Dolly Varden Silver Corporation

Dolly Varden Silver — Investor Presentation (February 2012)

31 slides from Dolly Varden Silver's investor presentation, Feb 21, 2012

1. Slide 1: New Silver Company with Eskay Au–Ag Potential

   Dolly Varden Silver Dolly Varden Silver Corporation New Silver Company with Eskay Au–Ag Potential February 21, 2012

2. Slide 2: Forward-Looking Statements

   Dolly Varden Forward-Looking Statements Silver FORWARD LOOKING INFORMATION Certain of the statements and information herein constitute “forward-looking statements” or “forward-looking information. Any statements or information that express or involve discussions with respect to predictions, expectat

3. Slide 3: Past-producing silver mine with precious metal rich Eskay Creek potential

   Dolly Varden Silver Past-producing silver mine with Precious metal rich Eskay Creek potential 3

4. Slide 4: Two strategies for creating value

   Dolly Varden Two strategies for creating value Silver • Confirm & expand historic silver resources with the goal to re-start the historic Dolly Varden silver mines, BC • Explore a major untested Eskay Creek-type gold & silver target at Dolly Varden • Management team experienced in both Eskay Creek-t

5. Slide 5: Dolly Varden – Solid foundation

   Dolly Varden Dolly Varden – Solid foundation Silver % owned • Property acquired in Spring 2011 • 9,400 hectares (94 Km2) • 2 historically active mines • 2 deposits with underground Development • Native land claims settled 5

6. Slide 6: Dolly Varden – Rich history

   Dolly Varden Dolly Varden – Rich history Silver M Oz Ag* • Historical production *Historical production • Well understood targets • Region with world-class projects • Experienced senior management 6

7. Slide 7: Located in northwestern BC

   7 Dolly Varden Located in northwestern BC Silver Eskay Creek Major nearby projects: KSM (Kerr) •Eskay Creek (Barrick) Historic Production Brucejack - Snowfields 3.6MM oz Au + 180MM oz Ag Silbak Premier • Brucejack (Pretium) • Silback Premier (Ascot) Historic Production BC Moly • Kerr-Sulphurets (Sea

8. Slide 8: Located in the Stewart Complex

   8 Dolly Varden Located in the Stewart Complex Silver Eskay Creek Hazelton Group Arc assemblage (green) KSM(Kerr) Brucejack Host to base and precious metal deposits 220M+ oz Ag produced historically Granduc Silbak-Premier 7M+ oz Au produced historically Wolf Torbrit Dolly Varden / High sulphidation V

9. Slide 9: World-class gold VMS deposits with at least 30 tonnes gold in production & reserves

   World-class gold VMS deposits with at least Dolly Varden 30 tonnes gold in production & reserves* Silver Deposit Operator Country Tonnage Grade (M t) Au(g/t) Ag(g/t) Cu(%) Pb(%) Zn(%) Canadian VMS Deposits Eskay Creek Barrick Canada 2.5 44.4 2087.7 — — — LaRonde Agnico Eagle Canada 43.5 4.2 52.1 0.3

10. Slide 10: Excellent infrastructure – via Alice Arm

    Dolly Varden Excellent infrastructure – via Alice Arm Silver • 2011 Logistics base and camp built in the settlement of Alice Arm • Property is 30 Km from tidewater at Alice Arm • 30 Km from power grid • Access to rail and deepwater shipping • All-weather road access • 7 Km of existing underground de

11. Slide 11: Foundation for Dolly Varden's plans

    Dolly Varden Foundation for Dolly Varden’s plans Silver $ Spent since Extensive exploration by previous owners: 1980 • 631 diamond drill holes • 44,090 meters of drilling M+ • 7 km underground development • 1980’s Engineering Historical resource estimate*: studies on mine, mill, and 5.7M oz. Ag Prov

12. Slide 12: Creating significant additional value

    Dolly Varden Creating significant additional value Silver Targeted exploration programs 1. Validation and 2. Identification of new, expansion of historic major Eskay Creek-type silver resource estimates gold & silver deposits clear targets 12

13. Slide 13: "the best new mines are often found near old mines"

    Dolly Varden Silver “the best new mines are often found near old mines” 13

14. Slide 14: Historic mineral resources

    Dolly Varden Historic mineral resources* (Dilution at 10 – 16%) Silver Location Historic Tonnes Silver Contained Resource Grade Silver Classification (g/t) (ounces) Dolly Varden Mine – Proven & 42,638 754.3 1,034,000 (a) Probable (P & P) North Star Mine – (b) P&P 128,437 401.5 1,657,867 Torbrit Mine

15. Slide 15: Notes on Historic mineral resource estimates

    Dolly Varden Notes on Historic mineral resource estimates* Silver Comments: a: Skerl (1964) and Mann (1974) Dolly Varden Mine staff. Remaing resource blocks are in proximity to mined out stopes and downplunge extensions of mined out areas. b: Thompson & Pearson (1981) Derry Michener & Booth. Minimum

16. Slide 16: Validation of historic mineral resources

    Validation of Dolly Varden historic mineral resources Silver Looking NNW Wolf Mine North Star Mine Torbrit Mine • 4 targets • Mineralization zones of 5-20m true widths Dolly Varden Mine • Potential for high grade silver at depth • Focus on Wolf and Torbrit zone potential for mineral resource upgrade

17. Slide 17: "the Dolly Varden deposits may be silver-rich analogues to Eskay Creek"

    Dolly Varden Silver “the Dolly Varden deposits may be silver-rich analogues to the precious metal-rich Eskay Creek deposit” (Dunne and Pinsent (2002) of the BC Geological Survey Branch) 17

18. Slide 18: Size comparison to Eskay Creek

    Dolly Varden Size comparison to Eskay Creek Silver Dolly Varden footwall alteration & exhalite deposit footprint much larger 18

19. Slide 19: New VMS exploration target

    1 Dolly Dolly Varden Varden New VMS exploration target Silver Silver Eskay Creek Deposit Model with comparable geological features at Dolly Varden vertical footwall feeders mineralize horizontal ocean-floor strata 19

20. Slide 20: Common attributes

    Dolly Varden Common attributes Silver 120 km Dolly Varden Trend Eskay Creek Trend • VMS footprint • VMS footprint • Thick Ag rich distal exhalite • Thin exhalite, anomalous • High sulphidation • High sulphidation • Hazelton group formation • Hazelton group formation • 8 km strike length • 3 km strik

21. Slide 21: Hydrothermal Eruption Breccia Textures

    Dolly Varden Hydrothermal Eruption Breccia Textures Silver ESKAY ESKAY WOLF WOLF 21

22. Slide 22: VMS deposit identification

    Dolly Varden VMS deposit identification Silver Looking NNW Wolf Mine Surprise 3D map-red zone • Largest alteration trend in district: 5km strike Dolly Varden Mine length on property • Potential for gold-silver VMS at depth beneath intense Red Point alteration zone potential for new Eskay Creek-type

23. Slide 23: 2011 exploration program completed

    Dolly Varden 2011 exploration program completed Silver Dolly • Surface of Dolly Varden & North Star mapped • Portals re-opened and surveyed Varden • Work camp constructed in Alice Arm • BC Land Surveyors verified Torbrit mine grid on surface & U/G Torbrit • Rehabilitation of underground workings sco

24. Slide 24: Milestones since acquisition

    Dolly Varden Milestones since acquisition Silver • NI 43-101 Technical Report completed Q2/11 • Airborne survey completed • Work camp constructed in Alice Arm • Completed surface drilling program, 4,600m drilled in 21 holes on Q3/11 the Wolf deposit. • Scoped the rehabilitation of underground workin

25. Slide 25: Wolf mine - Helicopter supported diamond drilling

    Dolly Varden Wolf mine - Helicopter supported diamond drilling Silver 25

26. Slide 26: Wolf mine - Plan

    Dolly Varden Wolf mine - Plan Silver • Three zones • Vein and Stratibound styles • Hydrothermal breccias • 2011 drilling indicates native silver and silver-bearing sulphides • Assays pending 26

27. Slide 27: Wolf longitudinal projection - 2011 Drilling

    Dolly Varden Wolf longitudinal projection - 2011 Drilling Silver 27

28. Slide 28: Experienced Board of Directors

    Dolly Varden Experienced Board of Directors Silver John King Burns • Former CFO of Drexel Burnham Lambert Commodity Group • Former managing director of Barclays Metals Group Chairman • 30+ years of extensive capital markets experience • 30+ years of extensive resource sector experience Ron F. Nichol

29. Slide 29: Capital structure

    Dolly Varden Capital structure Silver Dolly Varden Silver Corporation Upon Listing Issued Common Shares 80,265,000 Options 6,375,000 Warrants 10,479,400 Fully Diluted Shares O/S 97,119,400 Basic cash* $2.7 MM Debt Nil Market Cap (Basic @ $0.25/share) Approx. $20 MM * Cash position would increase by

30. Slide 30: Corporate Overview

    Dolly Varden Corporate Overview Silver • Evaluating the re-start of historic Dolly Varden silver mines, BC • Exploring a major untested Eskay Creek- type gold and silver target • Senior management team experienced in both Eskay Creek-type exploration and re- starting old mines • 2011 diamond drill p

31. Slide 31: Ron F. Nichols President, CEO & Director

    Dolly Varden Silver Dolly Varden Silver Corporation Suite 910 – 355 Burrard Street Vancouver, British Columbia Canada V6C 2G8 Tel: 778-383-3083 Toll free: 1-855-381-3530 Ron F. Nichols President, CEO & Director 31

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