Silver47 Announces Shareholder and Court Approvals for Plan of Arrangement with Bunker Hill

Silver47 Exploration Corp. (AGA) has reported the final two governance gates required to complete its agreed-upon takeout by Bunker Hill Mining Corp.: shareholder approval of the plan of arrangement and the final order from the Supreme Court of British Columbia.

The special meeting held on October 27, 2026, resulted in 97.57% of votes cast in favour of the plan. When excluding votes required to be excluded under Multilateral Instrument 61-101, 96.48% of votes were in favour. The Supreme Court of British Columbia granted the final order on November 2, 2026, under the Business Corporations Act (British Columbia).

The consideration for the arrangement remains unchanged at 0.1724 of a Bunker Hill common share per Silver47 share. Closing is expected on or about November 5, 2026, subject to remaining approvals and the satisfaction or waiver of remaining conditions. Following the closing, Silver47 will be delisted from the TSXV, OTCQX, and Frankfurt "as soon as practicable," followed by an application to cease being a reporting issuer under Canadian securities laws.

The management information circular dated September 24, 2026, is available on SEDAR+. The "About" disclosure describes Silver47’s standalone combined resource of 236 moz AgEq inferred at 334 g/t AgEq and 10 moz AgEq indicated at 333 g/t AgEq.

The release does not provide updates on the treatment of Silver47's outstanding warrants and options in the arrangement, nor does it state Bunker Hill's current share price or a current implied transaction value. It does not enumerate the "remaining conditions" or provide any financial disclosure, including assay, production, cash, or debt figures.

Silver47 Exploration Corp. (AGA) has completed the final procedural step in a transaction originally announced on August 21, 2026. The company’s release of shareholder approval and the final court order arrived on schedule, meeting the "on or about November 5" target stated in the August 21 definitive agreement and reiterated on October 6 and October 28.

The progression of the transaction unfolded as follows:

• August 21, 2026 — definitive arrangement agreement: 0.1724 BNKR per AGA share, ~US$163M headline, ~38% premium to the TSXV close on August 20 and ~30% to the 20-day VWAP, pro forma market cap ~US$326M, ~57%/43% ownership split, concurrent US$10M Ocean Partners prepayment and US$1M Teck drawdown, voting support ~6.3% of Silver47 and ~51.5% of Bunker Hill, termination fees US$6.6M / US$5.7M, approvals targeted by November 15, 2026.
• August 25, 2026 — Lithium Corporation's royalty note: effective 0.25% NSR retained on Hughes/Tonopah and the Belmont tailings via its 25% interest in Summa LLC.
• October 6, 2026 — meeting materials mailed, board unanimous recommendation, Research Capital fairness opinion, meeting set for October 27, proxy deadline October 23.
• October 28, 2026 — Bunker Hill shareholder approval (94.69% charter amendment, 95.07% share issuance) plus the operational and funding update: full US$10M Ocean Partners drawdown and the final US$2M of the US$10M Teck facility, US$20M aggregate; plant throughput above 1,100 t/day, lead and zinc recoveries averaging above 70%, commercial production targeted end Q4 2026, study work with Ausenco towards 2,500 t/day from 2027, resource/reserve update including Cate-8 and 2027 guidance both due by end 2026.
• November 3, 2026 — the release under analysis: Silver47 shareholder approval and final court order.

The vote outcome was pre-ordained by a unanimous board recommendation, a fairness opinion, and locked-up support. A final order from the BC Supreme Court on an arm's-length, minority-approved arrangement with no disclosed dissent is a standard outcome. No terms changed, no timetable slipped, and no new economics were introduced.

The economically relevant fact is arithmetic. With a fixed exchange ratio, Silver47's shares are now a levered proxy for Bunker Hill's share price. At the November 2 close of C$0.48, the ratio implies Bunker Hill trading near C$2.78, versus the roughly C$5.40 implied by the C$0.93 headline consideration referenced in the October 6 circular materials. On that basis, the paper Silver47 holders are receiving has depreciated by roughly half since the deal was struck. Silver47's own share price is down from C$0.81 on August 25 to C$0.48, indicating the market is marking the consideration itself rather than paying up for completion risk.

The approvals remove closing uncertainty but do not restore value. Shareholders are being asked to accept a currency whose issuer is pre-commercial, is drawing down prepayment and smelter facilities to fund ramp-up, and has committed to commercial production within roughly eight weeks of this announcement. The condition precedent that now matters is operational, and it sits at Bunker Hill.

The transaction remains a genuine consolidation that creates a US-focused silver and critical minerals vehicle with an operating mine and a large exploration inventory. The material news for Silver47 holders was August 21. Today's item is the closing mechanic, and its net information content for the equity is close to nil.

Silver47 Exploration Corp. (AGA), a Vancouver-based explorer formed from the 2025 merger with Summa Silver, holds four US silver projects. The company’s standalone inventory is reported as 236 moz AgEq inferred and 10 moz indicated. This differs from the combined entity figures quoted in an August 21 release, which included Bunker Hill’s Idaho assets and reported 80 moz AgEq measured and indicated plus 308 moz AgEq inferred.

The portfolio’s flagship asset is Red Mountain in Alaska’s Bonnifield district, located approximately 60 miles south of Fairbanks. The site hosts an inferred resource of 15.6 Mt at 336 g/t AgEq, totaling 168.6 moz AgEq. This comprises Dry Creek, with 11.6 Mt at 279.4 g/t AgEq for 104.0 moz, and West Tundra Flats, with 4.0 Mt at 496.9 g/t AgEq for 64.6 moz. Silver47 describes the Red Mountain deposit as a silver-zinc-lead VMS system along a 60 km trend. To date, only 11 targets have been drilled, five of which contain fewer than three holes. A 10,000 m, three-rig 2026 program was completed at 4,136 m across 14 holes as of September 8.

In Nevada, the Hughes / Tonopah project targets the eastern extension of the Tonopah district at Ruby, Sapphire and Emerald, as well as the Belmont tailings. The indicated resource stands at 0.98 Mt at 333 g/t AgEq (10.3 moz), while the inferred resource is 2.44 Mt at 421 g/t AgEq (32.9 moz). The Belmont tailings hold an inferred resource of 1.26 Mt at 68 g/t AgEq (2.74 moz).

The Mogollon project in New Mexico contains an inferred resource of 2.72 Mt at 367 g/t AgEq (32.1 moz) beneath the historic Last Chance mine. In Pershing County, Nevada, Silver47 owns the Kennedy project on 100% royalty-free terms with no NSR. The property was expanded to 6,150 acres in April 2026 through low-cost staking. Kennedy is pre-resource, though high-grade surface rock samples have returned up to 44.5 g/t Au.

Following the closing of the merger, the entity will be renamed Bunker Hill Silver Corp. and remain listed on the TSX. The combined company will integrate Bunker Hill’s operating Bunker Hill Mine in Idaho’s Silver Valley with Silver47’s portfolio under an ownership split of roughly 57% Bunker Hill and 43% Silver47.