Hecla Mining Completes $385.7M Sale of Hecla Quebec Subsidiary

By Philip Seaworth • Sunday, August 30 13:02 • Permanent Link

Hecla Mining said it completed the March 25, 2026 sale of its Hecla Quebec subsidiary, which owned the Casa Berardi mine, in a transaction valued at $385.7 million on a fair-value basis and $602.2 million on an undiscounted basis.

The deal brought in $170.0 million in cash at closing, $16.6 million in accounts receivable tied to working-capital adjustments, 65,757,265 Orezone common shares valued at $106.1 million, $57.1 million in deferred cash consideration, and $35.9 million in contingent cash consideration.

The company said the contingent package could ultimately total up to $241 million undiscounted. That includes $10 million payments tied to permits for two additional orebodies, two annual gold-price payments of $5 million each if average gold tops $4,200 an ounce in the first two years after closing, and future production-based royalty payments valued at $22.7 million, with an undiscounted ceiling of $211 million.

Hecla also said the sale proceeds were used for debt reduction and balance-sheet strengthening.

The divestiture leaves the company focused on its silver assets. Hecla said Casa Berardi is no longer a reportable segment and is now reflected as a discontinued operation for all periods presented.

The company’s metal pricing snapshot showed sharp year-over-year gains in realized prices for its key products in 2025 versus 2024. Silver realized at $45.25 an ounce, up from $28.58. Gold realized at $3,541 an ounce, up from $2,417. Zinc rose to $1.39 a pound from $1.37, and copper, which had no comparable 2023 figure, realized at $4.75 a pound versus $4.20 in 2024. Lead was the exception, slipping to $0.94 a pound from $0.97.

Market averages also moved higher in 2025: silver averaged $39.94 an ounce versus $28.24 in 2024, gold averaged $3,435 versus $2,387, lead averaged $0.89 a pound versus $0.94, zinc averaged $1.30 versus $1.26, and copper averaged $4.51 versus $4.15.

Hecla said its reported results now center on continuing operations, with the Casa Berardi business removed from the segment lineup after the sale. Following these announcements, the company's shares moved -4.9%, and are now trading at a price of $20.38. For more information, read the company's full 8-K submission here.

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