Mr. Sam Ash reports

VALUE CREATION THROUGH EXPLORATION

Bunker Hill Mining Corp. has provided an update on its planned resource conversion and exploration activities for 2024.

Sam Ash, chief executive officer, said: "In addition to restarting the Bunker Hill mine in 2024, the company's geologists, led by our new chief geologist, Mark Crouter, intend to expand our resources, as well as highlight some of the significant geological upside potential contained within our 5,800-acre claim package. We look forward to discussing this on the 6ix video call on Monday or in person at the Bunker Hill booth at the AME Roundup Conference in the Vancouver Conference Centre next week."

Project update

Engineering of the main process plant is advancing on track with deep pier establishment scheduled to commence in the next month as part of geotechnical stabilization and preparation of the land for the construction of the process plant and tailings filtration plant within the Bunker Hill yard.

Preparations are continuing to move all administrative and other staff out of the existing office buildings before they are demolished next month. This will create extra space in the yard for the tailings filtration plant and associated material handling. Administrative and technical staff will be moving into new facilities, adjacent to but outside of the processing yard, thereby reducing foot and vehicle traffic within the processing yard.

Up the hill from the Bunker yard and adjacent to the expanded Russell tunnel, the Wardner mining operating yard has recently received an office building, which was transferred from Teck's Pend Oreille closed mine site. This mining operating base is also benefiting from additional investment into surface maintenance facilities and supporting infrastructure, sufficient to support continuing and planned refurbishment of the underground infrastructure. This includes the installation of refurbished ventilation systems before starting planned underground resource conversion, expansion and exploration drilling.

All main civil, structural and mechanical outputs are on track to be at IFC before year-end. Its long-lead item procurement has resulted in purchase orders having already been issued for the pre-engineered metal building, ore silo, conveyors, ball mill starter motor, thickeners tanks and inching drive. Refurbishment of the Pend Oreille mill equipment -- the source of most mill components -- is advancing on track, concurrent with the move to site of the mill bought from the Golden Sunlight mine in Montana by the end of January.

Exploration value creation strategy

The planned work program for 2024 is expected to cost $715,000 and is expected to include 2,500 metres of core drilling.

2024 execution timeline and key catalysts

This work will be led by Mr. Crouter and will be conducted to deliver the exploration products.

Resource conversion

Following the establishment of upgraded UG ventilation systems and starting in April, 2024, a 2,500-metre UG drilling program is planned to commence, which intends to convert 6.9 million tons of inferred mineralization into measured and indicated resources. A conversion rate of greater than 75 per cent is anticipated, which has the potential to add more than five years to the current life of mine.

The results of this drilling are expected to inform an updated resource statement, which the company plans to issue in fourth quarter 2024.

Near-mine exploration

The opportunity to apply modern exploration techniques in conjunction with over 100 years of detailed geologic records presents a unique opportunity to identify and test high-quality exploration targets in close proximity to existing mine workings. In addition to resource conversion drilling, a program of near-mine exploration drilling is being planned for 2024. The focus of this drilling will initially focus on adding additional resources in the upper levels of the mine, where the infrastructure is in place to support drilling. Its goal in 2024 is to add additional resources to its mineral inventory.

New target exploration

The existing mine footprint at Bunker Hill covers approximately one-third of the full claim package. Based on the exciting results of a modern 3-D geophysics survey conducted in 2021, it is generating high-potential drill targets. The potential associated with these targets -- all near surface and close to existing infrastructure -- could result in the discovery of a completely new area of mineralization at Bunker Hill.

Qualified person

Scott E. Wilson, CPG, president of RDA, a consultant to the company, is an independent qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and is acting as the qualified person for the company. He has reviewed and approved the technical information summarized in this news release, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

About Bunker Hill Mining Corp.

Under new Idaho-based leadership, Bunker Hill intends to sustainably restart and develop the Bunker Hill mine as the first step in consolidating a portfolio of North American mining assets with a balanced focus on silver and critical metals.

We seek Safe Harbor.