Dolly Varden Silver Closes $34 Million Bought-Deal Financing

Vancouver, British Columbia--(Newsfile Corp. - October 23, 2025) - Dolly Varden Silver Corporation (TSXV: DV) (NYSE American: DVS) (FSE: DVQ) (the "Company" or "Dolly Varden") is pleased to announce that it has closed its previously announced bought-deal private placement for aggregate gross proceeds to the Company of $33,973,000, including the full exercise of the over-allotment option, pursuant to which Dolly Varden sold:

1. 2,906,000 common shares of the Company ("Common Shares") at a price of $6.50 per Common Share for gross proceeds of $18,889,000, issued on a prospectus-exempt basis pursuant to the 'listed issuer financing exemption' ("LIFE") under applicable Canadian securities laws (the "LIFE Offering");
2. 750,000 Common Shares that qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act") and were issued as part of a charity arrangement (each, a "CFT Share") at a price of $9.42 per CFT Share for gross proceeds of $7,065,000, issued under the LIFE Offering; and
3. 990,000 Common Shares that qualify as "flow-through shares" within the meaning of subsection 66(15) of the Tax Act (each, a "FT Share") at a price of $8.10 per FT Share for gross proceeds of $8,019,000, issued on a prospectus exempt basis other than LIFE (the "Private Placement Offering", and together with the LIFE Offering, the "Offerings").

The Offerings were completed on a bought-deal private placement basis pursuant to an underwriting agreement dated October 23, 2025, between the Company and a syndicate of underwriters co-led by Haywood Securities Inc. and Research Capital Corporation, as joint bookrunners, and including Raymond James Ltd. (collectively, the "Underwriters").

The net proceeds from the sale of Common Shares will be used for working capital and general corporate purposes. The gross proceeds from the sale of CFT Shares and FT Shares will be used for further exploration, mineral resource expansion and drilling at the combined Kitsault Valley project, located in northwestern British Columbia, Canada, as well as for working capital as permitted, as Canadian Exploration Expenses as defined in paragraph (f) of the definition of "Canadian exploration expense" in subsection 66.1(6) of the Income Tax Act (Canada) and "flow-through mining expenditures" as defined in subsection 127(9) of the Income Tax Act (Canada) that will qualify as "flow-through mining expenditures" and "BC flow-through mining expenditures" as defined in subsection 4.721(1) of the Income Tax Act (British Columbia), which will be renounced with an effective date no later than December 31, 2025 to the initial purchasers of CFT Shares and FT Shares.