Dolly Varden Silver Announces $25 Million Bought-Deal Financing, With Participation by Eric Sprott

Vancouver, British Columbia--(Newsfile Corp. - June 9, 2025) - Dolly Varden Silver Corporation (TSXV: DV) (NYSE American: DVS) (FSE: DVQ) (the "Company" or "Dolly Varden") is pleased to announce that it has entered into an agreement with Research Capital Corporation, as the sole bookrunner and co-lead underwriter, and together with Raymond James Ltd. as co-lead underwriters, on behalf of a syndicate of underwriters, including Haywood Securities Inc. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought-deal basis, a combination of securities of the Company ("Offered Securities") for aggregate gross proceeds to the Company of $25,005,000, consisting of:

1. common shares of the Company ("Common Shares") at a price of $4.60 per Common Share, to be issued on a prospectus-exempt basis pursuant to the 'listed issuer financing exemption' (LIFE) under applicable Canadian securities laws (the "LIFE Offering");

Common Shares that will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act") that will be issued as part of a charity arrangement (each, a "Charity FT Share") at a price of $6.65 per Charity FT Share, to be issued under the LIFE Offering; and

1,740,000 Common Shares that will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act") (each, a "FT Share") at a price of $5.75 per FT Share for gross proceeds of $10,000,000, to be issued on a prospectus exempt basis ("Private Placement Offering", and together with the LIFE Offering, the "Offerings").

Mr. Eric Sprott, through 2176423 Ontario Ltd., has indicated his intention to participate in the transaction.

The LIFE Offering will be a combination of Common Shares and Charity FT Shares for gross proceeds of $15,000,000 and together with the Private Placement for aggregate gross proceeds of $25,005,000. The Company has granted to the Underwriters an option (the "Underwriters' Option") to increase the size of the Offerings by up to an additional number of Offered Securities that in aggregate would be equal to 15% of the total number of Offered Securities to be issued under the Offerings, to cover over-allotments, exercisable at any time up to 2 business days prior to closing of the Offerings.