On March 25, 2026, Hecla Mining Company closed the previously-announced sale of its wholly-owned subsidiary that operates the Casa Berardi gold mine in Quebec, Canada to Orezone Gold Corporation. Under the terms of the sale, Hecla is receiving gross proceeds of up to US$593 million which includes:
- Cash consideration of US$160 million received at closing
- Equity consideration of approximately 65.8 million Orezone common shares, issued at closing, valued at approximately US$112 million
- Deferred cash consideration of US$80 million payable in installments of US$30 million at 18 months following closing and the remaining US$50 million at 30 months post-closing
- Contingent consideration of up to US$241 million, comprised of:
- Production-based royalty payments of up to US$211 million (at US$80/oz for the first 500,000 oz of gold produced from open pit operations, then US$180/oz thereafter)
- Payment of up to US$20 million upon grant of certain permits
- Gold price-linked payment of up to US$10 million if gold prices exceed US$4,200/oz over a specified period
This transaction advances Hecla’s strategic realignment to focus on its top-tier silver assets and positions it as the premier North American silver producer.
Cassels acted for Hecla.