Bunker Hill Mining (BNKR) Registration Filing summary

Company overview and business model

• Focused on restarting and developing a historic zinc-lead-silver mine in Idaho, with a history of significant production and recent transition to development stage activities.

• Owns 100% of the Bunker Hill Mine, with completed environmental cleanup and necessary permits for restart secured.

• Plans to commence operations in mid-2026, leveraging modernized infrastructure and advanced exploration techniques.

• Business model centers on underground mining, on-site milling, and concentrate sales to established smelters under long-term offtake agreements.

Financial performance and metrics

• No revenue generated in 2024 or 2025; net losses of $93.1M in 2025 and $25.3M in 2024, driven by non-cash losses on financial instruments and restructuring.

• Total assets increased to $151M at year-end 2025, with working capital of $6.5M and shareholders' deficiency of $56.1M.

• Significant increase in liabilities to $207M, including $75M in warrant liabilities and $81M in fair-valued silver loan.

• Raised over $61M in equity in 2025 and completed major debt-to-equity conversions and royalty restructurings.

Use of proceeds and capital allocation

• Proceeds from warrant exercises will be used for general working capital and mine development.

• Recent capital raises primarily allocated to mine construction, plant commissioning, and infrastructure upgrades.

• Cash expenditures focused on process plant, equipment purchases, and mine readiness for production.