Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER INTERSECTS 27.44 G/T AU AND 463 G/T AG OVER 9.16M, INCLUDING 75.13 G/T AU AND 2,337 G/T AG OVER 1.77M AT HOMESTAKE RIDGE

Dolly Varden Silver Corp. has released drill results from the 100-per-cent-owned Homestake Ridge property in British Columbia's Golden Triangle. The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade inferred resources.

Highlights include (intervals shown are core length):

• HR22-314: 4.27 grams per tonne gold and 64 g/t silver (5.10 g/t gold equivalent*) over 16.06 metres, including 18.76 g/t Au and 193 g/t Ag (21.49 g/t AuEq*) over 3.08 metres;
• HR22-322: 6.47 g/t Au and 27 g/t Ag (5.83 g/t AuEq*) over six metres;
• HR22-325: 7.18 g/t Au, 30 g/t Ag and 0.49 per cent copper (8.26 g/t AuEq*) over 10 metres, including 20.20 g/t Au and 68 g/t Ag (21.13 g/t AuEq*) over 1.47 metres;
• HR22-328: 27.44 g/t Au and 463 g/t Ag (33.34 g/t AuEq*) over 9.16 metres, including 216 g/t Au, 113 g/t Ag and 0.48 per cent Cu (218.06 AuEq*) over 0.50 metre;
• HR22-330: 5.68 g/t Au and 147 g/t Ag (7.48 g/t AuEq*) over 15 metres, including 54.10 g/t Au, 4,890 g/t Ag and 0.11 per cent Cu (113.25 g/t AuEq*) over 0.39 metre;
• HR22-337: 3.79 g/t Au and two g/t Ag (3.84 g/t AuEq*) over 21 metres, including 11.15 g/t Au and five g/t Ag (11.22 AuEq*) over two metres;
• HR22-339: 14.56 g/t Au and four g/t Ag (14.63 g/t AuEq*) over 2.50 metres.

"Our 2022 drill program has truly been exceptional. The recently acquired Homestake Ridge deposit has delivered more high-grade gold and silver values, commonly with strong copper mineralization. These intercepts demonstrate strong continuity of mineralization over wide intervals, similar to the recently announced high-grade results at the Wolf and Kitsol deposits, located six kilometres to the south. We eagerly anticipate additional assays from all of Dolly Varden's deposits, as well as new exploration targets drilled during the 2022 program," said Shawn Khunkhun, president and chief executive officer.

These results are primarily infill drilling from areas of current inferred mineral resources and suggest that the higher-grade gold-silver lenses may be continuous over more extensive areas than previously interpreted. In addition, the drilling has generated new targets down dip the Homestake Main deposit along the projected plunge of the higher-grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and these detailed structural data are also being integrated in to the geological model to further increase confidence. Additional assays from the Homestake Main and Silver deposits are pending.

The Homestake Ridge deposits are interpreted as structurally controlled, multiphase epithermal vein and breccia system hosted in Jurassic-aged Hazelton volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system. The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher-grade gold shoots within a broader, low-grade zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast.

Quality assurance and quality control

The company adheres to CIM 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. Au is determined by fire assay on a 30-gram split.

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. 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.