Bunker Hill Mining (BNKR) Q1 2026 earnings summary

Executive summary

• Focused on development and restart of the Bunker Hill Mine in Idaho, with commissioning and operations targeted for the first half of 2026 and nameplate production expected in 2026.

• No revenue generated in Q1 2026 as the company remains in the development stage.

• Net income of $20.1 million for Q1 2026, compared to a net loss of $6.3 million in Q1 2025, driven by a significant gain on revaluation of warrant liabilities.

• Comprehensive income of $21.1 million for Q1 2026, compared to a comprehensive loss of $4.3 million in Q1 2025.

Financial highlights

• Total current assets increased to $36.5 million as of March 31, 2026, from $23.3 million at December 31, 2025.

• Total assets rose to $181.9 million from $151.0 million at year-end 2025.

• Total current liabilities were $23.7 million, and total liabilities were $189.4 million as of March 31, 2026, down from $207.0 million at year-end 2025.

• Working capital improved to $12.7 million, and shareholders' deficiency narrowed to $7.5 million from $56.1 million at year-end.

• Net cash increased by $11.1 million in Q1 2026, primarily from equity financing and warrant exercises.

Outlook and guidance

• Sufficient working capital is expected to fund planned operations for the next 12 months.

• Construction and commissioning of mill facilities and mine infrastructure are ongoing, with production ramp-up anticipated in 2026.

• The company is monitoring U.S. government initiatives supporting domestic critical minerals, which may benefit future operations.