Is Bunker Hill Due for a Re-Rate?

0:08 Hello everyone and welcome to Bunker Hill Mining's live event. Excuse me, I got a little bit of a cold. I'm pleased to introduce the speakers for today, Sam Ash, CEO and Richard Williams, Executive Chairman. They'll go over a quick presentation discussing the reasons to be optimistic about Bunker Hill's future and provide an update on the company's Q1 achievements. Afterwards, we will be answering questions, So you can submit your questions in the bottom right corner there in that text box. At any point during the conversation, at the end we will address these questions.

0:40 As always, the summit is being recorded and will be available on six.com to watch afterwards. So without further ado, I'll hand things over to Sam to kick things off. Thank you very much and welcome back everyone and for the people who have been joining us, definitely welcome back and for the any new attendees out there, excited to talk to you about the restart of the Bunker Hill mine and what we're busy working on here. As this presentation goes, we certainly will do a brief project update, but then we wanted to take some time and talk about the upside value creation potential that we see in Bunker Hill and why we are so excited about our positioning and the fact that we're going to be bringing this mine into production in 2024.

1:31 So as far as a project update, we're really in a period of accelerating activity here at site. In the underground, you know, we're finishing the ventilation fan drift will be, which will be the final location for the primary ventilation fan, which will support mining for the first 5 years of mine life. That drift will actually break through today and then we'll be in the position where we'll be able to start the installation and permanent fixture. We also now have expanded the electrification at the underground, which we've spoken about previously, and put into place our first load center and transformer in place and powered that up, which will support the running of the primary ventilation fan, as well as support the initiation of resource conversion drilling in late April, early May.

2:30 On the surface at the mill site, the demolition is now complete for the location of the tails filtration plant. You'll remember from a couple of presentations ago, we had to do some additional demolition as a part of optimizing the surface footprint to allow for what we expect to be an increase in production rates over time, potentially up to 2,500 tons a day. And that site is immediately adjacent to the site that was previously demolished and the location for the mill, which has required us to relocate some of our administration offices, which I'm sitting in today. And On the mill site, we're nearing completion of the deep pier installation. And what you see in the pictures there on the bottom right is as an 18 inch diameter piers, which provide the geotechnical stabilization for the mill to sit on in construction. And then on the picture on the right, you see what the drill looks like in the yard, and that's a picture from yesterday. So essentially we're drilling 18 inch holes, putting rebar into them, anchoring that to bedrock, and then filling that up with cementitious grout.

3:58 So from the project side, everything's going very well. In addition to what's not seen on this screen is that we're continuing to do equipment refurbishment that's going well the weather is improving here at Kellogg and that activity will move to some of the larger components in the outdoor environment as weather allows So all going well at site and excited about accelerating into the summer construction season.

4:27 We wanted to take some time today as well to talk about Bunker Hill from a value perspective and what we see is a significant potential for re-rating through the course of 2024 and into 2025.

4:42 And we are most definitely in a period of development and as we move forward we see that we will be re-rated and begin to be valued as a producer. And you can see that on this page, that In comparison to some of our peers, either in the zinc or in the base metal space, we're trading at a significant discount. And we think that as we move closer to production and into production, there's a substantial opportunity

5:17 for re-rate. But going beyond re-rate, and I guess to a certain extent supportive of that re-rate, is the value creation potential that we see here at this asset. Remember that we see Bunker Hill as the cornerstone asset of what Bunker Hill Mining Company is doing, which is building a multi-asset,

5:40 North American focused mining company. So here at Bunker Hill, We are also going, we see the value creation through, from a resource perspective, kind of in 3 key ways. One is the conversion, and I would say the low risk conversion of inferred mineralization into the measured and indicated category. Remember, we have 7 million tons of inferred mineralization that we expect to convert to measured and indicated and subsequently into reserve at potentially 75% or greater conversion rate. We're going to be getting started on that at the end of April, early May, with the goal of having an updated resource out around the end of the year, potentially early in Q1.

6:31 That has the potential at a 75% conversion rate to extend the mine life from 5 years up to 10 to 15 years in length, just with conversion of the existing inferred resource. Now, that's before you look at the opportunities in the near mine exploration and we will be doing to a certain extent some of that work

6:57 as we move the drill in to do resource conversion, but there's significant upside potential both for expansion of the zinc-dominant resource but potentially to find a greater proportion of silver in that exploration. And then finally is the new exploration targets, which there are several that have been identified through geophysical surveys

7:25 and these targets have the potential to completely redefine Bunker Hill from a resource perspective. Those who have been on the call before have heard me say that you know the historic mine footprint represents about a third of the entire claim package. That leaves two-thirds of the entire site largely unexplored. And the targets that we've identified have the potential to be just as significant in mineralization as the existing mine footprint, which operated for a hundred years continuously. And then how does that translate into what potentially,

8:12 and we expect to see from a value creation potential? You can see here our pre-feasibility study, and we see significant upside value creation, largely on the back of the conversion of inferred resource, but also with the opportunity to expand throughput to 2,500 tons a day and bringing new technologies like ore sorting and metallurgical recovery techniques to play. And that's before any of the exploration potential. The Bunker Hill mine is the dominant mineralized system in the Silver Valley and operate with a hundred-year operating life. We would expect to see significant mine life extension and expansion from a resource perspective, but also a rebalancing

9:08 of the mineral mix to, over time, bring more and more silver into the resource and into the mine plant. Another really key aspect for us and why we're so excited about Bunker Hill is it's positioning on the, on the global zinc production curve. You know, we're well below the, the midpoint of the zinc production curve on an all-in sustaining cost basis, which is what we were looking for and what we were excited about when we joined this project, is that we have the potential and we expect to build a long life mining operation, potentially multi decades in length at a ASIC point that allows us to fully leverage upside in the market, but in addition

10:05 be cash flow positive and value creating in downturns in the commodity cycle. And then finally we think that you know a zinc dominant base metals mine is a great place to be. We see demand increasing at a measured and sustainable rate going forward. And in addition, we see zinc, lead and silver all as critical metals in a low carbon energy transition. So hopefully what I've given you is an update on the project progress, showing that we are moving forward and moving forward with the intent to be in production in 2024, and we're on track to do that.

10:55 And in addition, laying the groundwork and helping everyone to see what we see in Bunker Hill, which is absolutely a project and a property that is going to be the cornerstone asset of a multi-asset mining company. So with that, I know that's pretty brief, but I always enjoy the question and answer sessions the most, Looking forward to hearing and answering some of the questions that are out there. Thanks. And Carl, before you get on, Sam, you just also for everybody listening in, explain how the work that you're doing on the underground will then allow us to start

11:35 the drilling and the resource expansions and so on. I can't remember precisely when we're starting it. I think it's May. And what that will deliver through the year. Yeah, absolutely. I mean, so in reality, we could potentially start a drill

11:54 early, but with the ventilation fan that we're putting in and that ventilation project coupled with the electrification means that the infrastructure and the infrastructure support will allow us to drill in a much more cost effective manner. So we made the choice to make sure that the infrastructure is absolutely 100%

12:17 in place and able to support productive drilling. Now that drilling is going to be focused on resource conversion and operational readiness. But as we do that, we're going to be drilling and there is an opportunity for resource expansion at the same time. So what I would expect to see and what we're planning to see is that the results of the drill campaign that's going to start in late April early May will allow us through the course of the summer months and into the fall, to generate enough additional information and data that we will see a meaningful increase and conversion from the inferred category to the measured and indicated category, indicating and putting us on the path towards capturing

13:11 a significant upside value from a reserve standpoint. And that resource statement, and then the subsequently the reserves, we're expecting that targeting late in 2024, but depending on on assay turnaround, we could see that in early Q1 of 2025. Thanks, Sam. Could you go to the slide that's got the re-rate on it, please?

13:43 The earlier 1, please. That one, perfect. Thanks. And again, so I went chatting to an analyst this morning, you know, what actually observers at Bunker Hill will get this year is not just the walk towards production, where we re-rate when we get into production, but also considerable amount of exploration, resource expansion, resource conversion, and drill-informed insight too. Both things happening at the same time. The other interesting thing on here is if you look at it, is the sort of base metal miners, you know, when they get into production, again, I'm playing a two-step story here, can be rated around about 0.9 times NAV.

14:38 But when you look at someone like Heckler at 1.2 times, the more silver that we bring in, the more that re-rate will happen. It's not that the value of the zinc, as Sam has outlined, is not extraordinarily important, and it is. But you should also watch out through the year for the drill results that will be showing how the future metal mix may be adjusting

15:05 over time. And so this re-rate slide here really gives us a very good view on what we expect to be happening with the equity value on a very short time frame. That is from now to the end of the year or now to this time next year.

15:28 Thank you Richard. Do you expect that re-rate to be post or pre-cash flow? Is this really an execution story where it's going to take a couple quarters for that re-rate to show in the stock price? Well, Again, the way in which the market will move and people's observations or forecasts on that, you know, is very subjective. But if you just think logically, when we prove our exploration, forgive me, our execution thesis, in other words, we get in on time, on budget, and we start generating according to the business plan, then people will start buying our stock on the basis of forward cashflow projections. And that's when that re-rate will happen. So that's why I say between now and this time next year where the ramp-up is happening and the commissioning has happened and so on.

16:32 But what I wanted to say, and I hopefully wasn't being too clumsy in saying it, is that as we get closer to that point, and you know we do monthly updates, you're not just going to be getting monthly updates on construction

16:48 and how the plan is looking. Are we on time? Are we on budget? Etc. You'll also be getting insights into what our geologist is finding from his drill campaign too. So I expect you're going to get upward pressure on the stock because of drill results, upward pressure on the stock as we move towards production, and then upward pressure on the stock once we've proved the business plan thesis. And none of that is taking in account the multiplier that would come if we're in an inflationary commodity price position at the end of this year going into next year. Thank you. Okay we'll turn to the Q&A now and just for anyone that came in a little late, you can find the Q&A in the bottom right corner there. Don't be shy. Feel free to ask your questions. The first one in the chat is wondering about your working capital and cash position.

17:47 How much cash does Bunker have today and how much of that will be spent by the time production starts?

17:54 Yeah, absolutely. That's a good question. I would point everybody to our 10K filing that we put out just a few weeks ago. We're sitting right around 20 million of cash. And we again, remind everybody that we're in the process right now of refinancing an undrawn $21 million facility. And with the expectation that we will achieve that sometime over the next, course the next 4 to 6 weeks. And that represents full project financing for us. Excellent thank you. There's a couple of questions queued up via email here. Why do you think Bunker Hill's underground mining costs will be low?

18:47 Well I think that when you look at our mining cost, it's all a matter of perspective. So, from the standpoint of the mining method that we're implementing, which is transverse long hole stopping, which is a fairly productive and highly mechanized mining method. I think that we're positioned really quite well from a mining cost standpoint. Now, in comparison to some other, you know, multi-metal, more narrow vein mining operations, our mining cost is significantly lower. And that's related entirely to the mining method. You know, the mineralization at Bunker Hill, it allows us to implement a more productive mining method, the transverse long hole sloping.

19:46 Thank you. Sam, could you go a couple of slides to the right to that re-rating slide, the waterfall chart? This one here, yeah. Just an individual in the Q&A is asking, when you talk about a looks at the at the slide, this one referring to a 10x re-rate after a 4x re-rate, is that you are anticipating a stock value of $4? What we're talking about there is the value re-rate from an NPV of the project perspective. So that's not directly translating into a stock re-rate. Talk re-rate and one's perspective of what a value re-rate from a value potential standpoint, how that would translate into an equity value re-rate is subjective.

20:48 But that is potentially one way to look at that. Yeah, it is too. And the other thing about the bunker story is just remembering, we seek to unlock that value from cash flow or levered cash flow. In other words, we borrow against our cash flow to deliver that rather than going back to the equity markets. And that's been our whole business plan. Let's get ourselves a low capex restart that generates cash, builds very strong relationships in the valley with the regulators, with the government and elsewhere, then use that cash to unlock this huge potential upside, which is what this slide projects, without constantly having to go back to the equity markets for more money.

21:43 And so if you imagine us doing this over time, obviously it's over time and commodity cycles will play their part in valuations, we'd be seeking to not come back to the equity markets to unlock this. Now this is a conceptual diagram, it doesn't have a time frame at the bottom and there's a whole bunch of assumptions made in each of those moves. But even with that, what this slide should be showing you, if you're reading it in the first step, is there's going to be significant stock value appreciation as we bring into production, as we expand the resources, and then we optimize our operations. And that goes from the 52 to the 200 or more.

22:32 And then if you roll in on top of that, what Sam outlined is the potential for a major expiration generated re-rate. You know, some of those targets that are near the surface that are identified by GeoFiz, you start getting more upward lift on the stock. So very good question. Thank you very much for asking it. And I hope we've clarified some of the nuances in the presentation, which were important to highlight. Thank you, gentlemen. We have another question here in regards to sales. Does Bunker Hill have its production sold? Is there any hedges on it or anything in that regards?

23:17 If so, how far in the future and any additional details would be appreciated? Yeah, absolutely. So we have an offtake with tech metals, all of our concentrate, which will be a zinc concentrate and a silver lead concentrate will be sold to the trail smelter. And we are currently not hedged. And that's, you know, for the first, you know, for the first 3 to 5 years worth of production. But what I would say is that the trail smelter is the ideal location, you know, for our concentrate. And there's a couple of reasons for that. Probably the most important reason is that the trail smelter is about 140 miles away from site.

24:10 So the supply chain logistics and the cost of logistics for our product as it leaves the mine site is really quite beneficially placed in the zinc concentrate market from that perspective and there's significant value differentiation from that perspective. I think secondly, and this is kind of more strategic in nature is that it supports the local and regional strategic metals. So in a sense, we're one of a limited number of base metal producers in the zinc space that is sending its concentrate for smelting and refining in North America.

25:08 And that's important from a metal security standpoint, particularly in zinc, which is now considered a strategic metal by the United States government. Thank you. Edelche7287 is asking, Bunker Hill is coming down the home stretch. What is the idea for future expansion once this mine is paying its bills? Yeah, absolutely. And so we'll talk, I'll just move slides again. So, you know, so This pyramid articulates really quite well from an asset level, the growth potential that we see. So just to reiterate, we have our primary focus, the base of the pyramid, resource conversion of the 7 million tons of measured in of inferred mineralization.

26:07 Beyond that, within the existing mine footprint, there is significant opportunity for reserve replacement, reserve expansion, and a pivot to a more silver dominant resource with in-mine exploration. Keep in mind the Bunker Hill mine operated a hundred years and over that hundred year operating life it always had 5 to 10 years worth of reserve in front of it and there was never any exploration below the bottom of the shaft. So an excellent opportunity for near mine exploration, additional silver and resource and reserve expansion. And then what's really quite exciting is the exploration potential in the larger claim package, which we've talked about. We have 2 very strong geophysical anomalies that we're looking to advance on the exploration front.

27:09 And at an asset level, that represents a significant upside potential. And we expect that to be one of the main focuses and uses of capital and capital allocation as we move into production. Now, beyond that, we've been very clear right from the start that as a company, we're seeking to build a multi-asset mining company. And although not our primary focus, you know, we are certainly attuned to the market and attuned to opportunities if and when they come for growth into a multi-asset mining company. Well, maybe you could elaborate on that because that ties into this question I was thinking.

27:59 An individual in the chat said, is there an approximate time frame for phase 2? But I want to add on to that as well. If you partner with any other partners or mining companies in the Silver Valley, could you accelerate that process faster? I'd break that down into 2, actually, if I might. One is the Bunker Hill 2.0 as we call it or Phase 2 which is the expansion of production talk through that and then then we'll come into the second bit on Silver Valley. Sam? Yeah, absolutely. So if you think about phase 2 at Bunker Hill as an asset, what's that going to look like? Well, we're starting down that pathway with the resource conversion.

28:50 So the expansion and the increasing of production at Bunker Hill starts with the drill bit, with resource conversion, resource expansion. And now if you consider a 75% conversion rate, you know, we have a good idea what the mine can and we expect it to look like as that resource conversion takes place. And we've talked about that a bit, particularly when we talk about that we're building the infrastructure to support an increase in production up to 2,500 tons a day. So As that resource conversion supports that, that's the pathway that we're looking to go down, ultimately moving towards a 2500 tons a day production rate at the Bunker Hill asset.

29:46 And then certainly when you look at the Silver Valley, you know, from a strategic sense, you know, there we see several opportunities and a great value creation potential and synergies that exist for consolidation in the Silver Valley. And then even beyond that, when you look at the mining space across the North America, you see that there is a space to be filled, we believe, for a mid-tier mining company to come in and focus on assets that are either underperforming, unloved, or have significant unlocked value creation potential.

30:35 But we do see in the Silver Valley that there is an opportunity and value to be created through consolidation. Thank you. What do you think the impact on the local communities will be when operations start? If I start and hand to Sam, who lives in the local community, the local community in this case being the town of Kellogg, around about 2 and a half thousand people strong. The combined population of Kellogg and Wardner back when the mine and the smelting operation and the smelter bill I should also add, was running, was around about 25,000 people.

31:21 So there's been great change from a downward perspective in terms of the community opportunities. Now, according to the US government's 2022 census, there were 966 people employed in the town of Kellogg. And if you imagine, it won't go straight to the town of Kellogg, because there'll be a number of people from the local towns that will be employed. Bunker Hill employing 240 additional people will increase employment in that community by 25%. And these won't be low paying jobs, these will be mining jobs. And so the socio economic impact of the restart of the bunker mine is going to be truly exciting for the local communities of Kellogg, Wardner, Smelterville, Wallace and elsewhere.

32:11 That's the first and really important positive point. The second thing that will come from an operation run by people like Sam Ash and the nature of him and his team, will be we looking for all sorts of other opportunities to give advantage to the communities from educational support, to name but one of them, which is very much in line with the governor of the state of Idaho's priorities. So there's gonna be huge benefits from the restart of this mine for the community, and not just for 1 or 2 years. Because although Sam quite correctly outlines that our inferred and our measurement indicated resources give us 15 years or so, we believe that the potential for this mine is multi decades.

33:02 So as 1 always says, it'll be the grandchildren of those who are working on the mine now. He will still be benefiting from Bunker Hill's restart, which is quite something after 40 years of closure. Sam, what else would you say, given that you're a resident of Kellogg, Idaho, only a few minutes jog from where you're sitting at the moment to your house, depending on how fast you run. What do you say in terms of what the community is thinking and what we offer them on the assumption that we deliver on our plan? Sam? Well, it's interesting and I think I'll probably answer that with a story, is that several of our miners who are working right now, working to excavate the ventilation Drift, they're top quality miners.

34:04 They work all over the world in the mining industry, and they're exceedingly excited about coming back home and being a part of the Bunker Hill restart. And you ask them and you talk to them and you say why and they say you know and you hear multiple stories not just 1 about how my great grandfather worked at Bunker Hill, my father worked at Bunker Hill and it's always been my dream to be a part of bringing Bunker Hill Mine back into production. That's just indicative of how important the Bunker Hill mine was and will be again to the community that surrounds it. And then another story is that over the last 4 years, I arrived here in April of 2020, I've lost count of the number of times that somebody has driven up to the mine and said, I used to work here, or my father worked here, or my mother worked here, and I just wanted to come and see what you guys are doing. We're so excited to see somebody, you know, bringing back, bringing the Bunker Hill mine back into production.

35:24 And I think, you know, those stories to me indicate that to the local community, the restart of the Bunker Hill is more than just the opportunity for employment. It's something that's deeply ingrained in the community and very important to the community. Thank you for that, Sam. And maybe I'll ask this question to both of you. First you, Sam, and then Richard. It's kind of a fun question. What internal or external risks are keeping you up at night? Well, can I start with it, and I'll come down to Sam? It is that thank you for the opportunity to answer this question because it also points, allows me to talk a little bit about how we run the company.

36:15 In all mining businesses, the first risk that you worry about is people's health and safety. The next is ensuring that everything you do does not damage or affect negatively in any way the environment. The third is execution and profitability. And that will be standard in all mining companies. What's slightly not normal is that Bunker Hill Mining Corporation, including its board, meets every week, every Thursday for an hour, an hour and a half on a video call, 52 weeks of the year, regular as clockwork.

37:03 Sam chairs the meeting as CEO and we call it the business plan review. It's based on a system that Alan Mullally put in place when he turned around Ford, the motor corporation, and was then adapted, and Sam and I worked with this, under John Thornton at Barrick Gold. The difference between what we're doing at Bunker and what Ford and at Barrick did is we're also engaging the board. So really unusually, non-executive board members can observe precisely on a weekly basis how risk is changing up and down, how performance is changing up and down. The second thing I'd say when it comes to risk management is we've got a very strong on-site owners team.

37:56 Sam is leading that with Tom Francis and Mike Island and the rest. This isn't a project being run by contractors. Contractors are providing an essential part of what we do. But every move a contractor makes, every expenditure that a contractor needs to take is overseen, discussed, engaged with on a daily, if not hourly basis by a very strong owners team. Now, none of these things, I'll hand to Sam, because he says it so well, mean that there aren't issues that on a day-to-day basis that the experienced team working with contractors and taking the advice when necessary of the board have to make decisions to adjust to keep things on track, those things happen. You should expect that in an agile project which has got a tight timeline with a limited budget.

38:59 And so I think it's a really good question. I'll hand back to Sam. I'm not avoiding it, which is what are the things that keep us awake at night? As responsible leaders, as responsible board members, I will list it again. Number 1, are our people safe? Number 2 is what we're doing, paying stress on the environment. Number 3, are we executing on time and on budget towards a plan that will be profitable? That's how we prioritize our concerns as individuals and as a corporation on risk. And I'll say again, we network in board members from Switzerland on a weekly basis, just to give you a feel for the most distant one, Paul Smith, to listen to what the situation is from the guys on the ground over an hour and a half every week. And that is very, very unusual indeed.

40:03 But Sam, over to you. As I said, you're closer to the front than me, but I know that we speak on this very regularly as I've outlined, Sam. Yeah, absolutely. So when we're talking about that risk and we're assessing and monitoring and managing risk. I would say that the 2 that we put and are putting the majority of the focus in at the moment is schedule compliance and budget slash cost compliance from an execution standpoint. Now we're seeing and we have a team that is able and is managing that risk. And along the way, actually finding opportunities to create value within the budget that we have to work with.

41:00 I think that, in addition, we are focusing with Airbrandt, our new CFO, on reducing the cost of capital. That can be looked at as a risk or an opportunity, and most risks and opportunities are essentially kind of 2 sides of the same coin and we're putting in a tremendous amount of effort in that space and we think that you know we're going to be very successful in bringing down the cost of capital over the next couple of months as we achieve that refinancing of the undrawn $21 million facility. But I hope that answers your question.

41:48 As Richard said, we monitor and manage risks on a daily, if not hourly basis. And we have a robust discussion about risks as well as opportunities and how the likelihood and how the impact of those risks is changing over time. Always with a view to reducing the likelihood and reducing the impact of those risks. And then just to double down what Richard said, to me, when we're talking about risks, there's a lot of risks in mining. Mining is a risky business. The important part is, have you accurately identified those risks, quantified those risks, and you have the team that's able to identify, quantify, and then manage those risks appropriately, and I think that we do here.

42:50 Excellent, thank you. We have one more question regarding the operating and execution and it's actually regarding the housing. With the housing shortage in the Silver Valley, indeed the region, has the community addressed this issue with you so your employees have housing? Yeah, the Silver Valley housing is a and has been an issue in the Silver Valley. And there are a number of initiatives ongoing that Bunker Hill is playing an appropriate role in, with engagement with the organizations like the Silver Valley Economic Development Committee, and numerous others.

43:40 But more specifically, I would refer back to what Richard said about the levels of local employment. Although we do expect that there will be members of the team that we build who come into the community and join the community, there is going to be a foundation of local employment who is already living in the local community as the foundation of the mine as it moves into restart. So it is an issue, we recognize it, and we're playing an appropriate role as a stakeholder in addressing that issue.

44:28 If I could also add a little bit to it, because it connects to the human capital, which is a fancy way of saying the people that the mining industry has in the United States right now. There's a shortage. At Bunker Hill, Sam and his team are attracting some really high quality people. And there's a lineup to get into the into the mining operation and the processing operation, which is superb, testament to the exciting future that Bunker has. That's going to help us in a competitive market. They wanna be part of Bunker Hill and bring this mine into production. But when I look at it, and Sam and I talk about this a lot, over a few years, what we also want Munger Hill to be is a training academy for new miners, new process engineers, new maintenance staff, new administrators, new environmental managers.

45:31 And so we're wanting to hire people out of the high schools and give them that practical experience and excitement that comes with a new mine that will be modernizing. It will be fully electric at some time in the future. We'll have all the bells and whistles of the most modern mining operations on the planet. And so we also seek from the Kellogg, the Wardner, Smelterville, the Wallace, the wider Silver Valley, Coeur d'Alene communities, is individuals that want to come in effectively and be trained within the Bunker Hill development as the miners of the future. And all mining companies will seek to do this.

46:16 All responsible mining companies need to do this. But here at Bunker as a development asset, one of the very few in the United States new assets that are coming into production is we have a great opportunity to build that within our business plan. And you should watch this space. It doesn't directly answer or connect, doesn't directly focus on housing, but housing in my view is one part of the most important bit of all mining businesses is the people and how the people are supported and how they're developed is a critical part of the success of the operation, if not the most critical part.

47:03 And so this is a big and important part of the conversations that Sam, myself, the board, all the team at Bunker Hill talk about on a daily basis. And I think we all, industry-wide and certainly in the States, need to be looking at these opportunities as development opportunities for people as well as just a business. And so thanks again for the question. Thank you for the answers. We have one more question and I think it's a good one to end this update. We're in a funny time with gold reaching nominal all-time highs as well as silver, about half of its nominal all-time high, and many people are looking at these juniors as a leverage plate to the underlying commodity.

47:54 So the individual in the chat is wondering, how much leverage does Bunker Hill have to the price of silver? The price of silver? Well, specifically, we will produce between 600 and 850, almost a million ounces a year of silver, pure silver in our business plan. So that represents right around 15% of our revenue stream. There's around 10% coming from lead and the remaining 70-75% coming from zinc. The opportunity for us, specifically looking at silver, is the opportunity to bring more silver into the plan through exploration.

48:46 And I'll just remind everybody, Bunker Hill is the third largest silver producer in the Silver Valley. It's produced 165 million ounces of silver. So we see that there is a significant opportunity to participate in silver. And silver does represent significant upside leverage from a revenue perspective for us going forward. Thank you, gentlemen. Is there any closing remarks as we end this here? It looks like we've addressed all the questions in the audience. First of all, thank you for everyone that submitted questions. It was a nice engaging conversation, but I'll leave it to you 2 to have any closing remarks.

49:36 What I would say is just thank you everyone for tuning in. I know a lot of people who are listening today have been following the story for quite some time and for the people who may be new to the story, stay tuned. We give these updates fairly regularly, and it's going to be an exciting year here at Bunker Hill. Thank you. Bye!