Hecla trims Dolly Varden (DVS) holdings, selling 3.6M shares

Rhea-AI Filing Summary

Hecla Mining and its Canadian subsidiaries have reduced their stake in Dolly Varden Silver Corporation and updated their Schedule 13D. Between January 20 and February 3, 2026, Hecla Canada Ltd. sold an aggregate 3,600,000 common shares of Dolly Varden on the TSX-Venture Exchange at various weighted average prices.

After these sales, Hecla Canada Ltd. holds 7,006,374 shares, or 7.7% of Dolly Varden’s common shares, and Hecla Quebec Inc. holds 1,351,963 shares, or 1.5%. Together with Hecla Mining Company, the group has shared voting and dispositive power over 8,358,337 common shares, representing 9.2% of the class.

Positive

• None.

Negative

• Hecla Canada Ltd. sold 3,600,000 Dolly Varden shares in TSX-Venture open-market transactions between January 20 and February 3, 2026, reducing the group’s beneficial ownership to 8,358,337 shares, or 9.2% of the outstanding common shares.

Insights

Equity ownership and disclosure analyst

Hecla significantly trimmed its Dolly Varden stake but remains a large shareholder.

The filing shows that Hecla Canada Ltd. sold 3,600,000 Dolly Varden common shares in open-market trades on the TSX-Venture Exchange between January 20, 2026 and February 3, 2026. These transactions are detailed with trade dates, share counts and weighted average prices per share.

Following the sales, Hecla Canada Ltd. holds 7,006,374 shares (7.7%) and Hecla Quebec Inc. holds 1,351,963 shares (1.5%). Collectively with Hecla Mining Company, they have shared voting and dispositive power over 8,358,337 shares, or 9.2% of Dolly Varden’s common shares. This indicates a sizeable reduction from prior levels while maintaining a significant minority position.

The sales are the only reported Dolly Varden share transactions by these reporting persons in the 60 days before this amendment. Future company filings may provide additional context on Hecla’s strategic intentions regarding this remaining 9.2% stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

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)

01/22/2026

(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 8,358,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,358,337.00

11

Aggregate amount beneficially owned by each reporting person

8,358,337.00

12

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

13

Percent of class represented by amount in Row (11)

9.2 %

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 8,358,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,358,337.00

11

Aggregate amount beneficially owned by each reporting person

8,358,337.00

12

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

13

Percent of class represented by amount in Row (11)

9.2 %

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 8,358,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,358,337.00

11

Aggregate amount beneficially owned by each reporting person

8,358,337.00

12

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

13

Percent of class represented by amount in Row (11)

9.2 %

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. 1 to Schedule 13D (this "Amendment No. 1") amends and supplements the Schedule 13D filed on May 30, 2025 (the "Schedule 13D") with the U.S. Securities and Exchange Commission (the "SEC"), 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. 1 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. 1 is to reflect that, between January 20, 2026 and February 3, 2026, Hecla Canada Ltd. sold an aggregate of 3,600,000 Common Shares of the Issuer at weighted average prices per share set forth in Item 5(c) of this Amendment No. 1. 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) and (c) of the Schedule 13D are hereby amended and restated as follows: Hecla Canada Ltd.: 7,006,374 (7.7%); 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 8,358,337 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. 1, or since the most recent filing of Schedule 13D by the Reporting Persons, whichever is less. Trade Date Number of Common Shares Sold Weighted Average Price Per Share 01/20/26 490,000 $7.4549 01/21/26 370,000 $7.1481 01/22/26 690,000 $7.7274 01/23/26 650,000 $7.6885 01/26/26 250,000 $7.9700 01/27/26 300,000 $7.0667 02/03/26 850,000 $6.4388

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:	02/04/2026

Hecla Canada Ltd.

Signature:	/s/ Robert D. Brown
Name/Title:	President
Date:	02/04/2026

Hecla Quebec Inc.

Signature:	/s/ Carlos Aguiar
Name/Title:	President
Date:	02/04/2026

FAQ

What does the amended Schedule 13D/A reveal about Hecla’s stake in Dolly Varden (DVS)?

The amendment shows Hecla Mining, Hecla Canada and Hecla Quebec now share beneficial ownership of 8,358,337 Dolly Varden common shares, representing 9.2% of the class. Hecla Canada holds 7,006,374 shares (7.7%), while Hecla Quebec holds 1,351,963 shares (1.5%) after recent sales.

How many Dolly Varden (DVS) shares did Hecla Canada Ltd. sell and over what period?

Hecla Canada Ltd. sold an aggregate 3,600,000 Dolly Varden common shares between January 20 and February 3, 2026. The sales occurred in multiple TSX-Venture Exchange trades, each reported with a specific trade date, number of shares sold, and weighted average price per share.

At what prices did Hecla Canada sell its Dolly Varden (DVS) shares?

The disclosed weighted average sale prices ranged from $6.4388 to $7.9700 per share. Individual trade dates included 490,000 shares at $7.4549 on January 20, 2026, and 850,000 shares at $6.4388 on February 3, 2026, all on the TSX-Venture Exchange.

Why did Hecla Mining file this Amendment No. 1 related to Dolly Varden (DVS)?

The amendment updates Hecla’s previously filed Schedule 13D to reflect open-market sales of 3,600,000 Dolly Varden common shares by Hecla Canada Ltd. It revises the stated purpose of the transaction and the reporting persons’ beneficial ownership percentages following those sales.

How much of Dolly Varden (DVS) does each Hecla subsidiary now own?

Hecla Canada Ltd. now beneficially owns 7,006,374 Dolly Varden common shares, equal to 7.7% of the class. Hecla Quebec Inc. owns 1,351,963 common shares, equal to 1.5%. Both entities share voting and dispositive power with Hecla Mining Company.

What voting power does Hecla retain in Dolly Varden (DVS) after these share sales?

Hecla Mining Company, Hecla Canada Ltd. and Hecla Quebec Inc. together hold shared voting and shared dispositive power over 8,358,337 Dolly Varden common shares. This combined holding represents 9.2% of the issuer’s outstanding common shares, according to the amended disclosure.