Silver Explorer Pursues NYSE Listing for Exceptional Exposure

1. Dolly Varden Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dolly Varden Silver Corp.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Dolly Varden Silver Corp. (DV:TSX.V; DOLLF:OTCQX) announced it has applied to list its issuing and outstanding common shares on the New York Stock Exchange (NYSE) American in addition to its current listing on the TSX Venture Exchange.

As part of the application, the company also announced it is proceeding with a consolidation of its common shares on the basis of one new post-consolidation common share for every four existing pre-consolidation common share.

The company's common shares would trade on the NYSE American under the ticker symbol "DVS," Dolly Varden said.

"Listing on the NYSE American provides enhanced access to the world's largest and most liquid equity markets, which we believe will deliver exceptional value for our shareholders," said President and Chief Executive Officer Shawn Khunkhun. "Both institutional and retail investors based in the United States will have significantly greater ability to invest in Dolly Varden through more familiar platforms. With our past producing high-grade silver mines and advanced exploration deposits, we believe that Dolly Varden will be a compelling company for American investors interested in high-grade silver in a safe jurisdiction."

In a release on April 2, the company said it plans to file a Form 40-F registration statement with the U.S. Securities and Exchange Commission (SEC). If the application is approved by the NYSE American and all regulatory requirements are met, Dolly Varden plans to start trading on the exchange late this month. Trading on the OTCQX under the ticker symbol "DOLLF" is expected to cease in connection with the NYSE American listing.

Board Approves Consolidation

Dolly Varden said its NYSE American registration statement has not yet been filed or become effective. Any listing of its common shares on the NYSE American will be subject to the registration statement becoming effective.

"The company cannot provide assurance that it will be successful in achieving a listing of its common shares on the NYSE American," DV's release said.

The company's Board of Directors has approved the consolidation, which will reduce the number of issued and outstanding common shares from 318,077,469 to about 79,519,367. Proportionate adjustments will be made to the company's outstanding stock options, warrants, and restricted share units.

Any fractional common shares will be rounded to the nearest whole share, DV said.

The consolidation is subject to final approval by the TSXV and will become effective on April 7, the company said.

A 'Legacy Asset'

Earlier this year, Khunkhun began to lay out plans for the company's coming year, with a vision extending into the future.

"I want every resource investor to understand why Dolly Varden Silver has the potential to become a 'legacy asset' — a multi-generational mine like the Kennecott Copper Mine in Utah (operating since 1906) or the Macassa Mine in Ontario (operating since 1926)," Khunkhun wrote in a message to shareholders on February 14. "In an era of smaller, lower-grade discoveries that often lead to short-life mines, this may seem like fanciful thinking."

However, "There are three reasons that give me confidence in this objective [of a multi-generational mine]: size, history, and vision," he added.

In 2024, Dolly Varden a drill program that expanded and infilled multiple high-grade gold- and silver-rich zones within the Homestake Silver Deposit of its Kitsault Valley silver and gold project in British Columbia's Golden Triangle.

The entire program consisted of 69 drill holes totaling more than 31,000 meters — 41 holes totaling 15,546 meters at the Dolly Varden area and 28 holes for 16,181 at the Homestake Ridge area. Planning for drilling this year is underway and will "build on the expanded silver and gold zones drilled in 2024," the company has said.

In terms of size, Dolly Varden Silver's 100% held, 163-square-kilometer Kitsault Valley project is in the southern tip of British Columbia's Golden Triangle, which is just south of the high-grade Brucejack and Eskay Creek gold mines. According to Khunkhun, its land package is "48X bigger than New York City's Central Park."

A Catalyst-Rich 2025

Analysts seem to agree with the CEO's vision for Kitsault Valley's future. In an updated research note on February 3, Haywood Capital Markets Analyst Marcus Giannini wrote, "We believe Kitsault Valley continues to offer ample avenues for resource augmentation, both in terms of regional exploration upside as well growth within the known deposits, paving the way for a catalyst-rich 2025, especially upon recommencement of drilling this summer."

"We continue to view Dolly's high-grade endowment as an increasingly attractive target for larger North American-focused precious metal producers," continued Giannini, who gave the stock a Buy rating with a CA$2.40 per share target price, a more than 133% bump from DV's share price at the time of writing.

Jeff Valks, senior analyst for The Gold Advisor, noted on February 3 that the Homestake Ridge deposits, classified as epithermal vein stockwork and vein breccia systems, remain open for expansion.

"The company's 2025 drill program aims to further define high-grade extensions along strike and at depth," Valks wrote. "With a fully funded exploration plan for 2025, Dolly Varden is positioned to continue expanding its gold and silver resources within the Kitsault Valley trend. In other words, lots of news ahead."

The Catalyst: Silver's Industrial Role Creates Deficit

Reporting for FX Empire on April 3, James Hyerczyk said silver prices plunged Thursday as market participants reacted to "technical weakness and a deepening global trade war, sending the metal into a key support zone."

Spot silver fell below US$33.62, triggering a sell-off that brought prices to their lowest level since March 11 and pushed the market into a confluence of long-term support at US$32.53, he wrote.

"Silver's industrial demand outlook took a hit after the U.S. announced a baseline 10% tariff on nearly all imports and much higher duties on specific trading partners," Hyerczyk wrote. "Semiconductors — one of silver's key industrial applications — are now at the center of trade uncertainty, with targeted tariffs reducing the demand outlook from major manufacturers. Markets in China, Japan, and Europe sold off sharply, while U.S. futures turned negative as investors reassessed growth risks and inflation pressure."

Silver's industrial utility comes in clearer when contrasting it to the current gold market, which is setting multiple record highs as a safe haven in times of financial and geopolitical uncertainty. However, it's the industrial role that comes into play to help create a deficit for silver, which is the best conductor of electricity among the metals.

"Underpinning silver's fundamentals is robust demand from industrial applications," The Silver Institute said in its World Silver Survey 2024 report. "These continued to push higher last year, reaching a new all-time record, fueled by the remarkable rise in solar demand and in spite of stagnation in some other sectors. Sluggish silver supply, owing to the slight decline in global mine production, was another factor contributing to silver's deficit conditions last year."

Mordor Intelligence noted that silver is expected to register a compound annual growth rate (CAGR) of more than 5% between 2024 and 2029.

Ownership and Share Structure

According to the company's latest corporate presentation in January 2025, 52% of its stock is held by institutional investors, including Fidelity Management & Research Company LLC, Sprott Asset Management LP, U.S. Global Investors Inc., and Delbrook. 

About 37% is with strategic investors, including 15% with Fury Gold Mines, 12% with Hecla, and Eric Sprott owns 10% himself. 

The rest, 11%, is with retail and high-net-worth investors.

The company has 318 million outstanding shares. Its market cap is CA$316.45 million, and its 52-week trading range is CA$0.86–1.46 per share.