Dolly Varden Silver Corp.

Dolly Varden Silver Corp. is a junior silver exploration company headquartered in Vancouver, Canada, operating primarily in Canada. The company's portfolio consists of 1 advanced exploration project. Key assets include Kitsault Valley. The company is a mineral exploration entity with no current operating income, focused on advancing a consolidated project. Its business model centers on creating value through systematic exploration and resource definition. The operational approach leverages expected co-development synergies from combining adjacent historical properties with common infrastructure. Technical capabilities are demonstrated through the application of modern exploration techniques, including various geophysical surveys like VTEM and ZTEM, induced polarization, and LiDAR, alongside comprehensive geological mapping and geochemical analysis. Metallurgical processes under investigation include froth flotation and cyanide leaching to optimize recovery from different mineralization types. The competitive environment is characterized by intense competition for capital, personnel, and properties from larger, better-financed entities. The business is subject to seasonal constraints, with most exploration activities concentrated between May and October, and is influenced by cyclical mineral price fluctuations. The company's focus is on de-risking its primary asset through methodical exploration and technical studies to demonstrate its potential for future development.

Strategic priorities are centered on resource expansion and upgrading the confidence level of existing mineral resources through targeted drilling programs. A key component of this strategy was the 2022 consolidation of two adjacent projects to unlock co-development synergies and create a district-scale exploration opportunity. The exploration approach involves aggressive step-out drilling to extend known high-grade zones and reconnaissance drilling to test new discovery targets identified through geological and geophysical work. Capital allocation is focused on funding these extensive exploration programs, financed through a series of brokered private placements, bought deal public offerings, and strategic investments from major industry players. A significant recent strategic initiative involved a 4:1 share consolidation and securing a listing on the NYSE American in 2025 to enhance market visibility, improve trading liquidity, and broaden access to a larger pool of institutional and retail investors. The long-term objective is to advance the consolidated project by systematically de-risking it through continued exploration success, thereby positioning it as a significant undeveloped asset.

Executive leadership is provided by a President and CEO with a background in corporate finance and mining, appointed in 2020. The 7-member board of directors includes individuals with significant industry experience, such as the former CFO of Hecla Mining Company and the current CEO of Fury Gold Mines Ltd., who serve as nominees for their respective companies. Governance is structured through several committees, including an Audit Committee composed of 3 independent and financially literate members who meet at least quarterly to oversee financial reporting and internal controls. The board also maintains a Sustainability, Safety and Environment Committee, a Compensation Committee, and a Nominating and Governance Committee. The management structure leverages external expertise, retaining specialized consultants for geological services and exploration program implementation. The presence of board nominees from 2 major corporate shareholders ensures that key investor interests are represented in corporate oversight and strategic decision-making processes.

The organization's approach to sustainability is formalized through established policies and direct engagement with stakeholders. Environmental management practices include conducting acid rock drainage testing, providing reclamation bonds totaling $153,000 for exploration permits, and implementing a Wildlife Management Plan to mitigate impacts on local fauna. The company has an explicit policy to minimize its environmental footprint by preventing spills, reducing waste, and avoiding net loss of natural habitats. Social responsibility is demonstrated through a commitment to building long-term, mutually beneficial relationships with host and neighboring Indigenous communities, including formal consultation with the Nisga’a Lisims Government and Gitanyow Hereditary Chiefs. An Archaeological Overview Assessment guides exploration planning to protect culturally sensitive areas. Corporate governance in this area is supported by an Open-Door Policy and a confidential Whistleblower Policy for reporting ethical concerns, alongside a board-level Sustainability, Safety and Environment Committee providing oversight.

The corporate structure has been shaped by strategic transactions aimed at asset consolidation and securing key partnerships. In February 2022, the company acquired Homestake Resource Corporation from Fury Gold Mines Ltd., a transaction that combined two adjacent projects and established Fury as a major shareholder with board representation rights under an Investor Rights Agreement. This was followed in December 2023 by the acquisition of an option from Libero Copper & Gold Corporation to earn a 100% interest in a nearby property. The company maintains 2 wholly-owned operational subsidiaries, Homestake Resource Corporation and Homestake Royalty Corporation. Hecla Canada Ltd. is another significant corporate shareholder, having increased its ownership to 15.7% through a subscription agreement in November 2023, which also grants it board nomination and anti-dilution rights under a pre-existing Ancillary Rights Agreement from 2012. In April 2025, the company executed a 4:1 share consolidation to facilitate its listing on the NYSE American.