Mr. Shawn Khunkhun reports

DOLLY VARDEN SILVER ENGAGES ICP SECURITIES INC. FOR AUTOMATED MARKET MAKING SERVICES

Dolly Varden Silver Corp. has engaged the services of ICP Securities Inc. to provide automated market-making services, including use of its proprietary algorithm, ICP Premium, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of $7,500, plus applicable taxes, payable monthly in advance. The agreement between the company and ICP was signed with a start date of April 4, 2025, and is for four months and shall be automatically renewed for subsequent one-month terms (each month called an additional term) unless either party provides at least 30 days of written notice prior to the end of the initial term or an additional term, as applicable.

ICP does not have any interest, directly or indirectly, in the company or its securities or any right or intent to acquire such an interest at this time; however, ICP and its clients may acquire an interest in the securities of the company in the future. There are no performance factors contained in the agreement and no stock options or other compensation in connection with the engagement. ICP and its clients may acquire an interest in the securities of the company in the future.

ICP is an arm's-length party to the company. ICP's market-making activity will be primarily to correct temporary imbalances in the supply and demand of the company's shares. ICP will be responsible for the costs it incurs in buying and selling the company's shares, and no third party will be providing funds or securities for the market-making activities.

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-style 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.