Drilling Extends Gold Trend at BC Project
Research Report

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Disclosures for Haywood Capital Markets, Dolly Varden Silver Corp., October 1, 2025

This research report is only for informational purposes. Nothing contained in this report is, or should be, relied upon as a promise or representation as to the future performance. The opinions and information in this communication constitutes the current judgment of the authors as of the date and time of this report and are subject to change without notice. There is no representation, warranty or other assurance that any projections contained in this report will be realized. Past performance is not indicative of future results. This report is not intended to provide personal investment advice. Investors are encouraged to seek advice regarding the advisability or suitability of any investments or strategies discussed in this report. Individuals involved in the production of research materials operate independently and without influence from any other Haywood Securities Inc. departments, including Haywood Securities Inc. affiliates. This report is not and is not to be construed as: (i) an offer to sell or solicitation of an offer to buy securities; (ii) an offer to transact business in any jurisdiction; or (iii) investment advice to any party. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in our research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. Products and services described herein are only available where they can be lawfully provided. All research reports are disseminated and available to all clients simultaneously. No part of this material or any research report may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Haywood Securities Inc. Analyst Certification I, Marcus Giannini, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations. Important Disclosures Of the companies included in the report the following Important Disclosures apply:  Haywood Securities, Inc. has reviewed lead projects of Dolly Varden Silver Corp. (DV-V) and a portion of the expenses for this travel may have been reimbursed by the issuer.  Haywood Securities, Inc. or an Affiliate has managed or co-managed or participated as selling group in a public offering of securities for Dolly Varden Silver Corp. (DV-V) in the last 12 months.

Distribution of Ratings (as of October 1, 2025) Price Chart, Rating and Target Price History (as of October 1, 2025) B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review Source: Capital IQ and Haywood Securit

Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) released new, positive drill results from its Homestake Silver deposit,  part of its Homestake Ridge project in British Columbia, reported Haywood Securities Analyst Marcus Giannini in an Oct. 1 research note. Homestake Ridge is one of two projects comprising Dolly's Kitsault Valley project.

"Dolly continues to show the uncapped potential for precious metal growth across its Kitsault Valley project," Giannini wrote.

37% Return Implied

Haywood maintained its CA$9.60 per share target price on the Canadian explorer, trading at the time of Giannini's report at about CA$6.99 per share, the analyst noted. From this price, the return to target is 37%.

Dolly Varden Silver remains a Buy.

The company has 87.2 million shares outstanding, a market cap of CA$609.3 million and a 52-week range of CA$3.21–7.46 per share.

Gold Trend Extended

Giannini provided the takeaways from Dolly Varden Silver's newly released drill results. They extend the prominent Kitsault Valley gold trend beyond Homestake Silver's deposit envelope. In the area of extension, continuity and grade are maintained. Also, growth potential exists as the target remains open at depth and downplunge toward the Homestake Main deposit where gold mineralization dominates.

The best hole of the batch was HR25-456, a stepout from two previously reported holes. Of those, the more impressive was HR24-433, which demonstrated 8.72 meters of 21.55 grams per ton gold (8.72m of 21.55 g/t Au).

The new hole, HR25-456, returned 120m of 3.34 g/t Au. It encountered a 0.52m subinterval yielding 216 g/t Au as well as 1.3m of 166 g/t Au. This indicates that many gold-bearing fluid events occurred within the geologic structure, a prominent feature of the Kitsault Valley trend with respect to both gold and silver.

The gold mineralization within HR25-456 is associated with multiphase vein and vein breccias showing occurrences of visible gold and heavy concentrations of pyrite, chalcopyrite, galena, and sphalerite.

Giannini made two additional points about the drill results. The strong continuity in hole HR25-456 bodes well for a bulk-tonnage mining operation of scale. Grades from this hole "demonstrate the intensity of multiple hydrothermal fluid events within accommodating structures and fluid pathways."

Productive Drill Season

During this drill season, which is nearing its end, Dolly Varden Silver drilled 55,000m between the Kitsault Valley project and the Big Bulk copper-gold porphyry system, reported Giannini. At Kitsault Valley, the company tested numerous targets along the trend of the same name.

At Homestake Silver, drilling was focused mostly on expanding and infilling areas of high-grade gold mineralization, particularly with respect to the developing, high-grade and unconstrained gold corridor.

Near-term Catalysts

Because the bulk of the summer season's drill results have not been released yet, a steady stream of news throughout the offseason is expected, noted Giannini. These data will be followed by an update to the existing mineral resource estimate next year.