DollyVarden

Silver

DollyVarden

Silver

Advanced project with clear targets

November 24, 2011

Corp.

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DollyVarden

Silver

Some of the statements contained in this presentation are forward-looking statements, such as estimates and

statements that describe future plans, objectives or goals, including words to the effect that Dolly Varden

Silver Ltd. (the “Company”) implies a stated condition or that it forecasts certain results could occur. Because

forward-looking statements address future events and conditions, by their very nature they involve inherent

risks and uncertainties. Actual results relating to, among other things, reserves, resources, results of

exploration, reclamation and other post-closure costs, capital costs and mine production costs could differ

materially from those currently forecast in such statements by reason of factors such as changes in general

economic conditions and conditions in the financial markets, changes in demand and prices for the minerals,

litigation, legislative, environmental and other judicial, regulatory, technological and operational difficulties

encountered in connection with mining activities, labour relations matters, costs and changing foreign

exchange rates. This list is not exhaustive of the factors that may affect any of forward-looking statements.

These and other factors should be considered carefully and readers should not place undue reliance on the

Company’s statements.

Forward-Looking Statements

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DollyVarden

Silver

This image cannot currently be displayed.

silver story

gold futurewith a

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DollyVarden

SilverCorporate Structure

moving rapidly to public markets

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Dolly VardenSilver Ltd.

Private

Dolly VardenSilver Ltd.

Private

Twin Glacier Resources Ltd.

Listed Shell

Twin Glacier Resources Ltd.

Listed Shell

Dolly Varden Silver Corp.TSX-V Listed

Dolly Varden Silver Corp.TSX-V Listed

Dolly Varden Minerals Inc.TSX-V Listed

Dolly Varden Minerals Inc.TSX-V Listed

Acquisition of mineral

assets only, for $2.5 million

Amalgamation

New public company

DollyVarden

SilverDolly Varden – Solid foundation

surrounded by world-class projects

owned 9,400 hectares (94 Km2)

4 historically active mines

Under-explored sectors

Native land claims settled

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DollyVarden

SilverDolly Varden – Rich history

potential for a rich future

Oz Ag* Historically active property

Well understood targets

Region with world-class projects

Catalysts for higher valuation

Experienced management team

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*Historic production

DollyVarden

Silver

BC region capturing new interest

Dolly VardenDolly Varden

Eskay CreekEskay Creek Major nearby projects:

Eskay Creek (Barrick) Historic Production

3.6MM oz Au + 180MM oz Ag

Brucejack (Pretium)

8.2MM oz Au + 116.2MM oz Ag

Silback Premier (Ascot) Historic Production

1.9MM oz Au + 42.8MM oz Ag

Kerr-Sulphurets (Seabridge Gold)

38.5MM oz Au + 214MM oz Ag

BC Moly (Avanti)

Located in Northwestern BC

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KSM (Kerr)

Brucejack - Snowfields

Silbak Premier

BC Moly

DollyVarden

SilverLocated in the Stewart Complex

typical mineralization for the region

Dolly Varden / North Star

Dolly Varden / North Star

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Brucejack

KSM(Kerr)

Granduc

BC Moly

Big Bulk

WolfWolf

TorbritTorbrit

Eskay Creek 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

High sulphidation VMS occurs in the youngest Hazelton group rocks

DollyVarden

SilverAbundant local precious metals

20M oz Ag produced at Dolly Varden + Au Potential

3.6M oz Au and 180M oz Ag produced at Eskay Creek

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Only 3% of property explored in detail

DollyVarden

SilverAu-Ag-VMS are company makers

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Precious metal rich - VMS deposits with similar attributes

Deposit Operator Country Tonnage Grade

Au(g/t) Ag(g/t) Cu(%) Pb(%) Zn(%)

Canadian VMS Deposits

Eskay Creek Barrick Canada 2.5 44.4 2087.7 — — —

LaRonge Agnico Eagle Canada 43.5 4.2 52.1 0.3 — 2.7

Horne Noranda Mines Canada 54.3 6.1 13.0 2.2 — —

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 0.0 4.1 10.9

Abyz Kazakhmys Kazakhstan 4.4 6.5 61.0 2.1 — 5.4

Boliden Boliden AB Sweden 8.3 15.1 48.3 1.4 — —

Mt. Morgan Norton Goldfields Australia 80.7 3.7 0.7 0.7 — —

DollyVarden

Silver

2011 Logistics base and camp located 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 underground development

Good logistics for rehabilitation, development, and new exploration

Excellent infrastructure – via Alice Arm

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DollyVarden

Silver

extensively mapped by current management

631 diamond drill holes

44,090 meters total

7 km underground development

1980’s Engineering studies on mine, mill, and tailings design

2010 Airborne geophysical survey - 942 line km

2011 Drill program of 4600m in 21 holes

$

M+

Spent since 1980

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Foundation for Dolly Varden’s plans

Historical resource estimate*: 5.7M oz Ag Proven + Probable8.8M oz Ag Possible*Not NI 43-101 compliant, Derry Michener Booth & Wahl (1986)

DollyVarden

SilverHistoric Mineral Resources*

basis for re-starting underground exploration and expanding resources

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*Not 43-101 compliantDerry Michener Booth & Wahl (1986)

Location Historic Resource 

Classification 

S.I. (Metric) Units Imperial Units

Tonnes Grade: Ag (g/t)

Contained:Ag (t) Short Tons

Grade:Ag(oz/ton)Diluted

Contained:Ag (oz)

Torbrit Mine & Wolf No. 2  Zone Possible  886,826  308.3 273.4 977,559  9.0 8,790,731 

Dolly Varden Mine,North Star Mine & 

Wolf Mine

Proven & Probable 467,519  378.6 177.1 515,351  11.1 5,690,331 

DollyVarden

SilverSize comparison to Eskay Creek

Dolly Varden footwall alteration & exhalite deposit footprint much larger

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DollyVarden

SilverCommon attributes

compelling similarities

VMS footprint

High sulphidation

Thin exhalite, anomalous

Hazelton group formation

3 km strike length

180 M oz Ag production

3.6 M oz Au production

VMS footprint

Stronger feeder system

Thick Ag rich distal exhalite

High sulphidation

Hazelton group formation

8 km strike length

20 M oz Ag production, to 1959

120 kmDolly Varden Trend Eskay Creek Trend

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DollyVarden

SilverVMS exploration target

vertical footwall feeders mineralize horizontal ocean-floor strata

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Eskay Creek Deposit Model with comparable geological features at Dolly Varden

DollyVarden

Silver

clear targets

1. Validation and expansion of historical resource estimates

Targetedexplorationprograms

2. Identification of new Eskay type deposits

Creating significant additional value

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DollyVarden

Silver

Validation of historical mineral resources

potential for mineral resource upgrade

Wolf MineWolf Mine

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Looking NNW

Dolly Varden Mine

Torbrit MineTorbrit MineNorth Star MineNorth Star Mine

4 targets

Mineralization zones of 5-20m true widths

Potential for high grade silver at depth

Focus on Wolf and Torbritzone

DollyVarden

SilverNew deposit identification

potential for new Eskay Creek

3D map-red zone

Dolly Varden Mine

Wolf Mine

Largest alteration trend in district: 5km strike length on Property

Potential for gold-silver VMS at depth beneath intense Red Point alteration zone.

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Looking NNWSurpriseSurprise

DollyVarden

SilverMilestones

catalysts for value creation

Q2/11• NI 43-101 Technical Report completed• Airborne survey completed• Work camp constructed in Alice Arm

Q3/11 • Surface drilling program, 4600m drilled• Scope rehabilitation of underground workings

Q4/11 • Surface drill results• Progress reporting

Q1/12 • Planning and permitting for road construction • Design of 2012 Exploration Program

Q2/12 • NI 43-101 Resource Estimate

DollyVarden

Silver2011 Exploration Program

catalysts for value creation

Dolly Varden

• Surface of Dolly Varden & North Star mapped• Portals re-opened and surveyed• Work camp constructed in Alice Arm

Torbrit • BC Land Surveyors verified Torbrit mine grid on surface & U/G• Rehabilitation of underground workings scoped

Wolf• Surface of Wolf mapped and historic drill hole collars located• BC Land Surveyors verified Wolf mine grid• 4600 m of diamond drilling in 21 holes• Step-out and verification diamond drill intersections obtained

Red Point • Surface geological mapping and sampling• BC Land Surveyors verified 1989-90 trenching and drill collars

DollyVarden

SilverWolf Mine Helicopter Supported Diamond Drilling

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DollyVarden

SilverWolf Mine

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Three zones

Vein and Stratiboundstyles

Hydrothermal breccias

2011 drilling indicates native silver and silver-bearing sulphides

Assays pending

DollyVarden

SilverWolf Longitudinal Projection 2011 Drilling

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DollyVarden

SilverWhy now?

time is right for a future Ag producer with Eskay creek potential

• New consolidated property ownership

• Management with regional experience in precious metal rich VMS deposits

• New strategy targets two opportunities

• High precious metal prices catalyst for valuation

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DollyVarden

SilverExperienced management team

John King BurnsChairman

• Former CFO of Drexel Burnham Lambert Commodity Group• Former managing director of Barclays Metals Group• Extensive capital markets experience• Extensive resource sector experience

Ron NicholsPresident P. Eng

• 30+ years of exploration experience (20 years with Cominco)• Recently re-started silver-copper-lead-zinc La Negra Mine• Coordinated feasibility study and financing to re-start Shafter Mine• Involved in delineation of Valley Copper and Snip Mines in BC

Paul McGuiganVP of ExplorationP. Geo

• Principal of Cambria Geosciences• 35+ years of experience in mineral exploration and mining operations• Active in BC exploration since 1975

Allen AmbroseDirectorP. Geo

• 30+ years of exploration and mining experience• Co-discoverer of Brisas del Cuyuni gold deposit• Director/Co-founder of multiple resource companies including MineraAndes

Theo SanidasDirector

• 10+ years of mining industry experience• Extensive capital markets background• Experience with M&A, financing and corporate restructuring activities

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DollyVarden

SilverQuestions

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Ron NicholsPresidentDolly Varden Silver778 999 2544

Paul McGuiganVice PresidentDolly Varden Silver604 261 1641