Bunker Hill Mining (BNKR) investor relations material

Deal rationale and strategic fit

• The merger creates a 100% U.S.-focused silver and critical minerals producer with diversified assets in Idaho, Alaska, Nevada, and New Mexico, addressing the U.S. silver supply deficit and aligning with federal priorities for domestic critical minerals.

• The combined entity leverages Bunker Hill's operational mine and Silver47's high-grade exploration pipeline, aiming for a balanced silver and critical metals revenue mix and significant production scalability.

• Enhanced scale, market capitalization ($326M pro forma), and trading liquidity are expected to attract broader institutional ownership and potential index inclusion.

• Strategic alignment with U.S. government priorities and access to federal project financing and permitting support.

• The deal provides Silver47 shareholders with exposure to production, cash flow, and a diversified asset base, while Bunker Hill gains a robust development pipeline.

Financial terms and conditions

• Silver47 shareholders receive 0.1724 Bunker Hill shares per Silver47 share, implying a 38% premium to the last closing price and a 30% premium to the 20-day VWAP.

• Post-merger, Bunker Hill and Silver47 shareholders will own approximately 57% and 43% of the combined company, respectively.

• The pro forma market capitalization is estimated at $326 million, with $42 million in cash and $14 million in undrawn credit facilities.

• Aggregate equity value for Silver47 is approximately $163 million (US), based on the exchange ratio and last closing price.

• The transaction is structured as a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and includes customary deal-protection provisions and mutual termination fees.

Synergies and expected cost savings

• The merger is expected to unlock value through scale, improved liquidity, and potential index inclusion.

• Operating cash flow from Bunker Hill Mine is expected to fund aggressive exploration and development across the expanded portfolio.

• Diversification reduces asset-specific risk and enhances growth potential.

• Combined technical and operational expertise is expected to drive value-accretive opportunities and operational efficiencies.

• Enhanced treasury and capital access to support mine ramp-up and exploration.