Mr. Shawn Khunkhun reports

DOLLY VARDEN ANNOUNCES ISSUANCE OF COMMON SHARES FOR ACQUISITION OF PORTER PROJECT

Further to its news release dated May 8, 2025, Dolly Varden Silver Corp. has completed the acquisition of the Porter project, located in the Golden Triangle of British Columbia, further strengthening Dolly Varden's position as a prominent precious metals exploration company in the region. The Porter project comprises 15 contiguous claims and 46 Crown grants, encompassing an area of approximately 3,192 hectares in the Golden Triangle of British Columbia.

Dolly Varden completed the acquisition of the Porter project from Strikepoint Gold Inc. for consideration of $1.1-million, which was satisfied by the issuance of 295,699 common shares of the company at a deemed price of $3.72 per consideration share. In connection with the issuance of the consideration shares to Strikepoint, the company has filed a prospectus supplement dated May 21, 2025, to its base shelf prospectus dated April 25, 2023, to qualify the distribution thereof.

About the Porter project

The Porter project has an upside exploration potential between two shear-hosted silver-rich vein systems: the historic Silverado mine and past-producing Prosperity/Porter Idaho mines, which are separated by a 2,350-metre-long unexplored trend. Veins at both sites run at a similar orientation and it is hypothesized that the system may be continuous under the summit of Mount Rainey. The Prosperity/Porter Idaho vein system has seen past production, having been mined between 1929 and 1931, producing 27,123 tonnes of direct shipping ore with recovered grades of 2,542 grams per tonne silver (73.8 ounces per ton) and one gram per tonne gold (yielding approximately 2.2 million ounces of silver). The ore was shipped to the port at Stewart, B.C., by aerial tramway.

Further information

While Strikepoint and Dolly Varden are not considered to be related parties pursuant to applicable securities laws, the parties are considered to be non-arm's-length parties pursuant to the policies of the TSX Venture Exchange on account that Shawn Khunkhun, chief executive officer, president and a director of Dolly Varden is also the executive chairman and a director of Strikepoint. The terms of the transaction were negotiated by disinterested members of management of Strikepoint and Dolly Varden. No finders' fees or commissions are payable by the company in connection with the transaction. The consideration shares were issued without any trading restrictions.

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. 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 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.