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Speaker 1: What makes Dolly Varden what I describe as a unicorn,

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a silver unicorn, is the fact that where the project

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is located. You know, Mexico and Peru are the number

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one and two silver producing nations on planet Earth. That's

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where most silver comps. So what makes our projects so special.

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We have one hundred thousand hactors of prospective ground.

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Speaker 2: Carrie.

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Speaker 1: As this bull market matures, you're not going to be

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able to get these types of projects. The Financial Survival

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Network now more than network, the Financial Survival Network.

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Speaker 2: Welcome. This is Financial Survival Network and I'm your host,

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Carrie Lets. We have a major sponsor update from Sean

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kun Kuhn, CEO of Dolly Varden Silver and Well, Sewan,

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I don't know how you've kept still for the past month.

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I mean when I look at what you've done, and

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you got the New York American listing which is paid

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major dividends, stocks up, you got three acquisitions under your belt,

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you just did a over subscribe financing, and you got

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a thirty five thousand drill planned that's starting to get executed.

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Just those are the highlights. I'm sure there's a lot

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more going on behind the scenes here, but why don't

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you tell us, like what's going on?

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Speaker 1: Yeah, no, thank you so much, thanks for having me on.

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As we were saying before we hit record, I've got

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a great team and a very very very strong technical

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team and had a great CFO. And you know, look,

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Dolly Varden, for any of your audience who is new

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of tuning in for the first time, the company is

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what I would describe as a bit of a unicorn

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in that there's only a handful of silver companies. You know,

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if you talk about the uplisting to the NYC American,

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there may be ten companies on the New York Sock

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Exchange that are giving investors exposure to silver. Now Dolly

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Varden is one of them, but that's a rare group,

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only ten. And then what makes Dolly Varden what I

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describe as a unicorn a silver unicorn is the fact

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that where the project is located. You know, Mexico and

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Peru are they're number one and two silver producing nations

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on planet Earth. That's where most silver comes. There's a

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big mine in Poland that silver is produced as a byproduct,

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and most of silver commes as a byproduct. So what

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makes our projects so special? What I've done over the

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last couple of months is I've taken We've got a

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really strong resource base, Okay, about one hundred and fifty

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million ounces of silver equivalent half silver half gold, past

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producing mines in a prolific mining camp. And we've systematically

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gone out after going on to the New York Sock

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Exchange and after having some US investors come into the

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stock pushing the valuation up. We then use that stock

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as currency, and we've gone out. And there's Carrie, you

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know this better than anybody. There's a lot of juniors

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that are still struggling intrementously, and so those juniors that

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are have no bid, have no capital. We've gone to

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those juniors and we've bought their silver projects in the

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neighborhood in the Golden Triangle, and we've cut really good

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deals for our shareholders. So what we did we started

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in April with fifteen thousand hectors of prospective ground with

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two past producing mines. I stand here today in June,

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and today we have one hundred thousand hectors of prospective ground. Carrie,

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as this bullmark it matures, you're not going to be

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able to get these types of projects like Forget what

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we paid for them, you just won't be able to

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get them for any cost. And the fact that we

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also picked up three pass producing historic some of the

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highest grade the highest grade silver mine in the Golden Triangle.

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And the fact that we did all this, you know,

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we grew by over six and a half times, and

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we grew with these three pass producing mindes. We did

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all this for two percent dilution, not a stitch of cash,

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and for two percent dilution. And if you look back

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of when we executed these transactions, the silver to gold

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ratio was one hundred to one. Today it's ninety. And

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we just launched on the NYC American on the back

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of a lot of good results from the twenty twenty

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four droll campaign that were coming out in Q one,

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and we went out and now the market's caught a

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bid in the last thirty days. But before it caught

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a bid, we close the transactions. And then on the

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back of that, we put up a deal and we

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raised twenty eight point seventy five million dollars at the

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highest price the company's ever raised money in the history

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of the company. So we doubled our treasury and again

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we've done something We've been so fortunate. We've had great shareholders,

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we've had good results, and we've been very fortunate. Carrie.

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We're a junior in a tough environment that has yet

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to do a down round of financing, including this last one.

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Speaker 2: Well, that is an accomplishment, and you know, it's amazing. You've,

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you know, more than sixfold increased your land package. And honestly,

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the stock's doing great. But I don't think the market

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really has any understanding of this company, or a minimal

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understanding other than the fact that it's gone up.

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Speaker 1: The market does not understand and yet because what's happened.

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And I've got a list of companies I track that

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are silver equities. And as I go through the list,

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the biggest producers, Okay, this is your your core, your

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Pan American, your first majestic, Your biggest producers are trading

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at fifty two week highs. Okay, not all time highs,

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but fifty two week hihs okay. But apart from your

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ten primary producers, the big ones, the subcategory, so these

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are your small producers and your advanced explorers, your juniors,

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they're not they're trading at you know, sort of the

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halfway point in terms of their fifty two week low

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and high, and that tells me that the mark has

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not come down. So we've got a really good gold price,

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you know, almost at a record all time high. We've

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got large gold equities that have been given love because

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you've got companies like Egnico Eagle, the world's largest publicly

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traded gold producer, that's got three hundred million dollars a

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month in free cash flow a month, not a quarter,

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not a year, a month. We're starting to hear some

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numbers out of gold companies that rival where some of

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the big banks were before the GFC. The gold stocks

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are the new bank stocks, okay. And and for the

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younger audience, the silver companies are going to be companies

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like Navidio and like tech sooks. That's that's where we're headed.

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We're not there yet. It's early days. It's stay one.

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But my point is the market, like to your point, No,

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the market is not crediting any of this stuff yet.

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It's still early days, and it shouldn't be considering there's

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only been two times in recorded history where silver has

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been up at this price level. This is the third

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time in history where silver's been here it's actually never

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closed a year above thirty five dollars sounds.

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Speaker 2: I know, it's remarkable. And I read an article quite

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a while ago that Eric Sprott would be the next

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Elon Musk when the inevitable silver and gold bull markets

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and as well as base metals copper nickel takes off.

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And hey, one day I'm going to collect on a

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bet somebody who told me I was nuts and didn't

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know what I was talking about.

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Speaker 1: Well, if Eric's Elon, I hope to be Mark Zuckerberg.

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Speaker 2: You'll sell, Okay, So getting do the brass tax here

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or gold gold or silver tax thirty five thou meters.

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That's that's locked in. Or do you think you'll go

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higher than that?

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Speaker 1: Well, we're going a lot higher. We're going a lot higher.

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And I'm just looking. I'm a process guy, a results

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I'm a data guy, right, So it's got to be

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data driven and it's got to be process driven. But

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there's Look, there's a reason that I took that money,

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and again we took it from Eric Sprott, we took

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it from our big shareholders. But I want to be

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in a position where if the data suggests to go

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and be more aggressive we do it, and so I

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would like to see another twenty thousand meters added to

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this drill program if the data supports it, and it

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would be the biggest program in the company's history.

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Speaker 2: And you got four drills turning right right now.

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Speaker 1: I got four rigs going. They've been going for a month. Well,

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actually we started with two rigs on May fifteenth. We

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brought it in another two at the end of May.

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We've had so we've had four rigs turning for a

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couple of weeks. We've completed about six thousand meters of

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drilling so far. And we should be in a place.

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Are you going to be at the Rule symposium in Boca?

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Speaker 2: Absolutely, yes, I will be there out there. Please I'll

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put a link in the show notes here. Please join

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Sean and I and many others and Rick. It's always

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a great event and you want to be there, especially

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if you're interested in the Dolly Vard.

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Speaker 1: That's right, yeah, no, it's we've seen it. We're in

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a really good place with the labs right now, good

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turnaround times. It's early in the season. We got out there.

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We're one of the first drollers in the district, so

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you know we'll be ahead of the line.

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Speaker 2: So the acquisitions, you have three of them. Forget me

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if I don't pronounce them exactly right, Kinskooch Quarter project,

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and you bought the MTB Metals portfolio, so you alluded

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to that a while ago that you know, barely any

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dilution for these acquisitions two percent. That kind of fills

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in some other holes, some other gaps in the Lamb package.

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Speaker 1: Well, look, I'll tell you the rationale behind the move.

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So kins Coach, which is a big piece of ground

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that our largest shareholder, Hackla controls, was a project that's

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contiguous to our land package, and it was a deal where,

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you know, for five million dollars in stock, our largest

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shareholder became an even larger shareholder. So they are now

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owned fifteen percent. The first twelve and a half percent

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they owned came through them writing checks into the company,

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buying equity. The last two percent came through this property divestment.

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But they are intrusting our scientists who've proven that they're

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through the studying of all the geochemistry and all the

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geophysics and the structural geology and the whole historic mining,

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have been able to find new silver mines on the

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property and so HECKL has entrusted our scientists to advance

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their project, which is a big sign of confidence from

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America's number one silver producer, the longest, one of the

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longest listed companies on the NYC. And then the other

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two transactions were tiny transactions. You know, they totaled a

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total of about three million dollars, So it all in

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is an eight million dollars in stock for a company

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that's got a four hundred million dollar valuation, very very

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minimal dilution. The other transactions, the straight point transactions. We

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brought in the Porter Idaho and I think you'll appreciate this,

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Carrie Dolly Varden today is trading at two dollars an

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ounce in the ground. We bought Porter Idaho for eight

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and a half cents in the ground. That's in a

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creative deal. That's a deal for shareholders. That's a deal

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where you know, we're taking advantage of the disparity between

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the larger advanced explorers and the juniors, right, And that's

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an accreative deal. So that's a deal you do all

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day long when you could use two dollars announced valuation

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and buy it an under ten cents. So that's a

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Smart deal and then the Mountain Boy deal. You know,

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when we did the deal with Fury and bought Homesteak,

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Mountain Boys got a really fantastic project called THEA that's

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contiguous to Homesteak, and we have held off on advancing

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Homesteak North because we didn't own THEA. And there's some

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big numbers that the Thea's got, really really big silver numbers.

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But the whole Mountain Boy portfolio, this is a company

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that was trading up at sixty seventy million dollar valuation.

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We bought their whole portfolio for under two million dollars.

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Speaker 2: Interesting going back to kN Skotch is that HECLA effectively

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outsourced their exploration to you, right, taking a bigger piece

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of the company. But effectively they're saying that Dolly Varden

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can do the job better than we can in house.

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Speaker 1: Your word's not mine.

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Speaker 2: Well, through an untrained observer, unsophisticated observer, that's the conclusion

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that you would reach because they got this land, that

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they're in the silver business, they've been in it for

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over one hundred years, and yet they're saying, well, Sean,

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you take a crack at this.

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Speaker 1: Well, we wouldn't be here if it wasn't for Hacklaw

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under their previous management, their CEO, Phil Baker. Phil was

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our biggest advocate supporter funder lead order, great visionary, built

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a great company there, and I'm really grateful for that support.

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I think I think now that Heckla is under new management,

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it's a really exciting time there because they're looking at

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really you know, focusing on their existing operations, and I

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think in that moment, there's an opportunity for Dolly Varden

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to play a role in helping streamline the advancement of

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this area. We could focus, we could take the lead,

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and I think it was a win win deal for

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both companies. I think it was a smart deal for

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both companies. And those are the transactions that make the

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most sense. You know, strike Point was looking to focus

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in Nevada, so now they can focus in Nevada. Mountain

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Boys looking to focus in Copper in the North, so

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we took on their silver in all three deals, I

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think in order to have success, whether it's a financing,

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whether it's an acquisition, you need to leave something for

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the other party. And you know, we did this financing

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and people are saying, Sean, you know your your stock

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looks like it wants to go to ten bucks. Why

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would you raise money yet? You know, you know we're

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raising some of this fow through money at six fifty

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five seventy five hard dollars at four sixty. Why would

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you raise money at an average price of five dollars

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five point fifty when you could you're going to ten bucks?

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And it's like, well, first of all, it's a catch

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twenty two. We need capital to advance the project. Number one.

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Number two, I want the investors that are participating to

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have some meat left on the bone and experience and

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be happy shareholders. Happy shareholders are good shareholders, right. You

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don't want to be in a situation where you go

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and you raise one hundred million dollars at ten dollars

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a share and then the stock pulls back to seven

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fifty and people are upset and they sell selling. Begets selling.

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So I've always learned in the twenty two years I've

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been doing this, you know, do it at a time

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where we're going to be putting out results. There's going

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to be catalysts. They have a chance to be very

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happy and to continue to support us.

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Speaker 2: Yes, and I just see the picture here. We don't

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even need to get into geopolitical just the market itself

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is really y is really the biggest catalyst. I mean,

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we've known each other for several years now and you've

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been making all the right moves, and now it looks

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like this is the moment. And that's why the uplisting,

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what perfect timing, the acquisitions and the financing without giving

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you know, your lowest cost financing yet here in terms

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of dilution and in terms of cost. So it's looking

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pretty good here.

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Speaker 1: And I just want to say thanks, Carrie for your support.

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And I think you know, I think you might have

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known it before I knew it when we first met

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where you said, hey, you because you'd known the homestake asset,

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you'd followed it before we acquired it, and so I

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think you know you were you were early on you know,

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the growth of the company and the trajectory of the company,

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and I think you know you had as much conviction

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as we did about that. So thanks for your support

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and look forward to seeing you in Boca.

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Speaker 2: I appreciate that, Sean, and I suggest everybody go over

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to Dolly Vardensilver dot com sign up for notifications. I

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get to say a new symbol, which is DVS on

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the New York Stock Exchange and of course on the

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tsx V, it's d V and set. We'll see you

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in Boca.

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Speaker 1: Thanks carry the Financial Survival Network