Bunker Hill Mining Corp. has entered into a definitive arrangement agreement to acquire Silver47 Exploration Corp. for approximately US$163 million in an all-share transaction combining an operational Idaho mine with an extensive U.S. exploration pipeline.

Under the terms of the agreement, Silver47 shareholders will receive 0.1724 common shares of Bunker Hill for each share held, representing an equity value of approximately US$163 million (C$225 million). Existing Bunker Hill shareholders will own roughly 57% of the combined entity, while Silver47 shareholders will hold about 43%. The business will seek to rename itself Bunker Hill Silver Corp. and maintain its Toronto Stock Exchange listing, with headquarters at the Bunker Hill Mine in Idaho’s Silver Valley.

The transaction unites the Bunker Hill Mine with Silver47’s assets across Alaska, Nevada, and New Mexico, anchored by the Red Mountain, Hughes, and Mogollon projects. The combined asset base holds an aggregate mineral resource inventory of 80 million silver-equivalent ounces measured and indicated and 308 million silver-equivalent ounces inferred.

To support the transition, Bunker Hill has arranged a US$10 million concentrate prepayment facility with Ocean Partners UK Ltd. and drawn US$1 million under an existing standby facility with Teck Resources Limited. Additionally, Silver47 has agreed to use commercially reasonable efforts to make available an unsecured debt facility of up to US$5 million.

“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. This is a 'Made in America' transaction at a time when the U.S. domestic mining industry, its investors and the users of U.S. metals need new, ambitious leaders capable of safely building and operating profitable mines as well as conducting highly prospective exploration and other strategic acquisitions.”

— Richard Williams, Executive Chairman of Bunker Hill

The operational Bunker Hill Mine is ramping up toward commercial production expected in the fourth quarter of 2026. Management intends to use cash flow from the Idaho operation to fund ongoing exploration, including a 10,000-metre summer drill program at the Red Mountain Project in Alaska and a 7,000-metre drilling campaign at the Hughes Project in Nevada.

“Combining our American silver assets with a producing mine and a supportive policy backdrop is how a U.S. champion gets built, and we look forward to building it together.”

— Galen McNamara, CEO & Director of Silver47

Completion of the arrangement requires approval from at least 66.67% of the votes cast by Silver47 shareholders and a majority of the votes cast by Bunker Hill shareholders at respective meetings scheduled to take place no later than November 15, 2026. The plan of arrangement also requires approvals from the Toronto Stock Exchange and TSX Venture Exchange, as well as a final order from the Supreme Court of British Columbia. Subject to satisfying closing conditions and receiving all necessary approvals, the companies anticipate completing the transaction in November 2026.

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