Bunker Hill Mining Corp. has agreed to acquire all shares of Silver47 Exploration Corp. in an all-share transaction valued at approximately US$163 million (C$225 million). Silver47 shareholders will receive 0.1724 Bunker Hill shares for each share held. Upon completion, existing Bunker Hill shareholders will own about 57% of the combined company, with Silver47 shareholders holding 43%. The entity will seek to rename itself "Bunker Hill Silver Corp." and maintain its Toronto Stock Exchange listing.

The transaction combines the operating Bunker Hill Mine in Idaho’s Silver Valley with Silver47’s U.S. pipeline, including the Hughes Project in Nevada, the Red Mountain Project in Alaska, and the Mogollon Project in New Mexico. Operating cash flow from the Bunker Hill Mine, alongside a strengthened cash balance and arranged financing, will fund exploration and development across the portfolio.

Bunker Hill has arranged a US$10 million concentrate prepayment facility with Ocean Partners UK Ltd. and drawn US$1.0 million under its standby facility with Teck Resources Limited. The combined company will hold mineral resource inventory of 80 million ounces of silver equivalent measured and indicated and 308 million ounces inferred.

“As Bunker Hill advances towards commercial production targeted in the fourth quarter of 2026, we are very excited to partner with Silver47 to add depth to our leadership team, strengthen the balance sheet and add silver and critical metals potential to an exclusively U.S.-based project portfolio.”

“Very few teams in the U.S. have restarted a mine in a district with as much history and as much scrutiny as the Silver Valley. Sam Ash and the Bunker Hill team have brought the Bunker Hill Mine back into operation — safely, and with the confidence of their regulators, their community, and the State of Idaho.” — Richard Williams, Executive Chairman of Bunker Hill, and Galen McNamara, CEO & Director of Silver47

Bunker Hill is advancing its flagship mine toward commercial production targeted for the fourth quarter of 2026, supported by an anticipated production ramp-up from over 980,000 ounces of silver equivalent in 2026 to over 2.5 million ounces in 2027.

Completion of the arrangement is subject to customary conditions, including court approval by the Supreme Court of British Columbia, regulatory approvals, and approval by at least 66 2/3% of the votes cast by Silver47 shareholders and a majority of the votes cast by Bunker Hill shareholders. Both companies will hold special shareholder meetings no later than November 15, 2026, to vote on the transaction. Directors, officers, and certain shareholders holding approximately 6.3% of Silver47 shares and 51.5% of Bunker Hill shares have entered into voting support agreements in favour of the arrangement.

Read the full announcement: Bunker Hill and Silver47 Announce Merger to Create a ‘Made in America’ U.S. Silver & Critical Minerals Champion