<SEC-DOCUMENT>0000719413-25-000005.txt : 20250530
<SEC-HEADER>0000719413-25-000005.hdr.sgml : 20250530
<ACCEPTANCE-DATETIME>20250530124134
ACCESSION NUMBER:		0000719413-25-000005
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250530
DATE AS OF CHANGE:		20250530

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOLLY VARDEN SILVER CORP
		CENTRAL INDEX KEY:			0001542028
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-95056
		FILM NUMBER:		251009007

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1130 - 1055 W HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 2E9
		BUSINESS PHONE:		(604) 687-8566

	MAIL ADDRESS:	
		STREET 1:		SUITE 1130 - 1055 W HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 2E9

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HECLA MINING CO/DE/
		CENTRAL INDEX KEY:			0000719413
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				770664171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D

	BUSINESS ADDRESS:	
		STREET 1:		6500 N MINERAL DRIVE SUITE 200
		STREET 2:		NONE
		CITY:			COEUR D'ALENE
		STATE:			ID
		ZIP:			83815-9408
		BUSINESS PHONE:		2087694100

	MAIL ADDRESS:	
		STREET 1:		6500 N MINERAL DRIVE SUITE 200
		STREET 2:		NONE
		CITY:			COEUR D'ALENE
		STATE:			ID
		ZIP:			83815-9408
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0000719413</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <dateOfEvent>05/23/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001542028</issuerCIK>
        <issuerCUSIP>256827783</issuerCUSIP>
        <issuerName>DOLLY VARDEN SILVER CORP</issuerName>
        <address>
          <com:street1>SUITE 1130 - 1055 W HASTINGS STREET</com:street1>
          <com:city>VANCOUVER</com:city>
          <com:stateOrCountry>A1</com:stateOrCountry>
          <com:zipCode>V6E 2E9</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>David C. Sienko</personName>
          <personPhoneNum>2087694100</personPhoneNum>
          <personAddress>
            <com:street1>6500 N. Mineral Dr.</com:street1>
            <com:street2>Suite 200</com:street2>
            <com:city>Coeur d'Alene</com:city>
            <com:stateOrCountry>ID</com:stateOrCountry>
            <com:zipCode>83815</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0000719413</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>HECLA MINING CO/DE/</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>11958337.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>11958337.00</sharedDispositivePower>
        <aggregateAmountOwned>11958337.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>14.6</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Hecla Canada Ltd.</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>11958337.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>11958337.00</sharedDispositivePower>
        <aggregateAmountOwned>11958337.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>14.6</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001802443</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Hecla Quebec Inc.</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>11958337.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>11958337.00</sharedDispositivePower>
        <aggregateAmountOwned>11958337.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>14.6</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Shares</securityTitle>
        <issuerName>DOLLY VARDEN SILVER CORP</issuerName>
        <issuerPrincipalAddress>
          <com:street1>SUITE 1130 - 1055 W HASTINGS STREET</com:street1>
          <com:city>VANCOUVER</com:city>
          <com:stateOrCountry>A1</com:stateOrCountry>
          <com:zipCode>V6E 2E9</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>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.</commentText>
      </item1>
      <item2>
        <filingPersonName>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.</filingPersonName>
        <principalBusinessAddress>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.</principalBusinessAddress>
        <principalJob>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 &amp; 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.</principalJob>
        <hasBeenConvicted>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). </hasBeenConvicted>
        <convictionDescription>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.</convictionDescription>
        <citizenship>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.</citizenship>
      </item2>
      <item3>
        <fundsSource>On May 23, 2025, in exchange for certain mining claims, Hecla Quebec Inc. acquired 1,351,963 Common Shares of the Issuer.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>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.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Hecla Canada Ltd.:  10,606,374 (12.8%); Hecla Quebec Inc.:  1,351,963 (1.9%)</percentageOfClassSecurities>
        <numberOfShares>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.</numberOfShares>
        <transactionDesc>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.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>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.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>None</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>HECLA MINING CO/DE/</signatureReportingPerson>
        <signatureDetails>
          <signature>David C. Sienko</signature>
          <title>Sr. Vice President, General Counsel &amp; Secretary</title>
          <date>05/30/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Hecla Canada Ltd.</signatureReportingPerson>
        <signatureDetails>
          <signature>Robert D. Brown</signature>
          <title>President</title>
          <date>05/30/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Hecla Quebec Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>Carlos Aguiar</signature>
          <title>President</title>
          <date>05/30/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
