Casa Berardi sale lets Hecla (NYSE: HL) redeem $263M notes

Rhea-AI Filing Summary

Hecla Mining Company has completed the sale of its subsidiary that owns the Casa Berardi Mine in Quebec to a wholly owned subsidiary of Orezone Gold Corporation. At closing, Hecla received $160 million in cash and approximately 65.8 million Orezone common shares, and it may receive up to an additional $321 million in deferred and contingent cash payments tied to specific conditions and milestones.

Hecla also delivered a notice of full redemption for its remaining $263 million 7.25% Senior Notes due 2028, with redemption scheduled on or about April 9, 2026 at par plus accrued and unpaid interest. The company plans to use the cash proceeds from the transaction, together with cash on hand, to fund this redemption, which management describes as materially strengthening the balance sheet and increasing financial flexibility to invest in its North American silver assets.

Positive

• Debt reduction and balance sheet strengthening: Hecla plans to use cash from the Casa Berardi sale plus cash on hand to redeem its remaining $263 million 7.25% Senior Notes due 2028 at par, which management states will materially strengthen the balance sheet and improve financial flexibility.

Negative

• None.

Insights

Capital structure and mining-sector analyst

Hecla monetizes a gold asset to retire debt and focus on silver.

Hecla Mining has closed the sale of its Casa Berardi Mine subsidiary, receiving $160 million in cash, about 65.8 million Orezone shares, and potential deferred and contingent payments of up to $321 million. This converts a single-asset exposure into a mix of cash, equity, and conditional upside.

The company has issued a notice to redeem its remaining $263 million 7.25% Senior Notes due 2028, with redemption on or about April 9, 2026 at par plus accrued interest. Management plans to use transaction proceeds and existing cash, reducing interest expense and leverage while retaining exposure to Casa Berardi through the Orezone shares and contingent consideration.

Management characterizes this as a defining step in its transformation into a premier North American silver producer, emphasizing core assets at Greens Creek, Lucky Friday, and Keno Hill. Actual benefits will depend on Orezone’s performance, meeting contingent payment triggers, and successful reinvestment of the stronger balance sheet into growth projects disclosed in future filings.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 25, 2026

HECLA MINING CO/DE/

(Exact name of Registrant as Specified in Its Charter)

Delaware			1-8491	77-0664171
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
6500 North Mineral Drive Suite 200
Coeur D'Alene, Idaho				83815-9408
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (208) 769-4100

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.25 per share		HL		New York Stock Exchange
Series B Cumulative Convertible Preferred Stock, par value $0.25 per share		HL-PB		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.01 Completion of Acquisition or Disposition of Assets.

On March 25, 2026, Hecla Mining Company (“Hecla” or the “Company”) issued a news release (the “News Release”) announcing the completion of the previously announced sale of all of the issued and outstanding shares of Hecla Quebec Inc. to 17629346 Canada Inc., an affiliate of Orezone Gold Corporation. The transaction was previously announced by Hecla on January 26, 2026 and disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on January 28, 2026, which is incorporated herein by reference.

Item 8.01 Other Events

In the News Release, the Company also announced it had delivered a notice of redemption of the Company’s remaining $263 million 7.25% Senior Notes due 2028 (the “Notes”). The Company will redeem in full the remaining principal amount of the Notes outstanding on or about April 9, 2026 (the “Redemption Date”). The redemption price will be equal to 100.00% of the outstanding principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date.

Neither this Current Report on Form 8-K nor the News Release constitutes a notice of redemption of the Notes. If you hold Notes, please refer to the notice of redemption for redemption instructions and other information regarding the redemption of the Notes.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
10.1		Share Purchase Agreement (“Agreement”), dated January 26, 2026, among Hecla Mining Company, 17629346 Canada Inc. and Orezone Gold Corporation (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 28, 2026 (File No. 1-8491)).*
99.1		News Release dated March 25, 2026**
104		Cover Page Interactive Data File (formatted as Inline XBRL).

* The Agreement has been incorporated by reference herein to provide you with information regarding its terms. It is not intended to provide any other factual information about us. Such information can be found elsewhere in other public filings we have made with the Securities and Exchange Commission, which are available without charge at www.sec.gov. The Agreement contain representations and warranties Hecla and Orezone made. The assertions embodied in Hecla’s representations and warranties are qualified by information in a confidential disclosure letter that we delivered in connection with signing the Agreement. While we do not believe that it contains information securities laws require us to publicly disclose other than information that has already been so disclosed, the disclosure letter does contain information that modifies, qualifies and creates exceptions to the representations and warranties set forth in the Agreement. Accordingly, you should not rely on the representations and warranties as characterizations of the actual state of facts since they are modified in important part by the disclosure letter. Moreover, information concerning the subject matter of the representations and warranties may have changed since the date of the Agreement, which subsequent information many or may not be fully reflected in public disclosures.

** Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Hecla Mining Company
Date:	March 25, 2026	By:	/s/ David C. Sienko

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Exhibit 99.1

NEWS RELEASE

Hecla Mining Company Closes Casa Berardi Sale and

Announces Redemption Notice for Senior Notes

Transaction Completion Further Solidifies Hecla as the Premier North American

Silver Company

COEUR D'ALENE, IDAHO – March 25, 2026 - Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") is pleased to announce today that it has completed the sale of its subsidiary that owns the Casa Berardi Mine in Quebec, Canada to a wholly-owned subsidiary of Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) ("Orezone") per the terms announced on January 26, 2026 (the “Transaction”). Completion of the Transaction further solidifies Hecla's strategic positioning as the premier North American silver producer.

As part of the Transaction, the Company’s direct wholly-owned subsidiary received $160 million in cash and approximately 65.8 million Orezone common shares upon closing and is entitled to receive deferred cash payments and contingent cash consideration of up to $321 million.

Today, the Company also announced the delivery of a notice of full redemption to the holders of its remaining $263 million 7.25% Senior Notes (“Notes”) due 2028. The Notes and the redemption are governed by an indenture by and among the Company, the Guarantors party thereto, and the trustee.  The redemption date is scheduled for April 9, 2026. Subject to the terms and conditions of the Indenture, the Notes will be redeemed at par plus accrued and unpaid interest. This news release does not constitute a notice of redemption of the Notes.

This further deleveraging is expected to enhance Hecla’s financial flexibility and capacity to invest in strategic growth investments, positioning Hecla to maximize value from its world-class silver portfolio. The Company plans to utilize the cash proceeds from the Transaction closing along with cash on hand to fund the redemption of the Notes and the payment of any accrued and unpaid interest.

"The closure of the Transaction marks a defining moment in Hecla's transformation. We are using the proceeds and cash on hand to redeem the remaining balance of our Notes which materially strengthens our balance sheet," said Rob Krcmarov, President and Chief Executive Officer of Hecla Mining Company. "Combined with our world-class silver assets at Greens Creek, Lucky Friday, and Keno Hill, this financial flexibility positions Hecla to invest in the growth opportunities that should drive long-term value for shareholders. We are a stronger, more focused company — and the premier silver producer in North America."

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska and Idaho, the Company is ramping up a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

For further information, please contact:

Mike Parkin

Vice President – Strategy and Investor Relations

Cheryl Turner

Investor Relations Coordinator

Investor Relations

Email: hmc-info@hecla.com

Website: www.hecla.com

Cautionary Statements Regarding Estimates and Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as "may", "will", "should", "expects", "intends", "projects", "believes", "estimates", "targets", "anticipates" and similar expressions are used to identify these forward-looking statements.

Such forward-looking statements may include, without limitation: (i) As part of the Transaction, the Company is entitled to deferred cash and contingent cash consideration payments of up to $321 million, which payments are subject to conditions and milestones and not simply the passage of time; (ii) the Company’s further deleveraging is expected to enhance its financial flexibility and capacity to invest in strategic growth investments, positioning it to maximize value from its world-class silver portfolio; (iii) the Company plans to utilize the cash proceeds from the Transaction closing along with cash on hand to fund the redemption of the Notes and the payment of any accrued and unpaid interest; (iv) the Company’s financial flexibility positions it to invest in the growth opportunities that should drive long-term value for shareholders; and (v) the Company will redeem the remaining Notes.

The material factors or assumptions used to develop such forward‑looking statements or forward‑looking information include assumptions that: (i) the deferred and contingent consideration requirements, conditions and milestones involving Orezone’s liquidity and applicable production, permitting, and metal‑price triggers will be met; (ii) operational, permitting, development, and ramp‑up activities at Keno Hill proceed as planned; (iii) political and regulatory developments in the jurisdictions in which Hecla and its counterparties operate remain consistent with current expectations, including with respect to permitting processes; (iv) metal prices, including gold and silver, remain at levels that support expected proceeds and operational plans; (v) key supplies, labor, contractors, and equipment remain available at costs consistent with current expectations; (vi) current mineral reserve and mineral resource estimates remain accurate; (vii) there are no material adverse changes in operating, geotechnical, hydrological, metallurgical, or weather conditions; (viii) counterparties perform their obligations; (ix) there are no significant changes to cash balances or bonding, reclamation, or collateral requirements that would limit deployment of Transaction proceeds; and (x) the Company will satisfy all requirements in the indenture governing the redemption of the remaining Notes.

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Material risks that could cause actual results to differ materially from those expressed or implied in forward‑looking statements include, but are not limited to: (i) the risk that deferred or contingent payments are reduced, delayed, or not received; (ii) metal‑price volatility affecting contingent payments, projected accretion, or expected returns on growth investments; (iii) operational risks, including those related to ramp‑up activities, permitting, development, equipment, labor, and production variability; (iv) political, regulatory, permitting, and community‑relations risks in the jurisdictions where the Company and its counterparties operate; (v) risks related to workforce availability, supply chains, inflationary pressures, and cost escalation; and (vi) litigation, environmental, and other unforeseen business risks. For additional information regarding risks and uncertainties that may affect expected future results, please refer to the Company’s 2025 Form 10‑K filed on February 18, 2026. The Company undertakes no obligation, and has no intention, to update forward‑looking statements other than as may be required by law.

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FAQ

What major transaction did Hecla Mining (HL) complete involving the Casa Berardi Mine?

Hecla completed the sale of its subsidiary that owns the Casa Berardi Mine in Quebec to a wholly owned subsidiary of Orezone Gold. The deal includes $160 million cash, about 65.8 million Orezone shares, and potential deferred and contingent cash payments up to $321 million.

How much cash and equity did Hecla Mining (HL) receive from the Casa Berardi sale?

At closing, Hecla received $160 million in cash and approximately 65.8 million Orezone common shares. In addition, Hecla is entitled to deferred cash and contingent cash consideration of up to $321 million, subject to specified conditions and operational and market-based milestones.

What is Hecla Mining (HL) doing with its 7.25% Senior Notes due 2028?

Hecla has delivered a notice of full redemption for its remaining $263 million 7.25% Senior Notes due 2028. The notes are scheduled to be redeemed on or about April 9, 2026 at par plus accrued and unpaid interest, in line with indenture terms.

How will Hecla Mining (HL) fund the redemption of its Senior Notes?

Hecla plans to fund the redemption of its remaining $263 million 7.25% Senior Notes using cash proceeds from the Casa Berardi transaction along with cash on hand. Management states this further deleveraging should enhance financial flexibility for strategic growth investments in its silver portfolio.

What future payments could Hecla Mining (HL) receive from the Casa Berardi transaction?

Beyond upfront consideration, Hecla may receive deferred and contingent cash payments up to $321 million. These payments depend on conditions and milestones, including factors such as Orezone’s liquidity, production, permitting progress, and metal price triggers described in the forward-looking statements section.

How does the Casa Berardi sale affect Hecla Mining’s strategic focus on silver?

The company states that completing the Casa Berardi sale further solidifies its role as a premier North American silver producer. Management highlights core silver assets at Greens Creek, Lucky Friday, and Keno Hill, saying the stronger balance sheet improves its ability to invest in growth opportunities in this portfolio.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 14.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.0 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 13.6 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.9 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 13.6 KB