Company: DVS
Filing Date: 2025-04-08
Form Type: 40FR12B
Source: 0001062993-25-007233
Chunk: 5

Company: DOLLY VARDEN SILVER CORP
Filing Date: 2025-04-08
Form: 40FR12B
Chunk 5
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 99.59, as set forth in the Exhibit Index attached hereto. In accordance with General Instruction D.(9) of Form 40-F, the Company has filed certain consents as Exhibit 99.60 through Exhibit 99.63.

<div align='center'>TAX MATTERS</div>

Purchasing, holding, or disposing of securities of the Company may have tax consequences under the laws of the United States and Canada that are not described in this Registration Statement on Form 40-F.

<div align='center'>DESCRIPTION OF COMMON SHARES</div>

The Company hereby incorporates the section entitled "Description of Securities Offered - Common Shares" from the Final Short Form Prospectus dated April 25, 2023 included within the Prospectus Supplement dated August 21, 2024 attached as Exhibit 99.40 hereto.

<div align='center'>OFF-BALANCE SHEET ARRANGEMENTS</div>

The Company has no off-balance sheet arrangements.

<div align='center'>CURRENCY</div>

Unless otherwise indicated, all dollar amounts in this Registration Statement are in Canadian dollars.

<div align='center'>MATERIAL CASH OBLIGATIONS</div>

The Company's material cash obligations from known contractual and other obligations are discussed in the Company's annual and interim management's discussion and analysis, incorporated by reference into this Registration Statement.

<div align='center'>NYSE AMERICAN STATEMENT OF CORPORATE GOVERNANCE DIFFERENCES</div>

Section 110 of the NYSE American Company Guide permits NYSE American to consider the laws, customs and practices of foreign issuers in relaxing certain NYSE American listing criteria, and to grant exemptions from NYSE American listing criteria based on these considerations. A description of the significant ways in which the Company’s governance practices differ from those followed by domestic companies pursuant to NYSE American standards is provided on the Company’s website at https://dollyvardensilver.com/management/#govern.

The members of the Company's audit committee include Tim Clark, who is the CEO of Fury Gold Inc., one of the Company's greater than 10% shareholders. The Company has determined that Mr. Clark is not independent within the meaning of NYSE American Company Guide and Rule 10A-3 under the Exchange Act. The Company intends to rely on the exemption provided by Rule 10A-3(b)(iv)(A)(2) under the Exchange Act, which permits a minority of the members of a listed issuer's audit committee to be exempt from the independence requirements of