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Note 17 - Subsequent Events
12 Months Ended
Dec. 31, 2025
Notes To Financial Statements [Abstract]  
Subsequent Events [Text Block]

Note 17: Subsequent Events

On January 26, 2026, following a review of how Casa Berardi fits into our future strategy, we entered into a material definitive agreement for the sale of our Hecla Quebec Inc. subsidiary which owns the Casa Berardi segment to Orezone for up to $593 million in total consideration. The transaction is expected to close in the first quarter of 2026, subject to the satisfaction of customary closing conditions. There can be no assurance that the transaction will be completed on the expected timeline or at all, or that we will receive the full anticipated consideration.

Details of the consideration to be received are as follows:

Cash consideration of $160 million due upon closing;
Equity consideration of approximately 65.7 million Orezone common shares, to be issued upon closing, valued at $112 million as of January 26, 2026;
Deferred cash consideration of $30 million and $50 million to be paid at 18 months and 30 months, respectively, from closing; and
Contingent consideration of up to $241 million consisting of:
o
Production-based royalty payments of up to $211 million ($80/ounce for the first 500,000 ounces, then $180/ounce thereafter from open pit operations)
o
Permit receipt payment of $20 million upon grant of permits
o
Gold price-linked payment of up to $10 million at gold prices exceeding $4,200/ounce.

Under the terms of the transaction, Orezone is entitled to reduce future deferred cash payments or contingent royalty payments owed to us if the financial assurance required under Casa Berardi’s updated closure plan exceeds $150.0 million, by 50% of such excess amount. This excludes amounts arising from the mine's post-closing actions that increase the closure scope beyond what is currently contemplated.