Silver47 Exploration (AGA) M&A announcement summary

Deal rationale and strategic fit

• Merger creates a leading U.S.-focused silver and critical minerals producer with diversified assets in Idaho, Alaska, Nevada, and New Mexico, combining near-term cash flow with a robust development pipeline and aligning with U.S. government priorities for domestic mineral supply.

• Addresses the U.S. silver supply deficit by adding new domestic production and resource growth potential, leveraging domestic mining revitalization trends.

• Combines proven mine operators and explorers, strengthening technical, operational, and capital markets expertise.

• Offers a scarce U.S.-domiciled silver investment vehicle with planned NYSE American listing and enhanced market profile.

• Board and management will integrate leadership from both companies, with operational HQ in Idaho and further recruitment planned.

Financial terms and conditions

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

• Pro forma ownership: Bunker Hill shareholders 57%, Silver47 shareholders 43%.

• Combined market capitalization of US$326 million, with $42 million in cash and $14 million in undrawn credit facilities.

• Aggregate equity value for Silver47 is approximately US$163M (C$225M) on a fully diluted basis.

• Transaction structured as a court-approved plan of arrangement under British Columbia law, with expanded board and management team.

Synergies and expected cost savings

• Enhanced scale and liquidity expected to unlock a market re-rate, index inclusion, and improved access to capital.

• Operating cash flow from Bunker Hill Mine will fund exploration and development across the expanded portfolio.

• Largest mill in the Silver Valley enables economies of scale and production ramp-up to over 5 Moz AgEq annually.

• Diversification across four U.S. states reduces single-asset risk and supports organic growth.

• All-share structure aligns long-term shareholder interests and supports value-accretive opportunities.