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Bunker Hill Mining Corp. reports developments tied to the restart and redevelopment of the historic Bunker Hill Mine in northern Idaho’s Coeur d’Alene mining district. Company news centers on zinc, lead and silver project progress, underground mine planning, commissioning work, exploration drilling, processing and filter-plant readiness, and environmental practices for mine operations, water quality and tailings management.
Recurring updates also cover capital structure actions, equity compensation, debt-interest share issuances, exchange listing status, and board or finance-team changes as the company advances a single-asset critical-metals strategy in Idaho’s Silver Valley.
Bunker Hill Mining (TSXV:BNKR | OTCQB:BHLL) has updated its December 20 announcement regarding the issuance of up to 8,446,194 common shares. This includes up to 7,392,859 shares at USD$0.07 per share to satisfy debenture interest payments totaling USD$517,500, and up to 1,053,335 shares to a service provider for financing cooperation fees. Sprott Private Resource Streaming and Royalty Corp will receive up to 7,119,049 shares instead of the previously announced 7,392,859 shares. The company is issuing shares instead of cash to preserve capital for potential restart and development of the Bunker Hill Mine. All share issuances are subject to regulatory approval and will have a four-month hold period.
Bunker Hill Mining (OTCQB:BHLL) has announced its decision to issue 7,392,859 shares of common stock to satisfy interest payments worth USD$517,500 on its convertible debentures due December 31, 2024. The Interest Shares will be issued at USD$0.07 per share, based on 90% of the 10-day volume weighted average trading price. Additionally, the company will issue 509,480 shares at C$0.16 per share and 543,855 shares at C$0.15 per share to satisfy financing cooperation fees totaling USD$120,000 for Q2 and Q3 2024. These share issuances are subject to regulatory approvals and will have a four-month hold period.
Bunker Hill Mining (BHLL) has received the second tranche of US$5 million from Sprott's standby facility, which can provide up to US$21 million for the Bunker Hill Mine development in Idaho. The company reports significant progress with five stopes prepared for mining in the UTZ area and ongoing geotechnical stabilization of the main ramp at the Cate Fault.
Key operational updates include: grid power connection to processing facilities, continued work on conveyors, crusher tower, and tailings filter press, and installation of mezzanine floors in the concentrator building. Underground operations are advancing with ramp rehabilitation and stope preparation. The company plans to issue an updated mineral resource estimate in Q1 2025 and is pursuing additional financing of up to $30 million through strategic partner negotiations.
Bunker Hill Mining has announced significant high-grade zinc-lead-silver mineralization discoveries from its underground drilling program at the Bunker Hill Mine in Idaho. Notable intersections include 14.7% Zn, 5.2% Pb, and 2.10 Ag Opt over 13.2 ft, and 8.83% Zn, 2.95% Pb, and 0.85 Ag Opt over 13.5 ft. The company has completed 15 underground drill holes totaling 5,996 feet, targeting approximately 5% of the mine's 7 million tons inferred mineralization.
The drilling program, scheduled to conclude in December 2024, aims to inform technical and mine planning in the upper mine areas. Bunker Hill plans to issue an updated resource estimate in Q1 2025 and targets a mine restart in H1 2025, with zinc concentrate processing planned at Teck's Trail smelter in British Columbia.
Bunker Hill Mining announces updates to its mine restart project, which is currently 64% complete. The total restart expenditure has increased to $103 million from the previously forecasted $67 million, with a delay of up to four months. The company plans to secure financing through a $21 million standby facility from Sprott Private Resource Streaming and Royalty Corp and seeks an additional $30 million through potential offtake agreements.
The cost increase is attributed to significant input cost inflation, including a 53% rise in skilled construction labor costs, 40% increases in structural steel and copper costs, and a 20% increase in concrete prices. The project also faced setbacks due to a filter press scope change and an unexpected contractor departure. The revised timeline now targets operations to commence in Q2 2025.
Bunker Hill Mining (TSXV: BNKR) (OTCQB: BHLL) is advancing its historic U.S. mining asset with a focus on zinc production, positioning itself as a key supplier for the low-carbon energy transition. The company expects to generate 70% of its revenue from zinc, which is important for galvanization in sustainable infrastructure, while also producing silver and lead. The company has notably achieved a rapid transition from permitting to production in less than five years, outperforming the typical U.S. industry timeline.
Bunker Hill Mining has closed the fourth tranche of its silver loan facility with Monetary Metals Bond III , securing US$1,250,000 (equivalent to 39,619.65 ounces of silver). The company's concentrator construction is 98% complete with components ready for installation. Underground drilling continues to inform an updated resource statement expected in Q1 2025, while a new drill program targeting high-grade silver is being prepared. The total silver loan facility includes previous tranches: First Tranche (US$16,422,039), Second Tranche (US$6,369,000), and Third Tranche (US$6,321,112). The company will issue 476,793 bonus warrants to Monetary Metals, exercisable at C$0.12 until August 8, 2027.
Monetary Metals has provided over 1 million ounces in silver bond financing to Bunker Hill Mining (OTCQB: BHLL), marking the first silver bond issuance in over 200 years. The three-year bond pays a 12% annual coupon in silver and supports the restart of the Bunker Hill Mine in Idaho. The agreement allows for up to 1.2 million ounces of silver to be loaned in tranches, with 1,008,581 ounces already delivered. Investors include high-net-worth individuals, family offices, and institutions. This innovative financing mechanism represents a non-dilutive funding solution for the mining sector.
Bunker Hill Mining has closed the third tranche of its silver loan facility with Monetary Metals Bond III , securing US$6,321,112 (equivalent to 198,777 ounces of silver) as of November 6, 2024. This follows the first tranche of US$16,422,039 (609,805 silver ounces) closed on August 8, and the second tranche of US$6,369,000 (200,000 silver ounces) closed on September 25. The total silver loan facility can reach up to 1.2 million ounces of silver. Additionally, the company issued 750,000 common shares at C$0.16 per share to settle partially a C$166,304.31 payment to a former director, with the remaining C$46,304.31 paid in cash.
Bunker Hill Mining has received a non-binding Letter of Interest from the Export-Import Bank of the United States (EXIM) for up to $150M in debt funding with a 15-year term. The funding aims to accelerate the development of the Bunker 2.0 expansion project, which will increase production capacity from 1800tpd to 2500tpd. The company plans to restart operations in the first half of next year, conduct extensive drilling, and issue an updated resource report in Q1|25. The project focuses on mining zinc and silver, with zinc already listed as a US critical metal and silver under review for the 2025 critical metals list.