Bunker Hill Mining Corp.

What they do

The company owns 100% of the Bunker Hill Mine in Idaho's Silver Valley, which historically produced over 165 million ounces of silver and 5 million tons of base metals between 1885 and 1981. It has built a new 1,800 tons per day processing facility and associated surface infrastructure and moved from exploration into development and commissioning. Planned operations were targeted to commence in 2026; the 10-Q states the company achieved its first concentrate delivery in 2026.

Revenue drivers

• Silver concentrate — Primary targeted payable metal; 2025 metallurgical test work confirmed estimated recoveries of 89% for silver, and the updated mine plan prioritizes higher silver extraction rates.
• Lead concentrate — Base metal by-product of the Bunker Hill ore, with estimated metallurgical recovery of 87% for lead per 2025 test work.
• Zinc concentrate — Base metal by-product with the highest estimated recovery of the three at 92% for zinc; zinc was included as a critical material by the USGS in 2022.
• No reported revenue to date — Annual revenue was $0.00 in 2016 and 2017 and quarterly revenue was $0.00 as of 2026-06-30; the company has not yet commenced commercial production.

Recent performance

The company has no reported revenue and has recorded net losses of $6.4M in 2021, $12.9M in 2023, $29.2M in 2024 and $93.1M in 2025, with diluted EPS of -$4.09 in 2025. Operating cash flow was negative in each year presented, including -$17.7M in 2025. At 2026-06-30, total assets were $174.5M, total liabilities $163.5M, shareholder equity $11.0M and cash and equivalents $6.7M. The 10-Q reports first concentrate delivery in 2026 with progress toward commercial production.

Strategy

In 2025 the company restructured its balance sheet, converting certain debt to equity, modifying royalty and stream arrangements with Sprott, and raising $61,803,983 net through two private placements of 19,527,594 shares. Teck Resources participated and became a related party holding more than 10% of common stock. The restart plan prioritizes safety, environmental compliance, infrastructure readiness and technical de-risking, including an updated mine plan aimed at higher silver extraction and improved operating margins. The company also began a collaboration with VRIFY AI's mineral discovery platform to target higher-grade silver mineralization near existing infrastructure.

Risks

• Restart timeline and budget — The 10-K states the Bunker Hill restart is targeted for HY1 2026 and that further timeline changes, budget increases, or equipment and construction delays would require additional capital and could prevent a timely restart.
• No commercial production or cash flow — The company is pre-production, has a history of losses, has not generated positive cash flows, and expects negative operating and investing cash flows until successful commercial production is achieved.
• Funding and dilution — The 10-K cites inability to secure additional funding and notes that sales of substantial amounts of securities would be highly dilutive and could impair future capital raising.
• Superfund and permitting obligations — The mine sits within Operable Unit 2 of the Bunker Hill Superfund site, and the 10-K notes payment bonds securing EPA cost recovery may not be renewed on acceptable terms and that IDEQ wastewater treatment costs payable by the company are not controlled by it.

Outlook

Management states the primary objective is to operate Bunker Hill as a modern, low-emission, long-life underground producer, and in 2026 the company achieved its first concentrate delivery while progressing toward commercial production. It also says it is advancing exploration to expand the resource base and support future production growth. The 10-K lists an uplist to a national stock exchange, a planned mineral resource update, and completion of the restart among forward-looking items subject to financing, permitting and timeline risk.