Dolly Varden Silver Corporation announced a brokered private placement of flow-through shares at an issue price of CAD 0.90, and charity flow-through shares at an issue price of CAD 1.05 per share for gross proceeds of CAD 18,000,000 on December 5, 2022. The placement agents will receive an aggregate cash fee equal to 6.0% of the gross proceeds of the offering, including in respect of the agent's option. All other offered shares issued pursuant to the offering will be subject to the statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. A portion of the offering of up to 9,523,809 charity offered shares will be offered via the Listed Issuer Financing Exemption. The agents will have an option to offer for sale up to an additional 15% of the number of Offered Shares sold in the Offering, excluding those charity offered shares sold pursuant to the LIFE Offering, at the applicable Offering Prices, which Agents' Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the offering. The closing of the offering is anticipated to occur on or about the week of December 21, 2022. The issuance of the offered shares under the offering and the payment of the agents' commission are subject to the approval of the TSX Venture Exchange, receipt of any other required regulatory approvals and other customary closing conditions.

On December 14, 2022, the company announced that it will terminate the listed issuer financing exemption offering. The company will amend the proportion of flow-through offered shares and charity offered shares originally intended but deal size will remain the same.