Dolly Varden Silver Corporation entered into a subscription agreement for strategic investment by Hecla Canada Ltd. on October 30, 2023. Hecla has agreed to subscribe for 15,384,616 common shares of the Company at a price of CAD 0.65 per share for gross proceeds for CAD 10 million. The placement is expected to close on November 01, 2023, remains subject to customary closing conditions, including the approval of the TSX Venture Exchange.

The Common Shares issued pursuant to the Offering will be subject to a four-month hold period from the closing of the Offering in addition to any other restrictions under applicable law.