Dolly Varden Silver Announces Plan to Issue Shares for Financial Advisory Services

VANCOUVER, BC, March 9, 2022 /CNW/ – Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” Where “Dolly Varden“) announces that it proposes to issue 402,815 ordinary shares in the capital of the Company (“Ordinary actions“) to Haywood Securities Inc. (“Haywood“) pursuant to a financial advisory agreement between Haywood and the Company. As previously described in the Company’s management information circular dated January 24, 2022 (the “Circular“), Dolly Varden engaged Haywood provide financial advisory services within the framework of At Dolly Varden’s the acquisition of a 100% interest in the Homestake Ridge gold-silver project from Fury Gold Mines Ltd. (“Fury“), which closed the February 25, 2022 (the “Transaction“). Haywood common shares will be issued at a deemed price of $0.5896 per share for a total value of $237,499.72which represents part of from Haywood fees for consulting services they provided to Dolly Varden with respect to the Operation. The assumed price per share of $0.5896 is substantially equal to the price of the share issued by Dolly Varden to Fury and Hecla Canada Ltd. in connection with the Transaction.

The issuance of ordinary shares to Haywood is subject to the approval of the TSX Venture Exchange.

Further information regarding the Transaction is provided in the Company’s Circular and press release announcing the closing of the Transaction dated February 25, 2022. The circular and closing press release are available under the Company’s profile on SEDAR at www.sedar.com.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its wholly owned 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 tidal water. The 163 km². the project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge with past producer Dolly Varden and the silver mines of Torbrit. It is considered to have potential to host other precious metal deposits, being on the same structural and stratigraphic belts that host many other high-grade, fashionable deposits, such as Eskay Creek and BruceJack. The Kitsault Valley project also contains the Big Bulk property which is promising for porphyry and skarn style copper and gold mineralization, similar to other similar deposits in the area (Red Mountain, KSM, chris red).

Forward-looking statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities laws that may not be based on historical facts, including, without limitation, statements containing the words “believe”, “may”, “plan”, “”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dolly Varden be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information contained in this press release relate to, among other things, the issuance of common stock to Haywood.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the Company’s ability to successfully pursue its current development plans, that future sources of financing will be available to the Company, that commodity prices to remain at levels economically viable for the Company and that the Company will receive relevant permits in a timely manner to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on these predictions. looking for statements or information. The Company disclaims any obligation to update or publicly announce any such statements, events or developments, except as required by law.

For more information on risks and uncertainties, please refer to the Company’s most recently filed annual MD&A (“Management report“) and the management information circular January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and Circular are not intended to represent a complete list of factors that could affect the Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.