Hecla Mining Company has agreed to sell its subsidiary owning the Casa Berardi gold mine and related Quebec exploration properties to Orezone Gold Corporation for total consideration of up to US$593 million (approximately C$811.8 million at an exchange rate of 1.369 CAD/US$ on January 26, 2026). Consideration comprises US$352 million (about C$481.9 million) in upfront and deferred value, including US$160 million (circa C$219.0 million) in cash at closing, US$112 million (about C$153.3 million) in Orezone shares, and US$80 million (approximately C$109.5 million) in deferred cash installments 18 and 30 months post-closing, plus up to US$241 million (around C$329.9 million) in contingent production-, permitting- and gold price-linked payments.

The transaction advances Hecla’s strategy to focus on its core silver portfolio and deploy cash proceeds toward debt reduction and balance sheet strengthening, while Orezone gains a second producing asset in a Tier 1 jurisdiction, materially increasing scale, diversification and free cash flow. The Casa Berardi mine has a long operating history with established reserves and resources and significant exploration upside along a 37 km mineralized corridor. GenCap Mining Advisory Ltd. and Cassels LLP advised Hecla, while BMO Capital Markets and Stikeman Elliott LLP advised Orezone