Hecla Mining to sell Casa Berardi mine for $593 million

Hecla Mining (NYSE:HL) is doubling down on its identity as North America’s premier silver producer, announcing on Monday a definitive agreement to sell its Casa Berardi gold mine in Quebec to Orezone Gold.

The deal, valued at up to $593 million, effectively removes Hecla’s largest gold-producing asset and provides a massive cash and equity infusion to fortify its silver-heavy balance sheet.

The transaction comes at a historic moment for precious metals.

Gold prices surged past $5,100 per ounce on Monday—an all-time high—driven by a "perfect storm" of geopolitical tension and economic uncertainty.

By selling now, Hecla is capitalizing on peak gold valuations to fund its "Strategic Transformation" toward silver, a metal that has similarly skyrocketed to over $110 per ounce in early 2026.

The total consideration of $593 million is heavily weighted toward immediate liquidity and long-term production upside.

Hecla will receive $160 million in cash and roughly 65.7 million Orezone common shares (valued at $112 million) upon closing.

Orezone will also pay an additional $80 million in two installments over the next 30 months.

For Hecla, the sale marks the end of an era for an asset it has operated since 2013.