What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-03-12 compared with 2023-04-17 · 168 added, 146 removed, 122 unchanged (72% of the section changed)

Company’s sole focus is the development and restart of its 100% owned flagship asset, the Bunker Hill mine (the “Mine”)

in Idaho, USA.

The Mine remains the largest single producing mine by tonnage in the Silver Valley region of northwest Idaho, producing

over 165 million ounces of silver and 5 million tons of base metals between 1885 and 1981.

The Bunker Hill Mine is located within Operable

Unit 2 of the Bunker Hill Superfund site (EPA National Priorities Listing IDD048340921), where cleanup activities have been completed.

Company’s sole focus is the development and restart of its 100% owned flagship asset, the Bunker Hill mine (the “Bunker Hill

Mine” or the “Mine”) in Idaho, USA.

The Mine remains the largest single producing mine by tonnage in the Silver Valley

region of northwest Idaho, producing over 165 million ounces of silver and 5 million tons of base metals between 1885 and 1981.

Hill Mine is located within Operable Unit 2 of the Bunker Hill Superfund site (EPA National Priorities Listing IDD048340921), where cleanup

activities have been completed.

Company was incorporated for the initial purpose of engaging in mineral exploration activities at the Mine.

The Company has moved into

the development stage concurrent with (i) purchasing the Mine and a process plant, (ii) completing successive technical and economic

studies, including a Prefeasibility Study, (iii) delineating mineral reserves, and (iv) conducting the program of activities outlined

March 2023, the Company amended the exercise price and expiry date of 10,416,667 warrants previously issued in a private placement to

Teck Resources (“Teck”) on May 13, 2022 in consideration for the Company’s acquisition of the Pend Oreille processing

The warrant entitled the holder to purchase one share of common stock of the Company at an exercise price of C$0.37 per Warrant

at any time on or prior to May 12, 2025.

The Company amended the exercise price from C$0.37 to C$0.11 per Warrant and the expiry date

from May 12, 2025, to March 31, 2023.

In March 2023, Teck exercised all 10,416,667 warrants at an exercise price of C$0.11, for aggregate

gross proceeds of 837,460 (C$1,145,834) to the Company.

March 2023, the Company closed a brokered private placement of special warrants (the “March 2023 Offering”), issuing 51,633,727

special warrants of the Company (“March 2023 Special Warrants”) at C$0.12 per March 2023 Special Warrant for $4,536,020 (C$6,196,047),

of which $3,661,822 was received in cash and $874,198 was applied towards settlement of accounts payable, accrued liabilities and promissory

Each March 2023 Unit consists of one share of common stock of the Company (each, a “Unit Share”) and one common stock

purchase warrant of the Company (each, a “Warrant”).

Each whole Warrant entitles the holder thereof to acquire one share

of common stock of the Company (a “Warrant Share”, and together with the Unit Shares, the “Underlying Shares”)

at an exercise price of C$0.15 per Warrant Share until March 27, 2026, subject to adjustment in certain events.

The Special Warrants

issued on March 27, 2023 were converted to 51,633,727 shares of common stock and common stock purchase warrants on July 24, 2023.

June 2023, the Company closed the upsized and improved $67,000,000 project finance package with Sprott, consisting of a $46,000,000

stream and a $21,000,000 new debt facility.

The newly proposed $46,000,000 stream (the “Stream”) was envisaged to have

the same economic terms as the previously proposed $37,000,000 stream, with a $9,000,000 increase in gross proceeds received by the

Company, resulting in a lower cost of capital for the Company.

The Company also announced a new $21,000,000 new debt facility (the

“Debt Facility”), available for draw at the Company’s election for two years.

As a result, total funding

commitments from Sprott was envisaged to increase to $96,000,000 including the RCD royalty convertible debenture (the

“RCD”), the $6,000,000 convertible debenture (the “CD1”), the $15,000,000 convertible debenture (the “CD2”), Stream and debt facility (together, the

“Project Financing Package”).

A $5,000,000 loan facility with Sprott that closed in December 2022 (the

“Bridge Loan”) was repaid from the proceeds of the Stream.

The parties also agreed to extend the maturities of the CD1 and CD2 to March 31, 2026, when the full $6 million and $15

million, respectively, will become due.

July, the Company appointed Paul Smith to its Board of Directors.

on the successful refinancing efforts, Bunker Hill announced the receipt of final listing approval from the TSX Venture Exchange (the “TSX-V”).

The common stock of the Company (the “Common Shares”) began trading on the

TSX-V on September 8, 2023, under the symbol “BNKR”.

The Company’s Common Shares were delisted from the Canadian Stock

Exchange (the “CSE Delisting”) at the close of business on September 7, 2023.

November, the company appointed Gerbrand van Heerden as its new CFO, replacing David Wiens who resigned to pursue another opportunity.

In November, the Company won the ESG Developer / Explorer

of the year award at the ‘Resourcing Tomorrow investment conference’ recognizing the importance of the Company’s ESG

strategy which is critical to enabling the restart of sustainable, profitable, and long-term mining operations within the Bunker Hill

Superfund Site.

During the course of 2023, the Wardner Operating

Yard, the base for Bunker Hill’s future mining operations, underwent a significant transformation.

This included the removal

of the old, prefabricated portal and its replacement with upsized steel arch sets.

This enlarged Russell Portal supports the planned

1800tpd operation with additional upside capacity of 2500tpd.

Whilst this work was underway, procurement of a of the ventilation and air

system was completed, which will be installed before the end of 2024.

Engineering of the main Process Plant is

advancing on track including deep pier ground support to commence as part of site preparation for the construction of the Process Plant.

All main civil, structural and mechanical outputs are on track.

procurement orders have already been issued for the pre-engineered metal building, ore silo, conveyors,

ball mill starter motor, thickeners tanks and inching drive.

Refurbishment of the Pend Oreille mill equipment, the source of the

majority of mill components, was well underway at year end.

During the 2023 a

Subsidiary of Teck Resources Limited (“Teck”) exercised its option for a minimum 5-year, 100% offtake of Bunker

Hill’s zinc and lead concentrates at its smelter in Trail, BC, ensuring a long-term, sustainable revenue source.

early 2020, a new management team comprised of former executives from Barrick Gold Corp.

assumed leadership of the Company.

time, the Company conducted multiple exploration campaigns, published multiple economic studies and Mineral Resource Estimates, and advanced

time, the Company conducted multiple exploration campaigns, economic studies and mineral resource estimates, and advanced

the rehabilitation and development of the Mine.

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Streaming & Royalty Corp.

(“Sprott”), an amended Settlement Agreement with the

Environmental Protection Agency (“the EPA”), and the purchase of the Bunker Hill Mine, setting the stage for a rapid

restart of the Mine.

January 2022, with the closing of the purchase of the Bunker Hill Mine, the funding of the $8,000,000 Royalty Convertible Debenture and

$6,000,000 Series Convertible Debenture, and the announcement of an Memorandum (“MOU”)for the purchase of the Pend Oreille process plant from a subsidiary

of Teck Resources Limited, the Company embarked on a program of activities with the goal of achieving a restart of the Mine.

Key milestones

and achievements from January 2022 onwards have included the closing of the purchase of the Pend Oreille process plant, the demobilization

of the process plant to the Bunker Hill site, the completion of demolition activities at the Pend Oreille site, a Prefeasibility Study

envisaging the restart of the Mine, and the completion of the primary portion of the ramp decline connecting the 5 and 6 Levels of the

Bunker Hill Mine.

The Company was incorporated for the initial purpose of engaging in mineral

exploration activities at the Mine.

The Company has moved into the development stage concurrent with (i) purchasing the Mine and a process

plant, (ii) completing successive technical and economic studies, including a Prefeasibility Study, (iii) delineating mineral reserves,

and (iv) conducting the program of activities outlined above.

(“Sprott”), an amended Settlement Agreement with the U.S.

Environmental Protection Agency (the

“EPA”), and the purchase of the Bunker Hill Mine, setting the stage for a restart of the Mine.

and Purchase of the Bunker Hill Mine

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the prior owner, for the lease and option to purchase the Mine.

The first of these agreements was announced on August 28, 2017, with

The first of these agreements was dated August 28, 2017, with

subsequent amendments and/or extensions announced on November 1, 2019, July 7, 2020, and November 20, 2020.

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with $5,700,000 payable in cash (with an aggregate of $300,000 to be credited toward the purchase price of the Mine as having been previously

paid by the Company) and $2,000,000 in shares of common stock of the Company (“Common Shares”).

The Company agreed to make

an advance payment of $2,000,000, credited toward the purchase price of the Mine, which had the effect of decreasing the remaining amount

payable to purchase the Mine to an aggregate of $3,400,000 payable in cash and $2,000,000 in Common Shares of the Company.

Amended Agreement also required payments pursuant to an agreement with the EPA whereby

for so long as the Company leases, owns and/or occupies the Mine, the Company would make payments to the EPA on behalf of Placer Mining

in satisfaction of the EPA’s claim for historical water treatment cost recovery in accordance with the Settlement Agreement reached

with the EPA in 2018.

Immediately prior to the purchase of the Mine, the Company’s liability to EPA in this regard totaled $11,000,000.

paid by the Company) and $2,000,000 in shares of common stock of the Company.

The Company agreed to make an advance payment of $2,000,000,

credited toward the purchase price of the Mine, which had the effect of decreasing the remaining amount to an aggregate of $3,400,000 payable in cash and $2,000,000 in common stock of the Company.

Amended Agreement also required payments pursuant to an agreement with the EPA whereby for so long as the Company leases, owns and/or

occupies the Mine, the Company would make payments to the EPA on behalf of Placer Mining in satisfaction of the EPA’s claim for

historical water treatment cost recovery in accordance with the Settlement Agreement reached with the EPA in 2018.

Immediately prior

to the purchase of the Mine, the Company’s liability to the EPA totaled $11,000,000.

Company completed the purchase of the Bunker Hill Mine on January 7, 2022.

The terms of the purchase price were modified to $5,400,000

in cash, from $3,400,000 of cash and $2,000,000 of Common Shares.

Concurrent with the purchase of the Mine, the Company assumed incremental

liabilities of $8,000,000 to the EPA, consistent with the terms of the amended Settlement Agreement with the EPA that was executed in

December 2021 (see “EPA 2018 Settlement Agreement & 2021 Amended Settlement Agreement” section below).

in cash, from $3,400,000 of cash and $2,000,000 of common stock of the Company.

Concurrent with the purchase of the Mine, the Company

assumed incremental liabilities of $8,000,000 to the EPA, consistent with the terms of the amended Settlement Agreement with the EPA

that was executed in December 2021 (see “EPA 2018 Settlement Agreement & 2021 Amended Settlement Agreement” section below).

2018 Settlement Agreement & 2021 Amended Settlement Agreement

Hill entered into a Settlement Agreement and Order on Consent with the EPA on May 15, 2018.

Hill entered into a Settlement Agreement and Order of Consent with the EPA on May 15, 2018.

This agreement limits the Company’s

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a work program as described in the Ongoing Environmental Activities section of this study

In December 2021, in conjunction with its intention

to purchase the mine complex, the Company entered into an amended Settlement Agreement (the “Amendment”) between the Company,

Idaho Department of Environmental Quality, US Department of Justice and the EPA modifying the payment schedule and payment terms for recovery

of historical environmental response costs at Bunker Hill Mine incurred by the EPA.

With the purchase of the mine in early 2022, the remaining

payments of the EPA cost recovery liability were assumed by the Company, resulting in a total of $19,000,000 liability to the Company,

an increase of $8,000,000.

The new payment schedule included a $2,000,000 payment to the EPA within 30 days of execution of this amendment,

which was made.

December 2021, the Company entered into an amended Settlement Agreement

(the “Amendment”) between the Company, Idaho Department of Environmental Quality, U.S.

Department of Justice (the “DOJ”)

and the EPA modifying the payment schedule and terms for recovery of historical environmental response costs at Bunker Hill Mine

incurred by the EPA.

With the purchase of the mine, the remaining payments of the EPA cost recovery liability were assumed

by the Company, resulting in a total of $19,000,000 liability to the Company, an increase of $8,000,000.

The new payment schedule included

a $2,000,000 payment to the EPA within 30 days of execution of this amendment, which was made.

remaining $17,000,000 will be paid on the following dates:

November 1, 2024

November 1, 2025

November 1, 2026

November 1, 2027

November 1, 2028

November 1, 2029

$ 2,000,000 plus accrued interest

resumption of payments in 2024 was agreed in order to allow the Company to generate sufficient revenue from mining activities at the

Bunker Hill Mine to address remaining payment obligations from free cash flow.

changes in payment terms and schedule were contingent upon the Company securing financial assurance in the form of performance bonds

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to be paid in 2024 through 2029 as outlined above.

Should the Company fail to make its scheduled payment, the EPA can draw against this

financial assurance.

The amount of the bonds or letters of credit will decrease over time as individual payments are made.

If the Company

failed to post the final financial assurance within 180 days of the execution of the Amendment, the terms of the original agreement would

be reinstated.

June 2022, the Company was successful in obtaining financial assurance.

Specifically, a $9,999,000 payment bond and a $7,001,000

letter of credit were secured and provided to the EPA.

This milestone provides for the Company to recognize the effects of the change

in terms of the EPA liability as outlined in the December 20, 2021, agreement.

Once the financial assurance was put into place, the restructuring

of the payment stream under the Amendment occurred with the entire $17,000,000 liability being recognized as long-term in nature.

aforementioned payment bond and letter of credit were secured by $2,475,000 and $7,001,000 of cash deposits, respectively as of September

October 2022, the Company reported that it had been successful in securing a new payment bond to replace the aforementioned $7,001,000

In June 2022, the Company was successful in obtaining financial assurance.

Specifically, a $9,999,000 payment bond

and a $7,001,000 letter of credit were secured by $2,475,000 and $7,001,000 of cash deposits as of September 30, 2022 and provided to

Once the financial assurance was in place, the restructuring of the payment stream under the Amendment occurred with the entire

$17,000,000 liability being recognized as long-term in nature.

October 2022, the Company reported that it had secured a new payment bond to replace the $7,001,000

letter of credit, in two stages.

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pledged by third parties, with whom the Company has entered into a financing cooperation agreement that contemplates a monthly fee of

$20,000 (payable in cash or common shares of the Company, at the Company’s election).

The new payment bond is scheduled to increase

to $7,001,000 (from $5,000,000) upon the advance of the multi-metals stream from Sprott Private Resource Streaming & Royalty Corp.

$20,000 (payable in cash or common stock of the Company, at the Company’s election).

The new payment bond increased to $7,001,000 (from $5,000,000) on June 2023 due to the advancement of the multi-metals stream from Sprott

Private Resource Streaming & Royalty Corp.

Finance Package with Sprott Private Resource Streaming & Royalty Corp.

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Resource Streaming and Royalty Corp.

The non-binding term sheet with SRSR outlined a project financing

package that the Company expects to fulfill the majority of its funding requirements to restart the Mine.

The term sheet consisted

of an $8,000,000 royalty convertible debenture (the “RCD”), a $5,000,000 convertible debenture (the “CD1”),

and a multi-metals stream of up to $37,000,000 (the “Stream”).

The CD1 was subsequently increased to $6,000,000,

increasing the project financing package to $51,000,000.

June 17, 2022, the Company consummated a new $15,000,000 convertible debenture (the “CD2”).

The term sheet consisted of an $8,000,000

royalty convertible debenture (the “RCD”), a $5,000,000 convertible debenture (the “CD1”), and a multi-metals

stream of up to $37,000,000 (the “Stream”).

The CD1 was subsequently increased to $6,000,000, increasing the project financing

package to $51,000,000.

June 17, 2022, the Company consummated the $15,000,000 convertible debenture (the “CD2”).

As a result, total potential

funding from SRSR was further increased to $66,000,000 including the RCD, CD1, CD2 and the Stream (together, the “Project Financing

funding from Sprott was increased to $66,000,000 including the RCD, CD1, CD2 and the Stream (together, the “Project

Financing Package”).

Company closed the $8,000,000 RCD on January 7, 2022.

The RCD bears interest at an annual rate of 9.0%, payable in cash or Common Shares

at the Company’s option, until such time that SRSR elects to convert a royalty, with such conversion option expiring at the earlier

The RCD bears interest at an annual rate of 9.0%, payable in cash or common stock

at the Company’s option, until such time that Sprott elects to convert a royalty, with such conversion option expiring at the earlier

of advancement of the Stream or July 7, 2023 (subsequently amended as described below).

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to exist and the Company will grant a royalty for 1.85% of life-of-mine gross revenue from mining claims considered to be historically

worked, contiguous to current accessible underground development, and covered by the Company’s 2021 ground geophysical survey (the

“SRSR Royalty”).

worked, contiguous to current accessible underground development, and covered by the Company’s 2021 geophysical survey (the

“Sprott Royalty”).

A 1.35% rate will apply to claims outside of these areas.

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In the event of non-conversion, the principal of the RCD will be repayable in cash.

with the funding of the CD2 in June 2022, the Company and SRSR agreed to a number of amendments to the terms of the RCD, including an

amendment of the maturity date from July 7, 2023, to March 31, 2025.

The parties also agreed to a Royalty Put Option such that in the

event the RCD is converted into a royalty as described above, the holder of the royalty will be entitled to resell the royalty to the

Company for $8,000,000 upon default under the CD1 or CD2 until such time that the CD1 and CD2 are paid in full.

Company closed the $6,000,000 CD1 on January 28, 2022, which was increased from the previously announced $5,000,000.

The CD1 bears interest

at an annual rate of 7.5%, payable in cash or shares at the Company’s option, and matures on July 7, 2023 (subsequently amended,

at an annual rate of 7.5%, payable in cash or common stock at the Company’s option, and matures on July 7, 2023 (subsequently amended,

as described below).

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Until the closing of the Stream, the

CD1 was to be convertible into Common Shares at a price of C$0.30 per Common Share, subject to stock exchange approval (subsequently

CD1 was to be convertible into shares of Company common stock at a price of C$0.30 per share, subject to stock exchange approval (subsequently

amended, as described below).

Alternatively, SRSR may elect to retire the CD1 with the cash proceeds from the Stream.

Alternatively, Sprott may elect to retire the CD1 with the cash proceeds from the Stream.

The Company may

elect to repay the CD1 early;

if SRSR elects not to exercise its conversion option at such time, a minimum of 12 months of interest would

with the funding of the CD2 in June 2022, the Company and SRSR agreed to a number of amendments to the terms of the CD1, including that

the maturity date would be amended from July 7, 2023, to March 31, 2025, and that the CD1 would remain outstanding until the new maturity

date regardless of whether the Stream is advanced, unless the Company elects to exercise its option of early repayment.

The Company determined

that amendments to the terms should not be treated as an extinguishment of CD1, but as a debt modification.

if Sprott elects not to exercise its conversion option at such time, a minimum of 12 months of interest would

Concurrent with the funding of the CD2, the Company and Sprott

agreed to a number of amendments to the terms of the RCD, including an amendment of the maturity date from July 7, 2023, to March 31,

The parties also agreed to a Royalty Put Option such that in the event the RCD is converted into a royalty as described above, the

holder of the royalty will be entitled to resell the royalty to the Company for $8,000,000 upon default under the CD1 or CD2 until such

time that the CD1 and CD2 are paid in full.

concurrent with the funding of the CD2 in June 2022, the Company and Sprott agreed to a number of amendments to the terms of the CD1,

including that the maturity date would be amended from July 7, 2023, to March 31, 2025, and that the CD1 would remain outstanding

until the new maturity date regardless of whether the Stream is advanced, unless the Company elects to exercise its option of early

The Company determined that amendments to the terms should not be treated as an extinguishment of CD1, but as a debt

modification.

Company closed the $15,000,000 CD2 on June 17, 2022.

The CD2 bears interest at an annual rate of 10.5%, payable in cash or shares at

the Company’s option, and matures on March 31, 2025.

The CD2 bears interest at an annual rate of 10.5%, payable in cash or common stock

at the Company’s option, and matures on March 31, 2025.

The CD2 is secured by a pledge of the Company’s properties and assets.

The repayment terms include 3 quarterly payments of $2,000,000 each beginning June 30, 2024, and $9,000,000 on the maturity date.

with the funding of the CD2 in June 2022, the Company and SRSR agreed that the minimum quantity of metal delivered under the Stream,

with the funding of the CD2 in June 2022, the Company and Sprott agreed that the minimum quantity of metal delivered under the Stream,

if advanced, will increase by 10% relative to the amounts noted above.

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The Bridge Loan, which

was primarily utilized to pay outstanding water treatment payables to the EPA, is secured by the same security package that is in place

was primarily utilized to pay outstanding water treatment payables to the EPA, is secured by the same security package in place

with respect to the RCD, CD1, and CD2.

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would increase by 5% relative to amounts previously announced.

minimum of $27,000,000 and a maximum of $37,000,000 (the “Stream Amount”) will be made available under the Stream, at the

Company’s option, once the conditions of availability of the Stream have been satisfied including confirmation of full project

funding by an independent engineer appointed by SRSR.

If the Company draws the maximum funding of $37,000,000, the Stream will apply

to 10% of payable metals sold until a minimum quantity of metal is delivered consisting of, individually, 63.5 million pounds of zinc,

40.4 million pounds of lead, and 1.2 million ounces of silver (including amendments agreed concurrent with closing of the CD2 and Bridge

Loan, as described above).

Thereafter, the Stream would apply to 2% of payable metals sold.

If the Company elects to draw less than $37,000,000

under the Stream, the percentage and quantities of payable metals streamed will adjust pro-rata.

The delivery price of streamed metals

will be 20% of the applicable spot price.

The Company may buy back 50% of the Stream Amount at a 1.40x multiple of the Stream Amount

between the second and third anniversary of the date of funding, and at a 1.65x multiple of the Stream Amount between the third and fourth

anniversary of the date of funding.

of December 31, 2022, the Stream had not been advanced.

The Company is finalizing discussions with Sprott regarding the advance of the

Stream, which is conditional on satisfactory conclusion of the definitive documentation relating to the Stream, full project funding

for the Bunker Hill Mine and certain other conditions precedent.

with discussions with Sprott regarding the advance of the Stream, the Company is advancing efforts to secure offtake financing of up

$20 million from third parties to complement the Stream in financing the restart of the Bunker Hill Mine.

On June 23, 2023, the Company

closed the upsized and improved $67,000,000 project finance package with Sprott, consisting of a $46,000,000 stream and a $21,000,000

new debt facility, as outlined above.

The Bridge Loan was repaid from the proceeds of the Stream.

The parties also agreed to extend the

maturities of the CD1 and CD2 to March 31, 2026, when the full $6 million and $15 million, respectively, will become due.

January 25, 2022, the Company announced that it had entered into a non-binding Memorandum of Understanding (“MOU”) with Teck

Resources Limited (“Teck”) for the purchase of a comprehensive package of equipment and parts inventory from its Pend Oreille

site (the “Process Plant”) in eastern Washington State, approximately 145 miles from the Bunker Hill Mine by road.

comprises substantially all processing equipment of value located at the site, including complete crushing, grinding and flotation circuits

suitable for a planned ~1,500 ton-per-day operation at Bunker Hill, and total inventory of nearly 10,000 components and parts for mill,

site (the “Process Plant”) in eastern Washington State.

comprises substantially all processing equipment including complete crushing, grinding and flotation circuits

suitable for a planned ~1,500 ton-per-day operation at Bunker Hill, and nearly 10,000 components and parts for mill,

assay lab, conveyer, field instruments, and electrical spares.

The Company paid a $500,000 non-refundable deposit in January 2022.

March 31, 2022, the Company announced that it had reached an agreement with a subsidiary of Teck to satisfy the remaining purchase price

March 31, 2022, the Company announced that it had reached an agreement to satisfy the remaining purchase price

for the Process Plant by way of an equity issuance of the Company.

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Units”) at a deemed issue price of C$0.30 per unit.

Each Teck Unit consists of one Common Share and one Common Share purchase warrant

(the “Teck Warrants”).

Each whole Teck Warrant entitles the holder to acquire one Common Share at a price of C$0.37 per Common

Share for a period of three years.

The equity issuance and purchase of the Process Plant occurred on May 13, 2022.

August 30, 2022, the Company entered into an agreement to purchase a ball mill from D’Angelo International LLC for $675,000.

purchase of the mill is to be made in three cash payments.

The first two payments were made as follows:

on September 15, 2022, as a non-refundable deposit

on October 13, 2022, as a refundable deposit

Company has not made the final payment of $475,000 as of the issuance of this report.

Each Teck Unit consists of one share of Company common stock and one common

stock purchase warrant (the “Teck Warrants”).

Each whole Teck Warrant entitles the holder to acquire one share of Company

common stock at a price of C$0.37 per share for a period of three years.

The equity issuance and purchase of the Process Plant occurred

on May 13, 2022.

Mine is a zinc-lead-silver mine.

When back in production, the Company intends to mill mineral resources on-site to produce both zinc

and lead-silver concentrates which will then be shipped to a third-party smelter for processing.

When in production, the Company intends to mill mineral resources on-site to produce both zinc and

lead-silver concentrates which will then be shipped to a Teck’s Trail smelter for processing as per the underlying off-take

Infrastructure

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such as drill logs, reports, maps, and similar information located at the Mine site or any other location.

further detail, please refer to the “Project Infrastructure” section in Item 2 below.

For further detail, please

refer to the “Project Infrastructure” section in Item 2 below.

Regulation and Approval

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financial condition or results of operations.

It may be necessary to obtain the following environmental permits or approved plans prior to commencement of mine

and Closure Plan

Discharge Permit

may be necessary to obtain the following environmental permits or approved plans prior to commencement of mine operations:

quality operating permit

Artificial (tailings) pond permit

Water Rights for Operations

If these permits are required, there can be no assurance that the Company will be able to obtain them in a timely

manner or at all.

this permit is required, there can be no assurance that the Company will be able to obtain it in a timely manner or at all.

further detail, please refer to the “Environmental Studies and Permitting” section of the “Technical Report Summary”

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handled by the EPA at the existing CTP.

The Company expects to take on the water treatment responsibility in the future and obtain an

The Company expects to be responsible for water treatment in the future and obtain an

appropriate discharge permit.

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metals in the world market.

Company has ten employees.

Company has twenty employees as of December 31, 2023.

The balance of the Company’s operations is contracted for as consultants.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business