M&A - DOLLY VARDEN SILVER CORP

Form Type: SCHEDULE 13D

Filing Date: 2025-05-30

Corporate Action: Acquisition

Type: New

Accession Number: 000071941325000005

Filing Summary: On May 23, 2025, Hecla Quebec Inc. acquired 1,351,963 Common Shares of Dolly Varden Silver Corp in exchange for certain mining claims. Hecla Canada Ltd., an investor in the Issuer, holds a right to designate a member of the Issuer's Board of Directors. Hecla Quebec Inc. previously sold mining claims in British Columbia to the Issuer, receiving Common Shares as consideration. The total ownership is reported as Hecla Canada Ltd. holding 10,606,374 shares (12.8%) and Hecla Quebec Inc. holding 1,351,963 shares (1.9%). Hecla Mining Company, the parent company, is publicly traded and the sole shareholder of both Hecla Canada Ltd. and Hecla Quebec Inc. Additionally, Hecla Quebec Inc. sold the mining claims for a 2% net smelter royalty and CDN$5,000,000 worth of Common Shares, priced at CDN$3.70 per share based on the 20 day VWAP prior to the transaction date.