Bunker Hill Mining Corp. Reports $25.3 Million Net Loss for Fiscal Year 2024

Bunker Hill Mining Corp. reported a net loss of $25.3 million for the fiscal year ending December 31, 2024, compared to a net loss of $13.4 million in the previous year. The company's total operating expenses increased to $15.6 million from $11.6 million, primarily due to heightened activity related to the construction of the process plant. Despite these losses, the company has not generated any revenue from operations, maintaining a focus on the development and restart of its flagship Bunker Hill Mine in Idaho, which has historically produced over 165 million ounces of silver and 5 million tons of base metals.

The company's financial position has seen significant changes, with total assets rising to $97.6 million from $62 million, largely due to investments in the process plant and mining interests. However, total liabilities also increased substantially to $149.7 million from $88.4 million, driven by the issuance of a new silver loan and additional debt facilities. As of December 31, 2024, Bunker Hill reported a working capital deficit of $20.3 million and a shareholders' deficiency of $52.1 million, raising concerns about its ability to continue as a going concern without securing additional financing.

Strategically, Bunker Hill has made notable advancements, including the completion of a $67 million project finance package with Sprott, which consists of a $46 million stream and a $21 million debt facility. In August 2024, the company entered into a silver loan agreement with Monetary Metals for up to 1.2 million ounces of silver, which has been executed in multiple tranches. The company also announced plans for a significant equity financing initiative, aiming to raise up to $45 million to support ongoing development and operational needs.

Operationally, Bunker Hill has focused on enhancing its infrastructure, with significant progress made on the process plant and underground rehabilitation efforts. The company has increased its employee headcount to 40 full-time staff as of December 31, 2024, reflecting its commitment to advancing the mine's development. The anticipated restart of the Bunker Hill Mine has been pushed to 2026, with total restart expenditures now projected at $103 million, up from earlier estimates of $67 million. The company is actively seeking additional funding to meet these revised capital requirements and ensure the successful restart of operations.

Looking ahead, Bunker Hill's management has expressed optimism about securing the necessary financing and completing the planned debt restructuring. However, the company acknowledges the inherent risks associated with its operations, including commodity price volatility and regulatory challenges. The successful execution of its financing strategy will be critical to overcoming its current financial hurdles and achieving its operational goals in the coming years.