Bunker Hill and Silver47 Announce Merger to Create a 'Made in America' U.S. Silver & Critical Minerals Champion

On August 21, 2026, Silver47 Exploration Corp. (AGA) and Bunker Hill announced a definitive arrangement agreement under which Bunker Hill will acquire all outstanding Silver47 shares by plan of arrangement. The exchange ratio is set at 0.1724 Bunker Hill shares for each Silver47 share. Based on Bunker Hill’s closing price on the TSX on August 20, 2026, this implies a value of approximately C$0.93 or US$0.67 per Silver47 share. This implied consideration represents a 38% premium to Silver47’s last close on the TSXV and a 30% premium to its 20-day volume-weighted average price.

Following the transaction, existing Bunker Hill shareholders are expected to hold roughly 57% of the combined entity, while Silver47 shareholders will hold approximately 43%. The pro forma basic market capitalization is stated as US$326 million. The combined company will be renamed “Bunker Hill Silver Corp.” and remain listed on the TSX, while Silver47 will be delisted from the TSXV and Frankfurt. The portfolio will combine Bunker Hill’s operating Bunker Hill Mine and Ranger-Page projects with Silver47’s Hughes, Red Mountain, and Mogollon projects. Aggregate disclosed mineral resources total 80 moz AgEq in measured and indicated categories and 308 moz AgEq in inferred categories.

Production targets indicate that Bunker Hill’s commercial production is expected to begin in the fourth quarter of 2026. Production is projected to ramp from over 980 koz AgEq in 2026 to over 2,500 koz AgEq in 2027, with a long-term goal of producing over 5 moz AgEq annually. Concurrent financing disclosures include a US$10 million Ocean Partners concentrate prepayment facility, a US$1 million Teck standby drawdown, and an agreement for Silver47 to make available up to US$5 million in unsecured debt to Bunker Hill, subject to definitive documentation.

Regulatory and shareholder approvals are required, including 66⅔% approval from Silver47 shareholders, a majority vote from Bunker Hill shareholders, and approvals from the Supreme Court of British Columbia, the TSX, and the TSXV. Meetings are targeted to be held by November 15, 2026. Current voting support stands at 6.3% of Silver47 shares and 51.5% of Bunker Hill shares, including Sprott Private Resource Streaming & Royalty and Teck. Termination fees are set at US$6.6 million payable by Bunker Hill if it terminates the agreement, and US$5.7 million payable by Silver47 if it terminates.

The transaction transforms Silver47 from a standalone pre-revenue explorer into a component of a near-term producer, offering shareholders a headline premium. However, the consideration is all-share rather than cash, meaning the actual value received will fluctuate with Bunker Hill’s share price until the deal closes.

The implied value of C$0.93 per share is below Silver47’s 52-week high of C$1.18 and below the C$1.05 unit price paid by investors in the January 2026 bought deal. The reported 38% premium is measured from a depressed price point, as Silver47 fell from approximately C$1.18 in December 2025 to C$0.67 by August 2026.

Approval of the transaction is not yet assured, as Silver47 shareholder support is currently locked at only 6.3%, falling short of the required 66⅔%. Meanwhile, Bunker Hill is concurrently tapping a concentrate prepayment facility, a Teck standby drawdown, and a proposed Silver47 debt facility, signaling near-term liquidity needs despite the combined entity being marketed as having a strengthened balance sheet. Historical releases indicate no prior indication that Silver47 was pursuing a sale, making this announcement new information rather than an expected follow-up.

Silver47 Exploration Corp. (TSXV: AGA, OTCQX: AAGAF) is a Canadian-listed silver-focused exploration company. Historical news indicates the firm was formed through a merger with Summa Silver, creating a larger U.S.-focused silver explorer.

The company’s flagship asset is the Red Mountain Project in Alaska, a silver-rich VMS/polymetallic project featuring an inferred resource of 15.6 Mt at 336 g/t AgEq, or 168.6 moz AgEq, along a 60 km prospective trend.

Other key holdings include the Hughes Project in Nevada’s Tonopah Mining District, which holds an indicated in-situ resource of 10.3 moz AgEq, an inferred in-situ resource of 32.9 moz AgEq, and an inferred tailings resource of 2.74 moz AgEq. The Mogollon Project in New Mexico contains an inferred resource of 32.1 moz AgEq.

The Kennedy Project in Nevada has been expanded to 6,150 acres. It is described as 100% owned and royalty-free, with high-grade rock samples reported. Additionally, the Adams Plateau Project in British Columbia appeared in a 2025-10-29 release but is not part of the four U.S. projects highlighted in the merger release.