VANCOUVER, BC - Vancouver, BC, Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the 'Company' or 'Dolly Varden') is pleased to announce drill results from the 100%-owned Homestake Ridge property in BC's Golden Triangle.

Highlights from the Homestake Main Deposit include*:

HR22-324: 4.32 g/t Au and 76 g/t Ag over 22.50 meters including 19.42 g/t Au and 375 g/t Ag over 4.50 meters

HR22-333: 46.31 g/t Au, 70 g/t Ag and 0.19% Cu over 25.00 meters including 1,145 g/t Au, 826 g/t Ag and 0.51% Cu over 0.48 meters

HR22-336: 6.19 g/t Au and 1,844 g/t Ag over 3.90 meters and 6.37 g/t Au, 29 g/t Ag and 1.51% Cu over 6.00 meters

HR22-338: 4.16 g/t Au, 21 g/t Ag and 1.42% Cu over 5.10meters including 20.80 g/t Au, 115 g/t Ag and 11.60% Cuover 0.50 meters

HR22-345: 8.73 g/t Au and 12 g/t Ag over 29.54 meters, including 260 g/t Au, 102 g/t Ag over 0.70 meters

HR22-359: Three individual higher grade zones grading; 49.49 g/t Au over 1.52m, 24.00 g/t Au over 0.70m and46.20 g/t Au over 0.50m within a 40.50 meter interval

Intervals are core length; estimated true widths vary from 80 to 90% of core length interval, assays are uncut

Highlights from the Homestake Silver Deposit include*:

HR22-349: 211 g/t Ag over 3.50 meters, and 688 g/t Ag over 0.80 meters

HR22-357: Three individual higher grade silver intersectsgrading; 1,185 g/t Ag over 0.50m, 816 g/t Ag over 0.50m and 1,085 g/t Ag over 0.50m within a 129m wide structural corridor

HR22-361: 2,500 g/t Ag, 15.04 g/t Au and 0.17% Cu over 1.20 meters

HR22-362: 1,252 g/t Ag, 0.81 g/t Au and 0.14% Cu over 2.50 meters, including 3,330 g/t Ag, 0.75 g/t Au and 0.38% Cu over 0.75m

HR22-365: 469 g/t Ag over 2.70 meters including 1,040 g/t Ag over 0.65 meters

Intervals are core length; estimated true widths vary from 70 to 90% of core length interval, assays are uncut

'Dolly Varden Silver's initial drilling at the Homestake Main Deposit has returned consistent mineralized intervals with some of the highest grades of gold with silver reported from the Property to date, but also the entire Golden Triangle during the 2022 drilling season,' said Shawn Khunkhun, President and CEO. 'Coupled with the exceptional grades and thicknesses of silver mineralization encountered in step-out holes at the Wolf and Kitsol Deposits, we are demonstrating the impressiveprecious metal endowment and potential of the Kitsault Valley trend.'

The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Mineral Resources. A total of 41 holes for 10,472 meters were completed at the Homestake Main Deposit, 12 holes for 6,076 meters were completed at the Homestake Silver Deposit and 3 additional exploration holes for 1,900 meters were completed along the Homestake Ridge Trend during the 2022 season.

Figure 1. Homestake Ridge Deposits within Dolly Varden'sKitsault Valley Trend

The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia systemshosted in early Jurassic-age Hazelton Group volcanic rocks. Mineralization consists primarily of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system, locally with native gold, silver and electrum. (see Figure 3). The northwestern strike of the main Homestake structural trend hosts multiple, subparallel internal structures that are interpreted to form the controls for high-grade gold shoots within a broader interval of mineralization at the Homestake Main deposit. The main structural corridor dips steeply to the northeast (see Figure 4 to 6).

Figure 2. Homestake Main and Homestake Silver Long Section(looking west) with 2022 drilling highlighted

Homestake Main

The results from Homestake Main are primarily infill drilling from areas of current Inferred Mineral Resources and suggest that the higher-grade gold-silver shoots may be more extensivethan previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence.

Four of the drill holes at Homestake Main were drilled below the Mineral Resource domains to test for down dip extensions. Drill holes HR22-326, 329, 351 and 354 all intersected the structures that host gold mineralization below the resource.

One step out drill hole, HR22-355, was drilled along trend and approximately 250m north of Homestake Main. Alteration associated with the main deposit was encountered with minor brecciation returning anomalous pathfinder elements as seen in the upper levels of the mineralization system at the Homestake Main Deposit indicating the system continues to the north.

Complete Assay results for the second batch of drilling results from Homestake Main are in Table 1.

Figure 3. Drill hole HR22-333 from the Homestake Main deposit showing breccia vein style mineralization.

Homestake Silver

The 2022 drilling at the Homestake Silver Deposit area was a combination of step out holes below the primarily Inferred Mineral Resource as well as some infill drilling designed to convert Inferred resources to Indicated classification. Six infill drill holes, HR22-340, 344, 349, 353, 358 and 361, were collared off three drill pads at the southern end of the deposit (see Figure 8). The mineralization encountered in these holes is consistent with previous drilling.

Expansion drill Holes HR22-364, 365 and 366 targeted the south end while HR22-357 and 360 in the northern end of Homestake Silver testing below several of the resource domains. Drilling intersected silver mineralization (see figure 4) within multiple vein stockwork zones extending the zones to depth. These areas remain open down dip.

Figure 4. Drill hole HR22-366, 473m depth, down dip step outfrom the Homestake Silver deposit showing Native Silver inbreccia vein style mineralization.

Step out drill hole HR22-362, located approximately 200m down dip and along the targeted projection of a Homestake Silver resource domain intersected vein breccia over 2.50m core length grading 1,252 g/t Ag, including 0.75m grading 3,330 g/t Ag. Relatively little drilling has been completed at Homestake Silver and with these step out mineralized intersections the expansion potential to depth and along strike has been demonstrated.

Complete Assay results for the 2022 Homestake Silver drilling are in Table 2.

Homestake Trend Exploration

Two new areas within the Homestake Trend were tested with three drill holes. Drill holes HR22-311 and 312 were collared 425m to the south of the Homestake Silver Deposit to test below sedimentary cover rocks (see Figure 2). Although alteration of the volcanic rock below the sediment cover was present, no significant mineralization was encountered. Further geophysics will be completed over this area to aid in targeting the southern projection of the Homestake Ridge structural corridor below the sediment cover.

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. The 163 sq. km. 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 Canadian 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', 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. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management's current expectations and beliefs and assume, among other things, the ability of the Company 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.

For additional information on risks and uncertainties, see the Company's most recently filed annual management discussion & analysis ('MD&A') and management information circular dated January 21, 2022 (the 'Circular'), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

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.

Contact:

Shawn Khunkhun

CEO & Director

T: 1-604-609-5137

WEB: www.dollyvardensilver.com

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