Dolly Varden Silver Files NI 43-101 Technical Report for Kitsault Valley Project

VANCOUVER, BC, April 4, 2023 – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF)
(the “Company” or “Dolly Varden“) announced today that it has filed a technical report for its Kitsault
Valley Project located in the Kitsault Valley region of British Columbia, entitled “Technical Report On The
Combined Kitsault Valley Project, British Columbia, Canada”, and dated effective September 28, 2022 (the
“Technical Report”). The Technical Report combines Dolly Varden’s previously separate Dolly Varden
silver and gold project and Homestake Ridge gold project and verifies the existing mineral resource
estimates making them Current under a single report.

As previously disclosed, in connection with the review of the Company’s preliminary base shelf
prospectus, the British Columbia Securities Commission determined that, given the proximity of the
Company’s Dolly Varden silver and gold project and recently acquired Homestake Ridge gold project, a
single updated technical report covering the combined Kitsault Valley Project was required under the
Instrument regulation. The completion of the Technical Report marks the satisfaction of this requirement.
The Company will seek removal from the Commission’s list of defaulting issuers as soon as possible.

Dolly Varden further announced today that it has cancelled its previously disclosed investor relations
agreement with Gold Standard Medial LLC.

Qualified Person
Rob van Egmond, P.Geo. Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as
defined by NI43-101 has reviewed and approved the scientific and technical information contained in this
disclosure news release and supervises the ongoing exploration program at the Kitsault Valley Project.

About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held
Kitsault Valley Project located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide
water. The 163 sq. km. 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).

Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable
Canadian securities legislation that may not be based on historical fact, including, without limitation,
statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”,
“intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and
unknown risks, uncertainties, and other factors which may cause the actual results, performance, or
achievements of Dolly Varden to be materially different from any future results, performance, or
achievements expressed or implied by the forward-looking statements. Forward-looking statements or
information in this release relates to, among other things, the Company’s intention to seek removal from
the Commission’s list of defaulting issuers as soon as possible. These forward-looking statements are
based on management’s current expectations and beliefs and assume, among other things, the ability of
the Company to successfully pursue its current development plans, that future sources of funding will be
available to the company, that relevant commodity prices will remain at levels that are economically
viable for the Company and that the Company will receive relevant permits in a timely manner in order to
enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to
place undue reliance on such forward-looking statements or information. The Company disclaims any
obligation to update, or to publicly announce, any such statements, events or developments except as
required by law. For additional information on risks and uncertainties, see the Company’s most recently
filed annual management discussion & analysis (“MD&A“) and management information circular dated
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 the 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-V) accepts responsibility for the adequacy or accuracy of this news release.

For further information: Shawn Khunkhun, CEO & Director, 1-604-602-1440,
www.dollyvardensilver.com;