Bunker Hill Mining (BNKR) Q3 2024 earnings summary

Executive summary

• Focused on restarting and developing the Bunker Hill Mine in Idaho, with construction of mill facilities and upgrades to underground infrastructure underway, targeting initial operations in the first half of 2025.

• No revenue generated in the three and nine months ended September 30, 2024, as the company remains in the development stage.

• Net loss for Q3 2024 was $8.1M, compared to net income of $7.4M in Q3 2023; net loss for the nine months ended September 30, 2024, was $17.6M, compared to $7.6M in the prior year period.

Financial highlights

• Total assets increased to $81.7M as of September 30, 2024, from $62.0M at December 31, 2023, mainly due to investments in property, plant, and equipment.

• Current assets decreased to $12.6M from $27.2M at year-end 2023, primarily due to capital expenditures.

• Total liabilities rose to $125.7M from $88.4M at year-end, driven by new debt issuances and accretion on existing obligations.

• Working capital deficit of $10.8M and shareholders' deficiency of $44.0M as of September 30, 2024.

• Operating expenses for Q3 2024 were $3.4M (up from $2.8M in Q3 2023); for the nine months, $11.4M (up from $8.3M in 2023).

Outlook and guidance

• Targeting commencement of mine operations in the first half of 2025.

• Actively pursuing additional funding, including a $150M non-binding letter of interest from EXIM Bank for the Bunker 2.0 expansion.

• Plans to secure further tranches of the Silver Loan and potential equity financings to support ongoing development.