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Item 2. Properties

2025-03-28 compared with 2024-03-12 · 58 added, 57 removed, 314 unchanged (27% of the section changed)

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.

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

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

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

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.

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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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.

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

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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,

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.

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

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 “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.

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

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

Technical Report Summary considers a processing approach at the Mine 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

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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 U.S.$/t (i.e., NSR = (Contained metal) * (Metallurgical

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

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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 U.S.$/t (i.e., NSR = (Contained metal) * (Metallurgical

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

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and Mineralization

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

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

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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 exists and the deadline will occur at a point in time where 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

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.

The Company intends to complete such a study that will conform with ISO,

IFC, and GRI standards after receiving all of its required operational and environmental permits.

Metallurgical

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

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 and concentrate storage facilities will need to be constructed.

The future structures to house the grind-flotation-concentration 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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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 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 to Indicated

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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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, 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,

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

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 was upgraded to three-phase

13.2kV during the year ended December 31, 2023.

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

It is then routed to a water treatment plant constructed by the EPA and currently operated by the IDEQ.

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

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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