Bunker Hill and Silver47 Complete Merger to Create a ‘Made In America’ U.S. Silver & Critical Minerals Producer

Bunker Hill Mining Corp. (TSX: BNKR | OTCQB: BHLL), and Silver47 Exploration Corp. (TSXV: AGA | OTCQX: AAGAF | Frankfurt: QP2) announced the completion of their previously announced merger, pursuant to which Bunker Hill acquired all of the issued and outstanding common shares of Silver47 by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Following closing, the combined company intends to change its name to “Bunker Hill Silver Corp.” and will continue to be listed on the Toronto Stock Exchange.

Richard Williams, Executive Chairman of Bunker Hill, commented: “This merger represents a transformational and timely opportunity to create a leading American mining company focused on strengthening the US domestic metal supply chains at a time of intensifying global competition. I congratulate all our shareholders and the wider stakeholder community for supporting this important step forward for the Combined Company, and its potential to contribute to the revitalization of the US Mining Industry.”

Galen McNamara, President and Chief Investment Officer of Bunker Hill, commented: “Bunker Hill and Silver47 shareholders now own a compelling silver and critical mineral story in the United States: a producing mine in the Silver Valley and a pipeline of high-grade projects at Red Mountain, Hughes and Mogollon. With silver on the U.S. critical minerals list and strong support for domestic mining, we have the assets, the team and the timing to build a leading American silver producer. Thank you to all our shareholders. We are excited to get to work.”

Transaction Highlights & Strategic Rationale:

• Creating a New U.S. Silver and Critical Minerals Champion: The combination of Bunker Hill’s anticipated cash-flow from the Bunker Hill Mine with Silver47’s high-quality development pipeline establishes a new ‘Made in America’ U.S. silver and critical minerals producer.
• Enhanced Scale for a Producer Multiple: The Combined Company has a pro forma basic market capitalization of US$158M, with increased trading liquidity and a strengthened shareholder base. With commercial production expected at the Bunker Hill Mine, it is positioned to attract broader institutional ownership and index inclusion.
• Clear Path to Annual Production of +5 Moz AgEq: Production at the Bunker Hill Mine is expected to reach +2,500 koz AgEq in 2027, with the Bunker Hill 2.0 expansion to 2,500 tpd, the largest mill in the Silver Valley, driving annual production toward +5 Moz AgEq.
• Top-Tier Portfolio of U.S. Silver Projects with District-Scale Upside: The Transaction brings together four U.S. silver and critical mineral projects with an aggregate mineral resource inventory of 80 Moz AgEq measured and indicated and 308 Moz AgEq inferred (see mineral resource table below for resources by project).
• Strengthened Balance Sheet and Access to Capital: An enhanced treasury and improved access to capital position the Combined Company to achieve commercial production at the Bunker Hill Mine by the end of 2026, and to fund ongoing exploration and development across the portfolio.
• Proven Operators and Proven Explorers: Combining Bunker Hill’s mine-building, stakeholder engagement and operating expertise with Silver47’s exploration and discovery track record, the Combined Company will benefit from deep capital markets experience and a board with major-producer, M&A, and government relations expertise.
• U.S. Government Partner of Choice: The Combined Company is expected to leverage its established relationships with the U.S. EPA, U.S. EXIM Bank, the U.S. Department of Energy, and the U.S. Office of Strategic Capital to support project financing, permitting, and development as the United States continues to prioritize domestic mining and critical minerals supply chains.

Bunker Hill Mining Corp. is a U.S.-focused mining company building a modern, long-life operation at its flagship Bunker Hill Mine in northern Idaho’s prolific Silver Valley, complemented by a pipeline of high-grade silver development projects across North America. With production now underway, the Company is advancing the Bunker Hill Mine toward commercial production of zinc, lead and silver concentrates while pursuing opportunities to optimize operations, expand resources and extend mine life.

The Bunker Hill Mine sits in one of North America’s most prolific and storied mining districts and benefits from established infrastructure, a skilled local workforce and a significant mineral resource base. Through its acquisition of Silver47 Exploration Corp., Bunker Hill has added a portfolio of silver-rich projects in Alaska, Nevada and New Mexico, with a combined resource totalling 236 Moz AgEq at 334 g/t AgEq Inferred and 10 Moz AgEq at 333 g/t AgEq Indicated, anchoring the Company in America’s most prolific mining jurisdictions.