Mr. Sam Ash reports

BUNKER HILL ENTERS 2026 WITH STRONG MOMENTUM POSITIONED AS A NEW U.S. CRITICAL METALS PRODUCER

Bunker Hill Mining Corp. today provided a year-end summary of its 2025 progress at the Bunker Hill mine in Idaho's Silver Valley and has outlined its priorities for 2026.

"Two thousand twenty-five was a year of foundational progress for Bunker Hill as we continued to advance the mine toward production safely," said Sam Ash, president and chief executive officer of Bunker Hill Mining. "As we move into 2026, our focus shifts to production and free cash generation. With most of the critical infrastructure in place, a strengthened operating team and an efficient commissioning plan, we are well positioned to have Bunker Hill start to inject its critical metals into the U.S. supply chain and unlock significant value for our stakeholders."

2025 year in review: advancing safely toward production and positive cash flow

Concurrent with its balance sheet restructuring, Bunker Hill focused on the disciplined execution of its mine restart plan, prioritizing safety, environmental stewardship, infrastructure readiness, technical derisking and organizational development. Key milestones met during the year included:

Safety leadership, environmental management and community engagement

• Closed 2025 with zero lost-time injuries (LTIs), marking the third consecutive year without an LTI;
• Continued 100-per-cent compliance with all environmental permits, a critical standard in all jurisdictions and particularly imperative within a U.S. Superfund site;
• All necessary permits are secured from key state and federal regulators for operations to restart;
• Bunker Hill welcomed local stakeholders and investors to the site through community days and on-site tours, reinforcing transparency, engagement and confidence in the company's development strategy.

Geology, engineering and mine planning -- optimizing the restart plan, increasing the silver content

• Collaboration with VRIFY AI-assisted mineral discovery platform to target higher-grade silver mineralization. The collaboration leverages AI-driven integration of extensive historical and modern data sets to refine geological models, identify structural and grade controls, and prioritize drill targets with potential to add higher-grade silver ounces near existing infrastructure.
• Mine planning has been updated to prioritize improved operating margins by targeting higher silver extraction rates.
• Metallurgical testwork focused on ensuring marketable concentrate grades while maximizing payable recoveries of silver, lead and zinc. Over all recoveries of 89 per cent for silver, 87 per cent for lead and 92 per cent for zinc can be expected.
• Bunker Hill's operational readiness program continues to accelerate, with multiple critical workstreams advancing in parallel to support a disciplined transition into operations. The program is focused on strengthening organizational capability, finalizing operating and maintenance systems, and embedding safety and reliability ahead of start-up, with the objective of reducing execution risk and positioning the operation for a stable and efficient ramp-up.

Underground mine -- preparation for mining

• Continued underground rehabilitation and access development, ensuring connectivity between Russell Portal, mining areas and historic workings;
• Significant advancements in ventilation, ground support, communications and water management systems have been achieved, including ramp access to the Russell Portal at the 8-3 level, ensuring access to the first three years of ore;
• Continuing refurbishment and readiness work at the surface infrastructure at Wardner in preparation for commissioning activities;
• Acceleration of ramp development to 9-Level to access additional silver exploration opportunities;
• Executed a lease-to-own contract with Caterpillar to upgrade the underground mining equipment fleet.

Surface facilities -- final construction and start of commissioning

• Processing plant construction and commissioning ended the year at 88 per cent completion, with phased commissioning starting in January: on track to support an expected mine restart in H1 2026;
• Tailings filter press construction and commissioning ended the year at 56 per cent complete, and on track to support an expected mine restart in H1 2026. Superstructure in place, ready to have Metso install the filter press in January.

Balance sheet -- strengthened and derisked

Bunker Hill successfully completed a comprehensive refinancing package with key strategic partners, materially strengthening the company's balance sheet and reducing financial risk as the project advances toward production. The transaction extended debt maturities to 2030, reduced outstanding debt by approximately 39 per cent, and lowered the effective cost of capital by reducing royalty and stream obligations from 11.85 per cent to 5 per cent. In addition, the company secured incremental funding of $68-million (U.S.) fully finance remaining project milestones, enhancing liquidity and providing a clear line of sight to initial production. Collectively, these actions meaningfully improve financial flexibility and position Bunker Hill to execute its restart plan with increased certainty.

2026 outlook: to deliver production and positive cash flow

The company enters 2026 focused on production, positive cash generation, resource expansion and increasing the relative quantity of silver in the Bunker Hill mine plan.

Resource and growth initiatives

• Evaluation of near-mine and district-scale exploration opportunities, including those near-surface targets identified by geophysical survey, Ranger-Page project and other adjacent assets, with the objective of extending mine life, increasing silver content and enhancing long-term value;
• Continuing review of opportunities to convert historic resources and known mineralization into National Instrument 43-101-compliant resources over time.

Metal price environment

Silver, zinc and lead prices have strengthened materially relative to the commodity price assumptions used in the company's most recent technical studies for Bunker Hill mine. Those studies were prepared using long-term metal price assumptions consistent with industry norms at the time of publication.

While the company has not updated its technical studies to reflect current market prices, sustained strength in metal prices -- if realized -- could have a favourable impact on project economics relative to the assumptions underlying prior studies. Any such potential benefits would be driven by pricing alone and would not require changes to the existing mine plan, processing flowsheet or capital cost assumptions.

Bunker Hill's exposure to silver and base metals, combined with its brownfield restart profile and existing infrastructure, provides meaningful leverage to favourable commodity markets while maintaining a disciplined, technically conservative development approach.

About Bunker Hill Mining Corp.

Bunker Hill Mining is a United States-based mineral exploration and development company advancing the restart of the historic Bunker Hill mine, a past-producing zinc, lead and silver asset located in northern Idaho's prolific Coeur d'Alene mining district. One of the most storied base and precious metals areas in North America, the Silver Valley has a long history of production and established infrastructure.

The company is focused on unlocking the remaining value of this high-quality brownfield asset through modern exploration, disciplined project development and responsible mining practices. With a singular strategic focus on Bunker Hill, the company is positioned to maximize shareholder value while revitalizing a cornerstone asset in a premier American mining jurisdiction.

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