What changed in this filing

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Item 2. Properties

2024-03-12 compared with 2023-04-17 · 210 added, 193 removed, 161 unchanged (71% 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, in Idaho, USA.

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.

Bunker Hill Mine

Mine is one of the most well-known base metal and silver mines in American history.

Initial discovery and development of the Mine property

began in 1885, and from that time until the Mine closed in 1981 it produced over 35.8 million tons of ore at an average mined grade of

8.76% lead, 4.52 ounces per ton silver, and 3.67% zinc, which represented 162Moz of silver, 3.16M lbs.

of lead and 1.35M lbs.

(Bunker Limited Partnership, 1985).

Throughout the 95-year operating history of the mine, there were over 40 different orebodies discovered

and mined, consisting of lead-silver-zinc mineralization.

Although known for its significant lead and zinc production, 45-50% of the

Net Smelter Value of its historical production came from its silver.

The Company and Sullivan Mining Company had a strong history of

regular dividend payments to shareholders from the time the Company went public in 1905 until it was acquired in a hostile takeover by

Gulf Resources in 1968.

the Mine first closed in 1981, it was estimated to still contain significant resources (Bunker Limited Partnership, 1985).

Smelter Complex were closed in 1981 when Gulf Resources was not able to continue to comply with new regulatory structures brought on

by the passage of environmental statutes and as then enforced by the EPA.

The Bunker Hill Lead Smelter, Electrolytic Zinc Plant and historic

milling facilities were demolished about 25 years ago, and the area became part of the “National Priority List” for cleanup

under EPA regulations, thereby pausing development of the Mine for over 30 years.

The cleanup of the old smelter, zinc plant, and associated

sites has been completed and management believes the Mine is well positioned for development and an eventual return to production.

Initial discovery and development of the Mine

property began in 1885, and from that time until the Mine closed in 1981 it produced over 35.8 million tons of ore at an average

mined grade of 8.76% lead, 4.52 ounces per ton silver, and 3.67% zinc, which represented 162Moz of silver, 3.16M lbs.

of zinc (Bunker Limited Partnership, 1985).

Throughout the 95-year operating history of the Mine, there were over 40

different lead-silver-zinc orebodies discovered and mined.

Although known for its significant lead and zinc production, 45-50% of

the Net Smelter Value of its historical production came from its silver.

The Company and the Sullivan Mining Company had a strong

history of regular dividend payments to shareholders from the time the Company went public in 1905 until it was acquired in a

hostile takeover by Gulf Resources in 1968.

Mine and Smelter Complex were closed in 1981 when Gulf Resources was not able to continue to comply with new regulatory structures brought

on by the passage of environmental statutes and as then enforced by the EPA.

At closure it was estimated to still contain significant

mineral resources (Bunker Limited Partnership, 1985).

The Bunker Hill Lead Smelter, Electrolytic Zinc Plant and historic milling facilities

were demolished in or around 1986, and the area became part of the “National Priority List” for cleanup under EPA regulations.

The cleanup of the smelter, zinc plant, and associated sites has been

completed, and management believes the Mine is well positioned for development and an eventual return to production.

Map of Bunker Hill Mine Land Ownership

more detailed description of the Mine can be found in the “Technical Report Summary” section of this report, including the

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assumed leadership of the Company.

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

the rehabilitation and development of the Mine.

In December 2021, it announced a project finance package with Sprott Private Resource

Streaming & Royalty Corp., an amended Settlement Agreement with the EPA, and the purchase of the Bunker Hill Mine, setting the stage

for a rapid restart of the Mine.

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

advanced the rehabilitation and development of the Mine.

In December 2021, the Company announced a project finance package with Sprott

Private Resource Streaming & Royalty Corp., an amended Settlement Agreement with the EPA, and the purchase of the Bunker Hill Mine,

setting the stage for a 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

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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.

Report Summary

The following summary is extracted from the S-K 1300 Technical Report Summary,

Bunker Hill Mine Pre-Feasibility Study, Coeur D’ Alene Mining District Shoshone County, Idaho, USA with a Report Date of April 14,

2023 and an Effective Date of August 29, 2022 (the “TRS”).

The following information does not purport to be a complete summary

of the Technical Report Summary, is subject to all the assumptions, qualifications and procedures set out in the Technical Report and

is qualified in its entirety with reference to the full text of the Technical Report Summary.

Each of the Qualified Persons of the Technical

Report Summary is an independent qualified person under the definitions of §229.1300 (Item 1300 of Regulation S-K) (each a “Qualified

Person”, and together the “Qualified Persons”) and have approved the summary of the Technical Report Summary below.

Technical Report Summary describes the mining and processing operations at the Company’s 100% owned Bunker Hill Mine located

near the town of Kellogg, Idaho.

Technical Report Summary considers a processing approach at Bunker where Pb, Ag and Zn mineralization is mined underground.

Mineralized material will be conventionally milled and then concentrated by flotation of lead and silver (Pb/Ag) followed by

flotation of zinc (Zn).

following summary is extracted from the S-K 1300 Technical Report Summary, Bunker Hill Mine Pre-Feasibility Study, Coeur D’Alene

Mining District Shoshone County, Idaho, USA with a Report Date of April 14, 2023 and an Effective Date of August 29, 2022 (the “TRS”).

The following information does not purport to be a complete summary of the Technical Report Summary, is subject to all the assumptions,

qualifications and procedures set out in the Technical Report and is qualified in its entirety with reference to the full text of the

Technical Report Summary.

Each of the Qualified Persons of the Technical Report Summary is an independent qualified person under the

definitions of Item 1300 of Regulation S-K (each a “Qualified Person”, and together the “Qualified Persons”)

and have approved the summary of the Technical Report Summary below.

Technical Report Summary describes the mining and processing operations at the Company’s 100% owned Bunker Hill Mine located near

the town of Kellogg, Idaho.

Technical Report Summary considers a processing approach at Bunker where lead (Pb), silver (Ag) and zinc (Zn) mineralization is mined

Mineralized material will be conventionally milled and then concentrated by flotation of lead and silver followed by flotation

Metal rich concentrates will then be sold to smelters in North America or overseas.

Mill tailings will be

deposited underground in the historic mining voids located throughout the Project.

Economic and Life of Mine highlights of the Technical Report Summary are listed in Table 1-3 and Table 1-4.

Table 1-1 lists the Mineral

Resource Estimate for the Bunker Hill Mine and Table 1-2 lists the Mineral Reserves for the Bunker Hill Mine.

Mineral Resources are not

Mineral Reserves and do not have demonstrated economic viability.

There is no certainty that all or any part of the Mineral Resources

will be converted into Mineral Reserves.

Mill tailings will be deposited underground

in the historic mining voids located throughout the project.

and Life of Mine highlights of the Technical Report Summary are listed in Table 1-3 and Table 1-4.

Table 1-1 lists the mineral resource

estimate for the Bunker Hill Mine and Table 1-2 lists the mineral reserves for the Bunker Hill Mine.

Mineral resources are not mineral

reserves and do not have demonstrated economic viability.

There is no certainty that all or any part of the mineral resources will be

converted into mineral reserves.

Assurance/Quality Control

internal controls were employed on the 5,067 samples collected during the data verification and drilling programs.

Various laboratories

were used in the analytical process and the results verified using industry accepted Quality Assurance and Quality Control procedures

QAQC procedures included the submission of blanks and certified standard reference material with the submittal of samples.

were analyzed in order to verify the accuracy of the sample preparation process.

Certified standard reference material results were evaluated

in order to assess the accuracy of the laboratory assaying procedure.

Additionally, preparation duplicates were submitted in order to

assess the accuracy of sample collection at the project site.

Any failures from expected results were addressed and explained before

being used for mineral resource estimates.

and uncertainties exist in the quantification of the spatial distribution on mineralization.

These risks are inherent in estimation of

mineral resources.

Samples themselves have uncertainty related to sampling collection errors and the homogeneity of the deposit.

spaced drilling has more uncertainty than closely spaced drilling.

Capping of high-grade outliers was used to ensure that the mineral

content of the deposit was not over stated.

High grade outlier samples will tend to overestimate the metal content of the mineral deposit.

The block model for the deposit was constructed using sufficient sized blocks to account for mining dilution and uncertainties related

to the actual physical distribution of mineralization.

Domains were utilized to minimize the estimation of mineralization into rock units

that do not host mineralization.

These underlying factors and risks were considered in the final conclusion of the mineral resource estimate.

Resource Estimate

Geostatistics and estimates of mineralization were

prepared by Resource Development Associates Inc.

Industry accepted grade estimation techniques were used to develop global mineralization

block models for the Newgard, Quill and UTZ zones.

The Mineral Resource Estimate considers underground mining and mill processing as a

basis for reasonable prospects of eventual economic extraction.

The total Mineral Resource estimate for the Bunker Hill Mine is listed

in Table 1-1 at a cutoff grade of NSR 70 $/ton.

Mineral Resources are classified according to §229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A)

of Regulation S-K).

Table 1-1 Bunker Hill Mine Mineral Resource Estimate (Exclusive of Mineral

Reserves), August 29, 2022 – Resource Development Asociates Inc.

Geostatistics

and estimates of mineralization were prepared by Resource Development Associates Inc.

Industry accepted grade estimation techniques were

used to develop global mineralization block models for the Newgard, Quill and UTZ zones.

The mineral resource estimate considers underground

mining and mill processing as a basis for reasonable prospects of eventual economic extraction.

The total mineral resource estimate for

the Bunker Hill Mine is listed in Table 1-1 at a cutoff grade of net smelter return (NSR) 70 $/ton.

Mineral Resources are classified

according to Item 1302(d)(1)(iii)(A) of Regulation S-K.

1-1 Bunker Hill Mine Mineral Resource Estimate (Exclusive of Mineral Reserves), December 31, 2023 – Resource Development Associates

The mineral resource estimate was prepared by Resource Development Associates Inc.

Measured, Indicated and Inferred classifications are classified according to §229.1302(d)(1)(iii)(A) (Item 1302(d)(1)(iii)(A) of

Regulation S-K).

Measured, Indicated and Inferred classifications are classified according to Item 1302(d)(1)(iii)(A) of Regulation S-K.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Net smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t, i.e.:

NSR = (Contained metal) * (Metallurgical

Net smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t (i.e., NSR = (Contained metal) * (Metallurgical

recoveries) * (Metal Payability %) * (Metal prices) – (Treatment, refining, transport and other selling costs)).

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Totals may not add up due to rounding.

(8) Mineral Resources are reported exclusive of Mineral

The reserves disclosed in the report represent measured mineral resources and indicated resources that were evaluated with modifying

factors related to underground mining.

Mineral resources are reported exclusive of mineral reserves.

The reserves disclosed in the report represent measured mineral resources

and indicated resources that were evaluated with modifying factors related to underground mining.

The point of reference for mineral resources is in situ mineralization.

reserves have been estimated for the Quill, Newgard and UTZ sections of the Project.

Measured and Indicated (M & I) Mineral Resources

were converted to Probable Mineral Reserves for the mine.

Measured Mineral Resources were converted to Probable Mineral Reserves because

of uncertainties associated with modifying factors that were taken into account in the conversion from Mineral Resources to Mineral Reserves.

and Indicated Resources were converted to Probable Mineral Reserves by evaluating operating cost, projected metal revenues and estimated

stope shapes and geometries.

The general widths, plunge and shape of the Quill and Newgard mineralization lends itself well to transverse

(perpendicular to strike) long hole open stoping (LHOS) with fill utilizing rubber tire equipment.

The UTZ deposit is more amenable to

cut-and-fill (CF) methods due to its shape and geometry.

Extraction of the planned mine shapes is assumed to be 100% of the NSR $80/ton

Measured and indicated mineral resources were converted

to probable mineral reserves for the Mine.

Measured mineral resources were converted to probable mineral reserves because of uncertainties

associated with modifying factors that were taken into account in the conversion from mineral resources to mineral reserves.

and indicated mineral resources were converted to probable mineral reserves by evaluating operating cost, projected metal revenues and

estimated stope shapes and geometries.

The general widths, plunge and shape of the Quill and Newgard mineralization lends itself well

to transverse (perpendicular to strike) long hole open stoping (LHOS) with fill utilizing rubber tire equipment.

The UTZ deposit is more

amenable to cut-and-fill (CF) methods due to its shape and geometry.

Extraction of the planned mine shapes is assumed to be 100% of the

NSR $80/ton plan.

Breakeven NSR is $70/ton for LHOS and $75/ton for cut-and-fill stopes.

Reserves were classified in accordance with §229.1302(e)(2) (Item 1302(e)(2) of Regulation S-K).

The mineral reserve statement is

presented in Table 1-2.

Mineral Reserves are estimated at an NSR value cutoff of $80/short ton at the reference point of saleable mill

concentrates with an effective date of August 29, 2022.

1-2 Bunker Hill Mineral Reserve Estimate, August 29, 2022 – Minetech, USA, LLC

Plan Dilution is zero grade waste included in the designed stope shapes and probable tonnages

reserves were classified in accordance with Item 1302(e)(2) of Regulation S-K.

The mineral reserve statement is presented in Table 1-2.

Mineral reserves are estimated at an NSR value cutoff of $80/short ton at the reference point of saleable mill concentrates with an effective

date of August 29, 2022.

1-2 Bunker Hill Mineral Reserve Estimate, December 31, 2023 – Minetech, USA, LLC

Planned dilution is zero grade waste included in the designed stope shapes and probable tonnages.

Unplanned dilution is 5% external dilution added at zero grade.

Mineral reserves stated are inclusive of all above mentioned dilutions and are factored for ore loss due to mining activities.

Net smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t, i.e.:

NSR = (Contained metal) * (Metallurgical

Net smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t (i.e., NSR = (Contained metal) * (Metallurgical

recoveries) * (Metal Payability %) * (Metal prices) – (Treatment, refining, transport and other selling costs)).

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1-3 Bunker Hill Project Economic Summary

Initial Capex

ANNUAL AVERAGE

Silver ($/oz)

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($/lb Zn payable)

FCF & Valuation ($000’s)

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Land & salvage value

Pre-tax free cash flow

Free cash flow

Payback (years)

1-4 Sensitivity Analysis

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Mineralization

at the Bunker Hill Mine is hosted almost exclusively in the Upper Revett formation of the Ravalli Group, a part of the Belt

Supergroup of Middle Proterozoic-aged, fine-grained sediments.

Geologic mapping and interpretation progressed by leaps and bounds

following the recognition of a predictable stratigraphic section at the Bunker Hill Mine and enabled the measurement of specific

offsets across major faults, discussed in the following section.

From an exploration and mining perspective, there were two critical

conclusions from this research:

all significant mineralized shoots are hosted in quartzite units where they are cut by vein

structures, and the location of the quartzite units can be projected up and down section, and across fault offsets, to target

extensions and offsets of known mineralized shoots and veins.

at the Bunker Hill Mine is hosted almost exclusively in the Upper Revett formation of the Ravalli Group, a part of the Belt Supergroup

of Middle Proterozoic-aged, fine-grained sediments.

Geologic mapping and interpretation progressed by leaps and bounds following the

recognition of a predictable stratigraphic section at the Bunker Hill Mine and enabled the measurement of specific offsets across major

faults, discussed in the following section.

From an exploration and mining perspective, there were two critical conclusions from this

all significant mineralized shoots are hosted in quartzite units where they are cut by vein structures, and the location of

the quartzite units can be projected up and down section, and across fault offsets, to target extensions and offsets of known mineralized

shoots and veins.

Mineralization

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the Mine is on patented mining claims (privately-owned land), only a limited number of permits are required for mining and milling operations.

These relate to:

(1) air quality and emissions from crushing, milling and processing and (2) any refurbishment of surface buildings that

These relate to (1) air quality and emissions from crushing, milling and processing and (2) any refurbishment of surface buildings that

may require construction permits.

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Cleanup activities

have been completed in Operable Unit 2 of the Bunker Hill Superfund Site where the mine is located, though water treatment continues at

the Central Treatment Plant (the “ CTP ”) located near Bunker Hill Mine.

The CTP is owned by the EPA and is operated

by its contractors.

entered into a Settlement Agreement and Order on Consent with the US Environmental Protection Agency (“US EPA”) and the US

Department of Justice (“DOJ”) on May 14, 2018.

Section 9, Paragraph 33 of that agreement stipulates that BHMC must obtain

a National Pollutant Discharge Elimination System (“NPDES”) permit for effluent discharged by Bunker Hill Mine by May 14,

This obligation exists and the deadline will occur at a point in time where restart activities are planned to occur.

have been completed in Operable Unit 2 of the Bunker Hill Superfund Site where the Mine is located, though water treatment continues

at the Central Treatment Plant (the “CTP”) located near Bunker Hill Mine.

The CTP is owned by the EPA and is operated by

its contractors.

entered into a Settlement Agreement and Order on Consent with the EPA and the DOJ on May 14, 2018.

Section 9, Paragraph 33 of that agreement

stipulates that BHMC must obtain a National Pollutant Discharge Elimination System (“NPDES”) permit for effluent discharged

by Bunker Hill Mine by May 14, 2023.

This obligation exists and the deadline will occur at a point in time where restart activities

are planned to occur.

will initiate a voluntary Environmental, Social and Health Impact Assessment (“ESHIA”) for the activities described in the

Technical Report Summary and for its business model as a whole.

This study is projected for completion in 2024 and will conform to ISO, IFC

and GRI standards.

This study is projected for completion in 2024 and will conform to ISO,

IFC and GRI standards.

Metallurgical

Resource Development Inc.

initiated metallurgical test work on three samples designated Newgard, Quill and Utz with the primary objective of determining the process

flowsheet and the metal recoveries and concentrate grades.

Flotation testing was completed through locked-cycle testing, the results

of which are displayed in table 1-5

Development Inc.

(Rdi) initiated metallurgical test work on three samples designated Newgard, Quill and Utz, with the primary objective

of determining the process flowsheet and the metal recoveries and concentrate grades.

Flotation testing was completed through locked-cycle

testing, the results of which are displayed in table 1-5

1-5 Summary of Locked-Cycle Flotation Test Results

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in October of 2021 and completed in April of 2022, BHMC conducted a geotechnical investigation of the underground conditions at the Bunker

Data collection involved a data analysis of RQD values logged with previous exploration drilling, geotechnical logging of

recently drilled rock cores and an extensive investigation of pre-existing underground excavations and development.

Ground conditions

are generally good to excellent at Bunker Hill Mine and the rest of the mines in the Silver Valley.

Bunker Hill Mine does not have a

history of rock burst events that are frequent in the deeper mines to the east.

Data collection involved a data analysis of rock quality designation (RQD) values logged with previous exploration drilling,

geotechnical logging of recently drilled rock cores and an extensive investigation of pre-existing underground excavations and development.

Ground conditions are generally good to excellent at Bunker Hill Mine and the rest of the mines in the Silver Valley.

Bunker Hill Mine

does not have a history of rock burst events that are frequent in the deeper mines to the east.

Hill plans to re-construct a crush-grind-flotation-concentration mill from the nearby Pend Oreille (PO) mine in northern Washington on

the Bunker Hill Kellogg Mine Yard.

There currently is a large building that housed the historic machine shop at the Bunker Hill mine

that will first need to be dismantled and removed for access to the existing slab.

The future structures to house the grind-flotation-concentration

circuit, as well as the secondary crushing circuit and concentrate storage facilities will need to be constructed.

circuit, the secondary crushing circuit and concentrate storage facilities will need to be constructed.

process consists of a primary and secondary ore crushing circuit, then a primary grinding circuit followed by two separate flotation

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a lead, silver, gold concentrate and a zinc concentrate.

Approximately 648,000, short tons of ore will be processed a year at a rate of 1,800 stpd, or 79 stph at 95% availability.

Approximately 648,000 short tons of ore will be processed a year at a rate of 1,800 short tons per day (stpd), or 79 short tons per hour

(stph) at 95% availability.

1-2 Bunker Hill Process Flowsheet

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Company saw the wealth of information that was available but not readily usable and embarked on a scanning and digitizing program.

this they were able to build a 3D digital model of the mine workings and 3D surfaces and solids of important geologic features.

to this, all of the historic drill core lithology logs and assay data (>2900 holes) was entered into a database and imported with

the other data into Maptek Vulcan 3D software.

this, the Company was able to build a three-dimensional (3D) digital model of the mine workings and 3D surfaces and solids of important

geologic features.

To add to this, all of the historic drill core lithology logs and assay data (>2900 holes) was entered into a database

and imported with the other data into Maptek Vulcan 3D software.

addition to both continued geologic digitization and the completed 2021 exploration drill program, the Company has performed a geophysical

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The survey was conducted as a ground geophysical 3DIP survey through DIAS Geophysical Ltd out of Saskatoon,

Pre-Feasibility level analyses demonstrates that the restart of the Bunker Hill mine can reasonably be expected to generate a positive return

on investment with an after-tax IRR of 36% based on the reserves presented.

It is reasonable to expect the conversion of Inferred resources

to Indicated resources and indicated resources to measured resources to continue.

Inferred Mineral Resources are considered too geologically

speculative to have economic considerations applied to them to be classified as a Mineral Reserve.

Saskatchewan.

Pre-Feasibility level analyses demonstrates that the restart of the Bunker Hill Mine can reasonably be expected to generate a positive

return on investment with an after-tax internal rate of return (IRR) of 36% based on the reserves presented.

It is reasonable to expect

the conversion of Inferred resources to Indicated resources and indicated resources to measured resources to continue.

Inferred mineral

resources are considered too geologically speculative to have economic considerations applied to them to be classified as a mineral reserve.

Technical Report Summary is based on all available technical and scientific data available as of August 29, 2022.

Mineral Resources

are considered by the QP to meet the reasonable prospects of eventual economic extraction due two main factors;

1) cut-off grades

are based on scientific data and assumptions related to the project and 2) Mineral Resources are estimated only within blocks of

mineralization that have been accessible in the past by mining operations as well as by using generally accepted mining and

processing costs that are similar to many projects in Idaho.

Mineral resources are

considered by the QP to meet the reasonable prospects of eventual economic extraction due two main factors:

(1) cut-off grades are based

on scientific data and assumptions related to the project and (2) mineral resources are estimated only within blocks of mineralization

that have been accessible in the past by mining operations as well as by using generally accepted mining and processing costs that are

similar to many projects in Idaho.

Recommendations

Continued analysis and interpretation of the geophysical

survey results should aid to guide future exploration activities outside of historical mine working areas.

Additional exploration drilling

with the advancement of underground mine development is also advised due to the proximity of future development to under-explored areas

of historical workings.

Continued digitization and interpretation of historical mapping and research will aid to guide future underground

and surface exploration activities.

Completion of issued for construction

(IFC) level drawings for the mineral processing facilities is recommended.

Completion of IFC level engineering

drawings related to the paste backfill plant are recommended.

Final tails product material generated from additional metallurgical testing

will work to optimize binder compositions and have the potential to reduce backfill OPEX costs.

Additional geotechnical studies

are recommended with the advancement of underground development.

Continued geotechnical diamond drilling associated with future resource

delineation and exploration drilling activities will provide a better sample set for rock strength testing and geotechnical logging.

underground development will also allow for the investigation of previously mined areas and association of historical span allowances

based on previous ground support methods.

Additional resource delineation and conversion drilling

and mine block modeling should continue to increase the conversion of Inferred to Indicated Resources.

analysis and interpretation of the geophysical survey results should aid to guide future exploration activities outside of historical

mine working areas.

Additional exploration drilling, with the advancement of underground mine development, is also advised due to the

proximity of future development to under-explored areas of historical workings.

Continued digitization and interpretation of historical

mapping and research will aid to guide future underground and surface exploration activities.

of issued for construction (IFC) level drawings for the mineral processing facilities is recommended.

of IFC-level engineering drawings related to the paste backfill plant are recommended.

Final tails product material generated from additional

metallurgical testing will work to optimize binder compositions and have the potential to reduce backfill operating expenses or costs.

geotechnical studies are recommended with the advancement of underground development.

Continued geotechnical diamond drilling associated

with future resource delineation and exploration drilling activities will provide a better sample set for rock strength testing and geotechnical

Future underground development will also allow for the investigation of previously mined areas and association of historical

span allowances based on previous ground support methods.

resource delineation and conversion drilling and mine block modeling should continue to increase the conversion of Inferred to Indicated

1-6 Proposed Work Program to Advance Bunker Hill

Interpretation and Additional Geophysics

Environmental

and Process Plant Engineering

Backfill and Tailing Placement Engineering

Recommended Budget

($ in millions)

Geophysical Interpretation and Additional Geophysics

Environmental Studies

Geotechnical Studies

Mill and Process Plant Engineering

Hydraulic Backfill and Tailing Placement Engineering

Total Recommended Budget

Infrastructure

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tailing impoundment have been removed, and these sites have been reclaimed.

Part of the reclamation included surface water diversion structures

which are still in use and are maintained in good condition.

The original Bunker Hill mine offices, car and maintenance shops, and change

house are located near the Kellogg Tunnel (KT) portal and are in serviceable condition.

Part of the reclamation included surface water diversion

structures, which are still in use and are maintained in good condition.

The original Bunker Hill mine offices, car and maintenance shops,

and change house are located near the Kellogg Tunnel (KT) portal and are in serviceable condition.

Hill is located in Kellogg, Idaho, along the Interstate 90 corridor on the west side of what is traditionally known as the Silver Valley.

It is 60 miles from the Spokane, WA airport to the west and 125 miles to the Missoula, MT airport to the east.

The Silver Valley of north

Idaho is a desirable place to live and is home to an enthusiastic and talented underground mining work force.

power requirements will be met with the Avista Kellogg substation, located next to the Bunker Hill main offices supplying power to the

mine and other local consumers.

It is 60 miles from the Spokane, Washington airport to the west and 125 miles to the Missoula, Montana airport to the east.

Valley of north Idaho is a desirable place to live and is home to an enthusiastic and talented underground mining work force.

Mine power requirements have been met and completed

with the Avista Kellogg substation, located next to the Bunker Hill main offices supplying power to the Mine and other local consumers.

There are two existing distribution lines now supplying the Mine from the Kellogg Avista substation.

One feeds the surface mine facilities and the underground loads from the Kellogg side, the other feeds the Wardner mine yard and facilities.

The current 3-phase 2.5kV mine distribution system on the Kellogg side is in the process of being upgraded to 3-phase 13.2kV.

discharge water now gravity drains out the 9-level through the Kellogg Tunnel via a ditch adjacent to the rail line to the portal.

is then routed to a water treatment plant constructed by the EPA and currently operated by the Idaho Department of Environmental Quality

One feeds the surface mine facilities

and the underground loads from the Kellogg side, and the other feeds the Wardner mine yard and facilities.

The current three-phase 2.5

kilovolt (kV) mine distribution system on the Kellogg side has been upgraded to three-phase 13.2kV during the year ended December 31,

discharge water now gravity drains out the nine-level through the Kellogg Tunnel via a ditch adjacent to the rail line to the portal.

It is then routed to a water treatment plant constructed by the EPA and currently operated by the Idaho Department of Environmental Quality

commissioned Patterson & Cooke North America to perform tradeoff studies for costing and operating the mine backfill and tailing

6 unchanged sentences

A surface loader will transfer the filter cake

tailings into overland haul trucks to deliver the material up to the Wardner side of operations along the return route from ROM ore haulage.

Once delivered to the storage facility at Wardner, material will be loaded into the paste plant, combined with an ordinary cement binder,

and subsequently pumped underground via a reticulated piping system.

tailings into overland haul trucks to deliver the material up to the Wardner side of operations along the return route from run-of-mine

(ROM) ore haulage.

Once delivered to the storage facility at Wardner, material will be loaded into the paste plant, combined with an

ordinary cement binder, and subsequently pumped underground via a reticulated piping system.

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 2. Properties