Hecla group cuts Dolly Varden Silver (TSXV: DVS) holding to 6.9%

Rhea-AI Filing Summary

Hecla Mining Company and its affiliates updated their ownership in Dolly Varden Silver Corporation through Amendment No. 2 to a Schedule 13D. The filing reflects recent open-market sales of the issuer’s common shares on the TSX-Venture Exchange by Hecla Canada Ltd. between February 6 and February 11, 2026.

Hecla Canada Ltd. sold an aggregate 2,109,000 common shares at weighted average prices per share of $6.1500, $6.3824, $6.4714 and $6.5500 on those respective trade dates. Following these transactions, Hecla Canada Ltd. holds 4,897,374 common shares, and Hecla Quebec Inc. holds 1,351,963 common shares.

Hecla Mining Company, as sole shareholder of Hecla Canada Ltd. and Hecla Quebec Inc., together with these subsidiaries, has shared voting and dispositive power over 6,249,337 Dolly Varden Silver common shares, representing 6.9% of the outstanding class.

Insights

Equity ownership and filings analyst

Hecla’s group modestly reduced its Dolly Varden Silver stake, now reporting 6.9% ownership.

The amendment details that Hecla Canada Ltd. sold 2,109,000 Dolly Varden Silver common shares in several open-market trades on the TSX-Venture Exchange at weighted average prices between $6.1500 and $6.5500. These are ordinary secondary-market sales rather than an issuer capital raise.

Post-transaction, Hecla Canada Ltd. reports 4,897,374 shares and Hecla Quebec Inc. 1,351,963 shares, giving the Hecla group shared voting and dispositive power over 6,249,337 shares, or 6.9% of the class. The filing primarily updates ownership percentages and confirms that recent trading activity was limited to these sales.

This type of Schedule 13D amendment is mainly informational. It signals a reduction from prior levels but still leaves Hecla as a notable shareholder. Actual market impact depends on broader trading conditions and future ownership changes, which would be reflected in subsequent beneficial ownership filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

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)

02/09/2026

(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 6,249,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,249,337.00

11

Aggregate amount beneficially owned by each reporting person

6,249,337.00

12

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

13

Percent of class represented by amount in Row (11)

6.9 %

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 6,249,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,249,337.00

11

Aggregate amount beneficially owned by each reporting person

6,249,337.00

12

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

13

Percent of class represented by amount in Row (11)

6.9 %

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 6,249,337.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,249,337.00

11

Aggregate amount beneficially owned by each reporting person

6,249,337.00

12

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

13

Percent of class represented by amount in Row (11)

6.9 %

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. 2 to Schedule 13D (this "Amendment No. 2") 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 (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. 2 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. 2 is to reflect that, between February 6, 2026 and February 11, 2026, Hecla Canada Ltd. sold an aggregate of 2,109,000 Common Shares of the Issuer at weighted average prices per share set forth in Item 5(c) of this Amendment No. 2. 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.: 4,897,374 (5.4%); 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 6,249,337 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. 2, or since the filing of Amendment No. 1 to Schedule 13D by the Reporting Persons on February 4, 2026, whichever is less. Trade Date Number of Common Shares Sold Weighted Average Price Per Share 02/06/26 200,000 $6.1500 02/09/26 959,000 $6.3824 02/10/26 700,000 $6.4714 02/11/26 250,000 $6.5500

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:	02/11/2026

Hecla Canada Ltd.

Signature:	/s/ Robert D. Brown
Name/Title:	President
Date:	02/11/2026

Hecla Quebec Inc.

Signature:	/s/ Carlos Aguiar
Name/Title:	President
Date:	02/11/2026

FAQ

What change in ownership does Hecla report in this Dolly Varden Silver (DVS) filing?

Hecla reports a revised beneficial ownership of 6,249,337 Dolly Varden Silver common shares, representing 6.9% of the class. This reflects recent open-market share sales and updates earlier Schedule 13D disclosures about Hecla’s position in the company.

How many Dolly Varden Silver (DVS) shares did Hecla Canada Ltd. sell and at what prices?

Hecla Canada Ltd. sold 2,109,000 Dolly Varden Silver common shares in four trades at weighted average prices between $6.1500 and $6.5500. These sales occurred on the TSX-Venture Exchange over several days and are summarized in the beneficial ownership amendment.

What are the current Dolly Varden Silver (DVS) holdings of Hecla Canada Ltd. and Hecla Quebec Inc.?

After the reported sales, Hecla Canada Ltd. holds 4,897,374 Dolly Varden Silver common shares and Hecla Quebec Inc. holds 1,351,963 shares. Together with Hecla Mining Company, they share voting and dispositive power over the total 6,249,337 shares owned.

What percentage of Dolly Varden Silver (DVS) does the Hecla group now beneficially own?

The Hecla group reports beneficial ownership of 6.9% of Dolly Varden Silver’s common shares. This percentage is based on 6,249,337 shares over which Hecla Mining Company and its Canadian subsidiaries have shared voting and dispositive power, as disclosed in the amendment.

On which market were the Dolly Varden Silver (DVS) share sales by Hecla executed?

The reported Dolly Varden Silver share sales by Hecla Canada Ltd. were executed in the open market on the TSX-Venture Exchange. The filing lists each trade date, the number of shares sold, and the corresponding weighted average price per share.

Who are the reporting persons in this Dolly Varden Silver (DVS) Schedule 13D/A amendment?

The reporting persons are Hecla Mining Company, Hecla Canada Ltd., and Hecla Quebec Inc. Hecla Mining Company is the sole shareholder of the two Canadian subsidiaries, and all three entities share voting and dispositive power over their combined Dolly Varden Silver holdings.