July 10, 2022

Dear Shareholders, Stakeholders and Friends of Dolly Varden Silver,

When I became CEO just a little over 2 years ago, my vision was to use Dolly as a vehicle to build a top ten silver equity/company.

Over this time, we have worked in this direction through discovery and through our recent acquisition, resulting in the unification of a 15 km mineral trend in the highly prospective Golden Triangle, located in Northwestern British Columbia, Canada.

We have also significantly increased our total mineral inventory and almost doubled the number of deposits on the property from 4 to 7 which include a combined mineral resource base of: 34.7 million ounces of silver and 166,000 ounces of gold in the indicated category and 29.3 million ounces of silver and 817,000 ounces of gold in the inferred category, solidifying the Kitsault Valley Project as among the largest high-grade, undeveloped, precious metal assets in Western Canada.

Dolly Varden Silver currently has 3 drills turning. We have planned 99 drill holes with the goal to complete 30,000 meters of drilling, upgrade and expand the resource and make new high grade silver and gold discoveries.

With much of the resource contained in the first 350 meters from surface, there is tremendous growth opportunity at depth as well as a long strike. The 5.4 km’s between Homestake and Dolly is of particular interest.

In closing, I want to thank shareholders for the opportunity you have provided this company with your support and with $25M in the treasury, in a target rich environment, led by a team with a track record of discovery success. We look forward to a steady stream of drill results and news going forward.

We appreciate your time, consideration and support, and we welcome you to call or email for updates or for more information.

It’s my pleasure serving as your CEO and Director.

Shawn Khunkhun

Best regards,

Shawn Khunkhun