What changed in this filing

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Item 2. Properties

2026-03-06 compared with 2025-03-28 · 68 added, 88 removed, 284 unchanged (35% of the section changed)

Company’s 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, historically 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

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

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

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.

of zinc (Bunker Limited Partnership, 1985).

Throughout the 95-year operating history, 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.

Throughout the 95-year operating history, 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

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advanced the rehabilitation and development of the Mine.

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

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

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

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

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, and the announcement of an MOU for the purchase of the Pend

Oreille process plant from a subsidiary of Teck, the Company embarked on a program of activities with the goal of achieving a

restart of the Mine.

Report Summary

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 “Technical Report Summary”).

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 Summary

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.

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 “Technical

Report Summary”).

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 Summary 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.

Report Summary

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

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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.

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

Blanks 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.

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1-3 Bunker Hill Project Economic Summary

Initial Capex

ANNUAL AVERAGE

Silver ($/oz)

Ore mined (kt)

Zinc grade (%)

Lead grade (%)

Silver grade (oz/t)

Zinc eq grade (%)

Zinc concentrate (t)

Lead concentrate (t)

Zn grade - Zn conc (%)

Pb grade - Pb conc (%)

Ag grade - Pb conc (oz/t)

concentrate (t)

grade - Zn conc (%)

grade - Pb conc (%)

grade - Pb conc (oz/t)

- Zn conc (klbs)

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- Pb conc (koz)

Zinc eq produced (klbs)

Processing ($/t)

Opex - total ($/t)

Sustaining capex ($/t)

eq produced (klbs)

- total ($/t)

($/lb Zn payable)

FCF & Valuation ($000’s)

Silver revenue

Gross revenue

TC - Zinc conc

TC - Lead conc

RC - Lead conc

Net smelter return

Processing costs

Sustaining capex

Initial capex

Land & salvage value

Pre-tax free cash flow

& Valuation ($000’s)

smelter return

& salvage value

free cash flow

Payback (years)

1-4 Sensitivity Analysis

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and Mineralization

Northern Idaho Panhandle Region in which the Bunker Hill Mine is underlain by the Middle Proterozoic-aged Belt-Purcell Supergroup

of fine-grained, dominantly siliciclastic sedimentary rocks, which extends from western Montana (locally named the Belt Supergroup) to

southern British Columbia (locally named the Purcell Supergroup) and is collectively over 23,000 feet in total stratigraphic thickness.

Northern Idaho Panhandle Region in which the Bunker Hill Mine is underlain by the Middle Proterozoic-aged Belt-Purcell Supergroup of

fine-grained, dominantly siliciclastic sedimentary rocks, which extends from western Montana (locally named the Belt Supergroup) to southern

British Columbia (locally named the Purcell Supergroup) and is collectively over 23,000 feet in total stratigraphic thickness.

Mineralization

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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 currently exists and will be reviewed at a point in time

when restart activities are planned to occur.

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 currently exists and will be reviewed at a point in time when restart activities

are planned to occur.

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

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

Hill plans to reconstruct a crush-grind-flotation-concentration mill from the nearby Pend Oreille mine in northern Washington on

the Bunker Hill Kellogg Mine Yard.

Hill plans to reconstruct a crush-grind-flotation-concentration mill from the nearby Pend Oreille mine in northern Washington on the

Bunker Hill Kellogg Mine Yard.

The future structures to house the grind-flotation-concentration circuit, the secondary crushing circuit

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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, 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.

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

Mineral resources

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

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 Qualified Persons to meet the reasonable prospects of eventual economic extraction due two main factors:

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

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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

resources to indicated resources.

resource delineation and conversion drilling and mine block modeling should continue to increase the conversion of inferred resources

to indicated resources.

1-6 Proposed Work Program to Advance Bunker Hill

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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 2. Properties