under MTB Metals' option agreement to acquire the Dorothy property and MTB Metals' joint venture agreement with respect to the Red Cliff property (the Red Cliff JV agreement).

As consideration for the purchase of the properties, Dolly Varden issued 486,072 common shares of the company to MTB Metals at a deemed price of $3.59 per consideration share. MTB will also retain a 1-per-cent net smelter return royalty on all production from each of the American Creek property, the BA property, the Theia property and the Silver Crown property.

The consideration shares issuable to MTB Metals will be subject to a four-month statutory hold period in accordance with applicable securities laws. MTB Metals is at arm's length to Dolly Varden. No finders' fees or commissions are payable by the company in connection with the transaction.

About the properties

• The American Creek property (2,602 hectares) is centred on the past-producing Mountain Boy high-grade silver mine. The B.C. government Minfile report documents small and very high-grade silver production from the 1910s to the 1940s and 2000s, with reported silver grades in mined material ranging from 8,000 to 17,000 grams per tonne silver. Historic exploration drilling previously reported by MTB Metals (see MTB Metals' news release dated March 5, 2019) reported DDH-MB-2006-10 that intersected 5.10 metres of 5,258 grams per tonne silver and DDH-MB-2006-19 that intersected 6.1 metres of 2,260 g/t silver from vein zones. The system remains open to depth and along strike. The property consolidated a significant land package in the American Creek corridor including the Mountain Boy property, Silver Crown property and Dorothy property. The American Creek property is host to a variety of targets with several known mineral occurrences, all of which are underexplored. The property is road accessible and 20 kilometres from the deepwater port of Stewart, six kilometres from the Premier mill and seven kilometres from Highway 37A. Favourable host stratigraphy, including rocks from the Lower and Upper Hazelton Group host multiple silver, gold and copper occurrences on the property, a number of which are hosted within felsic volcanic rocks with a similar primitive geochemistry to the Eskay Creek mine host rocks.
• The Theia property (9,235 hectares) is an early stage, geologically strategic property that is contiguous with the northern boundary of the Kitsault Valley project's Homestake Ridge property. The addition will increase the tenure area around the Kitsault Valley to over 86,000 hectares and increase the strike length of prospective Hazelton Group rock to the north, where receding glaciers have exposed new areas along a mineralized trend. Early stage reconnaissance work by previous explorers has outlined an anomalous silver-bearing trend 500 metres long.
• The BA property (9,490 hectares) hosts numerous mineralized showings. Historic drilling of 178 drill holes has outlined a substantial zone of silver-lead-zinc mineralization located four kilometres from Highway 37A. Several targets with high-grade silver potential include volcanogenic massive sulphide (VMS)/epithermal hot spring deposit containing silver, lead and zinc, and remain to be drill tested. These occurrences are hosted in the same prospective Hazelton Group stratigraphy as on the Kitsault Valley project. The BA property is located 30 kilometres northeast of the town of Stewart, B.C. Highway 37A passes through the northern portion of the BA property.
• The Red Cliff property (123.11 hectares) consists of a number of smaller crown grants covering a past-producing gold and copper mine, of which MTB Metals held a 35 per-cent interest in pursuant to the Red Cliff JV agreement. As described above, Dolly Varden assumed and stepped into MTB Metals' obligations under the Red Cliff JV agreement as part of the acquisition of the properties. Located within the American Creek corridor, the Red Cliff property is approximately 1.0 kilometre south of the American Creek property.

Qualified person

Rob van Egmond, PGeo, vice-president of 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 Silver is a mineral exploration company focused on advancing its 100-per-cent-held Kitsault Valley project (which combines the Dolly Varden property, the Homestake Ridge property and the Kinskuch property) located in the Golden Triangle of British Columbia, Canada, 25 kilometres by road to tide water. The 770-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 that trends south onto the Kinskuch project. This porphyry belt is similar in age and mineralization style to other such deposits in the region (Red Mountain, KSM, Red Chris). Approximately 20 kilometres northwest of the Kitsault Valley project, Dolly Varden also has the Porter property, which hosts the past-producing Porter Idaho silver mine and potential for additional high-grade silver in epithermal veins.

We seek Safe Harbor.