Why Analyst Like This Silver Explorer in BC's Golden Triangle
Analyst Consensus Report

1. Dolly Varden Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dolly Varden Silver Corp.
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1. Street Smart Average Price Target Formula

   Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

   The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures for Raymond James Ltd., Dolly Varden Silver Corp., November 10, 2025:

Unless otherwise specified, the term “Raymond James” shall denote, where appropriate, Raymond James & Associates, Inc. (RJA), Raymond James Ltd. (RJL), and their affiliates, subsidiaries, and related entities. Analyst Information Analyst Compensation: Research analysts and associates at Raymond James are compensated on a salary and bonus system. Several factors enter into the compensation determination for an analyst, including: i) research quality, ii) team productivity, iii) client feedback, iv) rating accuracy, v) overall revenue and profitability levels of the department and firm (a portion of which is generated by investment banking activities) and vi) compensation levels for comparable research analysts at competing firms. Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of, or associated with, RJA are not registered/qualified as research analysts under FINRA rules and are not subject to FINRA Rule 2241 restrictions on communications with covered companies, trading securities held by a research analyst account, and obligations related to identifying and managing conflicts of interest. This global disclosure considers all entities of Raymond James and its affiliates. The jurisdiction where the analyst(s) is registered will determine what is permitted. For example, if the persons responsible for the content of this report are not licensed as research analysts in accordance with applicable rules promulgated by the regulatory organization(s) where this report is distributed, any client wishing to effect trades in any security should contact their Raymond James representative. The analyst Craig Stanley, primarily responsible for the preparation of this research report, attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and (2) that no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. Craig Stanley of Raymond James Ltd. is a non-US Analyst Company Specific Disclosures Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of qualitative and quantitative factors, including an assessment of industry size, structure, business trends, and overall attractiveness; management effectiveness; competition; visibility; financial condition; and expected total return, among other factors. Collectively, these factors are subject to change depending on overall economic conditions or industry- or company-specific occurrences. Target Prices: The information below indicates Raymond James’ target price and rating changes for any subject companies over the past three years. Price targets set to NM = Not Meaningful. Securities rated Market Perform and Underperform are not assigned a price target.

Valuation Methodology Dolly Varden Silver Corporation Our target price is based on 1x our net asset value, derived from Dolly Varden expanding its resource and maintaining its current EV/oz value. General Risk Factors Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product/service pricing could change and adversely impact expected revenues and earnings; (2) issues relating to major competitors or market shares or new product expectations could change investor attitude toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation. Company Specific Risk Factors Dolly Varden Silver Corporation Financing Risk: Dolly Varden currently does not generate cash flow and is dependent on outside sources of financing. In the future, the company may not be able to raise money due to market conditions or may do so at a price that is dilutive to existing shareholders. Technical Risk: Dolly Varden has not published an economic study. Our valuation is based on ounces that have not been included in a NI 43-101 compliant resource estimate.

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Disclosures for Research Capital Corp., Dolly Varden Silver Corp., November 10, 2025:

Analyst Certification I, Stuart McDougall, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report. Relevant Disclosures Applicable to Companies Under Coverage Information about Research Capital Corporation's Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our website at www.researchcapital.ca General Disclosures Research Capital Corporation publishes research and investment recommendations for the use of its clients. The opinions, estimates and projections contained in all Research Reports published by Research Capital Corporation ("RCC") are those of RCC as of the date of publication and are subject to change without notice. RCC makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; RCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on its Research Reports or its contents. Information may be available to RCC that is not contained therein. Contents of this report cannot be reproduced in whole or in part without the express permission of Research Capital Corporation.

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This report has been created by analysts who are employed by Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see the Company Related Disclosure section of the report. Mining As required by the Canadian Investment Regulatory Organization, Research Capital provides a summary of the percentage of its recommendations that fall into each category of our ratings. Our distribution of ratings is available on our website at www.researchcapital.com Information regarding our categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our policies regarding the release of our research reports is available at www.researchcapital.com or may be requested by contacting the analyst. Potential Conflicts of Interest All Research Capital Corporation ("RCC") Analysts are compensated based in part on the overall revenues of RCC, a portion of which are generated by investment banking activities. RCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. RCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned in our Research Reports as principal or agent. RCC makes every effort possible to avoid conflicts of interest, however readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. RC USA INC. US Institutional Clients – Research Capital USA Inc., a wholly owned subsidiary of Research Capital Corporation, accepts responsibility for the contents of this report. This report has been created by analysts who are employed by Research Capital Corporation, a Canadian Investment Dealer. US firms or institutions receiving this report should effect transactions in securities discussed in the report through Research Capital USA Inc.,

Disclosures for Haywood Capital Markets, Dolly Varden Silver Corp., November 10, 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. Link to Research Policy: http://haywood.com/what-we-offer/research/research-policy

StreetSmart Research™

Dolly Varden Silver Corp.

(DV:TSX.V - DVS:NYSEA - DVQ:FSE)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Outperform / Speculative Buy

Target: US $5.97 / CA $8.42

How Avg Analyst Ratings Are Calculated

11/21/2025

Craig Stanley – Raymond James

Price at Time of Rating: US $3.82 / CA $5.39

Rating: Outperform

Target Price: US $4.54 / CA $6.40

11/10/2025

Stuart McDougall – Research Capital Corporation

Price at Time of Rating: US $4.11 / CA $5.80

Rating: Speculative Buy

Target Price: US $5.39 / CA $7.60

11/10/2025

Marcus Giannini – Haywood Securities

Price at Time of Rating: US $3.82 / CA $5.39

Rating: Buy

Target Price: US $7.98 / CA $11.25

Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) is a mineral exploration company dedicated to advancing its wholly owned Kitsault Valley Project, which combines the Dolly Varden Project and the Homestake Ridge Project in the Golden Triangle of British Columbia, just 25 kilometers by road from tidewater.

Including the Kitsault Valley Project, the Company has consolidated around 100,000 hectares of promising land in the Golden Triangle, encompassing five historically high-grade silver mines: Dolly Varden, Torbrit, Porter Idaho, Mountain Boy, and Esperanza.

The 163-square-kilometer Kitsault Valley Project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge, along with the former Dolly Varden and Torbrit silver mines. It is regarded as having potential for additional precious metal deposits, being located on the same structural and stratigraphic belts that host numerous other high-grade deposits, such as Eskay Creek and Brucejack, accoding to the company.

The Kitsault Valley Project also includes the Big Bulk property, which is considered prospective for porphyry and skarn-style copper and gold mineralization, similar to other deposits in the region like Red Mountain, KSM, and Red Chris.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy/Outperform/Speculative Buy, with an average target price of US$5.97/CA$8.42.

Craig Stanley — Raymond James Ltd.

In a company brief on November 10, Raymond James Analyst Craig Stanley maintained the firm's Outperform 2 rating on the stock with a price target of CA$6.40 per share, a 19% increase from the price at the time of writing.

Dolly Varden (DV) is concentrating on its wholly owned Kitsault Valley Ag + Au (silver and gold) Project in the Golden Triangle of northwestern British Columbia, Stanley noted. Kitsault Valley encompasses a total resource of 64 million ounces (Moz) of silver and 983,000 ounces of gold across seven deposits. The silver resource at the Dolly Varden property is distributed among four deposits: Wolf, North Star, Dolly Varden, and Torbrit, totaling 44 Moz at 294 grams per tonne silver (g/t Ag). Homestake Ridge comprises three gold-rich deposits: Homestake Main, Homestake Silver, and South Reef, with 983,000 ounces at 4.9 g/t gold (Au), along with silver (Ag), copper (Cu), and lead (Pb).

On November 10, the company announced drill assay results from the Homestake Silver deposit, situated 300 meters southeast of the Homestake Main Deposit, he wrote. Homestake Silver currently has an inferred resource of 15 Moz of silver at 146 g/t and 337,000 ounces of gold at 3.1 g/t. Hole HR25-469 intersected 14.76 meters of 26.74 g/t Au, including 2.85 meters of 122 g/t Au, within a broader zone averaging 33.6 meters of 12.13 g/t Au. The nearest historic drill hole is over 50 meters away. Hole HR25-464 intersected 6.65 meters of 9.22 g/t Au, including 0.95 meters of 58.80 g/t Au, 110 meters down dip from HR25-469. Both holes were drilled from the same pad, with estimated true widths ranging from 55% to 75% of the core length.

The mineralization in Hole HR25-464 is located in a newly identified stockwork zone west of the main trend, which management notes is similar to the Premier Gold Mine 45 kilometers to the northwest, Stanley wrote. The high-grade core of the Homestake Silver deposit has been delineated for over 1,000 meters along plunge and 300 meters vertically, and it remains open. Last month, assays from Hole HR25-456 were announced, showing 120 meters of 3.34 g/t Au and 3 g/t Ag from 409 meters, including 0.52 meters of 216 g/t Au and 1.3 meters of 166 g/t Au. This hole is located 300 meters to the northwest along the plunge of the holes announced today.

In 2025, DV drilled 84 holes for 56,131 meters, split 60% on the Dolly Varden property and 40% on the Homestake Ridge property, the analyst said.

"In May, management announced the acquisition of three property packages near Kitsault Valley: the Kinskuch Project adjacent to Kitsault Valley, the Porter Project 4 kilometers from the town of Stewart, and four properties totaling over 20,000 hectares, including the road accessible American Creek Property 6 kilometers from the Premier Mill," Stanley wrote. "With these acquisitions, DV controls the dominant land position in the southern Golden Triangle."

Stuart McDougall — Research Capital Corp.

Also on November 10, Analyst Stuart McDougall with Research Capital Corp. said his firm was resuming coverage of Dolly Varden following the successful completion of a recent equity financing, in which Research Capital acted as an agent, and other corporate activities since our last update, including a 1-for-4 share consolidation.

Additionally, in light of recent drill results, McDougall said Research Capital assumes 50% more ounces are outlined at the flagship Kitsault Valley project in British Columbia's Golden Triangle instead of 25%, alongside the 25% upside factor the firm maintains on gold.

"Furthermore, we now value those ounces at US$4/ounce and US$100/ounce instead of US$3/ounce and US$75/ounce, bringing our metrics more in line with comparable companies," he wrote.

McDougall's rating of the stock was Speculative Buy with a CA$7.60 per share price, up from CA$5.80 per share. At the time of writing, the target would give a return of nearly 46%.

In March 2023, Dolly Varden released an updated technical report after acquiring Homestake Ridge from Fury Gold Mines Ltd. (FURY-TSX: Not Rated) a year earlier for CA$5 million in cash and 76.5 million shares, McDougall said. The report essentially combined and confirmed the pre-existing resource models, excluding over 176,000 meters of subsequent drilling in 376 holes, including 56,000 meters in 84 holes drilled during the summer. An updated resource estimate remains on track for completion in H1/26.

Infill hole DV25-446, announced in early September, represents the latest confirmation of the vein's potential, with 21.7 meters grading 1,422 g/t silver (Ag), 0.51 g/t Au, and 4.47% lead and zinc (Pb+Zn), starting at 816 meters down-hole, the analyst wrote. Within that broader section, 5.28 meters ran 4,554 g/t Ag, 1.58 g/t Au, and 7.18% Pb+Zn, within which a 1-meter section ran an even more impressive 10,700 g/t Ag, 2.54 g/t Au, and 6.01% Pb+Zn. True widths are estimated at 55%-65%, supporting the potential use of bulk mining methods for some, if not all, of the deposit. The intercept itself sits about 105 meters up-plunge from a 120-meter step-out hole (DV24-421) completed during the 2024 campaign that averaged 379 g/t Ag and 1.30% Pb+Zn over 21.69 meters, starting at 757 meters, McDougall noted. The first 10.43 meters of that section ran 556 g/t Ag and 2.02% Pb+Zn, while the final 6.25 meters ran 225 g/t Ag and 0.97% Pb+Zn. Between both, 5.01 meters of what was described as stockwork mineralization averaged 203 g/t Ag and 0.22% Pb+Zn. To date, the Wolf Vein has been delineated several hundred meters beyond the known resource, giving us confidence in our upside expectations.

The Homestake Silver deposit is one of three identified in the northern part of the project, with four others located in the southern Dolly Varden block, he wrote. On a combined basis, it accounts for just over one-third of the project's contained silver and one-quarter of its contained gold, or 3.35 Mt (million tonnes), averaging 146 g/t Ag and 3.13 g/t Au. The potential for an even higher-grading "core" also emerged during the 2023 campaign and has since been traced along a northern plunge towards the similarly oriented Homestake Main deposit, located 300 meters to the northwest.

Marcus Giannini — Haywood Capital Markets

With Dolly Varden's announcement of assay results from its Homestake Silver project leading to the expansion of the known high-grade gold zone within the deposit, the company is drawing comparisons to the nearby Premier Gold Mine, according to a research note by Haywood Capital Markets Analyst Marcus Giannini on November 10.

The similarity comes from the style of mineralization observed in hole HR25-469, which is located over 50 meters from the nearest historic drilling, the analyst noted. Consequently, the high-grade gold trend within the Homestake Silver deposit has been delineated for over 300 meters vertically and extends 1,000 meters along plunge, with this area remaining open from Haywood's perspective.

Headline assays highlighted the intensity of gold mineralization, he said. Hole HR25-469 returned an impressive 26.74 g/t Au over 14.76 meters, including 122 g/t Au over 2.85 meters within a broader zone of 12.13 g/t Au over 33.8 meters. Notably, the intervals in the release are estimated to have a true width of 65–75% of the reported length, as the continuity of this system remains strong. The epithermal style of mineralization seen in this hole shows strong visual similarities to those at the Premier Mine, he said.

"While hole 469 certainly impressed with its continuity and high-grade nature, we also saw strong grades from hole HR25-464, which returned 9.22 g/t Au over 6.65 meters, including 58.80 g/t Au over 0.95 meters within a distinct and newly recognized stockwork zone," Giannini wrote. "We note that this hole represents a step out below the known extents of Homestake Silver, as we believe the novel stockwork zone warrants additional follow up work."

Under the company's 2025 program, 56,131 meters of drilling over 86 holes were completed, with about 40% of the meterage at Homestake Ridge focused on step-out and infill drilling along the high-grade gold corridor at Homestake Silver, the report noted. As a result, we have seen the successful delineation of additional high-grade gold ounces as the company continues to develop a model yielding a high frequency of gold-dominant structures. Looking ahead, we expect this aspect of Homestake Silver to be a key component for resource growth, reshaping the deposit's potential regarding the overall gold content.

"We continue to view Dolly's high-grade endowment as an increasingly attractive target for larger North American-focused precious metal producers," the analyst said. "Our target is predicated on a ~0.70x NAV multiple to our Corp. NAV6 based on a DCF operating scenario at Kitsault Valley, other asset credits, and corporate adjustments."

Giannini rated the stock a Buy with a CA$11.25 per share target price, a more than 100% return from at the time he wrote the note.

Ownership and Share Structure²

Institutional investors own 52% of the company. Along with Hecla with 13%, other strategic investors include Fury Gold Mines Ltd. (FURY:TSX) with 12% and Eric Sprott with 9%. The rest is in retail.

Dolly Varden has 90.88 million outstanding shares and 90.5 million fully diluted shares. Its market cap is CA$460.43 million. Its 52-week range is CA$3.21–CA$7.46 per share.