Companies · Mining & Resources

Dolly Varden Silver Corp

Vancouver · Mining & Resources · refined from filed group “Other

Diligence memoA one-page analyst read on Dolly Varden Silver Corp — recommendation, valuation, rhythm, risks.
$13.0M
Total raised · real
7
Rounds
2.3×
Latest step-up
Top 15%
Sector rank · raised
Series A
Latest stage · inferred · Thu Oct 23 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Dolly Varden Silver Corp looks under-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.58× the median modeled value of Series A Mining & Resources companies in 2025–2027 (40 peers) — value vs value, same stage and era.
Active
  • Last raise 8 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Mining & Resources

Dolly Varden Silver Corp is one of 701 Mining & Resources companies tracked from Vancouver. By capital raised it ranks in the upper tier (ahead of 86% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
5
Investors (latest)
2025-10-23
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$13M$25M$38M$50MSeries A · 2012-01-30 Raised $5.4M (real) Modeled valuation $24M (est)Series A2012Series A · 2013-03-15 Raised $1.8M (real) Modeled valuation $7.7M (est)Series A2013Series A · 2015-09-30 Raised $560K (real) Modeled valuation $2.4M (est)Series A2015Series A · 2016-06-13 Raised $489K (real) Modeled valuation $2.1M (est)Series A2016Series A · 2016-07-26 Raised $798K (real) Modeled valuation $3.5M (est)Series A2016Series A · 2025-06-26 Raised $1.2M (real) Modeled valuation $3.2M (est)Series A2025Series A · 2025-10-23 Raised $2.8M (real) Modeled valuation $7.1M (est)Series A2025+$1.8M+$560K+$489K+$798K+$1.2M+$2.8MCumulative $13M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$5.4M · 2012
Series A extension$1.8M · 2013
Series A extension$560K · 2015
Series A extension$489K · 2016
Series A extension$798K · 2016
Series A extension$1.2M · 2025
Series A extension$2.8M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 33%.

Modeled valuation trajectory
$7.1M
Base estimate est.
$3.6M
Conservative case
$11.4M
Upside case
$12.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Series A · modeled $23.7M · 2012-01-302012Series A · modeled $7.7M · 2013-03-15Series A · modeled $2.4M · 2015-09-30Series A · modeled $2.1M · 2016-06-13Series A · modeled $3.5M · 2016-07-26Series A · modeled $3.2M · 2025-06-26Series A · modeled $7.1M · 2025-10-232025
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
52%
Survival probability
28% low · 71% high
1.11×/yr
Annual markup
1.39×/yr upside case
0.7 yr
Elapsed time used
0.7 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
27 mo
Avg between rounds
$949K/yr
Capital velocity
14.4 yr
On record since
2012
First round
7
Rounds on file
How it compares to the market

Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 5.7× above median
This company$13.0M
Sector median$2.3M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.7× of median
This company$2.8M
Sector median$4.2M
Modeled value — vs sector median (estimate, all stages) 2.8× above median
This company$7.1M
Sector median$2.5M

Raised more than 86% of sector peers (real $). Modeled value above 75% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #27 of 40.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Fortitude Gold Corp · Series A Raised $12.5M · modeled $29.6M (est)San Cristobal Mining Inc. · Series A Raised $17.2M · modeled $28.8M (est)Torngat Metals Ltd · Series A Raised $21.9M · modeled $27.1M (est)Rua Gold Inc. · Series A Raised $16.4M · modeled $25.0M (est)Red Metals, Inc. · Series A Raised $9.6M · modeled $23.7M (est)West Point Gold Corp. · Series A Raised $9.2M · modeled $21.3M (est)McFarlane Lake Mining Ltd · Series A Raised $7.9M · modeled $19.2M (est)Evolution Metals LLC · Series A Raised $7.2M · modeled $19.0M (est)Silverco Mining Ltd. · Series A Raised $7.7M · modeled $19.0M (est)Miedzi Copper Corp. · Series A Raised $10.7M · modeled $19.0M (est)Rise Gold Corp. · Series A Raised $20.9M · modeled $17.0M (est)TDG Gold Corp. · Series A Raised $6.6M · modeled $16.4M (est)Dolly Varden Silver Corp (this company) Raised $13.0M · modeled $7.1M (est)Dolly Varden Silver Corp
CompanyStageRaised · realValue · estvs peer med.
Fortitude Gold CorpSeries A$12.5M$29.6M2.41×
San Cristobal Mining Inc.Series A$17.2M$28.8M2.34×
Torngat Metals LtdSeries A$21.9M$27.1M2.20×
Rua Gold Inc.Series A$16.4M$25.0M2.03×
Red Metals, Inc.Series A$9.6M$23.7M1.93×
West Point Gold Corp.Series A$9.2M$21.3M1.73×
McFarlane Lake Mining LtdSeries A$7.9M$19.2M1.56×
Evolution Metals LLCSeries A$7.2M$19.0M1.54×
Silverco Mining Ltd.Series A$7.7M$19.0M1.54×
Miedzi Copper Corp.Series A$10.7M$19.0M1.54×
Rise Gold Corp.Series A$20.9M$17.0M1.38×
TDG Gold Corp.Series A$6.6M$16.4M1.33×
Dolly Varden Silver Corp this companySeries A$13.0M$7.1M0.58×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$5.4M2012-01-30$24.6M$23.7M85%
Series A$1.8M2013-03-15$8.0M$7.7M85%
Series A$560K2015-09-30$2.5M$2.4M85%
Series A$489K2016-06-13$2.2M$2.1M85%
Series A$798K2016-07-26$3.6M$3.5M90%
Series A$1.2M2025-06-26$5.5M$3.2M90%
Series A$2.8M2025-10-23$12.7M$7.1M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$5.4M2012-01-30
    • First recorded raise — entered as Series A.
    • 24 investors on this round.
  2. Series A$1.8M2013-03-15
    • Raised 13 mo later, in step with the ~11 mo sector norm.
    • Round 3.1× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  3. Series A$560K2015-09-30
    • Raised again after 31 mo — slower than the ~11 mo sector norm.
    • Round 3.2× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 1 investor on this round.
  4. Series A$489K2016-06-13
    • Raised 8 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  5. Series A$798K2016-07-26
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
    • 1 investor on this round.
  6. Series A$1.2M2025-06-26
    • Raised again after 107 mo — slower than the ~11 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 5 investors on this round.
  7. Series A$2.8M2025-10-23
    • Came back fast: 4 mo vs the ~11 mo sector norm.
    • Round 2.3× larger than the prior — scaling up.
    • 5 investors on this round.
Intelligence
2028 ~Q1
Modeled next raise · ~27mo cadence
$6.4M
Modeled next size est.range $4.2M$10.3M
2.3×
Last step-up
$949K/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Robert McLeod9 other2025-06
Darren Devine7 other2016-07
Connie Norman5 other2015-09
ANN FEHR3 other2025-06
Gary Cope3 other2016-07
JOHN KING BURNS3 other2012-01
MICHAEL HENRICHSEN3 other2025-06
Shawn Khunkhun3 other2025-06
Stephen Brohman3 other2016-07
ALLAN J MARTER2 other2013-03
Donald J. Birak2 other2016-07
Robert Van Egmond2 other2025-06
Rosie Moore2 other2015-09
Thomas E. Wharton, Jr.2 other2016-07
Tom Wharton2 other2015-09
Alain Voisin1 other2015-09
ALLEN J AMBROSE1 other2012-01
DAISY J DUONG1 other2012-01
James Sabala1 other2025-06
PAUL J MCGUIGAN1 other2012-01
RON F NICHOLS1 other2012-01
THEO KING SANIDAS1 other2012-01
Annette E. Cusworth2016-07
Bernard Whiting2016-07
Registry & provenance

Dolly Varden Silver Corp is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1542028
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Dolly Varden Silver LtdOtherSeed$3.8M$5.7Mnetwork6 shared operators
Fury Gold Mines LtdMining & ResourcesSeries A$10.0M$1.6Mnetwork1 shared operator · same sector · same stage
Chakana Copper Corp.Mining & ResourcesSeries A$8.9M$1.8Mnetwork1 shared operator · same sector · same stage
First Nordic Metals Corp.Mining & ResourcesSeries A$7.7M$16.2Mnetwork1 shared operator · same sector · same stage
Silver Viper Minerals Corp.Mining & ResourcesPre-Seed$4.2M$210Knetwork2 shared operators · same sector
GRP Minerals CorpMining & ResourcesSeries A$5.4M$3.9Mnetwork1 shared operator · same sector · same stage
West Red Lake Gold Mines Ltd.Mining & ResourcesSeed$12.9M$5.9Mnetwork1 shared operator · same sector
Chakana Copper CorpMining & ResourcesPre-Seed$1.3M$6.1Mnetwork2 shared operators · same sector
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Toro Silver Corp.Mining & ResourcesSeed$2.8M81%
Nevada Silver CorpMining & ResourcesSeed$5.1M81%
Reyna Silver Corp.Mining & ResourcesPre-Seed$972K81%
Silver Dollar Resources Inc.Mining & ResourcesPre-Seed$1.3M80%
Summa Silver CorpMining & ResourcesPre-Seed$915K80%
Southern Silver Exploration CorpMining & ResourcesSeed$361K79%
Regency Silver Corp.Mining & ResourcesSeed$5.0M79%
Capitan Silver Corp.Mining & ResourcesSeed$4.7M79%
Frequently asked
How much funding has Dolly Varden Silver Corp raised?
Dolly Varden Silver Corp has raised approximately $13.0M in disclosed capital across 7 recorded financing rounds, aggregated from public filings.
What is Dolly Varden Silver Corp's estimated valuation?
Provath's modeled valuation for Dolly Varden Silver Corp is approximately $7.1M (modeled range $3.6M–$11.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Dolly Varden Silver Corp at?
Dolly Varden Silver Corp's latest modeled financing stage is Series A. Its most recent recorded round closed around Thu Oct 23.
What does Dolly Varden Silver Corp do and where is it based?
Dolly Varden Silver Corp operates in the Mining & Resources sector, based in Vancouver.
Explore related

See where Dolly Varden Silver Corp sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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