Bunker Hill Mining Corp. (“
Bunker Hill” or the
“
Company”) (TSXV: BNKR, OTCQB: BHLL) is pleased to
provide an update on its Bunker Hill Mine located in Kellogg,
Idaho. A call with the management is scheduled to be held on
Tuesday, May 21st, 2024 at 8 a.m. (Pacific time) to provide an
update and answer questions. Additional details regarding the call
are available here:
https://events.6ix.com/preview/our-strategic-expansion-drilling-program-and-infrastructure-milestones
“The start of our processing plant construction
represents a vital and exciting milestone in our journey to restart
the Bunker Hill Mine.” said Sam Ash, CEO, “We are on track for the
planned start of both mining and mill commissioning by the end of
this year, with the goal of ramping up to full production through
Q1 2025”.
CONSTRUCTION STARTED OF THE CONCRETE FOUNDATIONS FOR THE
PROCESSING PLANT
On April 30, 2024, the Company received its
critical Pre-Permit to Construct from the Idaho Department of
Environmental Quality (IDEQ), allowing the Company to start
construction of its processing, and associated tailings management
and mining facilities. This essential permission was granted
following a detailed review of the Company’s Air Emissions Model
and all its associated controls.
The Company is on track to start technical
commissioning of the plant during Q4 2024. This will be concurrent
with the planned start of mining and the building up of stockpiles;
with the ramp up to full production through the first quarter of
2025.
OPTIMIZED TAILINGS FILTRATION PLANT
After completing a detailed review of the Bunker
Hill restart plant, the Company elected to optimize the Tailings
Filtration Plant design to ensure both the highest possible
standards of long-term environmental management and the ability to
ramp up operations from 1800-2500 tpd over time.
This final design favored the more effective,
but more expensive, pressure filtration system over the disk filter
method considered in the Company’s preliminary feasibility study
for the Bunker Hill Mine dated September 30, 2022 and reported in a
news release dated October 18, 2022 that can be found here. The
engineering for the new Filtration Plant has passed the 60%
engineering milestone; with construction of the foundations
intended to start in June 2024 following the setting of the deep
piers.
The costs associated with the optimization of
the Tails Filtration solution coupled with other key activities to
de-risk the original design of the processing plant – specifically
greater investment in deep pier stability, have been incorporated
into a revised project budget and mining schedule. This
optimization currently projects a marginal increase in the original
‘total cost-to-complete' budget approved in Q1 2023, the start of
mining in Q4 2024 with a ramp up to full production through Q1
2025. These adjustments have been incorporated into the on-going
re-financing process, as detailed below.
RE-FINANCING UPDATE
The Company has been financing the project since
H1 2023 using the US$67M financing package provided by Sprott
Streaming. To improve projected free cashflow/share once the mine
is in production, the Company has been conducting a re-financing
process concurrent with advancing and thereby de-risking the total
project plan. This aims to both lower the cost of project capital
as well as increase the total quantum of capital available for the
updated and de-risked project plan.
After three months, the company is pleased to
report that this process has identified multiple suitable options,
and a preferred solution with signed term sheet has been chosen. As
a result, we have now moved into the execution phase and are on
track to conclude this within the next 60 days. Additional details
and progress updates will be provided in due course.
EXPLORATION DRILLING
COMMENCEMENT
On May 10th, the Company initiated a resource
expansion and exploration drilling program in support of the staged
restart plan. This limited and precise program is fully funded
within the existing restart budget. Over the coming months, 8,975
feet of core will be drilled from underground to further define and
expand the existing resource. The initial drill targets are in
close proximity to where the initial mining phase will take
place.
This is the first phase of a staged, deliberate,
multi-year exploration and resource expansion drill program, to be
funded from operating cashflow when the mine is in production.
Qualified Person
Mr. Scott Wilson, is an independent “qualified
person” as defined by NI 43-101 and is acting as the qualified
person for the Company. He has reviewed, verified and approved the
technical information summarized in this news release, including
the sampling, preparation, security and analytical procedures
underlying such information, and is not aware of any significant
risks and uncertainties that could be expected to affect the
reliability or confidence in the information discussed herein."
About Bunker Hill Mining Corp.
Bunker Hill Mining intends to sustainably
restart and develop the Bunker Hill Mine as the first step in
consolidating and then optimizing several mining assets into a
high-value portfolio of operations delivering critical metals into
the market, initially focused on North America. Information about
the Company is available on its website, www.bunkerhillmining.com,
or the SEDAR+ and EDGAR databases.
On behalf of Bunker Hill Mining Corp.
Sam AshPresident and Chief Executive Officer
Bunker Hill Mining Contact:
Brenda DaytonVice President, Investor RelationsT:
604.417.7952E: brenda.dayton@bunkerhillmining.com
Cautionary
Statements
Neither the TSX Venture Exchange (the “TSX-V”)
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX-V) accepts responsibility for the adequacy
or accuracy of this release.
Certain statements in this news release are
forward-looking and involve a number of risks and uncertainties.
Such forward-looking statements are within the meaning of that term
in Section 27A of the U.S. Securities Act of 1933, as amended, and
Section 21E of the U.S. Securities Exchange Act of 1934, as
amended, as well as within the meaning of the phrase
‘forward-looking information’ in the Canadian Securities
Administrators’ National Instrument 51-102 – Continuous Disclosure
Obligations (collectively, “forward-looking statements”).
Forward-looking statements are not comprised of historical facts.
Forward-looking statements include estimates and statements that
describe the Company’s future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be
identified by such terms as “believes”, “anticipates”, “expects”,
“estimates”, “may”, “could”, “would”, “will”, “plan” or variations
of such words and phrases. Since forward-looking information are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Although these forward-looking statements are based on information
currently available to the Company, the Company provides no
assurances that actual results will meet management’s expectations.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release
include, but are not limited to, statements regarding the Company’s
objectives, goals or future plans, including, without limitation:
the restart and development of the Bunker Hill Mine operational
construction and technical activities related to the planned
restart and the expected benefits and timing thereof; planned
exploration of drilling targets; estimates of total project costs;
potential revenue opportunities from mining and sale of ore; and
the Company seeking other value-creating opportunities.
Factors that could cause actual results to
differ materially from such forward-looking statements include, but
are not limited to, those risks and uncertainties identified in
public filings made by Bunker Hill with the U.S. Securities and
Exchange Commission (the “SEC”) and with applicable Canadian
securities regulatory authorities, and the following: the Company’s
inability to raise additional capital for project activities,
including through equity financings, the execution of definitive
loan documents with Monetary Metals and the expected timing of and
reduction in cost of capital in connection therewith, concentrate
offtake financings or otherwise; the fluctuating price of
commodities; capital market conditions; restrictions on labor and
its effects on international travel and supply chains; failure to
identify mineral resources; failure to convert estimated mineral
resources to reserves; the preliminary nature of metallurgical test
results; the Company’s ability to restart and develop the Bunker
Hill Mine and the risks of not basing a production decision on a
feasibility study of mineral reserves demonstrating economic and
technical viability, resulting in increased uncertainty due to
multiple technical and economic risks of failure which are
associated with this production decision including, among others,
areas that are analyzed in more detail in a feasibility study, such
as applying economic analysis to resources and reserves, more
detailed metallurgy and a number of specialized studies in areas
such as mining and recovery methods, market analysis, and
environmental and community impacts and, as a result, there may be
an increased uncertainty of achieving any particular level of
recovery of minerals or the cost of such recovery, including
increased risks associated with developing a commercially mineable
deposit, with no guarantee that production will begin as
anticipated or at all or that anticipated production costs will be
achieved; failure to commence production would have a material
adverse impact on the Company's ability to generate revenue and
cash flow to fund operations; failure to achieve the anticipated
production costs would have a material adverse impact on the
Company's cash flow and future profitability; delays in obtaining
or failures to obtain required governmental, environmental or other
project approvals; political risks; changes in equity markets;
uncertainties relating to the availability and costs of financing
needed in the future; the inability of the Company to budget and
manage its liquidity in light of the failure to obtain additional
financing, including the ability of the Company to complete the
payments pursuant to the terms of the agreement to acquire the
Bunker Hill Mine complex; inflation; changes in exchange rates;
fluctuations in commodity prices; delays in the development of
projects; and capital, operating and reclamation costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such statements or
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all, including as to whether or
when the Company will achieve its project finance initiatives, or
as to the actual size or terms of those financing initiatives. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law. No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Readers are cautioned that the foregoing risks
and uncertainties are not exhaustive. Additional information on
these and other risk factors that could affect the Company’s
operations or financial results are included in the Company’s
annual information form or annual report and may be accessed
through the SEDAR+ website (www.sedarplus.ca) or through EDGAR on
the SEC website (www.sec.gov), respectively.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/7399b7b7-8598-419e-a763-b71ac573f103https://www.globenewswire.com/NewsRoom/AttachmentNg/f9fe1723-eeff-48dc-8549-e12f15545df3https://www.globenewswire.com/NewsRoom/AttachmentNg/67633503-077b-4704-8a6c-a9a7abd73ea8https://www.globenewswire.com/NewsRoom/AttachmentNg/55818079-e13a-4502-8232-31de3be2d382
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