Dolly Varden Silver Intersects 4.66 g/t Gold over 48.49 Meters, Including 52.15 g/t Gold and 306 g/t Silver over 1.01 Meters at Homestake Silver Deposit

Vancouver, British Columbia--(Newsfile Corp. - February 4, 2026) - Dolly Varden Silver Corporation (TSXV: DV) (NYSE American: DVS) (FSE: DVQ) (the "Company" or "Dolly Varden") is pleased to report results from drilling that successfully infilled and expanded the northerly plunging, high-grade gold and silver mineralized trend at the Homestake Silver deposit. A total of 29 drill holes were completed at Homestake Silver and two at Homestake Main in the 2025 program, five of which have been released previously. Highlights from the silver-rich southern portion of the deposit from drill hole HR25-466 intersected a wide mineralized zone averaging 4.66 g/t Au and 33 g/t Ag over 48.49 meters and included narrower high-grade veins and vein breccias returning grades of 52.15 g/t Au and 306 g/t Ag over 1.01 meters and 46.55 g/t Au and 298 g/t Ag over 1.87 meters. Highlights from southern Homestake Silver deposit: HR25-466: Infill in silver-rich southern zone 4.66 g/t Au and 33 g/t Ag over 48.49 meters, including 52.15 g/t Au and 306 g/t Ag over 1.01 meters and 46.55 g/t Au and 298 g/t Ag over 1.87 meters      HR25-470: On section with HR25-466, 87 m down dip step-out 5.25 g/t Au and 31 g/t Ag over 38.74 meters, including 123.50 g/t Au and 760 g/t Ag over 0.86 meters and 25.00 g/t Au and 73 g/t Ag over 0.75 meters      HR25-473: Infill in silver-rich southern zone 1.08 g/t Au and 58 g/t Ag over 95.99 meters, including 4.99 g/t Au and 989 g/t Ag over 0.95 meters and 23.30 g/t Au and 598 g/t Ag over 0.52 meters and 18.25 g/t Au and 233 g/t Ag over 0.50 meters   * Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 55% to 75% of core lengths, further modelling of the new intersections is needed before true widths can be estimated. "The 2025 drill program at the Homestake Silver Deposit successfully expanded and infilled at the Mineral Resource area, demonstrating strong gold and silver grades over potentially underground bulk-mineable widths," said Shawn Khunkhun, President and CEO of Dolly Varden Silver. "The deposit remains open for expansion, and we look forward to accelerating drilling and engineering studies to advance the Homestake Main and Homestake Silver Deposits during 2026." The 2025 drill program at Homestake Ridge targeted three areas focused mainly at Homestake Silver. First, infill drilling within the southern silver-rich zone, with drill results highlighted above. Second, infill and down-dip drilling within the central portion of the zone. Third, expansion drilling at the northern end and down dip tests below the know extent of mineralization. The infill and down dip extension drill holes in the central zone of Homestake Silver are mainly along the lower boundary of the projection of the northerly plunging, high-grade trend. Gold assay results from the mineralized intercepts outline a downdip expansion of the zone for approximately 100 metres over a 350-meter strike length in this central area. The 2025 intercepts within the central area are shown in area 2 on the long section in Figure 1. Step-out drilling at the northern end of the mineralized trend and below the deposit successfully expanded the extent of mineralization with drill holes HR25-458 and HR25-460 stepping out to the northwest from previously released drill hole HR25-456, that graded 3.34 g/t Au over 120 meters, including 216 g/t Au over 0.52 meters and 166 g/t Au over 1.3 meters (see October 1, 2025 News Release). The 2025 drilling also expanded the down-dip potential below the deposit, intersecting mineralization consisting of high-grade vein and vein breccias within an approximately 10-meter wide stockwork and alteration zone, highlighted by drill holes HR25-454 and HR25-483 below. Highlights from Expansion Drilling at Homestake Silver: HR25-458: North step-out expansion 2.50 g/t Au and 4 g/t Ag over 80.00 meters, including 39.39 g/t Au and 39 g/t Ag over 3.25 meters and 11.75 g/t Au and 8 g/t Ag over 0.86 meters     HR25-460: North step-out expansion 1.81 g/t Au and 7 g/t Ag over 39.21 meters, including 40.40 g/t Au and 17 g/t Ag over 0.95 meters and 1.39 g/t Au and 5 g/t Ag over 35.09 meters, including 23.40 g/t Au and 5 g/t Ag over 0.77 meters     HR25-454: 405 meters vertically down-dip below HR25-470 (see section in Figure 4) 5.58 g/t Au and 4 g/t Ag over 9.52 meters, including 30.20 g/t Au and 19 g/t Ag over 0.50 meters     HR25-483: 100 meters below the northern end of the mineralized plunge 6.14 g/t Au and 9 g/t Ag over 10.66 meters, including 61.20 g/t Au and 60 g/t Ag over 0.87 meters   * Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 50% to 65% of core lengths, further modelling of the new intersections is needed before true widths can be estimated. Figure 1. Longitudinal Section of the Homestake Silver Deposit with mineralization envelope in red. Shallow northerly plunging trend of broad mineralization with multiple narrower high grade gold veins and vein breccias within shown in yellow. Three-part 2025 drill program split between 1) southern silver-rich zone infill, 2) central main infill and expansion, 3) expansion through northern and down dip step-outs. For previously released detail: HR25-456 on October 1, 2025, HR25-469 on November 10, 2025, HR25-475 on December 04, 2025. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1728/282624_aaa356a7647798bf_002full.jpg Figure 2. -NQ size drill core from Homestake Silver drill hole HR25-466. Au and Ag mineralization occurs in multi-phase vein and vein breccias with pyrite, galena, sphalerite and visible gold. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1728/282624_aaa356a7647798bf_003full.jpg Homestake Silver At total of 56,131 meters were drilled in 86 drill holes during the 2025 season by Dolly Varden Silver at the Kitsault Valley Project with approximately 40% of the meters drilled at Homestake Ridge focused on step outs and local infill at Homestake Silver. The Company is using directional drilling technology to precisely target areas for step-out and infill holes at Homestake Silver. Several single holes utilized directional drilling to precisely intercept the target within the mineralized zone, while other areas used multiple holes based off a central mother hole. The Homestake Ridge Deposits are interpreted as structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton volcanic rocks. Mineralization consists of pyrite, +/- galena and sphalerite, with visible gold in a silica breccia matrix. The northwest trending structural corridor hosts multiple subparallel structures that control high-grade gold and silver shoots within a broader mineralized enveloper. Although historically considered a silver-rich gold deposit, recent drilling at Homestake Silver has defined a shallow north plunging zone that is defined by wide mineralized intervals with increased frequency of high-grade gold veins and vein breccias which shows a shift towards a gold-rich system towards the north. The deposit remains open along plunge and at depth. Figure 3. Plan of Homestake Ridge >0.1g/t Au mineralized zones (in red) highlighting all 2025 drilling completed with lithology on drill trace. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1728/282624_aaa356a7647798bf_004full.jpg Figure 4. Cross section including drill hole HR25-466 and HR25-470 located within the high-grade northerly plunging zone, and drill hole HR25-454 a 200 m down-dip step-out (405 meters below HR25-470) on the Homestake Silver structurally controlled mineralized zone shown in red. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1728/282624_aaa356a7647798bf_005full.jpg Drill Results Tables separated by area Table 1: Drill Hole Assays from Homestake Silver, South silver-rich zone Target 1 Hole ID From  (m) To (m) Length (m)* Au (g/t) Ag  (g/t) Base Metals  (%) Homestake Silver-Ag zone HR25-453 511.22 518.45 7.23 0.46 105 including 515.22 516.09 0.87 0.74 173 including 516.95 517.45 0.50 2.24 790 Homestake Silver-Ag zone HR25-455 372.50 397.45 24.95 1.24 82 including 376.00 376.68 0.68 5.49 197 including 382.37 384.45 2.08 2.89 658 Homestake Silver-Ag zone HR25-460 268.07 268.59 0.52 0.00 1370 1.49% Zn 368.94 408.15 39.21 1.81 7 including 398.60 399.55 0.95 40.40 17 454.45 489.54 35.09 1.39 5 including 459.47 460.00 0.53 7.41 127 including 461.50 462.27 0.77 23.40 5 Homestake Silver-Ag zone HR25-466 249.51 250.00 0.49 0.44 240 296.11 344.60 48.49 4.66 33 0.27% Pb, 0.27% Zn including 296.86 297.68 0.82 14.85 68 including 325.77 326.78 1.01 52.15 306 Plus 3.03% Pb, 5.14% Zn including 330.53 332.31 1.78 46.55 298 Plus 0.94% Pb, 1.38% Zn Homestake Silver-Ag zone HR25-470 327.66 366.40 38.74 5.25 31 including 329.70 330.56 0.86 123.50 760 including 338.20 338.80 0.60 16.30 44 1.09% Pb, 1.62% Zn including 348.77 349.45 0.68 17.05 34 including 357.06 357.81 0.75 25.00 73 4.08% Zn and 370.26 375.12 4.86 2.09 2 and 378.22 448.52 70.30 0.93 3 including 378.22 379.00 0.78 6.37 4 including 398.50 399.20 0.70 7.66 6 and 431.14 431.82 0.68 7.27 6 Homestake Silver-Ag zone HR25-473 256.49 352.48 95.99 1.08 58 including 263.93 264.88 0.95 4.99 989 including 268.30 268.85 0.55 0.13 611 including 275.45 276.16 0.71 0.30 861 including 280.11 281.58 1.47 8.94 901 including 290.70 291.29 0.59 8.40 304 including 320.58 321.10 0.52 23.30 598 including 338.87 339.37 0.50 18.25 233 Homestake Silver-Ag zone HR25-476 191.16 230.39 39.23 1.23 153 including 217.60 221.00 3.40 9.03 1420 0.89% Pb, 0.81% Zn including 218.86 219.51 0.65 20.40 1975 1.49% Pb, 1.11% Zn Homestake  Silver-south step-out HR25-482 560.00 560.77 0.77 0.29 101   * Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 55% to 75% of core lengths, further modelling of the new intersections is needed before true widths can be estimated. Table 2: Drill Hole Assays from Homestake Silver, Infill and down-dip expansion from the central area of Homestake Silver Target 2 Hole ID From  (m) To (m) Length  (m)* Au (g/t) Ag  (g/t) Base Metals  (%) Homestake  Silver-Infill HR25-461 367.00 369.00 2.00 0.10 197 394.00 395.00 1.00 2.32 6 575.00 579.00 4.00 0.70 2 Homestake  Silver-Infill HR25-463 647.00 658.47 11.47 0.75 2 including 652.00 652.58 0.58 3.09 13 Homestake  Silver-Infill HR25-467 408.00 409.02 1.02 0.86 368 413.50 444.34 30.84 1.28 32 including 426.00 426.52 0.52 9.52 219 1.86% Pb including 430.42 437.00 6.58 3.15 97 including 430.42 433.00 2.58 5.83 220 including 431.00 433.00 2.00 7.25 181 Homestake  Silver-Infill HR25-468 656.00 667.63 11.63 0.93 8 including 658.70 661.60 2.90 1.70 21 Homestake  Silver-Infill HR25-471 599.90 612.65 12.75 5.10 6 including 604.59 605.09 0.50 50.30 53 0.23% Cu, 1.08% Pb, 0.87% Zn including 607.01 608.02 1.01 16.61 10 Homestake  Silver-Infill HR25-474 415.00 429.48 14.48 0.92 13 including 425.46 426.50 1.04 7.82 34 main and 653.00 684.00 31.00 0.26 1 and 689.00 693.80 4.80 1.38 2 Homestake  Silver-Infill HR25-478 615.18 624.95 9.77 1.07 2 including 621.00 624.95 3.95 2.23 6 Homestake  Silver-Infill HR25-479 390.00 482.00 92.00 0.76 3 including 406.31 408.00 1.69 6.39 34 Homestake  Silver-Infill HR25-480 410.03 410.69 0.66 0.92 203 and 670.96 707.64 36.68 1.98 4 including 686.22 694.10 7.88 5.88 8 0.84% Pb, 1.20% Zn including 686.22 687.00 0.78 17.75 14 1.47% Pb, 1.84% Zn Homestake  Silver- Infill HR25-481 640.18 673.37 33.19 0.83 6 including 649.33 649.88 0.55 5.39 2 including 660.55 661.05 0.50 5.93 15   * Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 50% to 75% of core lengths, further modelling of the new intersections is needed before true widths can be estimated. Table 3: Drill Hole Assays from Homestake Silver Expansion, North and down dip below deposit. Target 3 Hole ID From  (m) To (m) Length  (m)* Au (g/t) Ag  (g/t) Base Metals  (%) Homestake  Silver-down dip south HR25-454 782.10 791.62 9.52 5.58 4 including 784.15 784.65 0.50 30.20 19 including 786.69 787.42 0.73 9.91 4 Homestake  Silver-step-out north HR25-458 419.00 499.00 80.00 2.50 4 including 464.90 468.15 3.25 39.39 39 0.50% Pb, 0.74% Zn including 487.89 488.75 0.86 11.75 8 Homestake  Silver-step-out north HR25-465 469.63 523.71 54.08 0.57 1 including 471.63 474.67 3.04 1.91 8 including 473.30 474.03 0.73 5.09 14 Homestake  Silver-step-out north HR25-472 490.48 491.12 0.64 11.65 64 and 536.50 537.50 1.00 1.53 210 and 705.28 706.00 0.72 1.92 4 Homestake  Silver-step north HR25-477 689.22 690.22 1.00 1.81 1 Homestake  Silver-down dip north HR25-483 729.87 740.53 10.66 6.14 9 including 738.34 739.21 0.87 61.20 60 1.22% Cu, 4.47% Pb, 12.95%Zn and 783.25 797.42 14.17 1.42 20 including 787.35 788.84 1.49 6.32 79 1.06% Cu, 4.54% Pb, 8.73%Zn   * Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 55% to 75% of core lengths, further modelling of the new intersections is needed before true widths can be estimated. Table 4: Drill Hole Assays from Homestake Main, south step-outs Target Hole ID From  (m) To  (m) Length  (m)* Au  (g/t) Ag  (g/t) Base Metals  (%) Homestake  Main-step-out south HR25-457 270.31 299.41 29.10 0.28 2 including 278.50 279.00 0.50 2.55 118 1.38% Zn 313.50 331.00 17.50 0.22 1 Homestake  Main-step-out south HR25-459 259.52 261.85 2.33 3.36 6   * Intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 55% to 75% of core lengths, further modelling of the new intersections is needed before true widths can be estimated. *All intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 65% to 75% of core lengths, further modelling of the new interpretation is needed before true widths can be calculated. Table 5: Drill hole data for Homestake Silver hole reported in this release Hole ID Easting UTM83  (m) Northing  UTM83  (m) Elev. (m) Azimuth Dip Length  (m) HR25-457 463237.3 6179449 909 227 -53 601 HR25-480 463661.3 6179130 804 235 -53 800 HR25-453 463731.2 6178827 799 221 -56 600 HR25-454 463794.9 6179008 778 226 -53 852 HR25-455 463731.2 6178827 799 216 -48 570 HR25-456 463516.1 6179218 843 232 -48 657 HR25-458 463516.1 6179218 843 228 -45 582 HR25-459 463237.3 6179449 909 214 -54 597 HR25-460 463516.1 6179218 843 220 -45 579 HR25-461 463661.3 6179130 804 235 -53 728 HR25-462 463674.1 6179016 777 222 -50 702 HR25-463 463671 6179043 800 228 -57 744 HR25-464 463674.1 6179016 777 225 -55 759 HR25-465 463540.6 6179288 827 231 -45 729 HR25-466 463658.3 6178852 829 223 -45 450 HR25-467 463661.3 6179130 804 235 -53 774 HR25-468 463671 6179043 800 228 -57 750 HR25-469 463674.1 6179016 777 226 -46.5 654 HR25-470 463658.3 6178852 829 224 -55 522 HR25-471 463671 6179043 800 228 -57 711 HR25-472 463540.6 6179288 827 232 -45 746 HR25-473 463673.8 6178797 838 225 -47 471 HR25-474 463661.3 6179130 804 235 -53 821 HR25-475 463535 6179103 844 227 -45 504 HR25-476 463694 6178725 825 221 -50.5 402 HR25-477 463540.6 6179288 827 227.5 -49 780 HR25-478 463671 6179043 800 228 -57 732 HR25-479 463535 6179103 844 225 -52 651 HR25-481 463671 6179043 800 228 -57 750 HR25-482 463945.2 6178482 748 230 -53 628 HR25-483 463661.3 6179130 804 235 -53 815   Quality Assurance and Quality Control The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person. Dolly Varden's QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility. Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen on a 1.0kg sample may be completed on high-grade gold samples. Qualified Person Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden, the "Qualified Person" as defined by NI 43-101 has reviewed and approved the scientific and technical information contained in this news release. Rob van Egmond, P.Geo. is not independent of the Company in accordance with NI 43-101. About Dolly Varden Silver Corporation Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held 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 tide water. Including the Kitsault Valley Project, the Company has consolidated approximately 100,000Ha of prospective tenure in the Golden Triangle with five past-producing high-grade silver mines including Dolly Varden, Torbrit, Porter Idaho, Mountain Boy and Esperanza historic mines. The 163 sq. km. Kitsault Valley 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 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", "prospective" 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, including, without limitation, risks associated with the speculative nature of exploration and development of minerals; the anticipates substantial future capital expenditures associated with the exploration and development of its assets and there can be no assurance that debt or equity financing will be available; inherent competition in the mining industry; risks associate with volatility in mineral prices; risks inherent in the estimation of mineral resources; environmental risks associated with the exploration and development of mineral properties; the Company is reliant on key personnel; risks associated with working in remote regions; risks associated with maintaining positive community relations; and the other risks disclosed in the Company's annual information form ("AIF") dated April 30, 2025 for the year ended December 31, 2024, which is available on SEDAR+ at www.sedarplus.ca, and in the Company's Form 40-F registration statement as filed with the U.S. Securities and Exchange Commission, which is available on EDGAR at www.sec.gov. The risk factors identified in the Company's public filings are not intended to represent a complete list of factors that could affect the Company. Forward-looking statements are based on management's current expectations and beliefs and assume, among other things, the ability of the Company to satisfy the requirements of listing and registration, and 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. 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, 1-604-609-5137, www.dollyvardensilver.com. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282624