Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the "Company" or "Dolly Varden") is pleased to announce that it has appointed Shawn Khunkhun as President, CEO, and Director, and has appointed Robert McLeod as a Director and technical advisor, both effective February 18, 2020. Gary Cope has resigned from his position as President and Director which he has held since December 2016 in order to focus on other business interests. We thank Gary, and the Belcarra team, for their service in defining the geological potential of the Dolly Varden mineral assets over the past 3 years.

Mr. Khunkhun has over fifteen years of experience in the capital markets, mineral exploration and development sector with a focus on enhancing shareholder value. He has served in a variety of strategic roles including Investor Relations, Corporate Development, CEO, and Director. Shawn has been instrumental in creating a new awareness for undervalued companies including grass roots explorers, developers and producers. Shawn's experience in incubating and growing early stage companies through capital raises, acquisitions, joint-ventures and spin outs and his long-standing relationships with an extensive global network of high net worth investors, private equity and institutional investors, analysts, brokers, and investment bankers has been a valuable asset to growing mineral exploration companies.

Mr. McLeod is a professional geoscientist with over twenty-five years of experience in mineral exploration and mining, working for a variety of major and junior mining and exploration companies. He was most recently President and CEO of IDM Mining Ltd., that recently combined with Ascot Resources Ltd. Born and raised in Stewart B.C., he is a third-generation miner and explorer with significant exploration and development experience. Previously, he was a founder and VP Exploration of Underworld Resources that was acquired by Kinross Gold Corporation for $140M after an initial resource estimate of over 1.4Moz gold at the White Gold deposit in the Yukon. He is a highly technical, creative and innovative exploration geologist with an ability to advance and monetize the full potential of projects to the advantage of shareholders. He is a graduate of Geology from the University of British Columbia, with a M.Sc. in Mineral Exploration from Queens University. He is an active volunte er in the mining industry, as Vice-Chair of AME-BC, and as a director of the Britannia Mine Museum.

"The Board of Directors is excited to take Dolly Varden to the next stage of its development through the experience and leadership of both Shawn Khunkhun and Rob McLeod. We believe that Dolly has an undervalued mineral asset, and with this new management team has the potential to communicate and enhance its true value. This management change is the next step in further building accretive value for Dolly Varden shareholders." commented the Dolly Varden Board.

In connection with the appointment of Mr. Khunkhun as President and CEO, the following officers from the Belcarra Group will step down from their roles: Carla Hartzenberg, CFO, Alex Tsakumis, VP Corporate Development, and Ben Whiting, VP Exploration. These officers, other than Ms. Hartzenberg who will remain in her position as CFO until April 30, 2020, will step down from their roles effective February 29, 2020. The Company, with the assistance of the Board and the Compensation Committee, is in the process of identifying and engaging qualified candidates to fill these roles.

In association with recent director and executive appointments, the Company granted a total of 2,500,000 stock options to purchase common shares of the Company, each of which entitles the holder to purchase one common share at a price of $0.25 per common share for a period of 5 years. 1,000,000 of these stock options are subject to being earned out based on performance criteria over a two-year period with the balance vesting quarterly over a two-year period. The grant of stock options was made in accordance with the Company's stock option plan and is subject to TSX Venture Exchange ("TSXV") approval. Any common shares issued on the exercise of these stock options will be subject to a four-month and one day hold period from the date of grant.

In connection with the departure of Mr. Cope as President and CEO of the Company, Mr. Cope has requested and the Company has agreed to issue Mr. Cope $120,000 in shares at a price of $0.245 per share in partial settlements of the cash amount due to Mr. Cope under his consulting agreement, which will result in the issuance of 489,795 common shares of the Company to Mr. Cope. The issuance of shares to Mr. Cope is subject to the approval of the TSXV. The common shares to be issued to Mr. Cope will be subject to a four-month and one day hold period from the date of issue.

About Dolly Varden

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Dolly Varden is also a member of the British Columbia Regional Mining Alliance, a cooperative effort between First Nations, Industry and the BC Provincial Government, to promote mining activities and investment in the northwestern region.

Additional information about the Company and its activities may be found on the Company's website www.dollyvardensilver.com and under the Company's profile at www.sedar.com.

FORWARD-LOOKING STATEMENTS:

This release may contain forward-looking statements. 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 related to, among other things, the appointment of replacement management and TSXV approval of the options granted to incoming directors and executives and the issuance of shares to Mr. Cope. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE Dolly Varden Silver Corp.

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SOURCE: Dolly Varden Silver Corp.

Dolly Varden Silver Corporation, Shawn Khunkhun, President and CEO,
sk@dollyvardensilver.com, Phone: 604-602-1440, www.dollyvardensilver.com