On March 25, 2026, Orezone Gold Corporation completed its acquisition of the Casa Berardi gold mine, located in Québec, from Hecla Mining Company for consideration of up to US$593 million, together with a related US$100 million gold stream on the mine from Franco-Nevada Corporation.
The share purchase transaction included upfront consideration of US$160 million in cash and approximately US$112 million in common shares of Orezone, representing 9.9% of the post-closing shares of Orezone; deferred consideration of US$80 million payable in two installments over the first 30 months following closing; and contingent consideration of up to US$241 million based on certain average gold price targets, permitting milestones, and production milestones.
As partial acquisition financing for the transaction, Orezone entered into a US$100 million gold stream with Franco-Nevada Corporation (TSX; NYSE: FNV) in respect of gold deliveries from the Casa Berardi mine and its future expansion. For Hecla, the sale advances its strategic realignment to focus on its top-tier silver assets and its position as a leading North American silver producer.
Stikeman Elliott LLP acted as counsel to Orezone Gold with a team that included Victor Gerchikov, Terry Grazier, Nick Hayer, and Dax Moir (M&A); Francis Blais-Lord, Chrystophe Simard, and Denise Duifhuis (Corporate); Shona Sinclair and Justin Parappally (Stream Financing); Miguel Manzano, Charlotte Dangoisse, Chantale Leclerc, and Julien Baril (Real Estate); Myriam Fortin (Environmental); Frank Mathieu and Bassel Mallouh (Tax); Eveline Poirier and Serena Fontes (Employment); Philippe Levac and Jordan Fremont (Pension and Benefits); Patrick Duffy and Caroline Jordan (Indigenous); and Aude Godfroy (Banking).
Cassels Brock & Blackwell LLP acted as lead counsel to Hecla Mining with a team that included David Redford, Jennifer Poirier, David Overall, Simi Fagbongbe, Rachel Binder, Alex Steele, Carla Potter, Sam DiGiuseppe, and Tera Li Parizeau. Lavery, de Billy, L.L.P. acted as Québec counsel to Hecla Mining, and Torys LLP acted as counsel to Franco-Nevada Corporation.