Dolly Varden Silver Corp.

Right, OK. OK, thank you very much. thank you for all of you who are attending, Divard and Silver Corporation, Pure silver and a safe jurisdiction. I will be making some forward looking statements. the company is focused in northwest British Columbia, an area known as the Golden Triangle. I highlight a couple of key facts on this slide, the $5 billion in mergers and acquisitions since 2018. Also the fact that in the last three decades there's been 150 million ounces of gold discovered. And 1.2 billion ounces of silver just in the last three decades. And the reason for this rapid growth in terms of the discovery, I attribute it to support of First Nations established infrastructure, rising metal prices and glacier retreat. Dolly is focused in the southern end of the Golden Triangle, and just a, just a quick history here, we've we're known for some of the most profitable gold and silver mines in the world, the most profitable gold mine in North America, which was the premier mine when it was operating the SK Creek and Bruce Jack. So we have built a land package. Just south of the town of Stuart in arguably the most underexplored belter rocks, this is the Jurassic Age, Hazleton suite, which was endowed with the same mineralizing event as SK Creek. And so where is Dolly Varden's place in the market? we are predominantly a silver explorer with a large high grade silver inventory. There are 10 primary silver producers that are listed. Outside of those 10 primary silver producers, there's less than 5 significant advanced explorer developers. What sets Dolly apart from its peer group is location. Not only do we have a large high grade deposit, but we're located in a safe jurisdiction. We've demonstrated the ability to consolidate a district scale land package. We're up to 100,000 hectares of ground, and we've demonstrated some very high grade results. I've noted the September 2 results, the most recent results from the company, 1,422 g of silver. Over 21 m. This was the best drill hole the project has ever seen. I've been coming to this conference. This is my 4th year and I've led with that same line. This is the best drill hole the project's ever seen. I've been seeing that on an annual basis. So this highlights why we went on an acquisition path in the month of May. Now I just want to point out to the audience that since April, silver is up 49%. These transactions were completed in the month of May before that run up in the silver price. I think we brought incredible assets for our shareholders. we went from 15,000 hectares to 100, but it wasn't just grabbing good land. It was doing it for less than 2% dilution. And it included 3 pass producing high grade mines. So we have been historically known for our namesake mine, the Dolly Varden mine, which was known as the richest silver mine while it operated in the British Empire. We were known for what was Canada's 3rd largest primary silver mine when the Torbert mine operated all through the 1950s, but we've also picked up the Porter Idaho, which was the richest. Primary silver producer in the Golden Triangle, the Mountain Boy Mine and the Esperanza mine. So what the company is doing today is we are in the midst of a 5 rig 55,000 m drill program. even though we went out and we significantly expanded our land package, we're focused. On a 15 kilometer high grade corridor which houses our 43101 compliant resources, we're focused here. We've completed 73 drill holes and the strategy here is 80% of the drilling is focused at home stake silver and, and the wolf deposit. And we're focused on about 20% of regional work, so the way I look at that is we're de-risking, we're expanding, and we're looking to discover. So Wolf is a great example of what sets Dolly part of Arden apart from its peers. This is a pure high grade silver vein., a few, few seasons ago, all we knew about Wolf was it was a high grade vein at surface. our exploration manager who's pictured here, Amanda Bennett, had the idea to test below the sedimentary cap and what we've successfully now drilled is consistent 10. 10 to 30 m wide high grade silver mineralization. I mentioned hole 446 that cut 1,422 silver over 21 m. If we were to subtract the 10,000 g of silver over a meter. The hole would still run 973 g of silver over 21 m. So you know this is a wide system. It's potentially amenable to bulk mining. It daylights its surface. It's open, and as the company looks to put out a new mineral resource estimate in Q1, I think the greatest contributor of adding new ounces to that estimate is going to be the wolffa. The Homestead silver deposit is where we currently have all five rigs turning right now. I'm going to highlight some of the 2024 drill results which include 93 m of not only 213 g of silver but also 1.7 g of gold. And so we're consistently hitting 90 80 m wide zones of what would be about a 350 g silver equivalent. Which is made up of 50% silver and 50% gold. so as we talked about wolf. Homesteak silver is located 5 kilometers to the north. That primary silver system is transitioning to silver and gold, and then it goes gold dominant, highlighted by hole 333, which cut 46 g of gold over 25 m. Some of the best drill results in the district have come from Dolly Varden for the last 4 years., these are our current mineral resources. If we take, the indicated category, the 34 million ounces of silver, we've got, 29 million ounces in the inferred category. And then it's complemented by 165,000 ounces of gold indicated and 816 in the inferred. So we've done a lot of drilling over the past three seasons and we will be updating this and what I hope this brings us is not only increased ounces but also increased confidence as the inferred ounces are moved into the measured and indicated category. So you know I talked a little bit about the project you know the the drilling but again I think of the company through the lens of an investor. I'm making a business case. I'm making an investment case here I took over this company 5 years ago. We were a $20 million market cap. on Friday we closed at a $550 million valuation, and there's lots of ways to grow grow market cap. you can do diluted acquisitions and transactions, so that's not our focus. Our focus is the ROI for our investors. The, the share price is up over 600%, and that's sustained. So we're delivering value to our shareholders and we're doing it on two pillars. Acquisitions and drilling, what's also aided that is the $150 million we've raised over the five year period and we've had some incredibly supportive shareholders in the past who have participated and without those shareholders, the company would not be in the position it is so I would like to thank those shareholders, you know. Specifically, Heckler, Eric Spratt, all the institutions also we need to recognize Fury, that had divested the Homeste project which has really given us the size and scale and helped us to consolidate this part of the Golden Triangle. So the company has 87 million shares issued and outstanding. That's $90 million on a fully diluted basis. there's no debt. There's no warrants. the company today has $39 million Canadian dollars in the bank. where I suspect us to end the year is with $25 million in the treasury, and that's with all the expenditures being paid from the 55,000 m drill program. So we're fully funded for all of the activities we're looking to do during 2026. So again, going back to the business case here. We've seen silver prices go up 49% since April. Dolly Varden as an advanced explorer is in a position where we do not need to dilute. We can execute all of our business plans which are the new MRE, the economic study, and we can even get drilling next year without having to do a financing so we're in a unique, unique place for an advanced explorer, not having to dilute in a rising price environment. Part of that strategy this year was to bring increased liquidity. we listed our shares on the New York Stock Exchange on April 21st, on the back of that increased liquidity and share price appreciation. That was the catalyst for pulling off the accretive M&A transactions. We completed those three M&A transactions in 10 days. Those were M&A transactions we've been trying to execute for many years, and we waited for this moment. It was the accumulation of this event where we had that NYSE listing to go out to increase our land package by 75,000 hectares. We also raised $28 million on the back of that listing, taking our treasury at the time to $49 million and we started the largest drill program in the company's history. Now I put up here our philosophy. This is every every company's philosophy, but you know we put here our shareholders at the top. The board is working for those shareholders and I've been hired and I report to the board and you know we've got a board here that has a lot of experience, we've got, you know, strong geological expertise in Mr. Henriksson and McCloud, Michael was with Newmont for 10 years as their head structure. Geologist. Not only is Rob McLeod a gifted geologist, a creative geologist who's been responsible for making discoveries and selling those companies to larger entities, but he's also a 3rd generation explorer miner from the district. So his relationships with the Nishka., who our project is on the traditional territories in the Nishka, that relationship goes back three generations, and there's a lot of trust and support that's built up. So we've got a great board, Now in terms of the company. What I want to highlight here is the, the, the timeline of activity and if I were to sum sum it up, we, we'll have completed 196,000 m of drilling. We have raised $150 million. We'll have completed 5 M&A transactions, and we talked about where the share price has gone in that period, where the market cap has grown to. But what you need to appreciate here is we've done this at a time where the venture exchange, the junior exchange that the resource companies trade on in Canada has been depressed. It's still depressed. And so we've managed to launch a business when capital's been scarce and there's been you know money leaving the sector not coming into the sector so we've managed to get through a very challenging time and if you look at the specifics here, we raised $26 million in 2020. Not having to dilute in 2021, so we've been good stewards of the treasury. We've waited for a creative opportunities as the markets pulled back, we've gotten bigger through acquisitions. What I'm trying to show here is a track record of creating shareholder value through playing from a position of strength and waiting for the right moments. Now that we're into what some are calling the next sort of cycle. And as we're seeing, the, the leaders in the space go to all-time highs in terms of valuations and share prices, we too want to be more aggressive and so continue to see us drill we've got a lot of results. We've got over 70 drill holes that we want to report to the market. We want to continue to evaluate growing through M&A. And I just want to just highlight here what Dolly Varden represents today is the future of silver in Canada. And I just want to thank all of our supportive shareholders for giving us the opportunity to go out, to drill, to expand our resources and grow. And with that, I'll, I'll turn it over to any questions. Thanks Sean. Any questions from the room?, where did I come from? so I started in the industry in 2004. the question is where did I come from? So in 2004 I got behind a geologist in the middle of Canada in the province of Manitoba, and I helped him, launch a company called San Gold Corporation. the valuation of the company when I joined was sub $10 million. It, it got up to a $1.4 billion dollar valuation. And this geologist wanted to focus on operations, and he wanted to get the mine back into production, which he successfully did, got it up to about 85,000 ounces a year, as I mentioned, a billion market cap. So I helped facilitate about $500 million in financing for that company and handled all the work with the shareholders and helping support the business growth and that took me from 2004 to 2011., the last decade or so, I've been putting my own capital to work, investing in opportunities, bringing capital and liquidity to undervalued opportunities. I sit on a total of 4 boards, I advise and I work within a group in Vancouver that's known as the Fiore Group. We've got 3 minutes left. Are there any other questions from the room? If not, I might just ask one. I think it's a great story and it's great to see a company generating lots of value through the drill bit. You mentioned other accretive potential M&A transactions. Is that to acquire more properties in the region? You've already got a big land package and a lot to drill, or would you see value in potentially acquiring a small producer that might give you the cash generation that will help with, I guess minimizing that shareholder dilution that you talked about? Yeah, look, you know I've studied how great companies have been built in the past and you know what I understand about this industry is you're constantly evaluating your project and and trying to build out that project pipeline for the future. And trying to look at the inefficiencies that sometimes exist in capital markets. So what I can say is, look, we've got a lot to focus on. We've got a lot of results to understand, but we do have a history of taking advantage of opportunities that we deem to be. Creative for our shareholders, I think you know whether you're a silver company or you're in any other line of business, if you're in the capital markets you you need to consider growth and and so we are evaluating opportunities, but we are really excited about sharing those drill results with our shareholder base. Excellent. When do you expect to put one or any of these properties into cash flow? So I think the first lot of a lot of already you're a depth in a lot of these places, so big chuck of your cost is gone, right? So the the Torbert deposit has about 7 kilometers of underground workings that were rehabilitated in 2017. there are power lines that lie, you know, kilometers below the property. we've got, tide water, we've got roads that come into site, so highways that cut across it, so tremendous infrastructure all around us. the first step is to get out the all these assays. To bring them into a new mineral resource estimate and then the next step would be a study and then we'll we'll let that dictate how we want to advance into making a development decision. Good time for one last question if anyone's got one. In, in which case, thank you very much, Sean. and that wraps up this session, has some really interesting companies and some opportunities out there. Thank you.