Bunker Hill Mining Corp.

Overview

Bunker Hill Mining Corp. (BHMC) is a Nevada corporation focused on restarting and developing the 100% owned Bunker Hill Mine in Kellogg, Idaho. The company targets a restart in the first half of 2026 with the goal of producing zinc, lead, and silver concentrates for sale to downstream smelters. BHMC owns Silver Valley Metals Corp., its wholly owned operating subsidiary.

Key assets and ownership

• Flagship asset: Bunker Hill Mine (100% owned).
• Mineral rights: 440 patented mining claims covering more than 5,700 acres in Idaho; 35 claims include surface ownership (~259 acres).
• Recent acquisition: Ranger Page property adjacent to Bunker Hill (completed December 2025) — approximately $4.2 million paid with BHMC common stock.
• Subsidiary: Silver Valley Metals Corp.
• Headquarters: 1009 McKinley Ave, Kellogg, ID 83837, USA
• Contact: +1 604 417 7952
• Website: https://bunkerhillmining.com

Operations and restart plan

• Mining method: Preferred long-hole stoping with fill (LHOS); limited room-and-pillar also considered. Underground access via the Russell Portal to the Quill, Newgard, and UTZ zones.
• Processing: Rebuild an on-site crush-grind-flotation-concentration mill using Pend Oreille process plant assets to produce separate lead-silver and zinc concentrates.
• Tailings and backfill: Plan for underground emplacement of tailings in historic voids with paste backfill and a surface tailings handling and filtration system near Wardner.
• Throughput target: ~648,000 short tons of ore per year (~1,800 short tons per day at 95% availability).
• Infrastructure and readiness: Programs underway for ventilation, water management, ground support, communications, surface facilities at Wardner, and an upgraded underground equipment fleet via a lease-to-own arrangement with Caterpillar.

Metallurgy and processing performance

• Metallurgical testing indicates overall recoveries of approximately:
  • Silver: ~89%
  • Lead: ~87%
  • Zinc: ~92%

Permitting and environment

• The Bunker Hill Mine lies within a Superfund site. EPA cleanup for Operable Unit 2 is complete; water treatment at the Central Treatment Plant is EPA-owned and IDEQ-operated.
• BHMC requires an air quality permit from the Idaho Department of Environmental Quality (IDEQ) prior to operations and is engaged in ongoing permitting and environmental management, including water treatment and potential future discharge permits.
• Historical environmental cost-recovery obligations to the EPA are approximately $19 million, with bonds totaling about $14 million secured by payment bonds and collateral (as of year-end 2025).

Financing, ownership, and governance

• 2025 recapitalization: Major balance-sheet restructuring converted debt to equity and revised royalty and streaming arrangements with lenders, including Sprott Streaming & Royalty Corp.
• Private placements (2025): Issued 19,527,594 common shares in two private placements for net proceeds of about $61.8 million, with participation from Sprott and Teck. Teck became a related party after the offering.
• Major partners and lenders: Sprott Streaming and Royalty, Teck Resources Limited, and Monetary Metals.
• Teck position: Following the 2025 Non-Brokered Offering, Teck held ~23.9% non-diluted ownership and up to ~31.4% on a partially diluted basis if warrants are exercised. Teck’s Investor Rights Agreement grants pre-emptive and information rights and a board seat while it holds 10%+ of common stock.
• Director rights: Sprott has rights to appoint a director/observer via the Sprott IRA.
• Debt and royalty amendments (2025):
  • Debt Facility reduced from $21 million to $15 million; option to settle accrued interest with equity; life-of-mine royalty rights expanded.
  • Sprott convertible debentures (Series 1 and 2) amended with a 5.0% interest rate and conversion prices aligned to the Offering Price.
  • First Royalty consolidated into a 1.85% life-of-mine gross revenue royalty.
  • Intercreditor arrangements adjusted; Teck obtained first-priority security over certain inventory and accounts receivable under the new framework.
• Standby facility: Teck and BHMC agreed to a standby revolving prepayment facility of up to $10 million (SP Facility) with interest at 13.5% p.a. until June 30, 2027, and 15.0% thereafter, secured by BHMC/Silver Valley assets.
• Offtake amendments: Zinc and lead offtake agreements amended to cover life-of-mine production rather than a five-year term.
• Land purchase: Equity payment arrangement with C&E Tree Farm, L.L.C. to satisfy part of the purchase price for land adjacent to the mine.
• September 2025 bought-deal placement: Raised roughly $37.38 million; Teck participated with about $19.49 million.
• Corporate action: 1-for-35 reverse stock split approved by shareholders and implemented March 5–6, 2026; post-consolidation trading on TSXV/OTCQB.

Financial snapshot

• Stage: Pre-production, development and restart phase.
• Recent operating results:
  • 2025: Net loss of approximately $13.6 million (loss from operations $13,595,412).
  • 2024: Net loss of approximately $15.6 million (loss from operations $15,649,142).
  • 2023: Net loss of approximately $11.6 million (loss from operations $11,600,574).
• Employees: About 40 full-time employees as of December 31, 2025; additional services provided by contractors and consultants.

Geography and regulatory footprint

• Location: Shoshone County, Idaho, in the Silver Valley mining district; proximate to Kellogg and Wardner with access via Interstate 90. Power supplied by the Avista Kellogg substation.
• Regulatory environment: Subject to U.S. and Idaho mining and environmental regulations, including EPA Superfund oversight and IDEQ permitting requirements.

Notes

BHMC’s business plan centers on restarting a historic, large-scale polymetallic (Zn-Pb-Ag) operation by reconstructing the processing plant, implementing tailings and backfill systems, and ramping to commercial production. The company has assembled a financing package of private placements, debt facilities, streaming/royalty arrangements, and strategic partnerships to support the restart and ongoing development.