Dolly Varden ($DV.V / $DVS): The Silver Lining Before the Spotlight

Let’s talk about silver.

We talked about it before and we’re going to talk about again.

Here’s why:

The gold-silver ratio just crossed 100:1 — historically, a flashing neon sign that silver is undervalued and ready to rip. ($3,354/$32.76 = 102.4 as of writing)

See my last article on this subject here, that Stocktwits and the Wealthy VC both picked up:

Every time we’ve seen this kind of spread, silver has played catch-up — and not with baby steps.

We’re talking full-on, grab-the-popcorn, rip-your-face-off moves.

It’s the kind of setup that gets contrarians excited, and in a market where capital is looking for leverage to the metals trade, there’s one name that keeps rising to the top of our radar:

Dolly Varden Silver Corp.

Now trading under the tickers $DV.V in Canada and $DVS post-consolidation in the U.S., Dolly is gearing up for a major debut.

They’ve just completed a 1-for-4 reverse split, and they’re preparing to uplist to the NYSE on April 21st under the new symbol $DVS.

A move that will dramatically expand their audience and investor base.

It’s the corporate equivalent of stepping out of the bull pen and into the corner office.

This company isn’t just tightening up its share structure — it’s getting ready for the big stage.

A Bigger Stage, A Broader Audience

Let’s be clear: the NYSE American listing isn’t just a vanity project.

This is a strategic move, designed to bring Dolly into the portfolios of U.S. institutions, retail investors on Robinhood and Schwab, and every metals-focused ETF that can’t even touch TSX-V names.

That’s a massive upgrade in exposure.

The listing is expected by the end of April, and in preparation, Dolly consolidated its shares on April 2nd.

The pre-consolidation price was CAD $0.995, which means they need to trade above CAD $3.98 to fully recover the paper value post-split.

Right now, they’re at CAD $3.61 — a 10% move away from even. (as of writing)

But let’s be real: no one’s buying Dolly for a 10% swing…

The upside here is significantly larger, and it starts with the ground they own.

A Monster Land Package in the Golden Triangle

Dolly controls 163 square kilometers in British Columbia’s Kitsault Valley, one of the most mineral-endowed belts in Canada.

And, it’s in elephant country — surrounded by some of the most significant players in Canadian mining.

Nearby operations include Skeena Resources ($SKE ( ▼ 5.19% )), Seabridge Gold ($SEA.TSX ( ▼ 2.8% )), and Newmont ($NEM ( ▼ 2.26% )) — including its high-grade Brucejack Mine — as well as Premier Gold Mines (acquired by Equinox ($EQX ( ▼ 5.22% ) )

Also in the region is Teck ($TCK.B.TSX ( ▲ 8.95% ) ) which is advancing its Copper Fox project.

The project combines two powerful assets: the historic Dolly Varden Silver Mine and the Homestake Ridge Gold-Silver Project.

Together, this is a district-scale play with multi-commodity upside — high-grade silver, gold, and a touch of copper and lead for good measure.

Let’s break it down:

• Torbrit Zone (Silver): One of Canada’s richest undeveloped silver deposits. Historical grades north of 300 g/t.

• Homestake Ridge (Gold-Silver): Over 90,000 meters of drilling, with defined resources and upside for expansion.

• Exploration Upside: Dolly’s 2024 program will include 25,000 meters of diamond drilling, targeting new discoveries and expanding known zones.

This is a textbook consolidation play — Dolly’s management has stitched together what were once fragmented assets into a cohesive, district-scale story.

They’ve got the land, the drill results, the team, and the capital to make this much bigger.

Follow the Smart Money

In 2024, Dolly raised $25 million in a bought deal that included participation from legendary investor Eric Sprott.

That kind of anchor backing is a signal in a noisy world.

Sprott doesn’t chase ideas — he seeds them before the crowd shows up.

Add to that the ongoing strategic position held by Hecla Mining $HL ( ▼ 4.37% ) — currently owning ~12% of the company — and you’ve got two of the most respected names in the precious metals space aligned behind this thing.

For years, the narrative was that Hecla would eventually buy Dolly outright.

That’s still on the table, but the story has evolved.

Dolly’s gotten bigger, and Hecla is now busy with its Kinskuch project, which borders Dolly’s land to the south.

That’s a 59,400-hectare exploration target they may want to develop in tandem, or perhaps eventually unify.

Either way, it’s clear Hecla has a vested interest in Dolly’s success — and we don’t think they’re selling anytime soon.

Why Now?

Here’s what we love: this isn’t a company hoping for silver to save them.

Dolly is moving proactively.

The uplisting, the consolidation, the capital raise, the drill program — it’s all aligned around creating value before the metal moves.

And let’s revisit that gold-silver ratio again.

Over 100:1!

That’s historically unsustainable.

Every time we’ve hit those levels, silver has made outsized gains relative to gold.

If you’re bullish on precious metals — and frankly, how could you not be in a world drowning in debt and printing press optimism — then you want exposure to silver.

But you want leverage to silver.

Not a sleepy ETF.

You want a pure-play silver story, with active drilling, defined ounces in the ground, and an imminent bump in institutional awareness.

Dolly checks every one of those boxes.

Management That Gets It

This isn’t a promo machine run by some nameless suits.

CEO Shawn Khunkhun is the real deal.

He’s one of the best communicators in the space, and more importantly, he knows how to talk to institutions.

That matters.

In this game, storytelling drives capital — and Dolly’s about to be telling their story to a much larger audience.

With a bigger platform, more eyeballs, and a multi-million-dollar drill program under way, we expect this story to heat up in the coming months.

Here’s a metaphor for you: imagine Dolly as a band that’s been playing small venues in Vancouver, and suddenly they’re opening for Metallica at Madison Square Garden.

Same talent, bigger stage, exponentially more fans.

The Setup Is Perfect

Let’s recap:

• The stock trades at $3.61, with a technical path back to $3.98 and beyond.

• Uplisting to NYSE American coming within weeks.

• $25M recently raised to fund exploration and growth.

• Hecla owns 12% and isn't going anywhere.

• Eric Sprott is backing them.

• Massive land package in one of Canada’s best belts.

• Silver is wildly undervalued versus gold, with a likely snapback on the horizon.

What else do you want? A punch card?

The market hasn’t priced in this uplisting yet.

It hasn’t priced in the summer drill program.

It hasn’t priced in a silver breakout.

But when all three hit — and they could — this thing isn’t staying under $4.

We think now is the time to be accumulating shares of Dolly Varden in the public market, before the NYSE bell rings.

Because once it does, and that wider pool of investors gets a look at the grades, the scale, and the story, you might be chasing instead of leading.

We like being early.

We like stories with torque.

And Dolly?

It’s got both.

As always, happy hunting!

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