Dolly Varden Silver Corporation (TSX-V: DV) (NYSE American: DVS) (FSE: DVQ) is pleased to report results from drilling that expands the high-grade gold mineralized plunge within the Homestake Silver deposit. Drill hole HR25-475 is a step-out 42 meters to the north and on the upper edge of the shallowly northerly plunging, high grade trend. The intercept grades 14.50 g/t Au and 75 g/t Ag over 21.18 meters, including 113 g/t Au and 997 g/t Ag over 0.68 meters and 121 g/t Au and 279 g/t Ag over 0.63 meters. The high-grade mineralization in HR25-475 is hosted within a broader mineralized zone grading 7.01 g/t Au and 35 g/t Ag over 48.38 meters.

Homestake Silver Deposit step-out:

HR25-475: 14.50 g/t Au and 75 g/t Ag over 21.60 meters, including 113 g/t Au and 997 g/t Ag over 0.68 meters and 121 g/t Au and 279 g/t Ag over 0.63 meters within a total mineralized envelope grading 7.01 g/t Au and 35 g/t Ag over 48.38 meters.

* Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 65% to 75% of core lengths, further modelling of the new intersections is needed before true widths can be estimated.

“The expansion of the wide, high-grade gold and silver mineralization in the Homestake Silver Deposit continues to demonstrate the continuity and robustness of the potentially bulk underground minable zone. We will continue to release results from the 2025 program as they are received.” said Shawn Khunkhun, President and CEO of Dolly Varden.”

Drill hole HR25-475 is in 42 meters step-out to the north from HR24-448 (February 3, 2025 release) along plunge of the main gold and silver zone at the Homestake Silver deposit. The high-grade core of the Homestake Silver Deposit has been traced for over 300 meters vertically and extends for over 1,000 meters along plunge. The intercept occurs at the upper edge of the high-grade trend.

Figure 1. Longitudinal Section of the Homestake Silver Deposit with mineralization envelope in red. Shallow northerly plunging trend of broad mineralization with multiple narrower high grade gold veins and vein breccias within shown in yellow. Mineralization in drill hole HR25-475 intersected high grade gold mineralization at the upper edge of the modelled zone. Previously released 2025 intersects are included (October 1 and November 10, 2025 releases).

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Figure 2. NQ size drill core from Homestake Silver hole HR25-475 showing 21.18m interval grading 14.50 g/t Au with higher grade intervals in red. Au and Ag mineralization occurs in multi-phase vein and vein breccias with pyrite, galena, sphalerite and visible gold.

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Homestake Silver

At total of 56,131 meters were drilled in 86 drill holes during the 2025 season by Dolly Varden with approximately 40% of the meters drilled at Homestake Ridge focused on step outs and local infill along the wider, high-grade gold plunge at Homestake Silver.

The Company is using directional drilling technology to precisely target areas for step-out and infill holes at Homestake Silver. Drill hole HR25-475 was drilled as a single hole utilizing directional drilling to precisely intercept the target within the mineralized zone.

The Homestake Ridge Deposits are interpreted as structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton volcanic rocks. Mineralization consists of pyrite, +/- galena and sphalerite, with visible gold in a silica breccia matrix. The northwest trending structural corridor hosts multiple subparallel structures that control high-grade gold and silver shoots within a broader mineralized enveloper.

Although historically considered a silver-rich gold deposit, recent drilling at Homestake Silver has define a shallow north plunging dilation zone that is defined by a wide mineralized interval with increased frequency of high-grade gold veins and vein breccias which shows a shift towards a gold-rich system towards the north. The deposit remains open along plunge and at depth.

Figure 3. NQ drill core from hole HR25-475 at the Homestake Silver Deposit of sample intervals ranging in grade from 6.68 g/t Au to 70.80 g/t Au from <1.0m individual samples in typical mineralization style from the upper portion of the Homestake Silver main Zone. Multi-phase epithermal vein and vein breccias with high temperature quartz-sericite-pyrite alteration strong pyrite, and visible gold.

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Figure 4. Plan of Homestake Ridge >0.1g/t Au mineralized zones (in red) highlighting all 2025 drilling completed with lithology on drill trace. The focus in the 2025 drilling was at Homestake Silver.

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Figure 5. Cross section including drill hole HR25-475 at Homestake Silver deposit with projected mineralized zone (in red).

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Table 1: Drill Hole Assays from Homestake Silver

*All intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 65% to 75% of core lengths, further modelling of the new interpretation is needed before true widths can be calculated.

Table 2: Drill hole data for Homestake Silver hole reported in this release

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. Including the Kitsault Valley Project, the Company has consolidated approximately 100,000Ha of prospective tenure in the Golden Triangle with 5 past producing high-grade silver mines including Dolly Varden, Torbrit, Porter Idaho, Mountain Boy and Esperanza historic mines. The 163 sq. km. Kitsault Valley 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, Red Chris).