Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones increasing by approximately 300 points on Friday [1] - Micron Technology, Inc. shares rose sharply by 2.5% to $235.92, driven by positive sentiment following Dell's strong third-quarter earnings and guidance [1] - Investors perceive Dell's results as indicative of broader strength in the technology sector, contributing to Micron's stock performance [1] Group 2 - DeFi Technologies Inc. shares surged by 20.5% to $1.6750 after the approval of QCAD as Canada's first compliant CAD stablecoin [3] - YD Bio Ltd saw a 13.7% increase in shares to $11.96, following the announcement of 510(k) clearance and plans for a clinical trial in Taiwan [3] - Other notable gainers included Savara Inc. (+12.3% to $6.02), TMC the metals company Inc. (+12.2% to $6.54), and ImmunityBio, Inc. (+10.7% to $2.3586) [3] - Precious metals stocks, including First Majestic Silver Corp. (+8.3% to $14.64) and Endeavour Silver Corp. (+10% to $9.47), rose amid increasing gold and silver prices [3] - Intel Corporation shares jumped by 7.8% to $39.65, reflecting positive market trends [3] - Crypto-linked stocks, such as Applied Digital Corporation, gained 6.8% to $26.61, following Bitcoin's rise above $90,000 [3]

Core Insights - Dolly Varden Silver has successfully listed on the NYSE American, enhancing access to a larger pool of investors and increasing shareholder value [2][3] - The company has achieved significant milestones, including raising $62 million, drilling 55,000 meters, and expanding its land package to over 100,000 hectares [2][6] - The share price appreciated by 62% in the six months following the US listing, although it has recently pulled back from $7 to $5.50 [3] Company Developments - The company has acquired three properties: Mountain Boy, Kinskuch, and Porter, which contribute to its extensive land holdings [2] - Dolly Varden Silver's market capitalization has grown from $20 million to approximately $600 million over five years, driven by aggressive drilling and strategic acquisitions [6] - Institutional ownership exceeds 50%, with corporate ownership at over 25%, indicating a concentrated share structure that may enhance performance [7] Market Context - The NYSE listing has provided direct access to US investors, significantly increasing marketing ROI and liquidity, with US trading volume being approximately 3.5 times higher than in Canada [5] - The current environment shows a doubling in silver prices, benefiting companies with a small public float like Dolly Varden Silver [7] - Canada ranks as the 3rd most appealing region for mining investment, highlighting the favorable conditions for the industry [10] Industry Impact - The mining sector in Canada contributes C$161 billion to GDP and accounts for 21% of total exports, emphasizing its importance to the economy [11] - The industry generates 700,000 direct and indirect jobs and is a significant employer of Indigenous people, fostering partnerships with Indigenous enterprises [11]

Core Insights - Dolly Varden Silver Corporation reported significant drilling results from the Homestake Silver deposit, highlighting the expansion of a high-grade gold zone with intersections of 26.74 g/t Au over 14.76 meters, including 122 g/t Au over 2.85 meters [1][2][3] Drilling Results - Drill hole HR25-469 intersected 26.74 g/t Au over 14.76 meters, with a broader mineralized zone grading 12.13 g/t Au over 33.80 meters [2][3] - Drill hole HR25-464 encountered 9.22 g/t Au over 6.65 meters, including 58.80 g/t Au over 0.95 meters from a newly recognized stockwork zone [2][3] - The high-grade core of the Homestake Silver deposit is defined for over 300 meters vertically and extends for over 1,000 meters along plunge [6][10] Geological Context - The mineralization at Homestake Ridge is interpreted as a structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton volcanic rocks [12][13] - Recent drilling indicates a shift towards a gold-rich system, with increased frequency of high-grade gold veins and vein breccias [13] Future Exploration Plans - The company plans to focus future drilling programs on expanding the identified high-grade gold mineralization [3][10] - Directional drilling technology is being utilized to precisely target areas for step-out and infill holes at Homestake Silver [11] Company Overview - Dolly Varden Silver Corporation is focused on advancing its 100% held Kitsault Valley Project, which includes the Dolly Varden and Homestake Ridge projects located in the Golden Triangle of British Columbia [26][27]

Execution version UNDERWRITING AGREEMENT October 23, 2025 Dolly Varden Silver Corporation 595 Burrard Street, Suite 3123 Vancouver, BC V7X 1J1 Attention: Mr. Shawn Khunkhun President and Chief Executive Officer Haywood Securities Inc., as co-lead underwriter and joint bookrunner, and Research Capital Corporation, as co-lead underwriter and joint bookrunner, on behalf of a syndicate of underwriters including Raymond James Ltd. (collectively, the "Underwriters"), understand that Dolly Varden Silver Corporatio ...

Core Viewpoint - Dolly Varden Silver Corporation has successfully closed a bought-deal private placement, raising a total of $33,973,000, which includes the full exercise of the over-allotment option [1] Group 1: Financial Details - The company issued 2,906,000 common shares at a price of $6.50 per share, generating gross proceeds of $18,889,000 under the LIFE Offering [6] - Additionally, 750,000 common shares qualifying as "flow-through shares" were sold at $9.42 per share, raising $7,065,000 [6] - The company also issued 990,000 common shares as "flow-through shares" at $8.10 per share, resulting in gross proceeds of $8,019,000 [6] - The underwriters received a cash fee of $1,698,650, which is 5.0% of the gross proceeds from the offerings [3] Group 2: Use of Proceeds - Net proceeds from the sale of common shares will be allocated for working capital and general corporate purposes [2] - Gross proceeds from the sale of flow-through shares will be directed towards further exploration, mineral resource expansion, and drilling at the Kitsault Valley project [2] Group 3: Company Overview - Dolly Varden Silver Corporation is focused on advancing its 100% held Kitsault Valley Project, which includes the Dolly Varden Project and the Homestake Ridge Project, located in British Columbia [5] - The Kitsault Valley Project encompasses approximately 100,000 hectares of prospective tenure in the Golden Triangle, featuring five past-producing high-grade silver mines [5] - The project is considered prospective for additional precious metal deposits, being situated on the same structural and stratigraphic belts as other high-grade deposits in the region [5][7]

Core Insights - Dolly Varden Silver Corporation has completed its 2025 diamond drill program at the Kitsault Valley Project, totaling 56,131 meters across 84 drill holes, confirming resource expansion and intersecting new mineralization [1][2][3] Group 1: Drill Program Details - The 2025 drill program was expanded from 35,000 meters to 55,000 meters due to early season high-grade results from the Wolf Vein, indicating strong potential for resource growth [2] - Approximately 60% of the drilling was conducted on the Dolly Varden property, while 40% was on the Homestake Ridge property, utilizing directional drilling technology for improved targeting and efficiency [3] Group 2: Marketing and Strategic Partnerships - Dolly Varden Silver has engaged Orbiton Capital Corp. for marketing services, including strategic advice and digital media, under a 24-month agreement for $100,000 USD [4][5] - Orbiton is considered an arm's length party and does not currently hold any direct interest in the Company, although a shareholder of Orbiton holds stock options for 20,000 shares of the Company [5] Group 3: Company Overview - Dolly Varden Silver Corporation focuses on the Kitsault Valley Project, which includes the Dolly Varden and Homestake Ridge Projects, located in British Columbia's Golden Triangle, an area known for high-grade silver and gold resources [8] - The Kitsault Valley Project encompasses approximately 100,000 hectares and includes five past-producing high-grade silver mines, indicating significant exploration potential [8]

Core Viewpoint - Dolly Varden Silver Corporation has entered into an agreement with underwriters for a total gross proceeds of $30,034,000 through a combination of securities offerings [1][2]. Group 1: Offering Details - The LIFE Offering will consist of Common Shares and CFT Shares, generating gross proceeds of $15,084,000, contributing to the total gross proceeds of $30,034,000 [2]. - The underwriters have an option to increase the size of the offerings by up to 15% to cover overallotments, exercisable up to 2 business days before closing [2]. - The offerings are expected to close around October 23, 2025, pending necessary regulatory approvals from the TSX Venture Exchange and NYSE American [4]. Group 2: Use of Proceeds - Net proceeds from the sale of Common Shares will be allocated for working capital and general corporate purposes [3]. - Gross proceeds from CFT Shares and FT Shares will be directed towards exploration, mineral resource expansion, and drilling at the Kitsault Valley project, along with working capital as permitted [3]. Group 3: Share Details - The offerings include 2,300,000 Common Shares at $6.50 each, 750,000 CFT Shares at $9.42 each, and 990,000 FT Shares at $8.10 each [8]. - FT Shares will be offered to accredited investors with a statutory hold period of four months and one day from closing [6]. Group 4: Existing Agreements - Hecla Canada Ltd. and Fury Gold Mines Ltd. have the right to acquire Common Shares at $6.50 each to maintain their pro rata equity interests in the Company [7].

Core Insights - Dolly Varden Silver Corporation reported a significant gold intercept from a step-out drill hole at the Homestake Silver deposit, with hole HR25-456 intersecting 3.34 g/t Au over 120 meters, including high-grade intervals of 216 g/t Au over 0.52 meters and 166 g/t Au over 1.3 meters [1][3][4] Drill Results - The drill hole HR25-456 is a 45-meter step-out from previous holes, confirming continuity and growth potential outside of current mineral resources [1][5] - Approximately 40% of the 2025 drill program, totaling 55,000 meters, is focused on expanding and infilling high-grade gold mineralization at the Homestake Silver Deposit [1][4] Geological Context - The Homestake Ridge deposits are characterized as structurally controlled, multi-phase epithermal vein stockwork and vein breccia systems hosted in Jurassic Hazelton volcanic rocks, with mineralization consisting of pyrite, galena, and sphalerite, along with visible gold [10][11] - Recent drilling indicates a shift towards a gold-rich system, with a shallow north plunging dilation zone defined by a wide mineralized interval and increased frequency of high-grade gold veins [11] Future Exploration - The ongoing drill program includes five diamond drills targeting high-grade gold mineralization and testing areas outside the current resource [4][5] - Additional results from various exploration targets, including the Wolf Vein silver mineralization extension and Big Bulk copper-gold porphyry system, will be reported as assays are received [4]

Core Viewpoint - Dolly Varden Silver has reported significant high-grade silver results from its Wolf Vein drilling, indicating strong mineralization and continuity, which may enhance the company's growth potential in the silver and gold markets [1][3][11]. Company Developments - Dolly Varden Silver announced a silver intersection of 1,422 g/t over 21.70 meters in drill hole DV25-446, with a peak of 10,700 g/t over 1.00 meter [1][2]. - The company has expanded its land package significantly, increasing from 7,000 hectares to 100,000 hectares, and its market capitalization has surged from $20 million to $460 million [13]. - The ongoing drilling campaign is estimated at 55,000 meters, with actual new core expected to be around 41,000 meters due to the use of directional drilling technology [8][9]. Exploration and Drilling Technology - Directional drilling technology is being utilized to enhance efficiency and precision in targeting mineralized areas at both the Wolf and Homestake Silver sites [7][9]. - The company has successfully implemented real-time data logging and communication through satellite internet, improving operational efficiency [5]. Market Context - The rising gold prices are positively impacting Dolly Varden's inventory value, with a current estimated 50/50 split between silver and gold [10][11]. - The silver price has recently surpassed USD 40 per troy ounce, influenced by the increase in gold prices, which may further benefit the company's valuation [11]. Future Outlook - Additional drilling at the Wolf Vein is prioritized for the remainder of the season, with expectations of continued high-grade results [3][14]. - The company is focusing on step-out and infill drilling at key projects, including the Kitsault Valley and Big Bulk Projects, with more results anticipated [14].

Core Viewpoint - Dolly Varden Silver has expanded its drilling program from 35,000 meters to 55,000 meters, reflecting strong shareholder support and a successful start to the exploration season, aimed at testing key targets and expanding the high-grade silver zone at the Wolf Vein [1][2]. Company Developments - The company has completed a year of aggressive drilling, growth, and acquisitions, increasing its land package from 7,000 hectares to 100,000 hectares, a 1,400% increase, and boosting its market capitalization from $20 million to $440 million, a 2,200% increase [3]. - Dolly Varden Silver has drilled 141,000 meters over five years, consistently hitting high-grade silver and gold [3]. - The company is strategically using its shares for acquisitions, preserving cash while acquiring assets from companies that are not in strong positions [4]. Drilling Strategy - The drilling will prioritize the Wolf vein extension, with systematic step-outs and infill drilling, while also testing multiple silver, gold, and copper targets at the Kitsault Valley and Big Bulk Projects [7][8]. - A fifth drill rig has been mobilized to enhance drilling efforts, and the company is employing directional drilling to reduce total meters drilled while maintaining the number of mineralized intercepts [11][12]. - The estimated 55,000 meters of drilling includes re-drilled mother hole lengths, with actual new core expected to be around 41,000 meters [12]. Geological Exploration - The company is intensifying geological fieldwork, including mapping and sampling of underexplored areas within its consolidated claim packages, which will help develop drill targets for future exploration programs in late 2025 and 2026 [15]. - The Big Bulk porphyry system is being drilled for the first time, with three drill holes planned to test a large resistivity and chargeability anomaly at depth [9].