Silver Explorer Unlocks Premium Trading Access with NYSE American Debut

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Dolly Varden Silver Corp. (DV:TSX.V; DOLLF:OTCQX) announced that its application to list its common shares on the New York Stock Exchange (NYSE) American has been approved.

The company said in a release on Tuesday that the shares are expected to begin trading on the index under the symbol "DVS" on or soon after April 21.

The common shares are expected to continue to trade on the OTCQX Best Market until the close of markets on or around April 17.

"By listing on the NYSE American, we are gaining access to the world's largest and most liquid equity markets, which we believe will create significant value for our shareholders," President and Chief Executive Officer Shawn Khunkhun said. "This move will make it much easier for both institutional and retail investors in the U.S. to invest in Dolly Varden through platforms they already use. With our advanced past-producing and exploration projects, we believe Dolly Varden presents a strong opportunity for American investors seeking exposure to high-grade silver in a secure jurisdiction."

Peter Krauth, writing for The Gold Advisor after the announcement, noted that if you're a Dolly Varden shareholder, "you won't need to do anything," your shares will transfer on their own.

"Shares are up slightly on the news, despite an up day for silver," Krauth wrote in the newsletter. "Management continues to focus on growing the flagship asset in BC's Golden Triangle. Attractive to add on weakness."

As part of the application, the company also consolidated its common shares, a move approved by its Board of Directors.

A 'Legacy Asset'

Earlier this year, Khunkhun laid 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."

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 the note.

The Catalyst: Silver Advances Amid Turbulent Conditions

Silver advanced in early trading Wednesday, with XAG/USD trading at about US$32.49, "continuing its upward trajectory alongside gold," wrote Arslan Ali for FX Empire.

Both metals are gaining favor as safe-haven assets amid turbulent market conditions and erratic tariff policies from Washington and Beijing, Ali wrote.

“Markets are bracing for further disruptions as trade tensions escalate unpredictably. Gold and silver are natural beneficiaries in such a climate,” a Hong Kong-based precious metals strategist said, according to Ali.

Until the Federal Reserve clarifies its policy trajectory, gold and silver are likely to remain well bid amid safe-haven flows, according to the report.

However, it's silver's industrial role that comes into play to help create a deficit for the metal, 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 79.52 million outstanding shares. Its market cap is CA$312.51 million, and its 52-week trading range is CA$3.21–5.84 per share.