Speaker 1: What makes Dolly Varden what I describe as a unicorn,
a silver unicorn, is the fact that where the project
is located. You know, Mexico and Peru are the number
one and two silver producing nations on planet Earth. That's
where most silver comps. So what makes our projects so special.
We have one hundred thousand hactors of prospective ground.
Speaker 2: Carrie.
Speaker 1: As this bull market matures, you're not going to be
able to get these types of projects. The Financial Survival
Network now more than network, the Financial Survival Network.
Speaker 2: Welcome. This is Financial Survival Network and I'm your host,
Carrie Lets. We have a major sponsor update from Sean
kun Kuhn, CEO of Dolly Varden Silver and Well, Sewan,
I don't know how you've kept still for the past month.
I mean when I look at what you've done, and
you got the New York American listing which is paid
major dividends, stocks up, you got three acquisitions under your belt,
you just did a over subscribe financing, and you got
a thirty five thousand drill planned that's starting to get executed.
Just those are the highlights. I'm sure there's a lot
more going on behind the scenes here, but why don't
you tell us, like what's going on?
Speaker 1: Yeah, no, thank you so much, thanks for having me on.
As we were saying before we hit record, I've got
a great team and a very very very strong technical
team and had a great CFO. And you know, look,
Dolly Varden, for any of your audience who is new
of tuning in for the first time, the company is
what I would describe as a bit of a unicorn
in that there's only a handful of silver companies. You know,
if you talk about the uplisting to the NYC American,
there may be ten companies on the New York Sock
Exchange that are giving investors exposure to silver. Now Dolly
Varden is one of them, but that's a rare group,
only ten. And then what makes Dolly Varden what I
describe as a unicorn a silver unicorn is the fact
that where the project is located. You know, Mexico and
Peru are they're number one and two silver producing nations
on planet Earth. That's where most silver comes. There's a
big mine in Poland that silver is produced as a byproduct,
and most of silver commes as a byproduct. So what
makes our projects so special? What I've done over the
last couple of months is I've taken We've got a
really strong resource base, Okay, about one hundred and fifty
million ounces of silver equivalent half silver half gold, past
producing mines in a prolific mining camp. And we've systematically
gone out after going on to the New York Sock
Exchange and after having some US investors come into the
stock pushing the valuation up. We then use that stock
as currency, and we've gone out. And there's Carrie, you
know this better than anybody. There's a lot of juniors
that are still struggling intrementously, and so those juniors that
are have no bid, have no capital. We've gone to
those juniors and we've bought their silver projects in the
neighborhood in the Golden Triangle, and we've cut really good
deals for our shareholders. So what we did we started
in April with fifteen thousand hectors of prospective ground with
two past producing mines. I stand here today in June,
and today we have one hundred thousand hectors of prospective ground. Carrie,
as this bullmark it matures, you're not going to be
able to get these types of projects like Forget what
we paid for them, you just won't be able to
get them for any cost. And the fact that we
also picked up three pass producing historic some of the
highest grade the highest grade silver mine in the Golden Triangle.
And the fact that we did all this, you know,
we grew by over six and a half times, and
we grew with these three pass producing mindes. We did
all this for two percent dilution, not a stitch of cash,
and for two percent dilution. And if you look back
of when we executed these transactions, the silver to gold
ratio was one hundred to one. Today it's ninety. And
we just launched on the NYC American on the back
of a lot of good results from the twenty twenty
four droll campaign that were coming out in Q one,
and we went out and now the market's caught a
bid in the last thirty days. But before it caught
a bid, we close the transactions. And then on the
back of that, we put up a deal and we
raised twenty eight point seventy five million dollars at the
highest price the company's ever raised money in the history
of the company. So we doubled our treasury and again
we've done something We've been so fortunate. We've had great shareholders,
we've had good results, and we've been very fortunate. Carrie.
We're a junior in a tough environment that has yet
to do a down round of financing, including this last one.
Speaker 2: Well, that is an accomplishment, and you know, it's amazing. You've,
you know, more than sixfold increased your land package. And honestly,
the stock's doing great. But I don't think the market
really has any understanding of this company, or a minimal
understanding other than the fact that it's gone up.
Speaker 1: The market does not understand and yet because what's happened.
And I've got a list of companies I track that
are silver equities. And as I go through the list,
the biggest producers, Okay, this is your your core, your
Pan American, your first majestic, Your biggest producers are trading
at fifty two week highs. Okay, not all time highs,
but fifty two week hihs okay. But apart from your
ten primary producers, the big ones, the subcategory, so these
are your small producers and your advanced explorers, your juniors,
they're not they're trading at you know, sort of the
halfway point in terms of their fifty two week low
and high, and that tells me that the mark has
not come down. So we've got a really good gold price,
you know, almost at a record all time high. We've
got large gold equities that have been given love because
you've got companies like Egnico Eagle, the world's largest publicly
traded gold producer, that's got three hundred million dollars a
month in free cash flow a month, not a quarter,
not a year, a month. We're starting to hear some
numbers out of gold companies that rival where some of
the big banks were before the GFC. The gold stocks
are the new bank stocks, okay. And and for the
younger audience, the silver companies are going to be companies
like Navidio and like tech sooks. That's that's where we're headed.
We're not there yet. It's early days. It's stay one.
But my point is the market, like to your point, No,
the market is not crediting any of this stuff yet.
It's still early days, and it shouldn't be considering there's
only been two times in recorded history where silver has
been up at this price level. This is the third
time in history where silver's been here it's actually never
closed a year above thirty five dollars sounds.
Speaker 2: I know, it's remarkable. And I read an article quite
a while ago that Eric Sprott would be the next
Elon Musk when the inevitable silver and gold bull markets
and as well as base metals copper nickel takes off.
And hey, one day I'm going to collect on a
bet somebody who told me I was nuts and didn't
know what I was talking about.
Speaker 1: Well, if Eric's Elon, I hope to be Mark Zuckerberg.
Speaker 2: You'll sell, Okay, So getting do the brass tax here
or gold gold or silver tax thirty five thou meters.
That's that's locked in. Or do you think you'll go
higher than that?
Speaker 1: Well, we're going a lot higher. We're going a lot higher.
And I'm just looking. I'm a process guy, a results
I'm a data guy, right, So it's got to be
data driven and it's got to be process driven. But
there's Look, there's a reason that I took that money,
and again we took it from Eric Sprott, we took
it from our big shareholders. But I want to be
in a position where if the data suggests to go
and be more aggressive we do it, and so I
would like to see another twenty thousand meters added to
this drill program if the data supports it, and it
would be the biggest program in the company's history.
Speaker 2: And you got four drills turning right right now.
Speaker 1: I got four rigs going. They've been going for a month. Well,
actually we started with two rigs on May fifteenth. We
brought it in another two at the end of May.
We've had so we've had four rigs turning for a
couple of weeks. We've completed about six thousand meters of
drilling so far. And we should be in a place.
Are you going to be at the Rule symposium in Boca?
Speaker 2: Absolutely, yes, I will be there out there. Please I'll
put a link in the show notes here. Please join
Sean and I and many others and Rick. It's always
a great event and you want to be there, especially
if you're interested in the Dolly Vard.
Speaker 1: That's right, yeah, no, it's we've seen it. We're in
a really good place with the labs right now, good
turnaround times. It's early in the season. We got out there.
We're one of the first drollers in the district, so
you know we'll be ahead of the line.
Speaker 2: So the acquisitions, you have three of them. Forget me
if I don't pronounce them exactly right, Kinskooch Quarter project,
and you bought the MTB Metals portfolio, so you alluded
to that a while ago that you know, barely any
dilution for these acquisitions two percent. That kind of fills
in some other holes, some other gaps in the Lamb package.
Speaker 1: Well, look, I'll tell you the rationale behind the move.
So kins Coach, which is a big piece of ground
that our largest shareholder, Hackla controls, was a project that's
contiguous to our land package, and it was a deal where,
you know, for five million dollars in stock, our largest
shareholder became an even larger shareholder. So they are now
owned fifteen percent. The first twelve and a half percent
they owned came through them writing checks into the company,
buying equity. The last two percent came through this property divestment.
But they are intrusting our scientists who've proven that they're
through the studying of all the geochemistry and all the
geophysics and the structural geology and the whole historic mining,
have been able to find new silver mines on the
property and so HECKL has entrusted our scientists to advance
their project, which is a big sign of confidence from
America's number one silver producer, the longest, one of the
longest listed companies on the NYC. And then the other
two transactions were tiny transactions. You know, they totaled a
total of about three million dollars, So it all in
is an eight million dollars in stock for a company
that's got a four hundred million dollar valuation, very very
minimal dilution. The other transactions, the straight point transactions. We
brought in the Porter Idaho and I think you'll appreciate this,
Carrie Dolly Varden today is trading at two dollars an
ounce in the ground. We bought Porter Idaho for eight
and a half cents in the ground. That's in a
creative deal. That's a deal for shareholders. That's a deal
where you know, we're taking advantage of the disparity between
the larger advanced explorers and the juniors, right, And that's
an accreative deal. So that's a deal you do all
day long when you could use two dollars announced valuation
and buy it an under ten cents. So that's a
Smart deal and then the Mountain Boy deal. You know,
when we did the deal with Fury and bought Homesteak,
Mountain Boys got a really fantastic project called THEA that's
contiguous to Homesteak, and we have held off on advancing
Homesteak North because we didn't own THEA. And there's some
big numbers that the Thea's got, really really big silver numbers.
But the whole Mountain Boy portfolio, this is a company
that was trading up at sixty seventy million dollar valuation.
We bought their whole portfolio for under two million dollars.
Speaker 2: Interesting going back to kN Skotch is that HECLA effectively
outsourced their exploration to you, right, taking a bigger piece
of the company. But effectively they're saying that Dolly Varden
can do the job better than we can in house.
Speaker 1: Your word's not mine.
Speaker 2: Well, through an untrained observer, unsophisticated observer, that's the conclusion
that you would reach because they got this land, that
they're in the silver business, they've been in it for
over one hundred years, and yet they're saying, well, Sean,
you take a crack at this.
Speaker 1: Well, we wouldn't be here if it wasn't for Hacklaw
under their previous management, their CEO, Phil Baker. Phil was
our biggest advocate supporter funder lead order, great visionary, built
a great company there, and I'm really grateful for that support.
I think I think now that Heckla is under new management,
it's a really exciting time there because they're looking at
really you know, focusing on their existing operations, and I
think in that moment, there's an opportunity for Dolly Varden
to play a role in helping streamline the advancement of
this area. We could focus, we could take the lead,
and I think it was a win win deal for
both companies. I think it was a smart deal for
both companies. And those are the transactions that make the
most sense. You know, strike Point was looking to focus
in Nevada, so now they can focus in Nevada. Mountain
Boys looking to focus in Copper in the North, so
we took on their silver in all three deals, I
think in order to have success, whether it's a financing,
whether it's an acquisition, you need to leave something for
the other party. And you know, we did this financing
and people are saying, Sean, you know your your stock
looks like it wants to go to ten bucks. Why
would you raise money yet? You know, you know we're
raising some of this fow through money at six fifty
five seventy five hard dollars at four sixty. Why would
you raise money at an average price of five dollars
five point fifty when you could you're going to ten bucks?
And it's like, well, first of all, it's a catch
twenty two. We need capital to advance the project. Number one.
Number two, I want the investors that are participating to
have some meat left on the bone and experience and
be happy shareholders. Happy shareholders are good shareholders, right. You
don't want to be in a situation where you go
and you raise one hundred million dollars at ten dollars
a share and then the stock pulls back to seven
fifty and people are upset and they sell selling. Begets selling.
So I've always learned in the twenty two years I've
been doing this, you know, do it at a time
where we're going to be putting out results. There's going
to be catalysts. They have a chance to be very
happy and to continue to support us.
Speaker 2: Yes, and I just see the picture here. We don't
even need to get into geopolitical just the market itself
is really y is really the biggest catalyst. I mean,
we've known each other for several years now and you've
been making all the right moves, and now it looks
like this is the moment. And that's why the uplisting,
what perfect timing, the acquisitions and the financing without giving
you know, your lowest cost financing yet here in terms
of dilution and in terms of cost. So it's looking
pretty good here.
Speaker 1: And I just want to say thanks, Carrie for your support.
And I think you know, I think you might have
known it before I knew it when we first met
where you said, hey, you because you'd known the homestake asset,
you'd followed it before we acquired it, and so I
think you know you were you were early on you know,
the growth of the company and the trajectory of the company,
and I think you know you had as much conviction
as we did about that. So thanks for your support
and look forward to seeing you in Boca.
Speaker 2: I appreciate that, Sean, and I suggest everybody go over
to Dolly Vardensilver dot com sign up for notifications. I
get to say a new symbol, which is DVS on
the New York Stock Exchange and of course on the
tsx V, it's d V and set. We'll see you
in Boca.
Speaker 1: Thanks carry the Financial Survival Network