Bunker Hill's Idaho mine restart planned for H1 2026

Executive Summary

• Bunker Hill Mining confirms the mine restart is on schedule and within budget, targeting first production in H1 2026. The process plant is 88% complete and in the commissioning phase, with the tailings filter plant nearing 60% completion.
• Improved silver and base metal prices have shifted the projected revenue mix to approximately 50/50 silver-to-base-metals, enhancing projected cash flow and operating margins beyond prior internal assumptions.
• The company validated three high-priority exploration targets using AI-assisted analysis of geological data, highlighting significant historical and new drill intercepts of silver, lead, and zinc, particularly within the recently acquired Ranger-Page property and the Cate fault zone.

Key Details

• Mine Construction & Commissioning Status:
  • Process plant construction is 88% complete; the Main Ball mill is turning, and flotation motors are being bump-tested.
  • The plant is formally in the commissioning phase.
  • Tailings filter plant building is structurally close to complete; filter press installation is underway with Metso supervision.
  • First production is targeted for H1 2026.
• Regulatory & Safety Milestones:
  • MSHA recategorized the mine from "active: non-producing" to "active: producing" on Dec. 3, 2025.
  • Multisector general permit (Stormwater) received on Aug. 8, 2025.
  • Air permit received on Sept. 29, 2025.
  • 100% compliance maintained with all environmental permits.
  • Recordable incident rate for 2025 was 1.23 (half the national average); over three years without a lost-time incident.
• Operational Readiness:
  • Approximately 20,000 tons of ore stockpiled underground, ready for plant commissioning.
  • Ventilation, underground communications, and power links are fully established.
  • New CAT mechanized mining equipment is being phased in.
  • Team Buildout: Recruited Chief Geologist, Senior Geologist, Ore Control Geologist, Mine Engineer, and Technical Services Manager since Q4 2025. Additional electricians, mechanics, and operational teams are being recruited.
• Financial Impact of Metal Prices:
  • Silver price strength has improved project economics.
  • Revenue mix now expected to be ~50% silver and ~50% base metals (previously weighted more toward base metals).
  • Projected cash flow and operating margins exceed prior internal planning assumptions.
• Exploration Targets & Drill Results:
  • Target 1: Page Mine-Curlew Vein (Ranger-Page Property):
    • RP-2025-004: 6.6 ft @ 2.19 oz/t Ag, 5.81% Pb, 0.28% Zn (starting at 198.5 ft).
    • RP-2025-005: 10 ft @ 5.22 oz/t Ag, 15.5% Pb, 4.09% Zn (starting at 245 ft).
    • RP-2025-006: 1.5 ft @ 8.16 oz/t Ag, 22.96% Pb, 5.8% Zn (starting at 222.5 ft).
  • Target 2: VRIFY Prospectivity Score (Government Gulch Fault):
    • Identified via AI analysis of IP chargeability, radiometric surveys, and geologic lineaments.
    • Located in the hanging wall of stacked thrust faults; footprint comparable to the March orebody (4.7M tons @ 12% Pb, 5.22 oz/t Ag, 2.25% Zn).
  • Target 3: Cate Fault Zone (Historic Drilling):
    • High-grade silver-lead mineralization identified in the 1970s, never exploited.
    • Located within 125 ft of rehabilitated 8 Level and 60 ft of planned 8-9 Level ramp.
    • DH 1698: 7.5 ft @ 4.6 oz/t Ag, 16.2% Pb, 4.7% Zn.
    • DH 1764: 6 ft @ 4.2 oz/t Ag, 13% Pb, 1% Zn.
    • DH 1768: 4 ft @ 6 oz/t Ag, 5.2% Pb, 0.8% Zn.

Notable Quotes

• "Bunker Hill remains undervalued relative to other publicly traded silver companies, particularly when considering our advanced restart status, U.S. jurisdiction and growing silver exposure," said Sam Ash, president and chief executive officer. "That disconnect is not expected to persist. As we progress towards initial production, ramp up commercial production and deliver meaningful exploration results over the coming year, we believe the market will increasingly recognize the asset's intrinsic value."