Bunker Hill And Silver47 Complete Merger to Create a 'Made in America' U.S. Silver & Critical Minerals Producer

Bunker Hill Mining Corp. completed the court-approved acquisition of Silver47 Exploration Corp. on November 6, 2026. The combined entity has rebranded as Bunker Hill Silver Corp. and continues trading on the TSX under the ticker BNKR.

As part of the transaction, Silver47 shareholders received 0.1724 Bunker Hill shares per share, resulting in an ownership split of approximately 57% for existing Bunker Hill shareholders and 43% for former Silver47 shareholders. The company issued 36,325,517 new shares, bringing total shares outstanding to 83,667,856. All outstanding Silver47 warrants and stock options remain adjusted and exercisable for up to 13,901,231 Bunker Hill shares. The pro forma basic market capitalization stands at US$158M.

Expected annual production is +5 moz AgEq, driven by the Bunker Hill Mine expansion to 2,500 tpd. The 2027 production expectation is set at +2,500 koz AgEq. Combined mineral resources total 80 moz AgEq (Measured & Indicated) and 308 moz AgEq (Inferred).

The management team includes Richard Williams (Executive Chairman), Sam Ash (CEO), Galen McNamara (President & CIO), and Bradley Barnett (CFO). Silver47 shares will be delisted from the TSXV, Frankfurt Stock Exchange, and OTCQX around November 9, 2026.

Bunker Hill Mining Corp. (BNKR) is completing the final administrative steps of a merger transaction originally announced in August 2026 and approved by shareholders in October 2026. The exchange ratio, ownership split, pro forma metrics, and dilution parameters were fully disclosed months ago and are completely reflected in the current share price.

The stock declined from approximately $4.80 at the announcement to $2.64 by the closing date, indicating the market has already priced in the dilution, the combined asset base, and the shift from a pre-revenue development story to a production/ramp-up narrative. The transaction does not introduce new fundamental variables; it consolidates existing assets, liabilities, and management teams.

The pro forma market capitalization of US$158M implies a significant discount to the pre-announcement valuation, suggesting the market views the combined entity's near-term cash flow generation and debt load as the primary valuation drivers. The material impact is incremental and expected. The value creation potential depends entirely on the successful integration of the Silver47 exploration pipelines and the operational execution of the Bunker Hill Mine ramp-up.

Bunker Hill Mining Corp. (BNKR) is a U.S.-focused silver and critical minerals producer centered on its flagship Bunker Hill Mine in Idaho's Silver Valley. The company operates a 1,800 tpd processing plant and is targeting commercial production by the end of 2026. In addition to its primary asset, the company holds Silver47 assets, including Red Mountain in Alaska, Hughes in Nevada, and Mogollon in New Mexico.

Pro forma resources at the company stand at 80 moz AgEq Measured & Indicated and 308 moz AgEq Inferred. Production targets include output of more than 980 koz AgEq in 2026 and more than 2,500 koz AgEq in 2027, with a Bunker 2.0 expansion targeting an additional 5 moz AgEq. The company’s strategic focus is on restoring a historic 50/50 silver-to-base-metals revenue mix. The operation is located in a world-leading mining jurisdiction characterized by a supportive community and low jurisdiction risk.