Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER ANNOUNCES APPLICATION TO LIST ON THE NYSE AMERICAN AND SHARE CONSOLIDATION

Dolly Varden Silver Corp. has applied to list its issued and outstanding common shares on NYSE American LLC to complement its current listing on the TSX Venture Exchange.

In advance of listing on NYSE American, Dolly Varden intends to file a Form 40-F registration statement with the United States Securities and Exchange Commission (SEC). Subject to the approval of NYSE American and the satisfaction of all applicable listing and regulatory requirements, the company expects its common shares to commence trading on NYSE American around late April.

Dolly Varden's common shares would trade on NYSE American under the ticker symbol DVS. A trading date will be announced once all regulatory requirements are satisfied. The listing of the common shares remains subject to the approval of NYSE American and the satisfaction of all applicable listing and regulatory requirements. Trading on the OTCQX under the ticker symbol DOLLF is expected to cease in connection with the NYSE American listing.

In connection with the proposed listing on NYSE American, the company intends to proceed with a consolidation of its common shares on the basis of one new postconsolidation common share for every four existing preconsolidation common shares.

"Listing on the NYSE American provides enhanced access to the world's largest and most liquid equity markets, which we believe will deliver exceptional value for our shareholders," stated Shawn Khunkhun, president and chief executive officer. "Both institutional and retail investors based in the United States will have significantly greater ability to invest in Dolly Varden through more familiar platforms. With our past-producing high-grade silver mines and advanced exploration deposits, we believe that Dolly Varden will be a compelling company for American investors interested in high-grade silver in a safe jurisdiction."

The company's registration statement has not yet been filed or become effective. Any listing of the company's common shares on NYSE American will be subject to the registration statement becoming effective. The company cannot provide assurance that it will be successful in achieving a listing of its common shares on NYSE American.

Share consolidation

The board of directors of the company has approved the consolidation ratio of one postconsolidation common share for four preconsolidation common shares. The consolidation will reduce the number of issued and outstanding common shares from 318,077,469 to approximately 79,519,367. Proportionate adjustments will be made to the company's outstanding stock options, warrants and restricted share units. No fractional common shares will be issued pursuant to the consolidation and any fractional common shares that would have otherwise been issued will be rounded to the nearest whole common share.

Subject to final approval from the TSX Venture Exchange, the consolidation is expected to be effective as of April 7, 2025.

A letter of transmittal with respect to the consolidation will be mailed to the company's registered shareholders. All registered shareholders will be required to send their certificates representing preconsolidation common shares, along with a properly executed letter of transmittal, to the company's registrar and transfer agent, Computershare Trust Company of Canada, in accordance with the instructions provided in the letter of transmittal. Until surrendered, each share certificate representing preconsolidation common shares will represent the number of whole postconsolidation common shares to which the holder is entitled as a result of the consolidation.

Shareholders who hold their common shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for their postconsolidation positions. A copy of the letter of transmittal is posted on the company's issuer profile on SEDAR+.

It is anticipated that the postconsolidation common shares will commence trading on the TSX-V under the new Cusip No. 256827 78 3 and new ISIN CA 256827 78 3 4 on April 7, 2025. The company's ticker symbol DV will remain unchanged on the TSX-V.

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 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.