Hecla Unveils $600M Casa Berardi Divestiture and 2026 Silver Guidance
Hecla announced sale of its Casa Berardi mine for about $600 million in cash, equity and deferred payments to refocus on silver. At Investor Day, Hecla guided 2026 silver output of 15.1–16.5 million ounces with AISC of $15–$16.25/oz and gross leverage target below 1×EBITDA.
1. Hecla Schedules Q4 and Full-Year 2025 Earnings Release and Call
Hecla Mining Company announced it will release fourth-quarter and full-year 2025 operational and financial results after the New York Stock Exchange closes on February 17, 2026. Management will host a conference call and webcast on February 18 at 10:00 a.m. Eastern Time. Investors can access the webcast via the company’s website or through a dedicated events portal. Dial-in numbers include a toll-free U.S. and Canada line and an international line, with Conference ID 4812168. The company typically discusses production metrics, cost of sales, capital expenditures and sustaining costs during these calls, which will be closely watched given Hecla’s focus on silver output and by-product credits from lead and zinc.
2. Hecla Agrees to $272 Million Sale of Casa Berardi to Orezone
Hecla Quebec Inc., a wholly owned subsidiary of Hecla, will transfer ownership of the operating Casa Berardi gold mine and adjacent exploration assets to Orezone Gold in a transaction valued at $272 million. The structure includes $160 million in upfront cash—funded partly from Orezone’s treasury and partly via a streaming transaction with Franco-Nevada—and an equity issuance representing a 9.9% stake in Orezone valued at $112 million. Additional payments comprise $30 million at 18 months post-closing and $50 million at 30 months, plus contingent payments of up to $10 million tied to gold prices and up to $231 million linked to permitting and future production from two open pits. The deal is expected to close in the first quarter of 2026, subject to customary regulatory approvals.
3. Investor Day Highlights ‘Silver-First’ Shift and Strengthened Balance Sheet
At its recent Investor Day, Hecla executives framed the Casa Berardi sale as a catalyst to redeploy capital into core silver operations. Management reported year-end 2025 cash of $242 million and total liquidity exceeding $500 million, with debt reduced by roughly 50% year over year and gross leverage improved to 0.4x. Free cash flow for 2025 reached $310 million, and the company boosted its exploration budget for 2026 to $55 million. Guidance for next year calls for 15.1–16.5 million ounces of silver production and 134–146 thousand ounces of gold, with all-in sustaining costs of $15–$16.25 per ounce of silver and $2,150–$2,350 per ounce of gold. The board emphasized a minimum 12% return on invested capital threshold, monthly ROIC tracking, and a disciplined capital allocation framework prioritizing operations, safety, sustaining capital and exploration before debt reduction and potential returns to shareholders.