Bunker Hill Provides Project and Corporate Update
Bunker Hill Mining has provided an update on its operations and corporate activities. Key highlights include the achievement of a safety milestone with no injuries in 2024 and ongoing development of the processing plant, which will have a capacity of 1,800 tons per day, potentially expandable to 2,500 tons per day by 2026.
Significant progress has been made in underground infrastructure, including the completion of a new ramp and installation of a modern ventilation system. The company aims to restart operations in Q2 2025, creating 250 new jobs in Shoshone County, Idaho.
The mine's restart represents a major economic and environmental milestone, marking the first mining operation resumption within a Superfund Site since 1980. The company is also set to issue a new mineral estimate report in Q1 2025, with a full report expected in April 2025.
Bunker Hill has optimized its environmental bonding commitments, rearranging costs related to a $14 million obligation to the US EPA, expected to return approximately C$0.6 million to support the mine restart.
Additionally, the company will issue 621,500 shares to satisfy a US$60,000 financing cooperation fee, preserving cash for ongoing development. This transaction is subject to regulatory approvals.
Bunker Hill Mining ha fornito un aggiornamento sulle proprie operazioni e attività aziendali. I punti salienti includono il raggiungimento di un traguardo in materia di sicurezza con nessun infortunio nel 2024 e lo sviluppo in corso dell'impianto di lavorazione, che avrà una capacità di 1.800 tonnellate al giorno, potenzialmente espandibile a 2.500 tonnellate al giorno entro il 2026.
Significativi progressi sono stati fatti nelle infrastrutture sotterranee, compresa la conclusione di una nuova rampe e l'installazione di un moderno sistema di ventilazione. L'azienda punta a riprendere le operazioni nel secondo trimestre del 2025, creando 250 nuovi posti di lavoro nella Contea di Shoshone, Idaho.
Il rilancio della miniera rappresenta una grande pietra miliare economica e ambientale, segnando la prima ripresa delle operazioni minerarie all'interno di un Sito Superfund dal 1980. L'azienda prevede anche di emettere un nuovo rapporto sulle stime minerarie nel primo trimestre del 2025, con un rapporto completo atteso per aprile 2025.
Bunker Hill ha ottimizzato i suoi impegni in materia di garanzie ambientali, ristrutturando i costi relativi a un obbligo di 14 milioni di dollari verso la US EPA, previsto per restituire circa 0,6 milioni di dollari canadesi a sostegno del rilancio della miniera.
Inoltre, l'azienda emetterà 621.500 azioni per soddisfare una tassa di cooperazione finanziaria di 60.000 dollari USA, preservando liquidità per lo sviluppo in corso. Questa transazione è soggetta ad approvazioni normative.
Bunker Hill Mining ha proporcionado una actualización sobre sus operaciones y actividades corporativas. Los aspectos más destacados incluyen la consecución de un hito de seguridad sin lesiones en 2024 y el desarrollo continuo de la planta de procesamiento, que tendrá una capacidad de 1,800 toneladas por día, potencialmente ampliable a 2,500 toneladas por día para 2026.
Se han realizado avances significativos en la infraestructura subterránea, incluyendo la finalización de una nueva rampa y la instalación de un moderno sistema de ventilación. La empresa busca reiniciar operaciones en el segundo trimestre de 2025, creando 250 nuevos empleos en el condado de Shoshone, Idaho.
El reinicio de la mina representa un importante hito económico y ambiental, marcando la primera reanudación de operaciones mineras dentro de un sitio Superfund desde 1980. La empresa también prevé emitir un nuevo informe de estimación mineral en el primer trimestre de 2025, con un informe completo esperado para abril de 2025.
Bunker Hill ha optimizado sus compromisos de garantía ambiental, reorganizando los costos relacionados con una obligación de 14 millones de dólares estadounidenses a la EPA de EE. UU., que se espera devuelva aproximadamente 0.6 millones de dólares canadienses para apoyar el reinicio de la mina.
Además, la empresa emitirá 621,500 acciones para satisfacer una tarifa de cooperación financiera de 60,000 dólares, preservando efectivo para el desarrollo continuo. Esta transacción está sujeta a aprobaciones regulatorias.
벙커 힐 마이닝은 운영 및 기업 활동에 대한 업데이트를 제공했습니다. 주요 내용으로는 2024년에 부상 없이 안전 이정표를 달성한 것과 하루 1,800톤의 처리 용량을 가진 처리 플랜트의 지속적인 개발이 포함되며, 2026년까지 2,500톤으로 확장 가능성이 있습니다.
지하 인프라에서 중요한 진전을 이루었으며, 새로운 경사로를 완공하고 현대적인 환기 시스템을 설치했습니다. 이 회사는 2025년 2분기에 운영을 재개하고 아이다호주 쇼숀 카운티에 250개의 새로운 일자리를 창출할 계획입니다.
광산의 재개는 경제적 및 환경적 이정표를 나타내며, 1980년 이후 Superfund 사이트 내에서 최초의 채굴 작업 재개를 의미합니다. 또한 회사는 2025년 1분기에 새로운 광물 추정 보고서를 발표할 예정이며, 전체 보고서는 2025년 4월에 기대됩니다.
벙커 힐은 환경 보증 의무를 최적화하고 있으며, 미국 EPA에 대한 1,400만 달러의 의무와 관련된 비용을 재편성하여 광산 재개를 지원하기 위해 약 60만 캐나다 달러를 반환할 것으로 예상하고 있습니다.
또한 이 회사는 60,000달러의 금융 협력 요금을 충족하기 위해 621,500주의 주식을 발행하여 지속적인 개발을 위한 현금을 보존할 것입니다. 이 거래는 규제 승인을 받아야 합니다.
Bunker Hill Mining a fourni une mise à jour sur ses opérations et activités d'entreprise. Les points clés incluent l'atteinte d'un jalon de sécurité avec aucun accident en 2024 et le développement continu de l'usine de traitement, qui aura une capacité de 1 800 tonnes par jour, potentiellement extensible à 2 500 tonnes par jour d'ici 2026.
Des progrès significatifs ont été réalisés dans l'infrastructure souterraine, y compris l'achèvement d'une nouvelle rampe et l'installation d'un système de ventilation moderne. L'entreprise prévoit de relancer ses opérations au deuxième trimestre de 2025, créant ainsi 250 nouveaux emplois dans le comté de Shoshone, Idaho.
La reprise de la mine représente une grande avancée économique et environnementale, marquant la première reprise d'opérations minières au sein d'un site Superfund depuis 1980. L'entreprise prévoit également de publier un nouveau rapport d'estimation minérale au premier trimestre de 2025, avec un rapport complet prévu en avril 2025.
Bunker Hill a optimisé ses engagements en matière de garantie environnementale, réorganisant les coûts liés à une obligation de 14 millions de dollars envers l'EPA des États-Unis, dont on s'attend à ce qu'elle rapporte environ 0,6 million de dollars canadiens pour soutenir la reprise de la mine.
De plus, l'entreprise émettra 621 500 actions pour satisfaire des frais de coopération financière de 60 000 dollars, préservant ainsi des liquidités pour le développement en cours. Cette transaction est soumise à des approbations réglementaires.
Bunker Hill Mining hat ein Update zu seinen Betriebs- und Unternehmensaktivitäten bereitgestellt. Zu den wichtigsten Punkten gehört der Erreichen eines Sicherheitsmeilensteins ohne Verletzungen im Jahr 2024 sowie die fortlaufende Entwicklung der Verarbeitungsanlage, die eine Kapazität von 1.800 Tonnen pro Tag haben wird, potenziell bis 2026 auf 2.500 Tonnen pro Tag erweiterbar.
Es wurden bedeutende Fortschritte in der unterirdischen Infrastruktur erzielt, einschließlich des Abschlusses einer neuen Rampe und der Installation eines modernen Belüftungssystems. Das Unternehmen plant, die Betriebsaufnahme im 2. Quartal 2025 zu starten und 250 neue Arbeitsplätze im Shoshone County, Idaho, zu schaffen.
Die Wiederaufnahme des Bergbaus stellt einen großen wirtschaftlichen und ökologischen Meilenstein dar und markiert die erste Wiederaufnahme von Bergbauaktivitäten in einem Superfund-Standort seit 1980. Das Unternehmen wird außerdem im 1. Quartal 2025 einen neuen Mineralberichtsbericht veröffentlichen, mit einem vollständigen Bericht, der für April 2025 erwartet wird.
Bunker Hill hat seine Umweltverpflichtungen optimiert und Kosten im Zusammenhang mit einer Verpflichtung von 14 Millionen US-Dollar an die US EPA umstrukturiert, die voraussichtlich etwa 0,6 Millionen CAD zur Unterstützung der Wiederaufnahme des Bergbaus zurückgeben wird.
Darüber hinaus wird das Unternehmen 621.500 Aktien ausgeben, um eine Finanzierungskooperationsgebühr von 60.000 US-Dollar zu begleichen und so Bargeld für die fortlaufende Entwicklung zu erhalten. Diese Transaktion unterliegt behördlichen Genehmigungen.
- Achievement of a year without injuries in 2024.
- Planned restart of operations in Q2 2025, creating 250 new jobs.
- Significant progress in processing plant development with potential expansion to 2,500 tons per day.
- Completion of new underground ramp and installation of modern ventilation system.
- Optimized environmental bonding commitments returning C$0.6 million.
- Issuance of 621,500 shares, potentially diluting existing shareholders.
KELLOG, Idaho, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corp. (“Bunker Hill” or the “Company”) (TSX-V: BNKR | OTCQX:BHLL) is pleased to provide an update on operational and corporate activity. The Company is actively engaged in discussions with strategic financing partners while continuing to advance the mine restart.
Highlights include:
- Safety milestone: Achievement of an entire year without injuries in 2024
- Optimization of environmental bonding commitments
- Processing plant construction: Ongoing development of the processing facility
- Underground infrastructure: Continued rehabilitation efforts to improve underground operations
- Program to issue a new mineral estimate report during Q1 2025 is on track
“Following a demanding but safe 2024, the Bunker team and valued partners begin 2025 determined to restart operations in the second quarter, creating new American mining jobs within the Silver Valley and providing critical metal into the North American supply chain”, said Sam Ash, President and CEO. “The long-term supply of Bunker Hill’s zinc and lead-silver concentrates to Teck’s Trail Smelter in British Columbia will strengthen American industrial resilience at this increasingly competitive time.”
The sustainable restart of profitable mining operations at Bunker Hill will represent a significant economic and environmental milestone, locally and nationally. It will create 250 new long-term jobs within Shoshone County, Idaho – designated as a “Disadvantaged Community” by the US Department of Energy Justice40 Initiative of 2021, based on economic, environmental and energy transition criteria. It will also mark the first instance of a mining operation resuming within a Superfund Site since that program’s inception in 1980.
This restart demonstrates the potential for responsible resource extraction within the USA in previously contaminated areas, showcasing industry advancements in environmental management, partnership and remediation techniques. Aside from delivering significant returns on investment, this project will contribute to the rejuvenation of a region historically dependent on mining, balancing economic development with modern environmental stewardship.
Figure 1: Refurbished floatation tanks from Teck’s Pend Oreille Mine being inserted on their mezzanine floor
PROCESSING PLANT
When complete and operating, Bunker Hill’s 1,800 tons per day processing plant will have the largest capacity of any such facility within the Silver Valley. Plans are being developed to expand this capacity to 2,500 tons per day, potentially supported by the US Export-Import Bank (“US EXIM”) from 2026.
The mechanical installation of the fully refurbished floatation circuit, moved from Teck’s closed Pend Oreille Mine, continues inside the Processing Plant Building. This is being conducted concurrent with the final installation work on the adjacent conveyor systems, concentrate load-out bays and the crusher tower, all located within the Kellogg yard. The next stage of the construction will be the installation of all remaining equipment along with associated piping, pumping and electrical infrastructure. Phased commissioning plans are in place and are ready to be initiated through H1 2025.
The two refurbished mills – the main mill from Barrick’s Golden Sunlight mine in Montana, and the smaller regrind mill from Teck’s Pend Oreille mine in Washington, will start their phased commissioning once the final upgrade to their lubrication systems has been completed.
The processing facility, along with its associated tailings filter plant, has been designed to remain within the footprint of the previous industrial site built upon the waste rock extracted during the 1898-1902 construction of the Kellogg Tunnel. This deliberately compact layout ensures no disturbance of any rehabilitated or greenfield ground. However, it did require the new buildings to be underset by deep piers to bind their foundations to the bedrock below the Kellogg Tunnel’s waste rock.
Figure 2 below shows the nature of the compact site, the safe removal of old mine buildings and the construction of the new facilities over the last 12 months.
Figure 2: Progress in the main Kellogg yard from January 10, 2024, to January 10, 2025
UNDERGROUND
Once operational, Bunker Hill will be the only mine in the Silver Valley with portal access to the underground mining areas. This replaces the old Kellogg Tunnel tracked access and internal shafts used by the mine before it was closed in 1981. The upgrade to the 40-meter section of the new ramp that cuts the central Cate Fault, built by the Bunker Hill team between mine levels 5 and 6 in 2023, has been successfully upgraded, completed, and is now fully operational. Mining areas in the underground area close to the Russell Portal have also been prepared for operations, and an upgraded, modern mine ventilation system has been installed.
These advancements significantly improve accessibility to the mining areas and set the stage for efficient production as Bunker Hill progresses toward its restart goals.
The refurbishment of the old Newgard ramp constructed in 1979 between levels 6 and 8 continues on schedule. Our in-house mining teams are doing this to ensure sufficient space for the safe movement of modern mechanized mining equipment and the installation of modern ventilation and power systems. There is currently less than 1,400 feet of refurbishment to be completed to ensure full access to the first mining stope. This will ramp-connect the mining zones to the Wardner operating base via the fully refurbished Russell Portal. The construction and commissioning of the paste plant at the Wardner operating base is on track to be completed during the second quarter and will be ready to support operations starting in June 2025.
All water that exits the mine will continue to be pumped via the Kellogg Tunnel to the Central Treatment Plant adjacent to the Kellogg Yard for treatment by that Idaho Department of Environmental Quality facility before onward discharge into the South Fork of the Coeur D’Alene River.
The first mining stope, to be mined using long-hole transverse stoping with paste backfill will be located on the 8-0 Level as shown in Figure 3 below.
Figure 3: Rehabilitation of the Newgard ramp advances towards the mining levels 8-0 and 8-2
RESERVE AND RESOURCE UPDATE
The Company remains on track to issue an updated mineral estimate in Q1 2025, with a full report expected to be published in April 2025.
OPTIMIZING ENVIRONMENTAL PERFORMANCE BONDS
The Company has successfully rearranged the costs of the collateral bonds placed to secure the outstanding US
SHARE ISSUANCE
Bunker Hill announces that pursuant to the terms of an agreement re financing cooperation dated September 27, 2022 (the “Cooperation Agreement”) entered into by and among the Company, its wholly owned subsidiary Silver Valley Metals Corp. (“Silver Valley”), a certain service provider of the Company (the “Service Provider”) and the Service Provider’s affiliates, the Company has elected to issue 621,500 shares of common stock of the Company (the “Common Shares”) at a deemed price of C
The Cooperation Agreement provides for, among other things, the Service Provider and its affiliates providing certain collateral security for the Company and Silver Valley to obtain certain surety bonds with respect to the Bunker Hill Mine (the “Collateral Security”). In consideration for the Collateral Security, the Company is required to pay the Service Provider a financing cooperation fee of US
This transaction remains subject to the receipt of all regulatory approvals, including, without limitation, the approval of the TSX Venture Exchange (the “TSX-V”). Once issued, the Common Shares will be subject to a four (4) month and one (1) day hold period from the applicable date of issuance in accordance with applicable Canadian securities laws. The Common Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or in compliance with the requirements of an applicable exemption therefrom.
QUALIFIED PERSON
Mr. Scott Wilson is an independent “qualified person” as defined by NI 43-101 and is acting as the qualified person for the Company. He has reviewed, verified and approved the technical information summarized in this news release, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.
ABOUT BUNKER HILL MINING CORP.
Bunker Hill Mining Corp. is an American mineral exploration and development company focused on revitalizing our historic mining asset: the renowned zinc, lead, and silver deposit in northern Idaho's prolific Coeur d'Alene mining district. This strategic initiative aims to breathe new life into a once-productive mine, leveraging modern exploration techniques and sustainable development practices to unlock the potential of this mineral-rich region. Bunker Hill Mining Corp. aims to maximize shareholder value while responsibly harnessing the mineral wealth in the Silver Valley mining district by concentrating our efforts on this single, high-potential asset. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR+ and EDGAR databases.
On behalf of Bunker Hill
Sam Ash
President, Chief Executive Officer and Director
For additional information, please contact:
Brenda Dayton
Vice President, Investor Relations
T: 604.417.7952
E: brenda.dayton@bunkerhillmining.com
Cautionary Statements
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the U.S. Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations (collectively, “forward-looking statements”). Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “plan” or variations of such words and phrases.
Forward-looking statements in this news release include, but are not limited to, statements regarding: the Company’s objectives, goals or future plans, including the restart and development of the Bunker Hill Mine by Q2 2025; the achievement and expected timing of future short-term, medium-term and long-term operational strategies, including the completion and expected benefits resulting from upgrades to the processing facility, underground mining areas, and water treatment initiatives; the achievement of economic and environmental milestones once the planned restart is completed, including job creation, economic development and the supply of critical metals; the Company raising the required funds for the planned mine restart through its project finance initiatives, including by way of debt, equity, offtake or similar financings from its strategic financing partners, US EXIM or other parties; the expected cash savings from the renegotiated payment schedule with the US EPA; the completion and expected timing for the release of an updated mineral estimate and related report; the terms and completion of the share transaction described herein, including the number and deemed pricing of the Common Shares issuable in connection therewith; and the Company receiving all regulatory and stock exchange approvals for the share transaction described herein. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: Bunker Hill’s ability to receive sufficient project financing for the restart and ongoing development of the Bunker Hill Mine on acceptable terms or at all; the forecast, capital requirements and timeline for the project restart resulting in planned operations in Q2 2024; the future price of metals; and the stability of the financial and capital markets. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, those risks and uncertainties identified in public filings made by Bunker Hill with the U.S. Securities and Exchange Commission (the “SEC”) and with applicable Canadian securities regulatory authorities, and the following: the Company’s inability to raise additional capital for project activities, including through equity financings, concentrate offtake financings or otherwise; capital market conditions; the Company requiring more capital expenditures than expected for the planned project restart, resulting in delays or the inability to complete the restart; restrictions on labor and its effects on international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; the Company’s ability to restart and develop the Bunker Hill Mine and the risks of not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are associated with this production decision including, among others, areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, with no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved; failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations; failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill Mine complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; and capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such statements or information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all, including as to whether or when the Company will achieve its project finance initiatives, or as to the actual size or terms of those financing initiatives. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Readers are cautioned that the foregoing risks and uncertainties are not exhaustive. Additional information on these and other risk factors that could affect the Company’s operations or financial results are included in the Company’s annual report and may be accessed through the SEDAR+ website (www.sedarplus.ca) or through EDGAR on the SEC website (www.sec.gov).
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/74ed73e0-f359-4cac-b28d-1cab45ef4380
https://www.globenewswire.com/NewsRoom/AttachmentNg/99d6b841-ea9f-4cf3-aa18-0b99e6f0ca07
https://www.globenewswire.com/NewsRoom/AttachmentNg/08e75d7f-8ac1-48c6-9a2e-adea138f0fb9
FAQ
What does the safety milestone achieved by BHLL mean for shareholders?
When will BHLL restart operations?
How many jobs will the BHLL restart create?
What is the capacity of BHLL's processing plant?
What are the financial implications of BHLL's environmental bonding commitments?
What is the impact of BHLL issuing 621,500 shares?
When will BHLL issue the new mineral estimate report?
