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1. Dolly Varden Silver is like a biotech startup, but for discovering new silver and gold deposits.

2. Think of Dolly Varden Silver as a junior version of Pan American Silver, focused purely on exploring and defining future silver mines.

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• Silver: As an exploration and development company, Dolly Varden Silver focuses on identifying and delineating high-grade silver deposits for potential future mining.
• Gold: The company also targets significant gold mineralization often found in conjunction with its silver deposits, aiming to establish economically viable gold resources.

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Dolly Varden Silver (symbol: DVS) is an exploration and development company focused on its high-grade silver projects in British Columbia, Canada. As an exploration-stage company, Dolly Varden Silver is not currently engaged in commercial production of silver or other metals.

Therefore, it does not generate revenue from the sale of mined products and does not have major customers in the traditional sense of companies purchasing its silver. Its primary activities involve resource definition, engineering studies, and securing financing for future development rather than selling a product to customers.

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• ALS Limited (ASX:ALS)

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Shawn Khunkhun, President, Chief Executive Officer and Director
Mr. Khunkhun has over 20 years of experience in capital markets, mineral exploration, and development, with a strong focus on enhancing shareholder value. He has facilitated over $2 billion in capital raises and has been instrumental in incubating and scaling companies through capital raises, acquisitions, and spinouts. He has an extensive global network of high-net-worth investors, private equity, institutional investors, analysts, brokers, and bankers. Mr. Khunkhun founded Argenta Silver and currently serves as a Director of Goldshore Resources and Gladiator Metals, and as Director & Executive Chairman of Strike Point Gold. He took over Dolly Varden in February 2020 when it was struggling, and under his leadership, the company's market capitalization has grown significantly. He also led the strategic acquisition of the Homestake Ridge gold-silver project in 2022.

Ann Fehr, Chief Financial Officer and Corporate Secretary
Ms. Fehr, a CPA, CGA since 1996, possesses over 25 years of business experience in management, complex transactions, corporate finance, financial reporting, governance, and regulatory compliance. She has held part-time officer positions for venture-listed companies since 2009 and is the founder and president of Fehr & Associates, which provides consulting services to mineral exploration companies. She was appointed CFO and Corporate Secretary of Dolly Varden Silver effective March 1, 2020.

Robert Van Egmond, Vice President Exploration, Qualified Person
Mr. Van Egmond is a professional geologist with over 30 years of experience in the international mining industry, encompassing grassroots project generation to pre-feasibility level resource development and mine geology. His career includes work with major mining companies like Cominco, BHP, and Kennecott, as well as junior explorers. He holds a Bachelor of Science in Geology from the University of British Columbia.

Robert McLeod, Director, Technical Advisor
Mr. McLeod is a geologist, third-generation miner, and entrepreneur with 30 years of diverse experience in the mining sector. He previously served as President and CEO of IDM Mining Ltd., which later combined with Ascot Resources Ltd. He has led several successful exploration and development companies, including IDM Mining and Underworld Resources. Mr. McLeod is the lead technical advisor to the Fiore Group of Companies, CEO of Nations Royalty Inc., and a Director of Dolly Varden Silver and Nexgold, in addition to being an Advisor to West Red Lake Gold Mines.

Darren Devine, Chairman of the Board
Mr. Devine serves as the Chairman of the Board for Dolly Varden Silver Corporation. Further detailed background information on his founding or managing other companies, company sales, or a pattern of managing private equity-backed companies was not readily available.

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The key risks to Dolly Varden Silver's business operations are primarily associated with the inherent nature of mineral exploration and development, the volatile commodities market, and the significant capital requirements of its projects.

1. Exploration, Development, and Production Risks: As a mineral exploration company, Dolly Varden Silver faces the fundamental risk that its exploration activities may not result in the discovery of economically viable mineral deposits. The company currently has no producing mines and, therefore, no revenue or cash flow from operations. There is "no guarantee they'll be successful in their explorations," and even if deposits are found, they "might disappoint investors". The company explicitly states that "mineral resources are not mineral reserves", highlighting the speculative nature of converting discovered resources into profitable reserves.
2. Commodity Price Volatility: The financial performance and asset value of Dolly Varden Silver are highly sensitive to fluctuations in the market prices of silver and gold. A significant decline in the prices of these commodities could negatively impact the company's stock value and the economic viability of its projects.
3. Financing and Capital Expenditure Risks: Mineral exploration and development require substantial capital investment. Dolly Varden Silver anticipates significant future capital expenditures for its assets, and there is a risk that "debt or equity financing will not be available" when needed. The company reported increased losses in the nine months ending September 2025, largely due to increased exploration and evaluation expenses, underscoring the ongoing need for financing.

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Dolly Varden Silver (symbol: DVS) is a mineral exploration company focused on high-grade silver and gold resources in British Columbia, Canada, and does not currently have producing mines or revenue from operations. Therefore, the addressable markets for their potential future main products are the global and Canadian markets for silver and gold.

Silver Market

• The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033.
• In terms of volume, the global silver market size is estimated at 36.08 kilotons in 2025 and is expected to reach 45.26 kilotons by 2030.
• Global silver demand is anticipated to reach 1,196 million ounces in 2026.
• For Canada, the precious metal market, which includes silver, generated USD 22,969.2 million in revenue in 2024 and is projected to reach USD 43,035.4 million by 2030. Silver is identified as the most lucrative metal segment in Canada, with the fastest growth during this forecast period.

Gold and Silver Ore Mining Market in Canada

• The market size of the Gold & Silver Ore Mining industry in Canada is estimated at $15.6 billion in 2025.

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Dolly Varden Silver (symbol: DVS) is positioned for potential future revenue growth over the next 2-3 years, primarily driven by its aggressive exploration and development strategies within British Columbia's prolific Golden Triangle. The key drivers include:

1. Resource Expansion and New Discoveries: Dolly Varden Silver is heavily focused on expanding its high-grade silver and gold resources through extensive drilling programs at its Kitsault Valley Project. The company initiated a 25,000-meter diamond drilling program in 2024, focusing on step-outs from wide, high-grade intercepts at the Homestake Silver and Wolf deposits, as well as following up on new discoveries. This aggressive exploration continued into 2025 with an initial plan for 35,000 meters of drilling, later increased to 55,000 meters, targeting extensions of high-grade mineralization at Wolf and Homestake Silver, and testing new exploration targets across the Kitsault Valley and Big Bulk projects. Success in these programs, leading to an increased and higher-confidence resource base, is a fundamental driver for future potential revenue.
2. Advancement of the Kitsault Valley Project towards Potential Production or Acquisition: While Dolly Varden Silver is currently an exploration company, the significant and continuous resource expansion efforts at its 100% owned Kitsault Valley Project are aimed at building a substantial, high-grade precious metals project. The CEO has articulated a goal to "grow the resource base and continue demonstrating the scale of the Kitsault Valley Project", and to "grow high-grade quality minable ounces" in a safe jurisdiction. The project already hosts high-grade silver and gold resources and includes past-producing mines. This strategic progression aims to either bring the project to a production decision or position the company as a highly attractive acquisition target for a larger mining entity, both of which would ultimately lead to significant revenue generation for shareholders.
3. Strategic Acquisitions: Dolly Varden Silver has a demonstrated history of accretive acquisitions to expand its asset base and increase its market capitalization. The company has grown from a $20 million company to a significantly larger valuation through both drilling and strategic mergers and acquisitions. The CEO has indicated intentions for "further acquisitions", which could add new projects or expand existing ones, contributing to future revenue potential.
4. Favorable Precious Metals Market (Silver and Gold Prices): The company's assets include both silver and gold resources, making it leveraged to the prices of these precious metals. Management commentary highlights a strong belief in a rising silver price environment due to significant demand exceeding supply, and the outperformance of silver prices. A sustained increase in silver and gold prices would directly enhance the value of Dolly Varden's in-situ resources and the profitability of any future production or sale of its assets.
5. Expansion of Land Package and Regional Exploration: Dolly Varden Silver has substantially expanded its land package in the Golden Triangle, now totaling approximately 100,000 hectares of prospective ground. This expanded tenure, including the acquisition of properties like the Kinskuch and Porter properties, provides additional exploration upside and the potential for new high-grade discoveries beyond the currently defined deposits. The ongoing geological fieldwork, mapping, and sampling on these consolidated claim packages are designed to develop new drill targets for future exploration programs.

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Share Issuance

• Dolly Varden Silver completed a $33.973 million bought-deal private placement in October 2025, involving the issuance of common, charity flow-through, and flow-through shares.
• In June 2025, the company closed a $28.76 million bought-deal financing, with various share types issued, and notable participation from Eric Sprott.
• The company issued 1,351,963 common shares to Hecla Mining Company as part of the $5 million acquisition of the Kinskuch property in May 2025.

Inbound Investments

• A $33.973 million bought-deal private placement closed in October 2025, with proceeds earmarked for working capital and exploration.
• In June 2025, Dolly Varden Silver secured $28.76 million through a bought-deal financing, which included participation from precious metals investor Eric Sprott.
• Hecla Mining made strategic investments, contributing $5.3 million in 2022 and an additional $10 million in 2023.

Outbound Investments

• In May 2025, Dolly Varden Silver acquired Hecla Mining Company's Kinskuch property for $5 million in shares, significantly expanding the Kitsault Valley Project.
• During May 2025, the company acquired interests in four properties (American Creek, Theia, BA, and Red Cliff) from MTB Metals Corp. by issuing 486,072 common shares.
• The acquisition of the Homestake Ridge property from Fury Gold Mines occurred in February 2022.

Capital Expenditures

• Dolly Varden Silver completed a 56,131-meter diamond drill program on the Kitsault Valley Project in 2025, focused on resource expansion and testing new exploration targets.
• The 2025 drill program at the Kitsault Valley Project was increased from an initial 35,000 meters to 55,000 meters, with a focus on extending the Wolf vein and testing various silver, gold, and copper targets.
• Since February 2020, approximately 196,000 meters of drilling have been completed to increase mineral inventory and drive discoveries.