A Young Silver Company Holds 100% of a

Major British Columbia Property

with Eskay Creek Gold-Silver Potential

November 10, 2012

DOLLY VARDEN SILVER CORPORATION

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, expectations, beliefs, plans,

projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as

“expects”, “anticipates”, “believes”, “plans”, “estimates”, “intends”, “targets”, “goals”, “forecasts”, “objectives”, “potential” or

variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be

achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be

forward-looking statements or information. Forward looking statements or information relate to, among other things: the

Company’s business objectives and plans.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors

that could cause actual events or results to differ from those reflected in the forward-looking statements or information,

including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds

may not be raised; the speculative nature of exploration and the stages of the Company’s properties; the effect of changes in

commodity prices; regulatory risks that development of the Company’s material properties will not be acceptable for social,

environmental or other reasons and the efforts and abilities of the senior management team. This list is not exhaustive of the

factors that may affect any of the Company’s forward-looking statements or information. Although the Company has attempted

to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not

to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking

statements or information.

The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions

of management as of the date hereof, and other than as required by applicable securities laws, the Company does not assume

any obligation to update forward-looking statements and information if circumstances or management’s assumptions, beliefs,

expectations or opinions should change, or changes in any other events affecting such statements or information.

Paul McGuigan, P Geo, V.P. of Exploration has reviewed and approved the content contained in this presentation.

Precious metal-rich Eskay Creek potential

with

Past-producing silver mine

• Confirm and expand historic silver resources with

the goal to define 40 to 50 million ounces of Silver

and re-activate the historic Dolly Varden silver mines,

in northwestern BC

• Explore a major untested Eskay Creek-type gold &

silver target at Dolly Varden (Eskay Creek production

of 3.6 million oz. Gold, 180 million oz. Silver)

• Management team and a strategic partner are

experienced in both Eskay Creek-type exploration

and re-activating past producing mines

Two strategies for creating value

John King Burns

Chairman

• Former CFO of Drexel Burnham Lambert Commodity Group

• Former managing director of Barclays Metals Group

• 30+ years of extensive capital markets and resource sector experience

Ron F. Nichols, P. Eng.

President & CEO

• 30+ years (20 years with Cominco) of exploration and development experience including Valley Copper and Snip Mines in BC

• Recently re-started Ag-Cu-Pb-Zn La Negra Mine, Mexico and silver Shafter Mine, Texas

Paul J. McGuigan, P. Geo.

VP Exploration

• Principal of Cambria Geosciences Inc., formerly with Esso Resources

• 35+ years of experience in mineral exploration and mining operations

• Active in BC exploration since 1974

Allen Ambrose, P. Geo.

Director

• 30+ years of exploration and mining experience

• Co-discoverer of Brisas del Cuyuni gold deposit

• Director/Co-founder of multiple resource companies incl. Minera Andes

Allan Marter

Director

• 30+ years experience as a Chartered Accountant and CFO of various mining companies, including 7 years as President of EURO Resources S.A.

• Former Director of Minera Andes

• Experienced in exploration, development and operational stages.

Theo Sanidas

Director

• 10+ years of mining industry experience

• Extensive capital markets background

• Experience with M&A, financing and corporate restructuring activities

Experienced Management & Board of Directors

Dolly Varden Silver Corporation - TSX-V:DV

Issued Common Shares 100,437,000

Options:- 500,000 @ $0.20

6,350,000 @ $0.25

750,000 @ $0.35

7,600,000

Warrants :- 5,000,000 @ $0.10

4,303,000 @ $0.15

793,000 @ $0.25

7,200 @ $0.40

10,103,200

Fully Diluted Shares O/S 118,140,200

Basic cash* $2.4 MM

Market Cap (Basic @ $0.22/share) Approx. $22 MM

* Cash position would increase by $3.016 million if all warrants and options exercised

Project potential scope & size will allow company to create

significant value

Capital structure

• Acquired 20 million shares for a 19.9% interest

• Hecla has the right to maintain their 19.9% interest

• Hecla has right to nominate one person to the DV Board of Directors

• Hecla will nominate one person to DV Technical Committee

• Strong strategic partner with 100 years of silver mining experience

• Flagship Greens Creek mine in same geologic setting as Dolly’s

Precious Metal Rich VMS target creates synergies for exploration.

Strategic Partner – Hecla Mining Company

Dolly Varden – Solid Foundation

%

owned • property acquired in Spring 2011

• 9,400 hectares (94 Km2)

• 2 historically active mines

• 2 deposits with development

• native land claims settled

Dolly Varden – Rich History

M Oz Ag* • Historical production

• Well understood targets

• Region with world-class projects

• Experienced senior management

*Historical production

Dolly Varden – Rich History

Surrounded by world-class projects

Major nearby projects:

• Eskay Creek (Barrick) Historic Production

3.6MM oz Au + 180MM oz Ag

• Silback Premier (Ascot) Historic

Production

2.2MM oz Au + 44.2MM oz Ag

• Brucejack (Pretium)

• KSM (Seabridge Gold)

• BC Moly (Avanti)

Dolly Varden

Eskay Creek

KSM

Brucejack - Snowfields

Silbak Premier

BC Moly

Snip

Located in the Stewart Complex

typical mineralization for the region Dolly Varden / North Star

Brucejack

KSM

Granduc

BC Moly

Big Bulk

Wolf

Torbrit

Eskay Creek

Silbak-Premier

Hazelton Group Arc assemblage (green)

Host to base and precious metal deposits

220M+ oz Ag produced historically

7M+ oz Au produced historically

Deposit Operator Country Tonnage Grade

(M t) Au(g/t) Ag(g/t)

Canadian VMS Deposits

Eskay Creek Barrick Canada 2.5 44.4 2087.7

LaRonde Agnico Eagle Canada 43.5 4.2 52.1

Horne Noranda Mines Canada 54.3 6.1 13.0

Bousquet Agnico Eagle Canada 29.7 5.3 2.1

International VMS Deposits

Hassai La Mancha Sudan 6.2 10.0 —

Greens Creek Hecla USA - Alaska 11.2 4.2 560.9

Abyz Kazakhmys Kazakhstan 4.4 6.5 61.0

Boliden Boliden AB

Sweden 8.3 15.1 48.3

Mt. Morgan Norton

Goldfields Australia 80.7 3.7 0.7

*Dubé et al, Geological Survey of Canada

World-class Gold - Silver VMS deposits with plus

1 million oz. gold in production & reserves*

• 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 development

good logistics for rehabilitation, development and exploration

Excellent infrastructure – via Alice Arm

extensively mapped by current management

Extensive exploration by

previous owners:

• 631 diamond drill holes

• 44,090 meters of drilling

• 7 km underground

development

• 1980’s Engineering

studies on mine, mill,

and tailings design

Purchase of Property for

$2.5 million translates into Acquisition cost of $0.20 per oz. of Silver

Historical resource estimate*:

5.7M oz. Ag Proven + Probable

8.8M oz. Ag Possible The qualified person has not done sufficient work to

classify the Historical Estimates as current mineral

Resources or Reserves. Furthermore, the issuer is not

treating these Estimates as current Mineral Resources

or Mineral Reserves.

*Derry Michener Booth & Wahl (1986)

Foundation for Dolly Varden’s plans

Creating significant additional value

Validation and expansion

of historic silver

resource estimates to 40

to 50 million oz.

Targeted

exploration

programs

Identification of new,

major Eskay Creek-type

gold and silver deposits

GOLD-SILVER SILVER

“the best new mines

near old mines” are often found

3D topography with deposits and showings

Location Historic Resource Classification

Tonnes Silver Grade (g/t)

Contained Silver (ounces)

Dolly Varden Mine – (a) Proven & Probable (P & P)

42,638 754.3 1,034,000

North Star Mine – (b) P & P 128,437 401.5 1,657,867

Torbrit Mine – (c) Possible 786,531 312.0 7,889,700

Wolf No.1 Zone – (d) P & P 77,932 395.0 989,626

Wolf No.2 Zone – (e) P & P 218,512 285.9 2,008,839

Wolf No.2 Zone – (f) Possible 100,295 279.4 901,031

Total P & P Possible

5,690,331 8,790,731

Geology and Mineral Exploration of the Dolly Varden Property, British Columbia,

Canada Sept. 5, 2011, as revised. By Terry Garrow - Filed on SEDAR.

* Derry Michener Booth & Wahl (1986) See Note 4 and additional disclosure on Pg 15

Historic mineral resources* (dilution at 10 – 16%)

All cut off grades 171 g/t silver

* Notes on Historic mineral resource estimates

Comments:

a: Skerl (1964) and Mann (1974) Dolly Varden Mine staff. Remaining resource blocks are in proximity to mined out stopes

and downplunge extensions of mined out areas.

b: Thompson & Pearson (1981) Derry Michener & Booth. Minimum mining width of 5 ft. No prior mining.

c: Leigh & Thompson (1983) Derry Michener & Booth. Comprised of 18 zones. Most zones are in the hanging wall of the

glory hole and mined out stopes of the 1959 operation.

d: Thompson & Pearson (1981) Derry Michener & Booth. No prior mining. Tested by two levels of underground adits.

e: Thompson & Pearson (1981) Derry Michener & Booth. No prior mining. Tested by three levels of undergound adits.

f: Thompson & Pearson (1981) Derry Michener & Booth. No prior mining.

Note 1: This resource estimate was prepared from incomplete old plans and sections, considerable verification drilling

is required prior to placing reliance on this information.

Note 2: Historic Resource Classifications used in mineral resource estimates at the Dolly Varden deposits termed blocks

with closely spaced drilling and bulk sampling data "Proven and Probable Reserves" and made allowances for mining

operations and dilution. However, significant additional technical work is required. In the current terminology these

blocks would be termed Measured and Indicated Mineral Resources, however, for the purposes of this Technical Report

they are to be considered Geological Information only and subject to verification by drilling and sampling, prior to

reclassification.

Note 3: Historic Resource Classifications used in mineral resource estimates at the Dolly Varden deposits termed blocks

with more widely spaced drilling "Possible Reserves". In the case of Torbrit, Thompson and Pearson (1981) reduced the

confidence to Possible because the closely spaced drilling data must be subject to considerable check drilling. In the

current terminology these blocks would be termed Inferred Mineral Resources, however, for the purposes of this

Technical Report they are to be considered Geological Information only and subject to verification by drilling and

sampling, prior to reclassification.

Note 4: The Qualified Person has not done sufficient work to classify the Historical Estimates as current Mineral

Resources or Mineral Reserves. Furthermore, the Issuer is not treating these Historical Estimates as current Mineral

Resources or Mineral Reserves.

*Notes from Geology and Mineral Exploration of the Dolly Varden Property, British Columbia, Canada

Sept. 5, 2011, as revised. By Terry Garrow - Filed on SEDAR

* Validation and expansion of historic mineral resources

potential for mineral resource upgrade and expansion

Wolf Mine Looking NNW

Dolly Varden Mine

Torbrit Mine North Star Mine

• 4 targets

• Mineralization zones of

5-20m true widths

• Potential for high grade

silver at depth

• Focus on Wolf, Dolly

Varden, and Torbrit

* Notes on Historic mineral resource estimates

“the Dolly Varden deposits

to the precious metal-rich Eskay Creek deposit”

may be silver-rich analogues

(Dunne and Pinsent (2002) of the BC Geological Survey Branch)

BC Geological Survey Branch

* Areal Size Comparison to Eskay Creek

Dolly Varden feeder zone much larger than Eskay Creek feeder zone (shown at same scale)

Dolly Varden

Silver

DollyVarden

SilverNew VMS exploration target

vertical footwall feeders mineralize horizontal ocean-floor strata

1

Eskay Creek Deposit Model

with comparable geological

features at Dolly Varden

New VMS exploration target

* VMS deposit identification

3D map-red

zone

Dolly Varden Mine

Wolf Mine

• 5km strike length of

strong feeder style

alteration on the property

• Potential for gold-silver

VMS at depth beneath

intense Red Point alteration

zone

Looking NNW

Surprise

potential for new Eskay Creek-type deposit

* 2012 exploration program completed

a basis for further value creation

Dolly Varden Mine – Diamond Drilling • Oriented core - diamond drilling completed 6 drill holes for a total of 1,728 meters, during a

weather shortened season.

• Additional drill pads constructed for use next year

Red Point Surface Exploration • Surface mapping and sampling employed to gather lithogeochemical and trace element

information on the Red Point alteration – feeder system

• Historical diamond drill core recovered for further studies

Surface Exploration & Airborne Surveys • ZTEM + Magnetic Helicopter-borne geophysical surveys completed early October 2012

• Data delivery pending & Modeling underway on 2010 and 2012 Airborne programs

• Geological mapping and sampling in Moose Lamb, area east of Torbrit: Extensive alteration and mineralization similar to nearby Torbrit discovered

• Geological mapping and sampling in Surprise area, west of Wolf:

* 2012 exploration program completed

a basis for further value creation

Torbrit Mine Rehabilitation • Underground access safely achieved for majority of 1025 level and upper sub-

levels

• Historical survey control re-established and transformed to 2012 survey base

• Historical underground development & stoping data assembled and 3D modeled employing the 2012 survey base – guide to confirmation drilling

Torbrit Mine Exploration & Permitting • Underground mapping and sampling done in selected areas

• Surface diamond drill pads constructed for use in pending definition drilling phase

• Environmental water sampling conducted with favorable good quality water discharge results on Torbrit underground

• Rehabilitation of 1025 level and favorable water sampling results will allow for Permitting of underground development and diamond drilling

* Torbrit Mine 2012 Underground Mapping and Sampling

* 2012 Exploration targets Dolly Varden – Torbrit – Red Point

* Dolly Varden to Torbrit – Longitudinal Section

* 2012 Proposed Drilling – Dolly Varden area

* Torbrit – 1025 Level – Historic Drill Results

* Use of Proceeds – Stage One Program

Dolly Varden 2012 Work Program Budget

Road & Bridges - Km 1 to 24 $ 824,750.00

Preparation & Mobilization $ 75,000.00

Program Support & Logistics $ 1,018,000.00

Geoscience Program $ 341,000.00

Drill Program – 8845 meters $ 2,641,450.00

Geotechnical & Environmental Program $ 298,000.00

Road & Bridges - Km 24 to Torbrit $ 33,000.00

Geotechnical & Environmental Program $ 172,800.00

Airborne Geophysical Program $ 210,000.00

Underground Rehab & Prep Work - Torbrit $ 950,000.00

Total Recommended Program: $ 6,564,000.00

2012-13 Objectives – Longer Term Milestones

2012-2013 Objectives • Increase silver resources at Dolly Varden and Torbrit deposits by drilling down

plunge of known Historic resource blocks.

• Limited infill drilling and underground sampling to begin to convert Wolf historic resources, and 2011 drill results to 43-101 compliant categories.

• Refine Eskay target on Redpoint with geochemistry, alteration studies and geophysics (VTEM) prior to drill testing (minimum 3 holes in 2012)

Longer Term Milestones (success contingent) • SILVER MINERAL RESOURCES: Increase Historic resources at all 4 deposits

from current 14 million ounces to 45 to 50 million ounces of NI 43-101 compliant resources.

• ECONOMIC STUDIES: Success contingent on defining 45 million + ounces, initiate scoping & feasibility studies to determine the economic viability of a 1,000 to 1,500 tonne per day operation.

• EXPLORE ESKAY TARGETS; Continue to develop Eskay targets towards discovery

Corporate Overview

• 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 is experienced in both

Eskay Creek-type exploration and

the re-activation of old mines

• 2012-13 proposed diamond drill program of

8,900 m to confirm and expand silver resources

and define and drill Eskay-type targets.

Corporate Overview

Dolly Varden Silver Corporation TSX-V:DV Suite 910 – 355 Burrard Street Vancouver, British Columbia, www.dollyvardensilver.com Canada, V6C 2G8 Tel: 778-383-3083 Toll free: 1-855-381-3530 Ron F. Nichols President, CEO & Director Direct line: 604-398-4345 Investor Relations Strata Star – Gary Lindsey Tel: 1-720-273-6224 Email: gary@strata-star.com

Contact Information