Silver producer Hecla Mining has agreed to sell its subsidiary, Hecla Quebec, to Orezone Gold for up to $593 million in total consideration. Through the transaction, Orezone will acquire the operating Casa Berardi gold mine and a portfolio of exploration properties in Quebec.
“The sale of Hecla Quebec represents an important milestone in Hecla’s transformation as we concentrate capital allocation and operational focus on our world-class silver portfolio,” said Rob Krcmarov, president and CEO of Hecla Mining.
“Upon closing, this transaction is immediately ROIC accretive and delivers attractive value to our shareholders while enabling us to strengthen our balance sheet while continuing to invest in growth initiatives at our core silver assets, particularly the ramp-up of Keno Hill and our Tier 1 Greens Creek operation.”
For Orezone, the deal “marks a significant inflection point,” according to President and CEO Patrick Downey. “It adds a proven, cash-flow-generating asset to our portfolio, and provides asset diversification in a Tier 1 Jurisdiction.”
Casa Berardi is an underground/open-pit gold mine located in western Quebec. 2026 gold production guidance for the mine is 83,000–91,000 ounces, with the five years prior averaging 106,100 ounces of gold production.
The transaction is expected to close in the first quarter of 2026, subject to certain conditions being satisfied.
Sources: Hecla Mining and Orezone Gold