Bunker Hill recaps 2025, looks ahead to 2026

Executive Summary

• Bunker Hill Mining Corp. provided a year-end 2025 summary and 2026 outlook, confirming the mine is on track for a restart in the first half of 2026 with phased commissioning starting in January.
• The company successfully completed a comprehensive balance sheet refinancing, extending debt maturities to 2030, reducing outstanding debt by ~39%, and lowering royalty/stream obligations from 11.85% to 5%.
• $68 million in incremental funding was secured to finance remaining project milestones, supporting the transition from construction to production and positive cash flow generation.

Key Details

• Mine Restart Timeline: Phased commissioning of the processing plant is scheduled to begin in January 2026, with an expected mine restart in H1 2026.
• Construction Progress:
  • Processing plant construction and commissioning reached 88% completion by year-end 2025.
  • Tailings filter press construction and commissioning reached 56% completion; superstructure is in place for Metso installation in January.
• Refinancing Terms:
  • Debt maturities extended to 2030.
  • Outstanding debt reduced by approximately 39%.
  • Effective cost of capital reduced via royalty and stream obligations lowered from 11.85% to 5%.
  • Secured $68 million (U.S.) in incremental funding to cover remaining project milestones.
• Operational Metrics & Safety:
  • Closed 2025 with zero lost-time injuries (LTIs), marking the third consecutive year without an LTI.
  • Maintained 100% compliance with all environmental permits.
  • All necessary state and federal permits secured for operations to restart.
• Technical & Metallurgical Updates:
  • Collaborating with VRIFY AI-assisted mineral discovery platform to target higher-grade silver mineralization.
  • Metallurgical testwork indicates expected recoveries of 89% for silver, 87% for lead, and 92% for zinc.
  • Underground rehabilitation includes ramp access to the Russell Portal at the 8-3 level (covering first three years of ore) and acceleration of ramp development to the 9-Level.
  • Executed a lease-to-own contract with Caterpillar to upgrade the underground mining equipment fleet.
• 2026 Strategic Focus:
  • Prioritizing production, free cash generation, and resource expansion.
  • Evaluating near-mine and district-scale exploration opportunities (including Ranger-Page project) to extend mine life and increase silver content.
  • Reviewing opportunities to convert historic resources into NI 43-101 compliant resources.
• Market Context:
  • Silver, zinc, and lead prices have strengthened materially relative to assumptions in recent technical studies.
  • Sustained price strength could favorably impact project economics without requiring changes to the mine plan, flowsheet, or capital costs.

Notable Quotes

• "Two thousand twenty-five was a year of foundational progress for Bunker Hill as we continued to advance the mine toward production safely... As we move into 2026, our focus shifts to production and free cash generation. With most of the critical infrastructure in place, a strengthened operating team and an efficient commissioning plan, we are well positioned to have Bunker Hill start to inject its critical metals into the U.S. supply chain and unlock significant value for our stakeholders." — Sam Ash, President and CEO