BNKR.TO · 2021-09-20 12:00:00

Bunker Hill Announces Updated PEA: 42% Increase IN NPV to $143M, 29% Decrease IN Aisc, 41% Increase IN Fcf over Extended 11 Year MINE Life

Economic Studies

BUNKER HILL ANNOUNCES UPDATED PEA: 42% INCREASE IN NPV TO $143M,

29% DECREASE IN AISC, 41% INCREASE IN FCF OVER EXTENDED 11 YEAR MINE LIFE

Bunker Hill to Host a Webinar on Tuesday, September 21 @ 11:00am ET / 8:00am PT

HIGHLIGHTS:

• Materially improved financial returns: 143M NPV (+42% increase), 35% IRR, 2.6 year payback, $25M annual average

FCF (+28% increase) at $1.15/lb Zn, $0.90/lb Pb, $20/oz Ag (metal prices unchanged from April 2021 PEA)

• Increased use of Long-Hole Open Stoping mining drives a 29% reduction in AISC to $0.47 per pound of payable zinc

• Nearly 1 billion zinc equivalent pounds (including over 8 million o unces of silver) produced over an extended 11

year mine life. The mine’s significant high-grade silver potential outside the current resource is not included

• CEO Sam Ash and CFO David Wiens to host live interactive 6ix virtual investor event on Tuesday, Septe mber 21st

at 11:00AM ET / 8:00AM PT. Investors are invited to register for this event at: [LINK]

TORONTO, Canada, September 20, 2021 – Bunker Hill Mining Corp. (the “Company”) (CSE: BNKR, OTCQB: BHLL) is pleased

to announce an updated Preliminary Economic Assessment ( the “PEA” or the “updated PEA” ) for the Bunker Hill Mine ,

showing materially improved financial returns, free cash flow, and unit costs.

The updated PEA contemplates a $44 million initial capital cost (including 20% contingency) to rapidly restart the mine over

an 18-month period, generating approximately $25 million of annual average free cash flow over an extended 11-year mine

life while producing nearly 1 billion zinc equivalent pounds of metal, including over 8 million ounces of silver. Metal price

assumptions in the updated PEA remain unchanged from the PEA announced in April 2021 and published in June 2021 (the

“June PEA”), thereby not reflecting significant increases in zinc and lead prices since that time.

Sam Ash, CEO of Bunker Hill Mining, state d: “We are very pleased to report the results of this summe r’s mine plan

optimization work and its significant positive effect on estimated financial returns, free cash flow, and cost position relative

to April’s PEA. This is an important development milestone and affirms further the significant value to be realized from the

rapid restart of the Bunker Hill Mine for our shareholders as well as our local partners and stakeholders.”

Concurrent with engineering studies designed to further enhance the project’s economics, the Company and its advisors

are actively engaged with capital providers that have expressed an interest in financing the rapid restart of the mine.

The PEA was prepared in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI

43-101”). MineTech USA, LLC (“MineTech”) developed the mine infrastructure, capital expenditures and operating

expenditures related portions of the updated PEA as well as the mine plan and operating schedules. Certain assumptions

developed in coordination with Resource Development Associates Inc. (“RDA”) and Pro Solv Consulting, LLC. , including

metallurgical assumptions, remain unchanged from the June PEA. The Company plans to file the completed updated PEA

technical report on SEDAR within 45 days of this press release and make it available on the Company’s website. All “t”

references in this press release are to short tons and “$” references are in U.S. dollars.

Table 1 summarizes the key findings of the updated PEA relative to those in the June PEA.

Table 1: Updated PEA vs. June PEA

Updated

PEA

June

PEA

% increase /

(decrease)

Metal Prices

Zinc ($/lb) 1.15 1.15 -

Lead ($/lb) 0.90 0.90 -

Silver ($/lb) 20.00 20.00 -

Financial returns

After-tax NPV (5%) ($000) 143,471 100,737 42%

After-tax NPV (8%) ($000) 107,790 78,355 38%

After-tax IRR (%) 35.2% 46.2% -24%

Payback (years) 2.6 2.5 4%

Total Cash Flow ($'000)

EBITDA (3) (4) 383,378 298,018 29%

Pre-tax free cash flow (3) 284,999 190,944 49%

Free cash flow (3) 233,310 154,144 51%

Average Annual Cash Flow ($'000)

EBITDA (3) (4) 34,853 29,802 17%

Pre-tax free cash flow (3) (4) 29,886 23,298 28%

Free cash flow (3) (4) 25,187 19,618 28%

Mine Plan

Mine life (years) 11 10 10%

Total mineralized material mined (kt) 6,377 5,460 17%

Average zinc grade (%) 5.0% 5.5% -9%

Average lead grade (%) 2.8% 2.9% -5%

Average silver grade (oz/t) 1.5 1.5 -3%

Average zinc equivalent grade (%) (1) 8.7% 9.3% -7%

Total Production over LOM (2)

Zinc produced (klbs) 591,140 555,977 6%

Lead produced (klbs) 323,116 290,157 11%

Silver produced (koz) 8,418 7,401 14%

Zinc equivalent produced (klbs) (1) 990,416 911,773 9%

Average Unit Costs over LOM

Opex - total ($/t) 62 78 -21%

Sustaining capex ($/t) 10 14 -26%

Cash costs ($/lb Zn payable) (3) 0.33 0.49 -33%

AISC ($/lb Zn payable) (3) 0.47 0.65 -29%

(1) Zinc equivalency calculated using metal prices utilized in PEA: $1.15/lb Zn, $0.90/lb Pb, $20/oz Ag

(2) Includes zinc produced in zinc concentrate, lead produced in lead concentrate, silver produced in lead concentrate

(3) Cash costs and AISC per payable pound of zinc sold, earnings before interest, taxes, depreciation and amortization(“EBITD A”), pre-

tax free cash flow and free cash flow are non-GAAP financial measures. Please see “Cautionary Note Regarding N on-GAAP Measures”

(4) Life of mine ("LOM") data post initial capital expenditures

The PEA is preliminary in nature and includes 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. There

is no certainty that the project described in the PEA will be realized. Mineral resources that are not mineral reserves do not

have demonstrated economic viability.

Mineral Resource Inventory

As with the June PEA, the updated PEA is based on the Bunker Hill Mineral Resource, which was published on March 22,

2021, following the drilling program conducted in 2020 and early 2021 to validate the historical reserves. The PEA includes

a mining inventory of 6.4Mt, which represents a portion of the 4.4Mt Indicated mineral resource and 5.6Mt Inferred mineral

resource. Given the 1 1-year mine life, the mine plan has been based on prioritizing higher grade material. The mine

production schedule is based on an $80 per ton NSR cut-off value, representing a more refined optimization approach

relative to the June PEA in which a 5.0% zinc operating cut-off grade was utilized.

Initial Capital Costs

The majority of initial capital costs, including the process plant, shaft and tunnel rehabilitation, remain unchanged from the

June 2021 PEA. The marginal increase in total initial capital costs from $42 million (June PEA) to $44 million (updated PEA)

primarily reflects higher required up-front investment for waste development to enable the use of long-hole open stoping

(“LHOS”) as the predominant mining method in the mine plan, as opposed to the cut and fill method in the June PEA . All

initial capital expenditures continue to include a 20% contingency.

Further capital cost optimization initiatives are ongoing, including the potential purchase of used process plant equipment.

If successful, these have the potential to accelerate ramp up and reduce initial capital costs.

Mine Plan

For the updated PEA, the Newgard/Quill resource was optimized and scheduled utilizing the long-hole open stoping mining

method, whereby stopes are accessed via lateral drifts driven off of a decline ramp connecting the levels vertically. The

ramp provides ventilation, utilities, and secondary escapeway, as well as connecting the entire mine with rubber tire access.

The LHOS areas are accessed through a combination of existing excavations rehabilitated to modern mining standards, and

new excavation. Backfill requirements are provided via an underground paste plant and distribution system. The LHOS

mining results in a step change downwards in mine operating costs from $58 to $41 per ton.

Production commences approximately six months following the start of con struction, targeting 200 tons/day (“tpd”)

ramping up to 1,000 tpd over the following six months. This ramp up allows for infrastructure components to be completed

and commissioned to ensure the mine is adequately developed to maintain consistent production while taking advantage

of toll milling for pre-production revenue generation. Initially, production will be targeted above the 9 -level as the hoists

and first 200-foot section of shaft rehabilitation are completed. The mine plan is developed to allow sequential water draw

down and shaft rehabilitation between levels as new production horizons are required. This sequencing is continued to the

26-level.

Table 2: Mine Schedule

Year (1) Pre-

prod

Year

LOM

Total

June

PEA

Mineralized material mined (kt)

135

396

548

372 6,377 5,460

Zinc grade (%) 6.9% 6.6% 5.2% 6.3% 5.8% 5.1% 4.7% 5.7% 4.7% 5.2% 3.4% 2.1% 5.7% 5.0% 5.5%

Lead grade (%) 2.3% 2.3% 2.8% 2.1% 1.8% 2.2% 1.3% 2.2% 2.3% 1.8% 4.3% 6.5% 4.3% 2.8% 2.9%

Silver grade (oz/t) 0.3 0.7 1.2 1.1 0.5 1.2 1.0 1.4 1.4 1.2 2.7 3.7 2.0 1.5 1.5

Zinc eq grade (%) (2) 9.0% 9.1% 8.6% 9.0% 7.7% 8.1% 6.8% 8.9% 7.8% 7.8% 9.5% 10.9% 11.0% 8.7% 9.3%

(1) Pre-production represents the first 12 months of the initial capex period; Years 1-11 represent 12-month periods, Year 12 represents 6-month period

(2) Zinc equivalency calculated using metal prices utilized in PEA: $1.15/lb Zn, $0.90/lb Pb, $20/oz Ag

Processing

The processing flowsheet and metallurgical assumptions as envisaged in the June PEA remain unchanged, with a crushing

and milling plant to be centrally located on the 9-level, and milled material to be pumped in slurry to the flotation and paste

plant on the 5-level. The flotation plant will generate concentrates which will be transported to surface for shipment. The

paste plant will generate paste for geotechnical fill and tailings disposal in open drifts and stopes in the mine. This approach

optimizes material transport costs while eliminating the need for surface tailings disposal.

Historical metallurgical results have been used for concentrate recoveries and grade. The results were averaged for the last

five years of operation. The lead concentrate, assaying an average 67% Pb and 34 oz/t Ag, is estimated to recover 91% Pb

and 89% Ag. The zinc concentrate, assaying 58% Zn, is estimated to recover 92% Zn. Metallurgical test work remains

ongoing at RDI, with preliminary results received supporting assumptions used in the PEA.

The production schedule is presented in the Table below.

Table 3: Production Schedule

Year (1) Pre-

prod Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 LOM

Total

June

PEA

Zn conc. (t)

14,674

41,556

45,549

54,838

50,395

44,634

41,221

49,781

40,461

44,755

29,735

18,366

33,638

509,603

479,290

Pb conc. (t)

4,159

12,314

20,953

15,440

13,052

16,000

9,842

16,183

17,228

13,493

32,319

48,674

21,474

241,131

216,535

Zn prod. (klbs)

17,022

48,204

52,837

63,613

58,459

51,776

47,816

57,745

46,935

51,916

34,492

21,304

39,020

591,140

555,977

Pb prod. (klbs)

5,573

16,500

28,077

20,690

17,489

21,441

13,188

21,686

23,086

18,080

43,308

65,223

28,776

323,116

290,157

Ag prod. (koz)

238

575

515

249

603

479

700

668

576

1,320

1,792

663

8,418

7,401

Zn eq. prod.

(klbs)(2)

22,052

65,261

84,803

88,755

76,484

79,049

66,470

86,886

76,621

76,089

91,347

103,520

73,079

990,416

911,773

(1) Pre-production represents the first 12 months of the initial capex period; Years 1-11 represent 12-month periods, Year 12 represents 6-month period

(2) Zinc equivalency calculated using metal prices utilized in PEA: $1.15/lb Zn, $0.90/lb Pb, $20/oz Ag

Operating and Sustaining Capital Costs

Cash costs and AISC per payable pound of zinc sold are non-GAAP financial measures. Please see "Cautionary Note Regarding

Non-GAAP Measures".

Mine operating costs are based on experienced local contract labor and equipment for mining operations. A zero -based

efficiency and cost estimate was completed based on current underground contractors’ rates and guidance benchmarked

against other like operations. Electrical power costs are based on scheduled projected loads applying an estimated power

factor correction and applicable Avista Utilities rates for all projected mine, milling and site operations.

Mill operating costs are within guidance resulting from bench marking similar mill operations in north Idaho. Mine site

general and administrative (G&A) costs are determined based on anticipated staffing levels and similar compensation

compatible with area salaries.

All sustaining capital costs include a 20% contingency.

Annual and LOM cost metrics are presented in the Table below.

Table 4: Operating and Sustaining Capital Costs

Year (1) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 LOM

Total

June

PEA

Mining ($/t) 65

38 38

35 41 41 58

Processing ($/t) 15

15 15

15 15 15 15

G&A ($/t)

6 6

5 4 6 6

Opex - total ($/t) 90

59 59

54 59 62 78

Sustain capex ($/t) 29

8 7

1 0 10 14

Cash costs ($/lb Zn) 0.76

0.54

0.62

0.45

0.66

0.40

0.42

0.50

(0.40)

(2.18) 0.02 0.33 0.49

AISC ($/lb Zn) 1.04

0.69

0.67

0.76

0.60

0.78

0.63

0.54

0.60

(0.27)

(2.14) 0.02 0.47 0.65

(1) “Year 1" and "Year 12" are expressed on a 6-month basis; all other years on a 12-month basis

Cash Flow & Valuation

EBITDA, pre-tax free cash flow and free cash flow are non-GAAP financial measures. Please see "Cautionary Note Regarding

Non-GAAP Measures".

Post initial capital expenditures, t he project is expected to generate pre -tax free cash flow of $ 329 million (41% increase

relative to the June PEA) over its 11-year mine life and after-tax free cash flow of $275 million (41% increase relative to the

June PEA). The Company expects to reinvest a portion of its pre -tax cash flows on hi gh-grade silver targets in the existing

mine footprint and those delineated by its geophysics program, which may reduce the tax assumptions accounted for in the

project economics. Annual free cash flow increases in later years of the mine plan due to highe r silver grades at deeper

elevations.

The financial summary is presented in the Table below.

Table 5: Cash Flow & Valuation

Year in $'000

(1)

Initial

Capex Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 LOM

Total

June

PEA

Zinc revenue

24,664

51,649

62,181

57,143

50,611

46,740

56,446

45,878

50,748

33,716

20,825

38,143

538,744

521,583

Lead revenue

7,870

24,005

17,690

14,953

18,332

11,276

18,541

19,738

15,459

37,028

55,766

24,603

265,262

241,311

Silver revenue

3,110

10,917

9,778

4,740

11,464

9,103

13,295

12,694

10,950

25,085

34,055

12,605

157,797

137,286

Gross revenue

35,643

86,571

89,649

76,836

80,407

67,120

88,283

78,311

77,157

95,830

110,646

75,351

961,803

900,181

TC/RC & freight

(7,917)

(18,615)

(19,577)

(17,421)

(17,074)

(14,352)

(18,629)

(16,352)

(16,402)

(18,273)

(20,146)

(15,640)

(200,398)

(189,419)

NSR

27,727

67,955

70,072

59,416

63,333

52,767

69,654

61,960

60,754

77,557

90,500

59,711

761,405

710,762

Mining

(13,873)

(29,336)

(25,979)

(22,103)

(21,527)

(21,732)

(21,576)

(21,503)

(20,949)

(19,115)

(15,216)

(253,858)

(304,887)

Processing

(3,136)

(8,004)

(5,435)

(88,616)

(77,011)

G&A

(2,255)

(3,167)

(1,630)

(35,553)

(30,845)

EBITDA

8,463

27,448

32,922

26,141

30,634

19,864

36,907

29,286

28,634

45,437

60,213

37,429

383,378

298,018

Sustain capex

(6,190)

(6,725)

(6,876)

(6,832)

(6,507)

(4,834)

(11,215)

(4,811)

(4,440)

(3,931)

(685)

(54)

(63,098)

(73,503)

Initial capex

(43,743)

(42,034)

Salvage

8,463

Pre-tax FCF

(43,743)

2,273

20,723

26,046

19,310

24,127

15,030

25,692

24,475

24,195

41,506

59,529

45,838

284,999

190,944

Taxes

(517)

(268)

(2,500)

(4,706)

(3,003)

(4,112)

(1,446)

(4,964)

(3,749)

(3,316)

(6,999)

(9,789)

(6,323)

(51,690)

(36,800)

FCF

(44,260)

2,006

18,223

21,340

16,307

20,016

13,584

20,728

20,726

20,879

34,507

49,740

39,515

233,310

154,144

Annual metrics - post initial capex (2)

Gross revenue

79,402

88,793

82,917

77,791

73,763

77,701

83,297

77,734

86,493

103,238

130,674

961,803

900,181

EBITDA

22,252

30,837

29,515

27,687

25,249

28,385

33,096

28,960

37,035

52,825

67,535

383,378

298,018

Pre-tax FCF

12,882

24,088

21,897

21,548

19,578

20,361

25,083

24,335

32,850

50,517

75,602

328,742

232,978

FCF

11,365

20,485

18,042

17,991

16,800

17,156

20,727

20,803

27,693

42,124

64,385

277,570

196,498

NPV (5%)

143,471

NPV (8%)

107,790

IRR (%) 35.2%

Payback (years)

2.6

(1) Initial capex period is expressed on an 18-month basis; "Year 1" and "Year 12" are expressed on a 6-month basis; all other years on a 12-month basis

(2) All metrics expressed on a 12-month basis, beginning after the 18-month initial capex period

Sensitivities

The tables below summarize the after-tax sensitivities of NPV and IRR, with respect to metal prices and costs.

Table 6: Sensitivities

Metal Prices

Operating & Capital Costs

NPV (5%)

($M)

Zinc Price ($/lb) Operating Costs (+/- %)

143 0.85 1.00 1.15 1.30 1.45 143 -20% -10% 0% 10% 20%

Lead

Price

($/lb)

0.70 19 66 110 154 198 Total

Capital

Costs

(+/-

-20% 210 185 159 133 107

0.80 37 83 127 171 215 -10% 203 177 151 125 100

0.90 55 99 143 187 232 0% 195 169 143 118 92

1.00 72 116 160 204 249 10% 187 162 136 110 84

1.10 89 133 177 221 266 20% 180 154 128 102 77

IRR (%)

Zinc Price ($/lb) Operating Costs (+/- %)

0 0.85 1.00 1.15 1.30 1.45 0 -20% -10% 0% 10% 20%

Lead

Price

($/lb)

0.70 8% 18% 28% 40% 53% Total

Capital

Costs

(+/-

-20% 63% 53% 43% 35% 28%

0.80 11% 21% 32% 44% 57% -10% 56% 47% 39% 32% 25%

0.90 14% 24% 35% 47% 61% 0% 51% 43% 35% 29% 23%

1.00 18% 27% 39% 51% 65% 10% 46% 39% 32% 26% 20%

1.10 21% 31% 42% 55% 70% 20% 42% 35% 29% 23% 18%

QUALIFIED PERSON

Mr. Scott E. Wilson, CPG, President of Resource Development Associates Inc. and a consultant to the Company, is an

Independent “Qualified Person” as defined by NI 43 -101 and is acting at the Qualified Person for the Company. He has

reviewed and approved the technical information summarized in this news release.

UPCOMING EVENTS

6ix Investor Event

September 21, 2021 @ 11:00am ET / 8:00am PT

Join Us: [LINK]

StockPulse Silver Symposium

September 27-28, 2021

Join Us: REGISTER NOW

ABOUT BUNKER HILL MINING CORP.

Under new Idaho -based leadership, Bunker Hill Mining Corp . intends to sustainably restart and develop the Bunker Hill

Mine as the first step in conso lidating a portfolio of North American precious -metal assets with a focus on silver.

Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR and EDGAR

databases.

For additional information contact: [email protected]

CAUTIONARY STATEMENTS

Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-

looking statements are within the meaning of that term in Section 27A of the 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.

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 terminology

such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”,

“potential”, “continue” or other similar expressions concerning matters that are not historical fa cts. 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 statements are based on information currently available to the Compa ny, the

Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other

factors involved with forward -looking information could cause actual events, results, performance, prospects and

opportunities to differ materially from those expressed or implied by such forward -looking information. The key risks and

uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory

requirements and actions by governmental authorities, including changes in government policy, government ownership

requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments

with respect to the coronavirus disease 2019 ( “COVID-19”) pandemic, including the duration, severity and scope of the

pandemic and potential impacts on mining operations; and other risk factors detailed from time to time in the Company’s

reports filed on SEDAR and EDGAR. Forward -looking information and statements in this news release include statements

concerning, among other things: the potential of the Bunker Hill Mine to be re -started rapidly as a low -cost, long life,

sustainable operation based on the results of the PEA; the PEA representing robust financial returns; the potential of the

restart 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 for filing the PEA technical report; the timin g, amount and

duration of future production; future cash costs and AISC; commodity prices; the estimated capital and operating costs; the

Company’s ability to discover new mineralization; the Company’s ability to self-fund high-grade silver exploration efforts to

further increase cash flow margins; the timing for the Company’s progression of further technical studies and project finance

discussions; potential sustainability impacts based on the results of the PEA, including the Bunker Hill Mine’s developmen t

and operations generating new jobs in Shoshone County, with such job creation having the potential to reduce

unemployment in the county, procurement by the Bunker Hill Mine injecting additional funds into the local economy

annually, and the Bunker Hill M ine achieving carbon neutrality in year one of operations and maintaining a minimal

environmental footprint for the LOM; the potential for a reduction in the production of acid rock drainage; the potential for

a reduction in the challenge and cost of water management; LOM capital improvements; metal recoveries; the Company’s

plans to reinvest a portion of its pre -tax cash flows on its high -grade silver program; the Company’s goal to significantly

increase free cash flow in the earlier years of the PEA based on its ongoing high -grade silver exploration program; the

estimates of free cash flow, net present value and economic returns from the Bunker Hill Mine based on the results of the

PEA; opportunities to increase the economics of the Bunker Hill Mine; our p lans and expectations for the Bunker Hill Mine;

and the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual

results to differ materially from such forward-looking information include, but are not limited to: the ability to predict and

counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID19 on

the price of commodities, capital market conditions, restriction on labor and international travel and supply chains; failure

to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility

study which recommends a production decision; the preliminary nature of metallurgical tes t results; delays in obtaining or

failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity

markets; uncertainties relating to the availability and costs of financing needed in the future; the in ability of the Company

to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company

to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill Mine Complex; inflation;

changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; 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 and EDGAR. Although the

Company believes that the assumptions and factors used in preparing the forward-looking information in this news release

are reasonable, undue r eliance should not be placed on such information, which only applies as of the date of this news

release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company

disclaims any intention or obligation to update or revise any forward -looking information, whether as a result of new

information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other

regulatory authority has approved or disapproved the information contained herein.

Cautionary Note to United States Investors

This press release 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 press release have been disclosed in accordance with NI 43 -101 and the Canadian Institute of Mining, Metallurgy,

and Petroleum Definition Standards on Mineral Resources and Min eral 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 press release may not be comparable to similar information disclosed by U.S. companies. In

particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”.

Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the

mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The

SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”,

“indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in

mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. Investors are cautioned

not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors

should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great

uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral

resource” will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of an

“inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is

permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization

that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The

requirements of NI 43-101 for disclosure of “reserves” are also not the same as those of the SEC, and reserves disclosed by

the Company in accordance with NI 43 -101 may not qu alify as “reserves” under SEC standards. Accordingly, information

concerning mineral deposits may not be comparable with information made public by companies that report in accordance

with U.S. standards.

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