Bunker Hill Mining Corp. reported significant financial challenges for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company experienced a net loss of $8.1 million for Q3 2024, a stark contrast to a profit of $7.4 million in Q3 2023. For the nine-month period, the net loss increased to $17.6 million from a loss of $7.6 million in the prior year. This downturn was attributed to rising operating expenses, which reached $3.4 million in Q3 2024, up from $2.8 million in Q3 2023, primarily due to increased transaction volume and headcount related to the ongoing construction of the process plant.
Total assets rose to $81.7 million as of September 30, 2024, from $62.0 million at the end of 2023, driven by the valuation of the process plant, which increased to $48.4 million from $17.5 million. However, total current liabilities surged to $23.5 million from $7.5 million, leading to a working capital deficit of $10.8 million and a total shareholders’ deficiency of $44.0 million.
The company reported no revenue for both the three and nine months ended September 30, 2024, and 2023, as it focuses on the development and planned restart of the Bunker Hill Mine in Kellogg, Idaho, expected to commence operations in the first half of 2025. A drilling program initiated in May 2024 aims to expand existing mineral resources.
Bunker Hill Mining also faced substantial losses on financial instruments, including a $2.1 million loss on the revaluation of a Silver Loan and a $7.5 million loss in derivative liability for Q3 2024. In contrast, the company had reported gains in these areas during the same period in 2023. Interest expenses for the nine months ended September 30, 2024, totaled $6.1 million, compared to $5.0 million in 2023.
Cash and restricted cash at the end of the reporting period stood at $11.9 million, down from $34.8 million a year earlier, reflecting a net cash decrease of $14.7 million during the nine months, primarily due to expenditures on the process plant and equipment. The company secured financing through a Silver Loan, with proceeds from the first two tranches amounting to $21.1 million.
Strategically, Bunker Hill Mining has been active in securing funding, including a $21 million debt facility with Sprott, which remains undrawn as of September 30, 2024. The company also received a non-binding Letter of Interest for a potential $150 million debt funding package in late October 2024.
About Bunker Hill Mining Corp.
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