Slides
Page 1
BUNKER HILL MINING SILVER47 EXPLORATION BUNKER HILL MINING & SILVER47 EXPLORATION Made in America: A New Champion in U.S. Silver & Critical Minerals August 2026 TSXV: AGA / OTC: AAGAF TSX: BNKR / OTC: BHLL
Page 2
Page 2 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 reliable, Bunker Hill has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. Bunker Hill does not make any representation as to the accuracy of such information. All monetary figures in United States dollars unless otherwise indicated. Reader Advisory – Comparables The comparable information about other issuers was obtained from public sources and has not been verified by the Company. Comparable means information that compares an issuer to other issuers. The information is a summary of certain relevant operational attributes of certain scientific instrumentation companies and has been included to provide the prospective investor an overview of the performance of what are expected to be comparable issuers. The comparables are considered to be an appropriate basis for comparison with the Company based on their industry, size, operating scale, product mix, jurisdiction, capital structure and additional criteria. The comparable issuers face different risks from those applicable to the Company. Investors are cautioned that there are risks inherent in making an investment decision based on the comparables, that past performance is not indicative of future performance and that the performance of the Company may be materially different from the comparable issuers. If the comparables contain a misrepresentation, investors do not have a remedy under securities legislation in any province in Canada. Accordingly, investors are cautioned not to put undue reliance on the comparables in making an investment decision. Reader Advisory – Scientific and Technical Information Scientific and technical information relating to the Bunker Hill Mine contained in this presentation has been derived from, and in some instances extracted from, a technical report prepared in accordance with National Instrument 43-101 —Standards of Disclosure for Mineral Projects (“NI 43-101”) dated November 21, 2022 titled “Technical Report and Pre-Feasibility Study for Underground Mining, Milling and Concentration of Lead, Silver and Zinc at the Bunker Hill Mine, Coeur d’Alene Mining District, Shoshone County, Idaho, USA”, effective August 29, 2022 (the “Technical Report”) prepared by Scott Wilson, C.P.G., of Resource Development Associates Inc., Robert Todd, P.E., of Minetech USA LLC, and Peter Kondos, Ph.D., of YaKum Consulting Inc, each of whom approved the scientific and technical information contained in this presentation that was derived from or extracted from the portion of the Technical Report that such person authored, and is a “qualified person” and “independent” within the meanings of NI 43-101. Portions of the scientific and technical information relating to the Bunker Hill Mine contained in this presentation are based on assumptions, qualifications and procedures which are not fully described herein but are set out in the Technical Report. Reference should be made to the full text of the Technical Report, which has been filed with the Canadian securities' regulatory authorities in the provinces of British Columbia, Alberta and Ontario pursuant to NI 43-101 and is available for review on the Company’s SEDAR+ profile at www.sedarplus.ca. The mineral resource estimates referred to in this presentation have been calculated using the Canadian Institute of Mining, Metallurgy and Petroleum “Standards on Mineral Resources and Reserves, Definitions and Guidelines” dated May 10, 2014, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM. This presentation includes disclosure on inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are geologically constrained and defined at economic cutoff grades that demonstrate reasonable prospects of eventual economic extraction. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. Cautionary Notes Regarding Forward-Looking Information Certain statements in this presentation 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 Securities Act of 1933, as amended, and Section 21E of the 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”, or “plan” or variations of such words and phrases, or statements that certain actions, events or results “could”, “may”, “occur”, “be achieved”, “will be taken” or “would” or the negative of these terms or comparable terminology. Since forward-looking statements 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 assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward- looking statements are based on assumptions and address future events and conditions; by their very nature, they involve inherent risks and uncertainties. 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 presentation includes, among other things: the potential ramp up of the Bunker Hill Mine, long-life, sustainable operation based on the results of the Technical Report;
Page 3
Page 3 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 Silver47; whether all required regulatory, stock exchange, creditor, court, security holder and other approvals, consents, permits, waivers, exemptions and orders will be obtained by the Company and Silver47 prior to the closing of the Transaction or at all; the resulting allocation of share ownership between shareholders of the Company and Silver47 as a result of the Transaction; the resulting market capitalization of Bunker Hill from the Transaction; any acceleration of production or growth of resources resulting from the Transaction; the composition of the board of directors following the Transaction; the expected economic returns of the ramp up of the Bunker Hill Mine; the timing of commercial production or whether commercial production will be achieved at the Bunker Hill Mine or the Hughes Mine, the expected volume of resources produced and any expansion of exploration properties; the expected potential impact of the ramp up plan to create jobs, ensure long-term environmental-management partnerships, and drive the long-term development of the Bunker Hill Mine’s resources; the timing, amount and duration of future production and any acceleration of production or growth of resources resulting from the Transaction; the Company’s ability to access federal project financing and permitting support following the Transaction; future all-in sustaining costs (“AISC”) per payable pound of zinc sold; commodity prices; the estimated capital and operating costs; the Company’s ability to discover new mineralization; the potential for the Company to be re-rated based on the rapid ramp up to commercial production of the Bunker Hill Mine; potential sustainability impacts based on the results of the Technical Report; expected silver and critical mineral recoveries; the expansion and modernization or exploration, drilling and processing activities and whether such activities will result in enhanced recoveries or the discovery of new polymetallic occurrences; expected methods of handling concentrate; the Company’s plans to reinvest a portion of its pre-tax cash flows on its high-grade silver program; the estimates of free cash flow, net present value and economic returns from the Bunker Hill Mine based on the results of the Technical Report; opportunities to increase the economics of the Bunker Hill Mine; the Company’s plans and expectations for its silver exploration program; and the Company’s intentions regarding its expectations, objectives, goals or future plans, including, but not limited to, Bunker Hill 2.0 expansion, the London JV option and other upside opportunities and the expected benefits thereof. Factors that could cause actual results to differ materially from such forward- looking information include, but are not limited to: the fluctuating price of commodities, capital market conditions, restriction on labour and international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to mineral reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results, including inferred mineral resources that are considered too speculative to have economic considerations applied to them that would enable them to be categorized as mineral reserves; 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 including increases in financing costs or adverse changes to the terms of available financing; 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; risks related to exploration activities; the speculative nature of mineral exploration and development; risks associated with joint venture partners and non-controlling shareholders or associates; ability to integrate new acquisitions and new technology into our operations; volatility of the price of our common stock; risks related to dilution of existing shareholders; delays in the development of projects or changes in development or mining plans due to changes in logistical, technical or other factors; capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this presentation are reasonable, undue reliance should not be placed on such information or statements, which only applies as of the date of this presentation, and no assurance can be given that such events will occur in the disclosed time frames or at all. Bunker Hill cautions that the foregoing list of factors that may affect future results is not exhaustive. Readers should carefully consider the foregoing factors and other uncertainties and potential events. 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 of the information contained herein. Cautionary Note to U.S. Investors This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this presentation have been disclosed in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (“SEC”), and resource and reserve information contained in this presentation may not be comparable to similar information disclosed by U.S. companies. Qualified Person Mr. Scott E. Wilson, CPG, President of Resource Development Associates Inc. and a consultant to the Company, is a “qualified person” as defined by NI 43-101 and has reviewed and approved the technical data and information contained in this presentation. The qualified person has verified the information disclosed herein, 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. Cautionary Note Regarding Non-GAAP Financial Measures This presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS") or U.S. GAAP, including AISC per payable pound of zinc sold, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and free cash flow. Non-GAAP measures do not have any standardized meaning prescribed under IFRS or U.S. GAAP and, therefore, they may not be comparable to similar measures employed by other companies. The Company believes that, in addition to conventional measures prepared in accordance with IFRS and U.S. GAAP, certain investors use this information to evaluate its performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS or U.S. GAAP.
Page 4
Page 4 TRANSACTION RATIONALE & BENEFITS (1) Based on analyst consensus projections (2) AgEq figures calculated at each respective NI 43 - 101 technical report’s commodity prices utilized for resource estimation. B unker Hill: US$20/oz Ag, US$1.00/lb Pb & US$1.20/lb Zn. Red Mountain: US$23/oz Ag, US$1,850/oz Au, US$1.25/lb Zn, US$0.95/lb Pb & US$4.03/lb Cu. Mogollon: US$25/oz Ag & US$2,100/oz Au. Hugh US$25/oz Ag & US$2,100/oz Au. Consensus projection figures are taken at each broker’s respective commo dit y prices for AgEq Scale for a Producer Multiple: US$326M pro forma basic market capitalization, enhanced trading liquidity and a strengthened shareholder base, positioning the company for a re - rate as commercial production is achieved. Clear Path to +5 Moz AgEq per Year: Production ramping from +980 koz AgEq in 2026 to +2,500 koz in 2027 1 , with the Bunker Hill 2.0 expansion to 2,500 tpd — the largest mill in the Silver Valley — driving annual production toward +5 Moz AgEq. Top - Tier U.S. Silver Resource Base with District - Scale Upside : 80 Moz AgEq M&I 2 and +308 Moz AgEq inferred across four assets with three drill programs underway and multiple district - scale systems offering the potential to materially grow resources. Strengthened Balance Sheet & Access to Capital: An enhanced treasury and improved access to capital position the combined company to support the ramp - up at the Bunker Hill Mine, and on - going exploration and development across the portfolio. Proven Operators + Proven Explorers: Combines Bunker Hill's mine - building and operating team with Silver47's exploration and discovery track record; both teams bring deep capital markets experience, supported by a board with major - producer / M&A / permitting depth. U.S. Government Partner of Choice: Established relationships with U.S. EPA, EXIM Bank, Office of Strategic Capital and DOE, providing access to federal project financing and permitting support as the U.S. prioritizes domestic critical minerals production. 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 Hi ll Silver Corp. is being proposed.
Page 5
Page 5 Transaction Structure Consideration Ownership • Proposed Transaction will be implemented by way of court approved plan of arrangement pursuant to the Business Corporations Act (British Columbia) • Proposed pro forma name change to Bunker Hill Silver Corp. • Exchange ratio of 0.1724 Bunker Hill shares for each Silver47 share held • Represents a premium of 38% and 30% to the Silver47 spot and 20 - day VWAP, respectively • Implied pro forma basic market capitalization of US$326M • Shareholders of Bunker Hill and Silver47 will own approximately 57% and 43% of the pro forma basic shares outstanding, respectively Approvals & Conditions • Receipt of all required regulatory, stock exchange, creditor, court, security holder and other approvals, consents, permits, waivers, exemptions and orders • Receipt of approval from both Bunker Hill and Silver47 shareholders Leadership • Expanded seven - person board of directors, to be comprised of: Richard Williams, Pamela Saxton, Kelli Kast, Mark Cruise, Gary Thompson, Sam Ash, and Galen McNamara • Pro forma management team to be comprised of: Richard Williams (Executive Chairman), Sam Ash (Chief Executive Officer), Galen McNamara (President and Chief Investment Officer), and Brad Barnett (Chief Financial Officer) Timing • Special meeting of Silver47 and Bunker Hill shareholders to take place in November 2026 • Expected transaction closing to take place by the end of January 2027 TRANSACTION SUMMARY
Page 6
Page 6 MADE IN AMERICA: A U.S. CHAMPION Strong development pipeline: • Bunker Hill 2.0: Throughput expansion to 2,500 tpd, extending mine life and restoring output toward a ~50/50 silver – critical metals mix as mine - site exploration advances. • Hughes: Near - term tailings re - treatment potential with significant resource upside on Nevada's prolific Walker Lane trend; drilling underway. • Red Mountain: High - grade silver - polymetallic VMS system along a 60 km trend in Alaska, with resource - stage drilling targeting substantial growth. • Mogollon: District - scale epithermal vein field in New Mexico with historic high - grade production, largely untested by modern exploration. 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. America’s Silver Deficit: The U.S. imports ~77% of the silver it consumes 3 , with domestic supply from only four primary silver mines; the combined company adds new U.S. production directly into that gap. A Scarce U.S. Silver Vehicle: Few U.S. - domiciled silver producers exist; the combined company offers U.S. silver production, resource growth and a planned NYSE American listing in a single equity. Producing America's Critical Minerals: Silver, zinc and lead are all designated U.S. critical minerals aligning production and pipeline with federal funding and permitting priorities. Hughes Bunker Hill Mogollon Red Mountain (3) USGS Mineral Commodity Summaries, February 2026
Page 7
Page 7 PRO FORMA CAPITAL STRUCTURE Increased Capital Markets Scale Strong Support from Strategic Partners Increased Capital Markets Scale & Strong Support from Strategic Partners CAPITAL STRUCTURE Pro Forma Company (Bunker Hill Silver) Basic Shares Outstanding M 47.2 209.6 83.3 Pro Forma Ownership % 57% 43% 100% Offer Price C$/sh $5.38 $0.93 $5.38 Offer Price US$/sh $3.91 $0.67 $3.91 Market Capitalization US$M $184 $141 $326 Cash & Equivalents US$M $10 $33 $42 Debt US$M $122 - $122 Enterprise Value US$M $296 $109 $405 Combined Research Coverage Pro Forma Ownership 3% Directors & Officers 61% Retail & Other 36% Institutions & Corporates Eric Sprott Note: Cash and debt balances as at June 30, 2026 | Bunker Hill cash balance assumes a US$6M draw on the Teck standby facility, with a remaining US$4M of the Teck standby facility and US$10M of the Ocean Partners working capital facility left undrawn
Page 8
Page 8 TIER ONE PRO FORMA MANAGEMENT TEAM Galen McNamara PRESIDENT & CIO • CEO of Silver47 and P.Geo. with 20+ years in exploration and capital markets • Co - winner of the PDAC Bill Dennis Prospector of the Year Award (2018) for the world - class Arrow uranium discovery • Co - founder of Summa Silver, Gold X2 Mining and others; instrumental in raising over C$200M in equity financings since 2020 • Former COO of Barrick Gold (2015 – 2018), delivering an 80% increase in operating profit and leading the reset of Barrick's relationship with the Tanzanian Government • Commanded the British Special Forces Regiment (SAS) • Former director at Trevali Mining and Gem Diamonds Richard Williams EXECUTIVE CHAIRMAN Bradley Barnett CFO • Over 30 years of international business experience including senior CEO, CFO and MD roles, previously serving as a Managing Director at Barrick • Helped establish Bunker Hill's landmark relationship with the U.S. EPA — restructuring historical environmental liabilities and unlocking the investment that enabled the mine's restart • Former Executive GM of Barrick's Lumwana Mine in Zambia, delivering over $100M in free cash flow improvements and a 50% improvement in safety performance • CEO of Bunker Hill since 2020, leading the mine from acquisition through financing, rebuild and restart to first production in June 2026 Sam Ash CEO Board of Directors Richard Williams Former COO of Barrick; Executive Chairman of the combined company Mark Cruise Founder and former CEO of Trevali Mining; former base - metals specialist with Anglo American Pamela Saxton 35 years in mining finance; director of Arizona Metals and Rare Element Resources Kelli Kast Vice President, General Counsel, and Chief Administrative Officer for Rare Element Resources Gary Thompson Geologist with 30+ years of experience; Chairman of Silver47 and CEO of Brixton Metals Sam Ash CEO of the combined company; former Executive GM of Barrick's Lumwana Mine Galen McNamara President & CIO of the combined company; CEO of Silver47 and PDAC Bill Dennis Award - winning geologist • 10 years with Rio Tinto, most recently Mine Manager at Kennecott Bingham Canyon in Utah — with prior roles spanning the full mine - to - refinery value stream • Former officer in the Royal Marines and UK Special Forces, with operational tours in Kosovo, Iraq and Afghanistan Tom Francis GENERAL MANAGER • Over a decade of mining - industry finance experience — formerly Corporate Controller at Great Panther Mining and Manager of Financial Reporting at Pretium Resources • CPA who began his career at PwC auditing global miners including Rio Tinto, Anglo American and Teck Mark McBride VP FINANCE • Extensive legal experience across mining, natural resources and energy • Former Senior Corporate Counsel for Nuton, a Rio Tinto Venture, and corporate counsel roles at Rio Tinto advising on transactions, governance, regulatory matters, and mining projects Mark Hayes GENERAL COUNSEL
Page 9
Page 9 0 200 400 600 800 1,000 1,200 Endeavour Aya Avino Pro Forma Santacruz Americas GoGold Guanajuato Andean Sierra Madre M&I Resource (Moz AgEq) Inferred Resource (Moz AgEq) 0 100 200 300 400 500 600 AbraSilver Silver Storm Pro Forma Aftermath Vizsla Kootenay Defiance Silver Tiger Southern Silver Mines Apollo Silver Bow Alaska Silver One GR Silver Blackrock Excellon Capitan Argenta Outcrop Silver Mountain Viscount Kuya M&I Resource (Moz AgEq) Inferred Resource (Moz AgEq) SIGNIFICANT RESOURCE IN THE USA Pro Forma Company Boasts a Large High - Grade Endowment Located 100% Within the USA Producer Resource Developer Resource Pro Forma Resource Build - Up 141.7 246.6 388.3 Bunker Hill Silver47 Total Resource (Moz AgEq) 0 50 100 150 200 250 300 350 400 450 Inferred Measured & Indicated 236.3 10.3 71.8 69.9 80.2 308.1 Peer leading pro forma resource size Significant re - rate potential on a resource basis, initially as a developer, and a producer thereafter Note: All peer companies AgEq figures calculated utilizing the weighted average of the commodity prices used in the NI 43 - 101 technical report’s resource estimation of each of the combined companies’ assets: US$23.21/oz Ag, US$2,024/oz Au, US$1.22/lb Zn, US$0.98/lb Pb & US$4.03/lb Cu Note: Combined company AgEq figures calculated at each asset’s respective NI 43 - 101 technical report’s commodity prices utilized for resource estimation – Bunker Hill: US$20/oz Ag, US$1.00/lb Pb & US$1. 20/lb Zn; Red Mountain: US$23/oz Ag, US$1,850/oz Au, US$1.25/lb Zn, US$0.95/lb Pb & US$4.03/lb Cu; Mogollon: US$25/oz Ag & US$2,100/oz Au; & Hughes : US$25/oz Ag & US$2,100/oz Au
Page 10
Page 10 0.95x 0.74x 0.65x 0.63x 0.62x 0.51x 0.50x 0.49x 0.48x 0.41x 0.40x 0.37x 0.37x 0.32x 0.32x 0.25x 0.24x AbraSilver Capitan Silver Mountain Silver Storm Outcrop Excellon Silver Bow GR Silver Vizsla Southern Blackrock Silver Mines Pro Forma Aftermath Silver Tiger Kootenay Defiance 1.11x 1.05x 0.87x 0.81x 0.69x 0.69x 0.63x 0.55x 0.37x Aya Endeavour Avino Americas Santacruz Andean GoGold Sierra Madre Pro Forma $1,895M $1,380M $410M $335M $326M $287M $253M $235M $202M $197M $191M $185M $156M $150M $133M $114M $113M $112M $105M $100M $58M $56M $50M AbraSilver Vizsla Silver Tiger Blackrock Pro Forma Silver Storm Silver Mines Silver Bow Southern Aftermath Capitan Silver Mountain GR Silver Apollo Outcrop Argenta Silver One Excellon Kuya Kootenay Alaska Defiance Viscount PRO FORMA POSITIONING Substantial Re - Rate Potential as a Developer & Producer Developer Market Capitalization Developer Peer P/NAV Producer Peer P/NAV Achieving Scale with Expanded Market Capitalization and Capital Markets Profile Double Bump Re - Rate Potential as Bunker Hill is recognized as a Silver Producer Re - rate to the broader peer group Note: Developer peer group shrinks substantially as many companies do not have research coverage or research NAV estimates Source: S&P CapitalIQ
Page 11
Page 11 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 AgEq in 2027 toward +5 Moz AgEq Hughes (Nevada): • District - scale silver project on the Walker Lane Trend, with near - term production potential from tailings re - treatment and drilling underway • High - grade mineralization intersected across 6.2 km of strike, within and along extensions of the historic Tonopah silver district Red Mountain (Alaska): • High - grade silver and critical minerals VMS system combining grade and scale in Alaska, America's #1 silver - producing state • Current mineral resources defined at only 2 of 35 mineralized prospects along the 60 km trend, with drilling ongoing Mogollon (New Mexico): • District - scale silver - gold epithermal vein field with historic high - grade production, geologically analogous to Mexico's major epithermal silver districts such as Fresnillo and Guanajuato • Current mineral resource covers only 2.4 km of 77 km of known vein structures Non - Core: • Kennedy Project, Nevada, USA • Adams Plateau Project, British Columbia, Canada • Michelle Project, Yukon, Canada Note: AgEq figures calculated at each respective NI 43 - 101 technical report’s commodity prices utilized for resource estimation. Bunker Hill: US$20/oz Ag, US$1.00/lb Pb & US$1.20/lb Zn. Red Mountain: US$23/oz Ag, US$1,850/oz Au, US$1.25/lb Zn, US$0.95/lb Pb & US$4.03/lb Cu. Mogollon: US$25/oz Ag & US$2,100/oz Au. Hug hes: US$25/oz Ag & US$2,100/oz Au.
Page 12
Page 12 0 2,000 4,000 6,000 8,000 10,000 12,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Silver Equivalent Production (AgEq koz) SMOOTHING THE LASSONDE CURVE WITH DIVERSIFIED ASSET DEVELOPMENT TIMELINES PRO FORMA CONSENSUS PRODUCTION PROFILE PRO FORMA CONSENSUS PRODUCTION PROFILE • 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 mine affirms ability to restore and maintain a 50/5 0 Silver - Base Metals mix Bunker Hill - Bunker Hill Silver47 - Red Mountain Cate 8 & Hughes Tails Extensive Upside Potential: • Hughes and Mogollon not modelled by Silver47 analysts • Exploration upside at Bunker Hill including Ranger Page and the Gap Zone • Broader portfolio exploration upside • Future internal and external growth potential Note: Based on research analyst consensus figures at each respective analyst’s metal prices for AgEq calculations. Silver47 research analysts only model Red Mountain currently. Cate 8 & Hughes tails are indicative company estimates
Page 13
Page 13 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 America’s most productive and longest - lived silver district 1 — and Bunker Hill holds one of its largest land package High - Grade, Long - Lived: One of North America's highest - grade silver districts, mined continuously since 1884, with two operating mines (Lucky Friday, Galena) on trend today. Established Infrastructure: I - 90 highway and power access, in - district processing facilities, and a multi - generational skilled mining workforce Critical Minerals from One District: Silver, zinc and lead, all designated U.S. critical minerals, produced from the Valley for 140 years and all three in production today Room to Run: Multiple underexplored structures and historic workings across the land package, with modern exploration yet to be applied to much of the position Sunshine Silver Mining 104 Moz Indicated Ag 160 Moz Inferred Ag (1) Idaho Geological Survey, Staff Report 23 - 01, "Idaho Mining and Exploration, 2018 – 2019" (updated August 2025) — Coeur d'Alene District historic production of over 1.24 billion troy ounces of silver Sources: Company websites, presentations, and 43 - 101 technical reports Bunker Hill 69.9 Moz M&I AgEq 71.8 Moz Inferred Ag Sunshine Silver Mining 104 Moz Indicated Ag 160 Moz Inferred Ag Americas Gold & Silver 16 Moz P&P Ag 88 Moz M&I Ag 106 Moz Inferred Ag Hecla (Lucky Friday) 16 Moz P&P Ag 88 Moz M&I Ag 106 Moz Inferred Ag Ranger - Page
Page 14
Page 14 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 New mill commissioned in 2026 with >80% recoveries across all metals and underground paste backfill Historically replaced reserves every year for ~100 years ; the current 5 - year mine plan reflects verified drilling to date – decades and decades of historical drill data are yet to be incorporated Closed in 1981 by smelter compliance costs and collapsing metal prices, not geology; the restart ships concentrate off - site and carries neither burden (1) AgEq figures calculated at each respective NI 43 - 101 technical report’s commodity prices utilized for resource estimation. Bunker Hill: US$20/oz Ag, US$1.00/lb Pb & US$1.20/lb Zn. Red Mountain: US$23/oz Ag, US$1,850/oz Au, US$1.25/lb Zn, US$0.95/lb Pb & US$4.03/lb Cu. Mogollon: US$25/oz Ag & US$2,100/oz Au. Hugh US$25/oz Ag & US$2,100/oz Au. Consensus projection figures are taken at each broker’s respective commodity prices for AgEq (2) B ased on analyst consensus projections Bunker Hill 5,087.6 acres 1,800 tons per day Current Ramp - Up 165 Moz Ag historic output Targeted Output Mix 50% Ag historic revenue amount 2,500 koz 2027 Production (2) $0.06/kWh grid power and highway access to Trail Smelter; no union 1,800 tpd Ag - Zn - Pb asset with first production now complete, currently ramping up to commercial production 6,284 acres & 100% Private Land 1,1961.1 acres Ranger - Page
Page 15
Page 15 Silver47 TSXV: AGA | OTCPK: AAGA.F | DB: QP2 NEW 1,800 TPD MILL – THE LARGEST IN THE SILVER VALLEY Construction complete; phased commissioning underway, with design capacity for 2,500 tpd PROCESSING CAPACITY IN THE SILVER VALLEY ( tpd ) Bunker Hill 1,800/2,500 BNKR:TSX (US$ 326 M Pro Forma ) Lucky Friday 1,200 HL:NYSE (US$ 14.0B ) Galena 1,000/600 USAS:NYSE (US$ 1.8 B) New Jersey 400 IDR:NYSE (US$ 493 M) 1,800 tpd Mill Largest in the Silver Valley District New 1,800 tpd processing facility at Kellogg Site. Co - located with Tailings Filter Plant Primary & secondary crushing feeds mill and differential flotation circuits to produce zinc and lead - silver concentrates >80% recovery rate for all metals Clean zinc and lead/silver concentrate trucked 210 kms to Teck’s Trail Smelter, with no penalties Tailings are placed underground or onto the dry stack facility on site Layout and design enable future throughput expansion from 1,800 to 2,500 tpd (Bunker 2.0) Sources: Company websites, presentations, and 43 - 101 technical reports
Page 16
Page 16 EXPANSION POTENTIAL BEYOND MINE RESTART • Increase the mine life: Expansion plan based on M, I, and M & I within PFS and assumes 75% conversion rate of Indicated, 50% conversion rate of Inferred resources • Increase the quality of the resource: by returning Bunker Hill to a balanced (50/50) silver/base metals revenue mix over the LOM: • Increasing free cash flow generation by mining more high - grade silver - lead (galena) and silver - copper mineralization • Via developing known targets that include open veins being mined at depth, and other targets in the upper areas of the mine • The silver market is small, tight, and supply - constrained • Investors are being forced up the quality curve toward: Jurisdictional safety Near - term cash flow Real silver leverage, not optionality Bunker Hill checks all three boxes K Tons ZnEq Ag Pb Zn (%) (opt) (%) (%) ZnEq (klbs) Ag Pb (koz) (klbs) Zn (klbs) Mineral Resource Measured (M) 2,374 Indicated (I) 4,662 Total M&I 7,036 6,943 8.26% 1.01 2.46% 5.37% 8.29% 1.00 2.37% 5.48% 8.28% 1.00 2.40% 5.44% 8.62% 1.52 2.87% 4.96% 392,023 2,404 116,574 254,811 772,993 4,657 221,295 510,964 1,165,016 7,061 337,869 765,774 1,196,433 10,532 398,901 688,482 Inferred Mineral Reserve Probable 3,200 8.91% 1.12 2.59% 5.81% 570,223 3,587 165,984 372,120 Note: Mineral Resource is inclusive of Mineral Reserve. Mineral Reserve is shown on an undiluted basis. For further detail, see the Company’s news release dated September 6, 2022. ZnEq figures calculated based on $1.20/lb zinc, $1.00/lb lead, $20.00/oz silver 0 100 200 300 400 500 600 700 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Annual Throughput (ktpa) Measured Indicated Inferred Grades Contained Metal To extend LOM while returning to a 50/50 silver - base metals revenue mix
Page 17
Page 17 1 2 3 4 5 Area of Mineral Reserve and Resources 6 7 THE SYSTEM IS BIGGER THAN THE MINE A century of mining left high - grade intercepts unmined beside the workings, half the property unexplored and everything below 3,850 ft untouched Bunker Hill Five vectors to expansion • The emerging Cate - 8 discovery: High - grade silver - lead beside active development, positioned to enter the mine plan on a short timeline • Near - mine pipeline : Unmined historical high - grade intercepts not yet in the mineral resource • Gap between Bunker Hill and Ranger - Page: Mines on both ends and essentially untested in the middle • South of the mine : Roughly half the 6,284 - acre land package has seen no systematic exploration • Open at Depth: The Valley's deepest mines follow their veins past 8,000 ft — Lucky Friday to 9,700 ft — while Bunker Hill stopped at 3,850 ft. Unmined historical intercepts around the workings 1. 741 g/t AgEq over 4.6m (375 g/t Ag, 30.2% Pb, 9.8% Zn) 2. 604 g/t AgEq over 4.0m (486 g/t Ag, 14.9% Pb) 3. 528 g/t AgEq over 3.3m (436 g/t Ag, 11.5% Pb) 4. 1,484 g/t AgEq over 1.5m (1,149 g/t Ag, 41.4% Pb, 0.4% Zn) 5. 535 g/t AgEq over 3.0m (439 g/t Ag, 3.8% Pb, 5.2% Zn) New drilling at the emerging Cate - 8 discovery 6. 323 g/t AgEq over 3.2m (196 g/t Ag, 14.9% Pb, 0.6% Zn) 7 389 g/t AgEq over 4.7m (219 g/t Ag, 20.4% Pb, 0.5% Zn) (1) AgEq figures calculated at commodity prices utilized for resource estimation. Bunker Hill: US$20/oz Ag, US$1.00/lb Pb & US$1.20/lb Zn. Ranger - Page
Page 18
Page 18 32.91M AgEq Contained within 2.43 Mt INFERRED Mineralized zones open to expansion 333 g/t AgEq Over 90% of the resource occurs within Private Land 421 g/t AgEq 2.74M AgEq Contained within 1.26 Mt INFERRED: TAILINGS 68 g/t AgEq Excellent metallurgical recoveries 90% Silver & 97% Gold TONOPAH WEST PROJECT HUGHES PROJECT 4 km 82.9M oz AgEq INFERRED Contained within 5.5 Mt at 466 g/t AgEq 40.2M Indicated oz AgEq Contained within 2.8 Mt at 454 g/t AgEq LEGEND Silver47: Hughes Project Blackrock Silver: Tonopah West Project Significant Resource upside with drilling in progress US$335M Market Cap* N 10.26M AgEq INDICATED Contained within 0.96 Mt Indicated and Inferred Mineral Resources for the Hughes Project are presented using a 190 g/t AgEq cutoff grade for in situ r eso urces, and a 45 g/t AgEq cutoff grade for resources in tailings. For Hughes Project Indicated and Inferred Mineral Resources, Ag Eq is based on silver and gold prices of US$25/oz and US$2,100/oz, respectively, and metallurgical recoveries of 90% and 97% for silver and gold, respectively. AgEq Factor = (Ag P ric e / Au Price) x (Ag Rec / Au Rec); g AgEq/t = g Ag/t + (g Au/t / AgEq Factor). *AgEq is calculated using US$20/oz Ag, US$1,80 0/o z Au, with metallurgical recoveries of Ag - 90% and Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).*As of July 31st, 2026. HUGHES PROJECT HIGHLIGHTS Robust Resource on the Prolific Walker Lane
Page 19
Page 19 Emerald Strong Alteration Hughes Project Boundary Indicated Resource Inferred Resource Tailings Primary Target Areas Secondary Target Areas Drilling Murray Belmont Halifax Topaz Diamond Ruby Sapphire Areas of Focus for Ongoing Exploration 4.2 km Historic Tonopah Mining District 175M oz Ag, 1.86M oz Au 679 g/t Ag, 7.3 g/t Au** Eastern Extension Open and Unexplored Belmont Murray Ruby Hole ID Length (m) Ag (g/t) Au (g/t) AgEq (g/t) SUM21 - 30 2.8 2,252 21.6 3,971 incl. 0.9 5,969 60.2 10,790 SUM21 - 31 4.3 913 7.86 1,529 incl. 0.6 4,338 56.5 8,989 SUM20 - 06 18.5 286 3.1 536 incl. 2.5 1,762 19.99 3,385 SUM23 - 59 3.0 812 8.4 1,450 incl. 0.6 1,635 17.4 2,959 SUM21 - 40 6.1 253 2.53 455 incl. 0.9 543 5.42 977 *AgEq is calculated using US$20/oz Ag, US$1,800/oz Au, with metallurgical recoveries of Ag - 90% and Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)). True thicknesses are estimated to be 70 - 80% of drilled intercept length 7,000 m of drilling on - going pursuing main structure east of the district Potential to extend prolific Tonopah District an additional 4.2 km High - grade mineralization intersected across 6.2 km of strike length LEGEND EXTENDING THE HISTORIC TONOPAH DISTRICT
Page 20
Page 20 Tailings Hughes Project Boundary 2026 Auger Hole Previous Auger Hole Located exclusively on private land ~0.25 km from US Highway 6 2.74M AgEq Contained within 1.26 Mt INFERRED: TAILINGS 68 g/t AgEq Enhanced recoveries expected through application of modern processing & metallurgical techniques Potential Low - Capital opportunity to convert previously discarded material into payable metal production Dual value proposition of positive cash flow & environmental remediation Metallurgical Testwork Ongoing to Confirm Reprocessing Potential of Historic Mine Tailings * g/t = grams per tonne; Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag – 90%, Au – 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)). HUGHES TAILINGS Near - Term, Low - Capital Production Potential from Historic Tailings
Page 21
Page 21 K Tons 168.6M AgEq Contained within 15.6 Mt INFERRED Grade: Both Resource zones host multiple intercepts over 2,000 g/t AgEq * Scale: Only 2 out of 35 mineralized prospects across a 60 km trend have seen systematic exploration Located in a premier mining jurisdiction with a long history of responsible resource development 336 g/t AgEq 10,000 m drill program ongoing to target both resource growth and new polymetallic occurrences Equivalencies are calculated using ratios with metal prices of US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1, 850 /oz Au, and US$23/oz Ag and recoveries of 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au. AgEq* (g/t) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (g/t) x 1] + [Au (g/t) x 91.93] RED MOUNTAIN HIGHLIGHTS
Page 22
Page 22 K Tons LEGEND >500 AgEq* >150 AgEq* <150 AgEq* Drill Hole Pierce Point 250 m Looking southeast Surface Planned Pit Shell Higher - Grade Shoots 672 g/t AgEq over 36.10m DC98 - 40 1,333 g/t AgEq over 6.80m DC18 - 77 344 g/t AgEq over 12.30m DC25 - 108 1,988 g/t AgEq over 6.10m DC18 - 79 216 g/t AgEq over 12.35m DC25 - 111 • Equivalencies are calculated using ratios with metal prices of US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1, 850 /oz Au, and US$23/oz Ag and recoveries of 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au. AgEq* (g/t) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (g/t) x 1] + [Au (g/t) x 91.93] 606 g/t AgEq over 9.65 m DC25 - 113 Higher - Grade Shoots Higher - Grade Shoots DRY CREEK LONG SECTION
Page 23
Page 23 Equivalencies are calculated using ratios with metal prices of US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1, 850 /oz Au, and US$23/oz Ag and recoveries of 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au. AgEq* (g/t) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (g/t) x 1] + [Au (g/t) x 91.93] LAST CHANCE CORRIDOR 60km Trend SHEEP CREEK TARGET HISTORIC DRILLING • 130 m of 1.4% Zn, 0.6% Pb, 0.04% Sn Incl . 25 m of 2.5% Zn , 0.5% Pb , 0.13% Sn HISTORIC ROCK CHIP SAMPLING • 306 g/t Ag, 4.3% Zn, 3.98% Pb, 0.18% Cu FOMO TARGET 2025 ROCK CHIP SAMPLING • 1,793 g/t AgEq * ( 23.2% Zn, 10.05% Pb, 2.54% Cu, 74 g/t Ag) • 1,138 g/t AgEq * (9.27% Zn, 11.65% Pb, 2.40% Cu, 54 g/t Ag) DRY CREEK SYNCLINE Deposit / Inferred Resource High Priority Targets Additional Prospects Project Boundary WEST TUNDRA FLATS DEPOSIT DRY CREEK DEPOSIT SILVER47 DRILLING • 24.5 m of 486 g/t AgEq * ( 55 g/t Ag, 1.99 g/t Au, 4.08% Zn, 1.32% Pb, 0.10% Cu) • 22.3 m of 601 g/t AgEq * ( 106 g/t Ag, 0.82 g/t Au, 5.86% Zn, 2.6% Pb, 0.13% Cu) GLACIER CREEK EAST GLACIER CREEK WEST WEST TUNDRA FLATS EAST HISTORIC DRILLING • 1.4 m of 17.4% Zn, 3.9% Pb, 90 g/t Ag, 0.23 g/t Au, 1.6% Cu HISTORIC ROCK CHIP SAMPLING • 616 g/t Ag, 18.7% Zn, 5.4% Pb, 2.5% Cu, 0.33 g/t Au HUNTER TARGET Targeting Resource Growth at Dry Creek : 3,000 m will focus on expanding the inferred 168.6 million silver equivalent ounce resource (336 g/t AgEq*). Discovery Drilling at District - Scale Targets : 7,000 m will test numerous largely undrilled polymetallic massive sulfide occurrences across the 60 km trend. U.S. Silver & Critical Mineral Focus : Summer program will target U.S. silver and critical minerals, positioning the project as a strategic American source of high - demand materials. 2026 EXPLORATION PROGRAM
Page 24
Page 24 MRE covers only 2.4 of the 77 km of known vein and structure present Excellent metallurgical recoveries 97% Silver & 98% Gold Significant Resource upside with under - explored targets Inferred Mineral Resources for the Mogollon Project are presented using a 175 g/t AgEq Cutoff Grade. For Mogollon Project Inferred Mineral Resources, AgEq is based on silver and gold prices of US$25/oz and US$2,100/oz respectively, and metallurgical recoveries of 97% and 97% for silver and gold, respectively. AgEq Factor= (Ag Price / Au Price) x (Ag Rec / Au Rec); g AgEq/t = g Ag/t + (g Au/t / AgEq Factor). *AgEq is calculated using US$20/oz Ag, US$1,800/oz Au, with metallurgical recoveries of Ag - 90% and Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)). True thicknesses are estimated to be 70 - 80% of drilled intercept length Total Size: 7,730 acres 4,058 g/t AgEq* 397 g/t Ag, 43.3 g/t Au (Outcrop) 8,475 g/t AgEq* 873 g/t Ag, 5.39 g/t Au, 4.43% Cu (Float) 3,652 g/t AgEq* 221 g/t Ag, 39.3 g/t Au, 0.8% Cu (Dump) N 6,956 g/t AgEq* 471 g/t Ag, 71.1 g/t Au, 4.2% Cu (Dump) 5 km New Mexico Mogollon Project 100% owned 0 - 0.5 0.5 - 10 10 - 50 50 - 100 100 - 8,475 AgEq* (g/t) LEGEND Mogollon Claims Veins and Faults 9 km 367 g/t AgEq 32.08M AgEq INFERRED Contained within 2.72 Mt MOGOLLON PROJECT HIGHLIGHTS Inferred Resource
Page 25
Page 25 MOGOLLON PROJECT LONG SECTION *Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag – 90% and Au – 95% 2 km South Queen Eberle Clifton Consolidated Extension Deadwood Fannie 393* 7.4m inc. 2,735* 0.5m MOG23 - 20 1,133* 1.6m MOG23 - 21 445* 16.6m inc. 640* 9.9m MOG22 - 10 448* 31m inc. 1,891* 1.8m MOG22 - 05 500 m LEGEND 7.4m 393 g/t AgEq* Intercept Length >100 g/t AgEq* >50 g/t AgEq* >500 g/t AgEq* <50 g/t AgEq* Drill hole pierce point Historic underground sample Critical Mass Window on 2 km of Private Land ~32 Moz AgEq* Resource Upside
Page 26
Page 26 BUNKER HILL PRODUCTION ANCHORS A CATALYST - RICH GROWTH PIPELINE 10,000 m ongoing 7,000 m ongoing On - going metallurgical work Updated MRE PEA Exploration to restore historic 50/50 silver to zinc ratio First Concentrate Produced Achieve Commercial Production Operating Guidance to be Provided Q3 2026 Q4 2026 Q1 2027 Q2 2027 Production Re - Rating at Bunker Commercial Production Operating Guidance Cate 8 Vein Extension Bunker 2.0 Exploration at Bunker Drilling at Red Mountain Drilling at Hughes Hughes Tailings Advancing Red Mountain Resource, Addition to Mine Plan, and Mining Exploration to Restore Historic 50/50 Silver to Zinc Ratio Potential to reprocess Hughes tailings deposit to generate revenue in the near - term Expansion to 2,500 tpd with US$150M EXIM Support
Page 27
Page 27 U.S. Precious and Critical Minerals Developer and Producer Strengthened Balance Sheet and Access to Capital to Advance Exploration/Expansion Substantial Re - Rate Potential as Production Commences at Bunker Hill Greater Potential for Index Inclusion , Follow On Buying, and Further Institutional Ownership Enhanced Capital Markets Profile with Greater Scale, liquidity, and Market Support Major Project Pipeline and Optionality with Red Mountain, Hughes, and Mogollon ‘Made in America’ Story with Strategic Partnerships in Place Showing Strong Support Proven Leadership Team with Complementary Skillsets and Experience COMPANY HIGHLIGHTS
Page 28
Page 28 BUNKER HILL MINERAL RESOURCE CLASSIFICATION Tonnes Ag Zn Pb ZnEq AgEq Ag Zn Pb ZnEq AgEq (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 TOTAL M&I 7.1 31 5.4 2.4 8.3 309 7.1 766 338 1,165 69.9 INFERRED 6.9 48 5.0 2.9 8.6 322 10.5 688 399 1,196 71.8 MINERAL RESERVE CLASSIFICATION Tonnes Ag Zn Pb ZnEq AgEq Ag Zn Pb ZnEq AgEq (Mt) (g/t) (%) (%) (%) (g/t) (Moz) (kt) (kt) (kt) (Moz) PROBABLE 3.2 35 5.8 2.6 8.9 333 3.6 372 166 570 34.2 SILVER47 CLASSIFICATION Project Tonnes Ag Au Zn Pb Cu AgEq Ag Au Zn Pb Cu AgEq (Mt) (g/t) (g/t) (%) (%) (%) (g/t) (Moz) (koz) (kt) (kt) (kt) (Moz) INFERRED Red Mountain 15.6 71 0.4 3.4 1.4 0.2 336 36 214 532 216 26 168.6 INDICATED Hughes 1 188 1.6 - - - 333 5.8 49 - - - 10.3 INFERRED Hughes (In Situ) 2.4 204 2.4 - - - 421 15.9 188 - - - 32.9 INFERRED Hughes (Tailings) 1.3 44 0.3 - - - 68 1.8 11 - - - 2.7 INFERRED Mogollon 2.7 139 2.7 - - - 367 12.1 238 - - - 32.1 TOTAL INDICATED MINERAL RESOURCES 1 188 1.6 - - - 333 5.8 49 - - - 10.3 TOTAL INFERRED MINERAL RESOURCES 22 98 0.9 2.4 1 0.1 334 65.8 651 532 216 26 236.3 AgEq figures calculated at each respective NI 43 - 101 technical report’s commodity prices utilized for resource estimation. Bunke r Hill: US$20/oz Ag, US$1.00/lb Pb & US$1.20/lb Zn. Red Mountain: US$23/oz Ag, US$1,850/oz Au, US$1.25/lb Zn, US$0.95/lb Pb & US $4.03/lb Cu. Mogollon: US$25/oz Ag & US$2,100/oz Au. Hugh US$25/oz Ag & US$2,100/oz Au. PRO FORMA MINERAL RESOURCE & RESERVE SUMMARY
Page 29
Brenda Dayton Vice President, Investor Relations brenda.dayton@bunkerhillmining.com Galen McNamara CEO & Director info@silver47.ca