Bunker Hill Mining (BNKR) investor relations material

Project status and development

• Mine restart project is 95% complete, targeting first production in H1 2026, with phased commissioning underway and expanded land package to 6,283.7 acres.

• Processing plant is over 93% complete, with a new 1,800 tpd facility designed for future expansion to 2,500 tpd.

• Tailings filter plant is on the critical path, with main development activities scheduled through H1 2026.

• Bunker 2.0 expansion aims for 2,500 tpd throughput, supported by a $150M US EXIM Bank LOI.

Operational advantages and cost structure

• Located in a premier US mining jurisdiction with 100% private land and 406 patented claims.

• Portal access to shallow mineralization enables low-cost mechanized underground mining.

• Positioned on the lower half of the zinc cost curve, benefiting from low-cost power ($0.06/kWh) and existing infrastructure.

• Clean zinc and lead/silver concentrates are trucked to Teck's Trail Smelter with no penalties.

Resource base and expansion potential

• Measured & Indicated resources: 7.0 Mt @ 1.00 opt Ag, 2.40% Pb, 5.44% Zn; Inferred: 6.9 Mt @ 1.52 opt Ag, 2.87% Pb, 4.96% Zn.

• Probable reserves: 3.2 Mt @ 1.12 opt Ag, 2.59% Pb, 5.81% Zn.

• Expansion plan targets a return to a 50/50 silver-base metals revenue mix and increased free cash flow by mining higher-grade silver-lead and silver-copper zones.

• Significant increase in post-tax free cash flow projected as more silver is produced in later years.