Bunker Hill Mining Corp · TSX:BNKR
Bunker Hill Mining — Merger or Acquisition (October 2026)
29 slides from Bunker Hill Mining's merger presentation, October 2026
Slide 1: Bunker Hill Mining & Silver47 Exploration
BUNKER HILL MINING & SILVER47 EXPLORATION Made in America: A New Champion in U.S. Silver & Critical Minerals October 2026 TSX: BNKR / OTC: BHLL TSXV: AGA / OTC: AAGAF
Slide 2: Cautionary Notes
CAUTIONARY NOTES Reader Advisory – Industry and Market Data This presentation includes market and industry data obtained from various publicly available sources and other sources believed by Bunker Hill Mining Corp. (“Bunker Hill” or the “Company”) to be true. Although the Company believes it to be
Slide 3: Cautionary Notes - continued
CAUTIONARY NOTES - continued the timing of the closing of the transaction between the Company and Silver47 by way of court approved plan of arrangement (the “Transaction”) or whether the Transaction will be completed at all; the timing of the special meetings of the shareholders of the Company and S
Slide 4: Transaction Rationale & Benefits
TRANSACTION RATIONALE & BENEFITS Creating a New U.S. Silver Champion: 100% U.S. asset base combining Bunker Hill’s imminent cash-flow engine with a high-quality development pipeline. The Company is currently listed on the TSX, is pursuing a listing on the NYSE American, and a name change to Bunker H
Slide 5: Transaction Summary
TRANSACTION SUMMARY • Proposed Transaction will be implemented by way of court approved plan of arrangement Transaction pursuant to the Business Corporations Act (British Columbia) Structure • Proposed pro forma name change to Bunker Hill Silver Corp. • Exchange ratio of 0.1724 Bunker Hill shares fo
Slide 6: Made in America: A U.S. Champion
MADE IN AMERICA: A U.S. CHAMPION 100% U.S. Platform: Four projects across Idaho, Nevada, New Mexico and Alaska; established mining jurisdictions with clear permitting frameworks, at a time when jurisdiction risk is repricing the sector. Bunker Hill 3 America’s Silver Deficit: The U.S. imports ~77% o
Slide 7: Pro Forma Capital Structure
PRO FORMA CAPITAL STRUCTURE Increased Capital Markets Scale & Strong Support from Strategic Partners Pro Forma Pro Forma Ownership CAPITAL Company 36% STRUCTURE (Bunker Hill Silver) 3% Institutions & Corporates Directors & Officers Basic Shares Outstanding M 47.2 209.6 83.3 Pro Forma Ownership % 57%
Slide 8: Tier One Pro Forma Management Team
TIER ONE PRO FORMA MANAGEMENT TEAM Board of Directors • Former COO of Barrick Gold (2015–2018), • Former Executive GM of Barrick's Lumwana delivering an 80% increase in operating profit Mine in Zambia, delivering over $100M in free Richard Williams and leading the reset of Barrick's relationship cas
Slide 9: Significant Resource in the USA
SIGNIFICANT RESOURCE IN THE USA Pro Forma Company Boasts a Large High-Grade Endowment Located 100% Within the USA Pro Forma Resource Build-Up Developer Resource Producer Resource M&I Resource (Moz AgEq) Inferred Resource (Moz AgEq) M&I Resource (Moz AgEq) Inferred Resource (Moz AgEq) 450 Inferred Me
Slide 10: Pro Forma Positioning
PRO FORMA POSITIONING Substantial Re-Rate Potential as a Developer & Producer Developer Market Capitalization Developer Peer P/NAV Producer Peer P/NAV AbraSilver $1,895M AbraSilver 0.95x Aya 1.11x Vizsla $1,380M Capitan 0.74x Silver Tiger $410M Blackrock $335M Silver Mountain 0.65x Endeavour 1.05x P
Slide 11: Creating a U.S. Champion of Silver & Critical Minerals Production & Development
CREATING A U.S. CHAMPION OF SILVER & CRITICAL MINERALS PRODUCTION & DEVELOPMENT Bunker Hill (Idaho): • 1,800 tpd Ag-Zn-Pb asset with first production achieved in June 2026, currently ramping up to commercial production • Bunker Hill 2.0 expansion to 2,500 tpd pushes annual production from +2,500 koz
Slide 12: Pro Forma Consensus Production Profile
PRO FORMA CONSENSUS PRODUCTION PROFILE SMOOTHING THE LASSONDE CURVE WITH DIVERSIFIED ASSET DEVELOPMENT TIMELINES • On the path to becoming a major U.S. silver producer with extensive upside across the entire portfolio • Results from ongoing Bunker Hill silver-focused exploration in upper area of min
Slide 13: The Silver Valley: 1.2 Boz of American Silver
THE SILVER VALLEY: 1.2 BOZ OF AMERICAN SILVER America’s most productive and longest-lived silver district1 — and Bunker Hill holds one of its largest land package Bunker Hill High-Grade, Long-Lived: Sunshine Silver Mining One of North America's highest-grade silver districts, mined continuously sinc
Slide 14: Bunker Hill: Back in Production
BUNKER HILL: BACK IN PRODUCTION A 165 Moz historic silver producer restarted in June 2026, ramping to 1,800 tpd on 6,284 acres of private land Current Ramp-Up Targeted Output Mix N Site 2.5 km Infrastructure 1,800 165 Moz Ag tons per day historic output Page Mine 2,500 koz 50/50 Ag:Zn historic reven
Slide 15: New 1,800 tpd Mill – The Largest in the Silver Valley
NEW 1,800 TPD MILL – THE LARGEST IN THE SILVER VALLEY Construction complete; phased commissioning underway, with design capacity for 2,500 tpd 1,800 tpd Mill Largest in the Silver Valley District New 1,800 tpd processing facility at Primary & secondary crushing feeds mill and PROCESSING CAPACITY IN
Slide 16: Expansion Potential Beyond Mine Restart
EXPANSION POTENTIAL BEYOND MINE RESTART To extend LOM while returning to a 50/50 silver-base metals revenue mix Grades Contained Metal ZnEq Ag Pb Zn ZnEq Ag Pb Zn • Increase the mine life: Expansion plan based on M, I, and M KTons (%) (opt) (%) (%) (klbs) (koz) (klbs) (klbs) & I within PFS and assum
Slide 17: The System Is Bigger Than the Mine
THE SYSTEM IS BIGGER THAN THE MINE A century of mining left high-grade intercepts unmined beside the workings, half the property unexplored and Ranger-Page Bunker Hill everything below 3,850 ft untouched Unmined historical intercepts around the workings 4 6 7 1. 741 g/t AgEq over 4.6m (375 g/t Ag, 3
Slide 18: Hughes Project Highlights
HUGHES PROJECT HIGHLIGHTS Robust Resource on the Prolific Walker Lane INDICATED Significant Resource 10.26M upside with assays AgEq pending N Contained within 0.96 Mt 333 g/t AgEq TONOPAH WEST Over 90% of the PROJECT resource occurs HUGHES INFERRED PROJECT within Private Land 32.91M AgEq Contained w
Slide 19: Extending the Historic Tonopah District
EXTENDING THE HISTORIC TONOPAH DISTRICT Drill program testing eastern extension Emerald complete, assays pending Strong Alteration Historic Tonopah Mining District 175M oz Ag, 1.86M oz Au Potential to extend prolific Tonopah 679 g/t Ag, 7.3 g/t Au** District an additional 4.2 km Eastern Extension Op
Slide 20: Hughes Tailings
HUGHES TAILINGS Near-Term, Low-Capital Production Potential from Historic Tailings INFERRED: TAILINGS 2.74M Metallurgical test work delivers AgEq Contained within 1.26 Mt 80% silver & 77% gold extraction 68 g/t AgEq Located exclusively on Potential Low-Capital opportunity private land ~0.25 km to co
Slide 21: Red Mountain Highlights
RED MOUNTAIN HIGHLIGHTS INFERRED Summer drill program K 168.6M AgEq Contained within 15.6 Mt now complete with all Tons assays pending 336 g/t AgEq Grade: Both Resource zones host multiple intercepts over 2,000 g/t AgEq* SECOND CHANCE Scale: Only 2 out of 35 mineralized prospects across a 60 km tren
Slide 22: Dry Creek Long Section
DRY CREEK LONG SECTION LEGEND DC18-79 DC98-40 DC25-111 Drill Hole Pierce Point 1,988 g/t AgEq over 6.10m DC25-108 672 g/t AgEq over 36.10m 216 g/t AgEq over 12.35m >500 AgEq* 344 g/t AgEq over 12.30m >150 AgEq* K <150 AgEq* Tons Surface Planned Pit Shell OPEN OPEN DC18-77 DC25-113 1,333 g/t AgEq ove
Slide 23: 2026 Exploration Program
2026 EXPLORATION PROGRAM LAST CHANCE CORRIDOR DRY CREEK SYNCLINE Targeting Resource Growth at Dry DRY CREEK DEPOSIT Creek: The program focused on expanding the inferred 168.6 million • DC26-118 returned 50 m of silver equivalent ounce resource (336 visually observed sulfide SECOND CHANCE ZONE g/t Ag
Slide 24: Mogollon Project Highlights
MOGOLLON PROJECT HIGHLIGHTS Total Size: 7,730 acres 3,652 g/t AgEq* INFERRED 32.08M AgEq 221 g/t Ag, 39.3 g/t Au, 0.8% Cu (Dump) Contained within 2.72 Mt N 6,956 g/t AgEq* 367 g/t AgEq 471 g/t Ag, 71.1 g/t Au, 4.2% Cu (Dump) 8,475 g/t AgEq* MRE covers only 2.4 of the 77 km 873 g/t Ag, 5.39 g/t Au, 4
Slide 25: Mogollon Project Long Section
LEGEND Drill hole pierce point Historic underground sample MOGOLLON PROJECT LONG SECTION >500 g/t AgEq* >100 g/t AgEq* Critical Mass Window on 2 km of Private Land >50 g/t AgEq* <50 g/t AgEq* 393 g/t AgEq* 7.4m Intercept Length MOG23-20 MOG23-21 MOG22-10 MOG22-05 393* 2,735* 1,133* 445* 640* 448* 1,
Slide 26: Bunker Hill Production Anchors a Catalyst-Rich Growth Pipeline
BUNKER HILL PRODUCTION ANCHORS A CATALYST-RICH GROWTH PIPELINE Q3 2026 Q4 2026 Q1 2027 Q2 2027 Production Re-Rating First Concentrate Produced at Bunker Commercial Production Achieve Commercial Production Operating Guidance Operating Guidance to be Provided Cate 8 Vein Extension Resource, Addition t
Slide 27: Company Highlights
COMPANY HIGHLIGHTS U.S. Precious and Critical Minerals Strengthened Balance Sheet and Access to Developer and Producer Capital to Advance Exploration/Expansion Substantial Re-Rate Potential Greater Potential for Index Inclusion, Follow as Production Commences at Bunker Hill On Buying, and Further In
Slide 28: Pro Forma Mineral Resource & Reserve Summary
PRO FORMA MINERAL RESOURCE & RESERVE SUMMARY BUNKER HILL MINERAL RESOURCE Tonnes Ag Zn Pb ZnEq AgEq Ag Zn Pb ZnEq AgEq CLASSIFICATION (Mt) (g/t) (%) (%) (%) (g/t) (Moz) (kt) (kt) (kt) (Moz) MEASURED 2.4 32 5.4 2.5 8.3 308 2.4 255 117 392 23.5 INDICATED 4.7 31 5.5 2.4 8.3 309 4.7 511 221 773 46.4 TOT
Slide 29: Giordy Belfiore, Vice President, Investor Relations
Giordy Belfiore Vice President, Investor Relations gbelfiore@silver-47.com
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