SEC Form SCHEDULE 13D filed by Dolly Varden Silver Corporation
$DVS
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
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DOLLY VARDEN SILVER CORP (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) |
05/23/2025 (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
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| 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)
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| 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)
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| 6 | Citizenship or place of organization
DELAWARE
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 11 | Aggregate amount beneficially owned by each reporting person
11,958,337.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
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| 13 | Percent of class represented by amount in Row (11)
14.6 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
SCHEDULE 13D
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| 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)
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| 6 | Citizenship or place of organization
CANADA (FEDERAL LEVEL)
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 11 | Aggregate amount beneficially owned by each reporting person
11,958,337.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.6 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
SCHEDULE 13D
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| 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)
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
11,958,337.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.6 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
SCHEDULE 13D
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| Item 1. | Security and Issuer | |
| (a) | Title of Class of Securities:
Common Shares | |
| (b) | Name of Issuer:
DOLLY VARDEN SILVER CORP | |
| (c) | Address of Issuer's Principal Executive Offices:
SUITE 1130 - 1055 W HASTINGS STREET, VANCOUVER,
BRITISH COLUMBIA, CANADA
, V6E 2E9. | |
Item 1 Comment:
This statement on Schedule 13D (the "Schedule 13D") relates to the Common Shares of Dolly Varden Silver Corporation, a British Columbia corporation (the "Issuer"), whose principal executive offices are located at Suite 1130 - 1055 W. Hastings Street, Vancouver, British Columbia, Canada V6E 2E9. | ||
| Item 2. | Identity and Background | |
| (a) | This Schedule 13D is being filed by the following persons (each a "Reporting Person" and, collectively, the "Reporting Persons"):
(1) Hecla Mining Company
(2) Hecla Canada Ltd.
(3) Hecla Quebec Inc. | |
| (b) | Hecla Mining Company is organized under the laws of the State of Delaware. The address for Hecla Mining Company is 6500 N. Mineral Dr., Suite 200, Coeur d'Alene, Idaho 83815.
Hecla Canada Ltd. is a Federal Canadian corporation with a business address of Suite 970, 800 W. Pender Street, Vancouver, British Columbia, Canada V6C 2V6.
Hecla Quebec Inc. is a Federal Canadian corporation with a business address of 1010 - 3e Avenue Est, Val-d'Or, Quebec, Canada J9P 0J6.
Each of the Reporting Persons is principally engaged in the business of mining of precious metals. | |
| (c) | The directors of Hecla Mining Company are: Catherine J. Boggs, Charles B. Stanley, Stephen F. Ralbovsky, Alice Wong, Jill Satre, Mark P. Board, Rob Krcmarov, and Dean Gehring (collectively, the "Directors").
The executive officers of Hecla Mining Company are: Rob Krcmarov, President and Chief Executive Officer; Russell D. Lawlar, Sr. Vice President and Chief Financial Officer; Carlos Aguiar, Sr. Vice President and Chief Operating Officer; David C. Sienko, Sr. Vice President, General Counsel and Secretary; Michael L. Clary, Sr. Vice President and Chief Administrative Officer; Kurt Allen, Vice President - Exploration; Robert D. Brown, Vice President - Corporate Development; Patrick Malone, Vice President - Sustainability; and Stuart Absolom, Vice President - Principal Accounting Officer.
The directors of Hecla Canada Ltd. are: Carlos Aguiar, Robert D. Brown, and Russell D. Lawlar.
The executive officers of Hecla Canada Ltd. are: Robert D. Brown, President; Russell D. Lawlar, Vice President; Christophe McLean, Vice President and Chief Financial Officer; and Mike Parkin, Vice President, Strategy & Investor Relations.
The directors of Hecla Quebec Inc. are: Carlos Aguiar, Robert D. Brown, and Matthew Blattman.
The executive officers of Hecla Quebec Inc. are: Carlos Aguiar, President; Christophe McLean, Vice President, Chief Financial Officer and Treasurer; Robert D. Brown, Vice President; Matthew Blattman, Vice President; and Denis Baribeau, Vice President - General Manager. | |
| (d) | During the last five years, none of the Reporting Persons or Related Persons have been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors). | |
| (e) | During the last five years, none of the Reporting Persons or Related Persons were a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to federal or state securities laws or finding any violation with respect to such laws. | |
| (f) | Hecla Mining Company is a citizen of the United States. The business address of Hecla Mining Company is 6500 N. Mineral Dr., Suite 200, Coeur d'Alene, Idaho 83815.
Hecla Canada Ltd. is a citizen of Canada. The business address of Hecla Canada Ltd. is Suite 970, 800 W. Pender Street, Vancouver, British Columbia, Canada V6C 2V6.
Hecla Quebec Inc. is a citizen of Canada. The business address of Hecla Quebec Inc. is 1010 - 3e Avenue Est, Val-d'Or, Quebec, Canada J9P 0J6. | |
| Item 3. | Source and Amount of Funds or Other Consideration | |
On May 23, 2025, in exchange for certain mining claims, Hecla Quebec Inc. acquired 1,351,963 Common Shares of the Issuer. | ||
| Item 4. | Purpose of Transaction | |
Hecla Canada Ltd. previously invested in Issuer and has the right to designate one member of Issuer's Board of Directors. Hecla Quebec Inc. recently sold mining claims in British Columbia to the Issuer and received Common Shares of the Issuer as consideration. | ||
| Item 5. | Interest in Securities of the Issuer | |
| (a) | Hecla Canada Ltd.: 10,606,374 (12.8%); Hecla Quebec Inc.: 1,351,963 (1.9%) | |
| (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. | |
| (c) | On May 23, 2025, Hecla Quebec Inc. sold mining claims in British Columbia to the Issuer for (i) a 2% net smelter royalty on any mining production proceeds from the mining claims and (ii) CDN$5,000,000 of Common Shares of the Issuer, at a deemed price per share equal to the 20 day VWAP on the TSX Venture Exchange immediately prior to May 2, 2025. This led to a per share purchase price of CDN$3.70. The Issuer became a Section 12 registrant on or about April 17, 2025. The Common Shares were issued pursuant to exemptions from registration under Canadian and U.S. Securities laws, including, but not limited to, Regulation S. | |
| (d) | Not applicable. | |
| (e) | Not applicable. | |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer | |
The Issuer and Hecla Canada Ltd. are parties to an Ancillary Rights Agreement ("ARA") dated on or about September 4, 2012, pursuant to which as long as Hecla Canada Ltd. owns 10% or greater of the outstanding Common Shares of the Issuer, it is entitled to: (i) the right to nominate one member of the Issuer's Board of Directors, (ii) the right to appoint one of the members of the Issuer's Technical Committee, (iii) a pre-emptive right to maintain its pro rata ownership interest of the Issuer's Common Shares, and (iv) a right of first refusal on any mining property owned by Seller for which it receives a bona fide offer from a third party to purchase. | ||
| Item 7. | Material to be Filed as Exhibits. | |
None | ||
| 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.
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