Hecla trims Dolly Varden Silver (TSX-V: DVS) stake to 4.5% in exit filing

Rhea-AI Filing Summary

Hecla Mining Company and its Canadian subsidiaries reduced their stake in Dolly Varden Silver Corporation and dropped below the 5% ownership threshold. Hecla Canada Ltd. sold an aggregate of 2,170,000 common shares between February 24 and February 27, 2026 in open-market trades on the TSX-Venture Exchange.

After these sales, Hecla Mining Company, Hecla Canada Ltd. and Hecla Quebec Inc. together beneficially own 4,079,337 common shares of Dolly Varden Silver, representing 4.5% of the outstanding common shares, with shared voting and dispositive power. As of February 27, 2026, they are no longer beneficial owners of more than five percent, and this amendment is characterized as their exit filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

DOLLY VARDEN SILVER CORPORATION

(Name of Issuer)

Common Shares

(Title of Class of Securities)

256827783

(CUSIP Number)

David C. Sienko
6500 N. Mineral Dr., Suite 200,
Coeur d'Alene, ID, 83815
2087694100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/25/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 256827783

1

Name of reporting person

HECLA MINING CO/DE/

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,079,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,079,337.00

11

Aggregate amount beneficially owned by each reporting person

4,079,337.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 256827783

1

Name of reporting person

Hecla Canada Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,079,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,079,337.00

11

Aggregate amount beneficially owned by each reporting person

4,079,337.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 256827783

1

Name of reporting person

Hecla Quebec Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,079,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,079,337.00

11

Aggregate amount beneficially owned by each reporting person

4,079,337.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: DOLLY VARDEN SILVER CORPORATION
(c)	Address of Issuer's Principal Executive Offices: SUITE 1130 - 1055 W HASTINGS STREET, VANCOUVER, BRITISH COLUMBIA, CANADA , V6E 2E9.
Item 1 Comment: EXPLANATORY NOTE This Amendment No. 3 to Schedule 13D (this "Amendment No. 3") amends and supplements the Schedule 13D filed on May 30, 2025, as amended by Amendment No. 1 to Schedule 13D filed on February 4, 2026 and Amendment No. 2 to Schedule 13D filed on February 11, 2026 (the "Schedule 13D"), with the U.S. Securities and Exchange Commission, relating to the common shares of Dolly Vardon Silver Corp. (the "Issuer"). Unless specifically amended hereby, the disclosures set forth in the Schedule 13D remain unchanged. Capitalized terms used in this Amendment No. 3 that are not otherwise defined herein have the meanings attributed to them in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The purpose of this Amendment No. 3 is to reflect that, between February 24, 2026 and February 27, 2026, Hecla Canada Ltd. sold an aggregate of 2,170,000 Common Shares of the Issuer at weighted average prices per share set forth in Item 5(c) of this Amendment No. 3. Hecla Canada Ltd. effected such sale transactions in the open market on the TSX-Venture Exchange.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(a), (b), (c) and (e) of the Schedule 13D are hereby amended and restated as follows: Hecla Canada Ltd.: 2,727,374 (3.0%); Hecla Quebec Inc.: 1,351,963 (1.5%)
(b)	Hecla Mining Company, which is a publicly traded entity listed on the New York Stock Exchange, is the sole shareholder of Hecla Canada Ltd. and Hecla Quebec Inc. Each of Hecla Mining Company, Hecla Canada Ltd. and Hecla Quebec Inc. have shared voting power and shared dispositive power over 4,079,337 Common Shares of the Issuer.
(c)	Hecla Canada Ltd. effected the following sale transactions in Common Shares of the Issuer in the open market on the TSX-Venture Exchange on the dates indicated below. Such transactions are the only transactions in Common Shares of the Issuer by the Reporting Persons in the 60 days preceding the filing of this Amendment No. 3, or since the filing of Amendment No. 2 to Schedule 13D by the Reporting Persons on February 11, 2026, whichever is less. Trade Date Number of Common Shares Sold Weighted Average Price Per Share 02/20/2026 100,000 $6.4003 02/24/2026 450,000 $6.6000 02/25/2026 200,000 $6.5600 02/26/2026 1,300,000 $6.5046 02/27/2026 120,000 $6.4500
(e)	As of February 27, 2026, the Reporting Persons ceased to be the beneficial owners of more than five percent of the Issuer's Common Shares. The filing of this Amendment No. 3 represents the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HECLA MINING CO/DE/

Signature:	/s/ David C. Sienko
Name/Title:	Sr. Vice President, General Counsel & Secretary
Date:	02/27/2026

Hecla Canada Ltd.

Signature:	/s/ Robert D. Brown
Name/Title:	President
Date:	02/27/2026

Hecla Quebec Inc.

Signature:	/s/ Carlos Aguiar
Name/Title:	President
Date:	02/27/2026

FAQ

What does Dolly Varden Silver (DVS) disclose in this Schedule 13D/A amendment?

The amendment reports that Hecla Mining Company and its subsidiaries reduced their holdings in Dolly Varden Silver. Following share sales, they beneficially own 4,079,337 common shares, or 4.5% of the company, and no longer hold more than five percent of the outstanding shares.

How many Dolly Varden Silver shares does Hecla now beneficially own?

Hecla Mining Company, Hecla Canada Ltd. and Hecla Quebec Inc. now have shared voting and dispositive power over 4,079,337 Dolly Varden Silver common shares. This stake represents 4.5% of the issuer’s outstanding common shares, based on the figures stated in the Schedule 13D/A amendment.

How many Dolly Varden Silver shares did Hecla Canada sell in February 2026?

Hecla Canada Ltd. sold an aggregate of 2,170,000 Dolly Varden Silver common shares between February 24 and February 27, 2026. These open-market transactions on the TSX-Venture Exchange are detailed with trade dates and weighted average sale prices in Item 5(c) of the amendment.

What ownership percentage does Hecla report in Dolly Varden Silver after the sales?

After the reported share sales, Hecla Mining Company and its subsidiaries report beneficial ownership of 4.5% of Dolly Varden Silver’s common shares. This percentage is calculated on 4,079,337 shares over the issuer’s outstanding common share base, as disclosed in the Schedule 13D/A amendment.

Why is this Schedule 13D/A labeled an exit filing for Dolly Varden Silver?

The filing is an exit filing because, as of February 27, 2026, the reporting persons ceased to be beneficial owners of more than five percent of Dolly Varden Silver’s common shares. Once their holdings fell below this threshold, they filed this final amendment to update their disclosed ownership.

Which Hecla entities hold Dolly Varden Silver shares and in what amounts?

The amendment lists Hecla Canada Ltd. with 2,727,374 Dolly Varden Silver common shares, or 3.0%, and Hecla Quebec Inc. with 1,351,963 shares, or 1.5%. Hecla Mining Company is the sole shareholder of these subsidiaries, and all three share voting and dispositive power over 4,079,337 shares.