Eric Sprott Clarifies Holdings in Dolly Varden Silver Corporation

Toronto, June 11, 2020 - Eric Sprott announces that, on June 10, 2020, he and 2176423 Ontario Ltd., (a corporation which he beneficially owns) purchased a total of 8,969,697 common shares (shares) of Dolly Varden Silver Corp., representing approximately 8.62% of the outstanding shares on a non-diluted basis; of which 2,000,000 shares were purchased by 2176423 Ontario through a private agreement at $0.30 per share and, concurrently, 6,969,697 shares were issued to Mr. Sprott as flow-through shares on a private placement basis at $0.33 per share, for aggregate consideration of $2,900,000.

Mr. Sprott now owns or controls 19,683,982 shares (representing approximately 18.93% of the outstanding shares). Prior to the acquisition, Mr. Sprott beneficially owned or controlled 10,714,286 shares (representing approximately 12.76% of the then outstanding shares).

Mr. Sprott acquired the shares for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Dolly Varden Silver including on the open market or through private acquisitions or sell securities of Dolly Varden Silver including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Dolly Varden Silver is located at 1800-555 Burrard Street, Vancouver, BC V7X 1M9. A copy of 2176423 Ontario's early warning report will appear on Dolly Varden Silver's profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott's office (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57761