Exploring for Precious Metals in the

Golden Triangle District, British Columbia

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January 9, 2017

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 Forward Looking Information
This presentation may contain forward-looking statements that are not historical facts.
Forward Looking Information includes, but is not limited to, disclosure regarding possible
events, conditions or financial performance that is based on assumptions about future
economic conditions and courses of action; the timing and costs of future exploration
activities on Dolly Varden Silver Corporation (Dolly Varden) properties; success of
exploration activities; permitting timelines and requirements; requirements for additional
capital; environmental requirements; planned exploration and development of properties
and the results thereof; planned expenditures and budgets and the execution thereof.
Often, but not always, forward-looking statements can be identified by the use of words
such as expects, plans, estimates, intends, believes, could, might, will, qualifications, assumptions and exclusions that relate to the information set out in this
budget, scheduled, forecasts, anticipates, potential, base case or variations of presentation that qualifies the Technical Information. The Technical Report is intended to
such words and phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved". 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 relates to,
among other things, Dolly Vardens corporate strategies, mineral resource estimates and
plans for further exploration, which will require additional funding. These forward-looking
statements are based on managements current expectations and beliefs (including the
belief in the accuracy of the resource estimate) but given the uncertainties, assumptions
and risks, readers are cautioned not to place undue reliance on such forward-looking
statements or information. Information in this presentation is not intended to be a
comprehensive review of all matters and developments concerning Dolly Varden and Dolly
Varden does not assume 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 Dolly Vardens most recently
filed annual management discussion & analysis (MD&A), which is available on SEDAR at
www.sedar.com and on Dolly Vardens website at www.dollyvardensilver.com. The risk
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factors identified in the MD&A are not intended to represent a complete list of factors that
could affect Dolly Varden.
Compliance with NI 43-101
The technical information in this website (the "Technical Information") has been approved
by Ben Whiting, P.Geo., V.P. of Exploration of Dolly Varden and a Qualified Person. For
readers to understand the information in this presentation, they should read the technical
report (available www.sedar.com) in its entirety (the "Technical Report"), including all
be read as a whole, and sections or summaries should not be read or relied upon out of
context. The Technical Information in the Technical Report is subject to the assumptions
and qualifications contained therein.
Some of the mineral resources at the Dolly Varden Property are categorized as indicated
and some as inferred mineral resources. Mineral resources that are not mineral reserves
do not have demonstrated economic viability. Mineral resource estimates do not account
for mineability, selectivity, mining loss and dilution. These mineral resource estimates
include inferred mineral resources that are normally considered too speculative
geologically to have economic considerations applied to them that would enable them to
be categorized as mineral reserves. There is also no certainty that these inferred mineral
resources will be converted to measured and indicated categories through further drilling,
or into mineral reserves, once economic considerations are applied.
2
 Overview
Dolly Varden Silver Corp, is exploring for high-grade
silver, gold and base metals in the prolific Golden
Triangle District, northwestern British Columbia,
Canada.
The company's flagship asset is the 100% owned
Dolly Varden Project, an 8,800 hectare property,
hosting a high-grade silver resource, with expansion
potential and multiple regional exploration showings.
The current resources as of August 2015 are
Indicated Resources of 3.07 M tonnes, grading 322
g/t Ag for 31.8 million ounces silver, plus Inferred
Resources of 0.90 M tonnes, grading 373 g/t Ag for
10.8 million ounces silver.
Property-wide exploration programs will continue to
test regional target concepts and known mineralized
showings and deposits.

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 Current as of January 9,Capital
2017 Structure
Avg. Daily Vol. (12 Wks) 33,795
52-Week High $1.11
52-Week Low $0.12
Current Price $0.63

Share Structure
Issued 34,464,759
Warrants (avg. price $0.40) 5,892,550
Options (avg. price $0.93) 2,955.000
Fully Diluted Shares 43,312,309
Notable Shareholders
US Global 16%
Hecla Canada Ltd. 15%

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 Team
Management Technical Advisors
Gary Cope Directors
President, CEO & Director
Darren Devine Kurt Allen, P.Geo.
Ben Whiting, P.Geo. Chairman
Vice President - Exploration
Annette Cusworth Art Freeze, P.Geo.
Rob van Egmond, P.Geo. Director
Chief Geologist
Stephen Brohman, Don Birak Dale Brittliffe, P.Geo.
CPA,CA Director
Chief Financial Officer Jim Sabala Dr. Nick Carter, P.Eng.
Melissa Martensen Director
Corporate Secretary
Tom Wharton
Steve Cope Director
Manager Corp Development

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 The Importance of Location

Within the Eskay Rift and

Golden Triangle District
A Regional, precious and base-
metal mineral belt
Prolific district historic
production
Numerous precious metal
deposits including Eskay Creek
and Brucejack (Valley of the
Kings)
Comparable stratigraphy,
structure and alteration on Dolly
Varden as these world-class
deposits.

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 Infrastructure
8,800 hectare wholly-owned land
position (subject to 2% NSR)
25km from deep tide-water port
Historic road access
30 km from power grid
Hydro project located on property
Federal and Provincial treaties with
Nisgaa First Nation
Four known deposits on Dolly
Varden
>20 million ounces of past high-grade
silver production (in 1920s & 1950s)
>7 km of underground workings at
historic mines

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 2011 2013 Programs
Focused on historic deposits..
2011: Wolf 4,607 m (21 holes)
595 g/t Ag over 15.2 m (epi vein)
384 g/t Ag over 5.45 m (VMS?)

2012: Dolly Varden 1,603 m (6 holes) 11

536 g/t Ag over 5.3 m
Underground rehab, samp and surv
VTEM & ZTEM surveys

2013: Torbrit 3,064 m (14 holes)

509 g/t Ag over 17.1 m on Torbrit deposit
VMS in all holes with ranging from 9.3m to 89.1m
(average 38m) thick

Provided data for resource

estimate completed in 13

August 2015
12

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 Maiden Mineral Resource Estimate
Category Deposit Tonnes Silver Silver oz
(g/t Ag) (contained)
Torbrit 1,913,000 251.4 15,460,000
Dolly Varden 522,000 625.1 10,490,000
INDICATED Wolf 402,000 296.6 3,834,000
North Star 236,000 262.8 1,994,000
Total 3,073,000 321.6 31,778,000
Torbrit 845,600 373.0 10,140,000
Dolly Varden 38,600 434.2 539,000
INFERRED Wolf 9,500 230.6 70,000
North Star 4,800 223.6 35,000
Total 898,500 373.3 10,784,000

1. Effective August 27, 2015 by Giroux Consultants Ltd.

2. 150 grams of silver per tonne (g/t Ag) cutoff grade
3. Mineral resources that are not mineral reserves have not demonstrated economic viability.

Please refer to the companys updated Technical report filed on www.sedar.com for further details.

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 Maiden Mineral Resource Estimate
Room to Grow
Zinc and lead contents, known to exist in the deposits, were not
included in the mineral resource estimate due to sparsity of lead and
zinc assay data (not assayed in pre-2011 drill holes).
Specific gravity (SG) data was also very conservatively modeled due to
sparsity of data. Known presence of barite and sulfides will likely result
in higher SG of rock, resulting in greater tonnage.
Significant volumes of historic (non-compliant) resource estimate were
not included in the current estimate due to lack of data. Further drilling
will allow adding this material to future resource estimates.
Deposits are open along strike and down dip in some areas

Please refer to the Companys updated Technical Report filed on www.sedar.com for further details. The Qualified Person for this
mineral resource estimate is G.H. Giroux, M.A.Sc., P.Eng., who prepared the mineral resource estimate in compliance with the
standards of National Instrument 43-101. Mr. Giroux is independent of the Company.

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 3D Conceptual Geological Model
DV property contains the same depositional host rocks as the Eskay Creek deposit.
Hazelton Group rocks are gently folded and exhibit strong hydrothermal alteration
(Sodium depletion and Potassium enrichment).
Both VMS (volcanogenic massive sulfide) and epithermal vein deposits are proven to
exist.
Silver present as native silver and lead or zinc sulphide species.

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 Exploration
Regional Exploration

Kitsol Epithermal vein: 25.95m grading 712 g/t Ag

Ace-Galena VMS horizon:
3.25m grading 406 g/t Ag (within 65.5m
grading 60 g/t Ag)
1.25m grading 454 g/t Ag
1.25m grading 118 g/t Ag
0.5m grading 159 g/t Ag
Ace Galena Epithermal vein: 3.15m grading 591
g/t Ag, including 0.5m grading 3,200 g/t Ag.
Lithologies and alteration assemblage of the Ace-
Galena Trend comparable to those in known
deposits on the property
Surface strike of alteration extends over 6km from
McKay Showing northeast beyond the Sault
Showing
Only 10% of this trend has been drill tested.
Discovery of new epithermal and VMS
mineralization at Ace-Galena.

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 Ace-Galena

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 Ace-Galena
New VMS & Epithermal Discoveries
Confirmed subsurface
continuity of mineralization in
new VMS zone over 250m at
Ace-Galena.
454 g/t Ag over 1.25m
117.5 g/t Ag over 1.25m
158.5 g/t Ag over 0.5m

Discovered new shallow

epithermal vein containing
native silver.
591 g/t Ag over 3.15m
incl 3,200 g/t Ag over 0.5m

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 Kitsol Vein
Long Section showing Grade X Thickness of Intercepts

Kitsol Vein Long Section

showing grade x
thickness of intercepts
Hole DV14010 returned
25.95m grading 712.19 g/t Ag
(est. 22.6m true width).
Only wide-spaced drill follow up.
Further work to include detailed
structural interpretation.

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 Big Bulk Cu-Au Prospect
In addition to the Dolly Varden Property, Dolly Varden Silver Corp, also
owns the Big Bulk Copper-Gold Prospect, located 10 km to the southeast
along the south shore of Kinskuch Lake.
Big Bulk consists of 7 mineral claims for 2,640 hectares. It is
surrounded by the very large Kinskuch Project of Hecla Mining Limited.
Big Bulk is in alkali porphyritic rocks of the Hazelton Group, with intensly
altered quartz monzonite intrusives. Analogues for Big Bulk are the
Sulphurets, KSM (Seabridge) and Red Mountain (IDM Mining) deposits.
Intermittent exploration programs have taken place over several
decades. Channel sampling on the Bonnie Zone yielded 27.9 m
averaging 1.25% Cu and 1.0 g/t Au.
Short historic drilling programs have been conducted. Hole AGA01
yielded 0.31 % Cu over 54 m from 67 to 121 m, plus 4.0 g/t Au over 10
m from 427 to 437 m.

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 Market Comparables
Total Shares
Company Location Grade Price F/D M Cap Per oz
AgEq oz F/D
ALEXCO RESOURCE CORP Canada 67,300,000 337 105,000,000 $2.28 $239,400,000 $3.56

DEFIANCE SILVER Mexico 17,900,000 192 95,300,000 $0.40 $37,640,000 $2.10

KOOTENAY SILVER Mexico 179,000,000 55 244,000,000 $0.34 $82,960,000 $0..46

SILVER BEAR Russia 78,100,000 900 172,000,000 $0.32 $54,180,000 $0.69

BRIXTON METALS Canada 21,500,000 90 59,000,000 $0.43 $25,075,000 $1.17

AVERAGE $1.60

DOLLY VARDEN Canada 42,600,000 333 43,300,000 $0.63 $27,279,000 $0.64

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 Conclusion: Undervalued

High Grade The Right Experienced

Robust mineral resource
Expansion potential of resource
Confirmed VMS and Epithermal
systems property wide
Encouraging exploration
discoveries
Location
25km from deep tidewater and
power via historic road
On Golden Triangle and Eskay Rift
prolific production
Mineralization styles of Eskay
Creek and Brucejack
Excellent exploration upside
Management
30.1 million shares outstanding
Cash in bank and no debt
Frugal corporate burn rate
Experienced management and
board

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 Contact

LEARN MORE
GARY COPE www.dollyvardensilver.com
President, CEO & Director
604-687-8566
Investor Relations
BEN WHITING, P.Geo. Skanderbeg Capital Advisors
Vice President Exploration 604-687-7130
604-687-8566 info@skanderbegcapital.com

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