Bunker Hill Mining (BNKR) Q4 2025 earnings summary

Executive summary

• Completed major balance sheet restructuring, converting debt to equity and modifying royalty/stream agreements, including with Sprott and Teck.

• Raised $61.8M in two private placements, with Teck and Sprott becoming control persons.

• Advanced Bunker Hill Mine restart, achieving 88% completion of processing plant and targeting H1 2026 for operations.

• Acquired Ranger Page property and completed a reverse stock split (1-for-35) in March 2026.

Financial highlights

• No revenue generated in 2025; net loss of $93.1M (vs. $25.3M loss in 2024).

• Operating expenses decreased to $13.6M (from $15.6M in 2024) as more costs were capitalized.

• Losses driven by $49.4M loss on fair value of silver loan, $6.5M loss on warrant issuance, and $42.6M increase in derivative liabilities.

• Offset by $29.6M gain on stream debenture debt settlement and $4.1M gain on revaluation.

• Total assets increased to $151.0M (from $97.6M), liabilities rose to $207.0M (from $149.7M).

• Working capital improved to $6.5M (from a deficit of $20.3M), shareholders' deficiency at $56.1M.

Outlook and guidance

• Mine restart targeted for H1 2026, with phased commissioning beginning January 2026.

• Ongoing discussions with EPA and IDEQ to restructure environmental obligations.

• Focus on operational readiness, safety, and environmental compliance.