Bunker Hill Mining (BNKR) Q2 2026 earnings summary

Executive summary

• Focused on ramping up operations at the flagship Bunker Hill Mine, with first concentrate delivery achieved and commercial production targeted by year-end 2026.

• Significant investments made in plant, equipment, and mine development, with ongoing exploration to expand resources.

• No revenue recognized yet as the mine is still in commissioning and ramp-up phase.

Financial highlights

• Net income for Q2 2026 was $18.2M, down from $20.5M in Q2 2025 due to a large prior-year gain on debt settlement.

• Net income for the six months ended June 30, 2026 was $38.3M, up from $14.1M in the prior year, driven by gains on warrant liability revaluation and Silver Loan revaluation.

• Total assets increased to $174.5M as of June 30, 2026, from $151.0M at year-end 2025, mainly due to capital expenditures.

• Total liabilities decreased to $163.5M from $207.0M at year-end 2025, primarily due to a reduction in derivative warrant liabilities and Silver Loan fair value.

• Working capital deficit of $11.8M as of June 30, 2026, compared to positive working capital of $6.5M at year-end 2025.

• Shareholders' equity improved to $11.0M from a deficit of $56.1M at year-end 2025.

Outlook and guidance

• Commercial production expected by end of 2026, with ramp-up supported by recent equity and debt financings.

• Additional $5M available under the Teck Standby Facility to support working capital as needed.

• Ongoing discussions to restructure or refinance the Silver Loan, which is a key risk to future liquidity.