Dolly Varden Silver Confirms High-grade Gold System at Homestake Ridge

Executive Summary

• Dolly Varden Silver reported a high‑grade gold intercept of 3.34 g/t Au over 120 m (including 216 g/t Au over 0.52 m) from step‑out hole HR25‑456 at the Homestake Silver Deposit.
• The company announced a $30 million bought‑deal financing consisting of common and flow‑through shares priced at $6.50, $9.42, and $8.10 per share.
• Approximately 40% of the 2025 drill program (≈55,000 m) is focused on expanding high‑grade gold zones at Homestake Silver, with additional targets pending assay results.

Key Details

• Drill Hole HR25‑456: Intersected 3.34 g/t Au over 120 m; within this, 216 g/t Au over 0.52 m and 166 g/t Au over 1.3 m.
• Location Context: Hole is a 45‑m step‑out along strike from hole HR24‑433 and 30 m up‑dip from hole HR24‑451, extending the high‑grade gold zone beyond the current resource model.
• Exploration Program: Five diamond drills nearing completion across Kitsault Valley and Big Bulk Projects; 40% of the 2025 season’s 55,000 m planned drilling targeted Homestake Silver for expansion and infill.
• Future Work: Additional results expected from Homestake Silver gold zone, Wolf Vein silver extension, Big Bulk copper‑gold porphyry system, and other targets as assays are received.
• Financing Announcement (Oct 1 2025):
• Total gross proceeds: $30 million (bought‑deal).
• Share composition: 2,300,000 common shares @ $6.50/share, 750,000 flow‑through shares @ $9.42/share, 990,000 flow‑through shares @ $8.10/share.
• Existing shareholders Hecla Canada and Fury Gold Mines have pre‑emptive rights to purchase at $6.50/share to maintain pro‑rata equity.
• Metal Inventory: Now roughly a 50/50 split between silver and gold; gold price cited at C$5,400/oz.
• Qualified Person: Rob van Egmond, P.Geo., VP Exploration, reviewed and approved all scientific and technical information per NI 43‑101.

Notable Quotes

• “These gold results from a step‑out hole at the Homestake Silver Deposit confirm that the deposit continues to grow beyond the current mineral resource estimate.” – Shawn Khunkhun, CEO
• “Directional drilling allows you to position the drill bit exactly where you want it to be, without re‑drilling hundreds of meters from the surface.” – Rob van Egmond, VP Exploration

Disclaimer: This summary excludes boilerplate legal language and promotional content.