Bunker Hill Shareholders Vote to Approve Business Combination With Silver47 Exploration Corp, as Company Completes Drawdowns of Ocean Partners and Teck Facilities Supporting Ramp-Up to Commercial Production by End Q4 2026

Silver47 Exploration Corp. (AGA) announced the successful completion of its merger with Bunker Hill Mining Company, with all resolutions passing at the special meeting held on October 28, 2026, in Kellogg, Idaho. A total of 27,295,759 shares were represented, accounting for 57.82% of outstanding shares. The Charter Amendment received 94.69% approval, while the Share Issuance was approved by 95.07% of voters. Silver47 shareholders had previously approved their side of the transaction on October 27, 2026. The companies are targeting a closing date "on or about" November 5, 2026, pending final approvals from the British Columbia Supreme Court and relevant stock exchanges.

In conjunction with the merger, Silver47 drew down the remaining US$2,000,000 on its US$10,000,000 Teck standby facility, bringing that facility to full utilization. Additionally, the company drew the full US$10,000,000 Ocean Partners concentrate prepayment facility, first announced on August 21, 2026. While the release references aggregate proceeds of US$20,000,000, this figure represents the combined size of both facilities rather than new capital raised today; the incremental proceeds from these specific drawdowns are approximately US$12,000,000. These funds will support final ramp-up phases, including plant mechanical optimization, underground development, and working capital requirements through the first concentrate sales cycles.

Operational updates indicate that the plant is achieving average throughput above 1,100t/day, excluding downtime, with lead and zinc recoveries averaging greater than 70%. Mining activity is currently underway on the 5-Level and part of the Cate-8 discovery on the 8-Level. The company recently blasted its largest long-hole transverse stope to date, extracting 7,000t from a 60ft × 40ft × 50ft face. Operations have recorded 569 days since the last reportable injury. Zinc concentrate is being trucked to Teck’s Trail smelter, while lead-silver concentrate is sold through Ocean Partners.

Looking ahead, Silver47 plans to update its resource and reserve table by the end of 2026 to incorporate the Cate-8 discovery and other near-mine findings. The company is conducting a study with Ausenco and Tierra Group to evaluate a production ramp to 2,500tpd starting in 2027. This expansion would utilize a new 6,000ft portal located nearer the plant, alongside minor plant enhancements and dry-stack tailings upgrades. Production guidance for 2027 is also expected by the end of 2026.

The standby drawdown constitutes a related party transaction under National Instrument 51-101, as Teck holds more than 10% of Bunker Hill. The transaction is exempt under section 5.7(1)(a) as it falls below 25% of the market cap, and the board has approved the arrangement.

Silver47 Exploration Corp. (AGA) announced the approval of its merger with Bunker Hill Mining Company, with shareholder support reaching 94–95%. The outcome was anticipated following the August 21, 2026 release, which disclosed voting support agreements covering approximately 51.5% of Bunker Hill shares. The transaction remains subject to court and exchange approvals.

The company also reported that both its Ocean Partners and Teck financing facilities have been fully drawn. Ocean Partners provided a US$10 million facility announced on August 21, 2026. The Teck facility, initially announced with a US$1 million tranche on the same date, received an additional US$2 million tranche today. Additionally, Silver47 holds an available US$5 million unsecured facility, subject to documentation as outlined in the August 21 release. With the disclosed lines exhausted, the company stated it has working capital through the first concentrate sales cycles.

Silver47 restated its target for commercial production by the end of the fourth quarter of 2026, a timeline originally set in the August 21 release. Current operational metrics indicate throughput of above 1,100 tonnes per day, excluding downtime, which is still being addressed. Metal recoveries for both lead and zinc are reported at greater than 70%. The company did not disclose design recovery figures, grade reconciliation data, concentrate grades, unit costs, or year-to-date production figures.

The merger exchange ratio is 0.1724 BNKR per AGA share. Based on the consideration value of approximately C$0.93 per Silver47 share at the time of the announcement, this implied a value of roughly C$5.39 per Bunker Hill share. With AGA trading at C$0.50, ratio parity suggests a value of approximately C$2.90 per BNKR share.

Share count calculations indicate that 27,295,759 shares represent 57.82% of outstanding shares, implying approximately 47.2 million Bunker Hill shares. Issuing 0.1724 times approximately 206 million Silver47 shares, or roughly 35.5 million shares, to Silver47 holders results in an ownership split of approximately 43% for Silver47 holders in the combined entity. The company maintains its 2026 production target of plus 980,000 ounces of silver equivalent (koz AgEq) and a 2027 target of plus 2,500 koz AgEq.

Silver47 Exploration Corp. (TSXV: AGA) is merging with Bunker Hill Mining Corp. (TSX: BNKR), combining the latter’s active zinc-lead-silver production in northern Idaho’s Silver Valley with Silver47’s portfolio of four U.S. exploration assets. Bunker Hill is rebuilding its historic mine as a modern concentrate producer, with the processing plant already treating ore and shipping zinc concentrate to Teck’s Trail smelter and lead-silver concentrate via Ocean Partners. Current mining operations are focused on the UTZ zone on the 5-Level and the newly discovered Cate-8 on the 8-Level. The company projects production of more than 980,000 ounces of silver-equivalent (AgEq) in 2026 and more than 2.5 million ounces in 2027, with a long-term target of 5 million ounces annually through the "Bunker Hill 2.0" expansion to 2,500 tonnes per day. The Ranger-Page project is also part of the Bunker Hill package, which recently reported an intercept of 10.2 feet (3 meters) of 162 grams per tonne silver, 19.7% zinc, and 19.4% lead.

Silver47 contributes Red Mountain in Alaska, Hughes/Tonopah and Kennedy in Nevada, Mogollon in New Mexico, and Adams Plateau in British Columbia. Red Mountain, described as the flagship exploration asset, carries an inferred resource of 15.6 million tonnes at 336 grams per tonne AgEq, equating to 168.6 million ounces AgEq, with a best intercept of 22.3 meters at 601 grams per tonne AgEq. The Hughes/Tonopah project holds an indicated resource of 10.3 million ounces AgEq at 333 grams per tonne and an inferred resource of 32.9 million ounces AgEq at 421 grams per tonne, alongside 2.74 million ounces AgEq in Belmont tailings at 68 grams per tonne. Mogollon contains an inferred resource of 32.1 million ounces AgEq at 367 grams per tonne. The Kennedy project comprises 6,150 acres of high-grade gold-silver veins, expanded in April 2026, while Adams Plateau is in the early-stage geochemistry phase.

As of August 21, 2026, the pro forma inventory for the combined entity stands at approximately 80 million ounces AgEq in the measured and indicated category and 308 million ounces AgEq in the inferred category. This total includes Bunker Hill’s inferred ounces, as Silver47’s own components sum to approximately 236 million ounces inferred, consistent with the company’s October 6, 2026 circular citing 236 million ounces AgEq inferred and 10 million ounces indicated. While Bunker Hill serves as the primary source of valuation and cash flow, Red Mountain remains the focal point of promotional emphasis in news flow, despite having no production, no reserves, and pending 2026 assay results.