Mr. Sam Ash reports

BUNKER HILL MINING PROVIDES CORPORATE UPDATE, CONFIRMING PROJECT RESTART ON TRACK FOR H1 2026, IMPROVED METAL MIX, AND SEVERAL NEW AI-VALIDATED EXPLORATION OPPORTUNITIES

Bunker Hill Mining Corp. has provided a corporate update to highlight that the mine restart for H1 2026 is on schedule and budget, improved project economics driven by silver and metal prices, and artificial-intelligence-enabled validation of high-priority exploration targets.

"Bunker Hill remains undervalued relative to other publicly traded silver companies, particularly when considering our advanced restart status, U.S. jurisdiction and growing silver exposure," said Sam Ash, president and chief executive officer of Bunker Hill Mining. "That disconnect is not expected to persist. As we progress towards initial production, ramp up commercial production and deliver meaningful exploration results over the coming year, we believe the market will increasingly recognize the asset's intrinsic value. We are executing on fundamentals and the catalysts ahead are clear."

Mine restart advancing on schedule and budget

The restart of the Bunker Hill mine in Idaho's Silver Valley continues to advance on schedule and within budget. Construction of the process plant is now 88 per cent complete, with the Main Ball mill turning, flotation motors being bump-tested and the process plant formally in the commissioning phase. The previously delayed tailings filter plant is progressing and is now close to 60 per cent complete. The tailings filter plant building is close to being structurally complete, with the last two weeks focused on installing the filter press with onsite Metso supervision. First production is targeted for H1 2026. Key milestones achieved this year are listed below and represent the continuing safe and sustainable transition from construction/rehabilitation activity into final commissioning and readiness for operations.

• Continued safety and environmental excellence. Bunker Hill has now recorded over three years without a lost-time incident and had a 2025 full-year total recordable incident rate of 1.23, roughly half of the national average. On Dec. 3, 2025, MSHA recategorized the Bunker Hill mine from active: non-producing to active: producing. The company received its multisector general permit (Stormwater) on Aug. 8, 2025, and the company's air permit on Sept. 29, 2025. The company also has maintained 100-per-cent compliance with all environmental permits and reporting requirements.
• Underground development and preparation for mining: Infrastructure rehabilitation and lateral development are progressing as planned, with multiple high-priority mining areas now accessible and prepared for production sequencing. Ventilation, underground communications and power links are fully established. This progress is supported by the phased influx of new CAT mechanized mining equipment, an expanded mine planning/engineering team and further optimization of the mine plan. Approximately 20,000 tons of ore are stockpiled underground, ready to support plant commissioning through start-up and into production.
• Surface infrastructure: Completion and commissioning of key surface facilities in the Kellogg yard remain on track, with no delays. The commissioning of the 1,800-tonne-per-day process plant began on schedule and is accelerating, concurrent with the installation of the tailings filter press within the steel superstructure, slightly ahead of schedule.
• Team buildout: In a competitive market, the company is recruiting and onboarding experienced operations and technical teams with the relevant expertise in underground mining, asset management, and safety to support the mine restart and subsequent development. Since Q4 2025, particular focus has been on the technical team supporting underground mining operations. Since that point, the following roles have been recruited into the full-time Bunker Hill site team:
  • Chief geologist;
  • Senior geologist;
  • Ore control geologist;
  • Mine engineer;
  • Technical services manager.

An experienced recruiter has been brought in house to support the ramp-up of recruiting and the team continues to recruit high-quality miners from within the Silver Valley. Additional electricians and mechanics have also been recruited. On the processing side, the team is starting to recruit the first of three planned waves of operational teams to run the process plants and tailings filter plants.

Silver price strength enhances project economics

Recent strength in the silver price has materially improved the company's projected revenue mix. Based on current pricing assumptions, silver and base metals are now expected to contribute approximately 50/50 to revenue, compared with prior forecasts that weighed more heavily toward base metals.

As a result, projected cash flow and operating margins are expected to exceed prior internal planning assumptions, providing increased financial flexibility and leverage to silver price upside. This adjustment to the metal revenue mix, combined with further continuing optimization of the mine plan, positions Bunker Hill as a potential near-term United States silver producer with meaningful base-metal credits.

High-priority exploration targets validated

The company seeks to both expand the quantity of its resources and reserves and increase the relative quantity of silver mineralization within the mine plan. To that end, and in preparation for a 2026 exploration campaign, it has recently completed an advanced technical review using AI-assisted analysis of geological and historical data. This has affirmed the viability and upside potential of several key exploration targets within the expanded Bunker Hill land package, following the acquisition of the Ranger-Page properties.

These high-priority targets include:

• Target 1: Page Mine-Curlew vein. This target, located within the recently acquired Ranger-Page property, is based on data from a 2025 drilling campaign that discovered higher-grade silver, lead and zinc mineralization in a splay of the previously mined Curlew vein at relatively shallow depths and not explored by prior operators. See the Oct. 27, 2025, release.
• Notable vein intercepts include:
  • RP-2025-004: 6.6 feet starting at 198.5 feet at 2.19 ounces/ton silver, 5.81 per cent lead, 0.28 per cent zinc;
  • RP-2025-005: 10 ft starting at 245 feet at 5.22 oz/ton silver,15.5 per cent lead, 4.09 per cent zinc;
  • RP-2025-006: 1.5 ft starting at 222.5 feet at 8.16 oz/ton silver, 22.96 per cent lead, 5.8 per cent zinc.
• Target 2: VRIFY prospectivity score plus IP chargeability high. The target highlighted by VRIFY AI along the government Gulch fault is an overlap of IP chargeability highs collected during the 2022 geophysical surveys overlain with VRIFY prospectivity score correlation of radiometric surveys (uranium, thorium, rare-earth element), geologic lineaments and silver-zinc sample values, the same signature found over the Bunker Hill mine workings. This target is significant in that it is in the hanging wall of a stacked series of major thrust faults, bottomed by the Cate fault. The Cate fault cut and offset major orebodies within the Bunker Hill mine, with greater than 2,000 feet of up-dip displacement, with similar displacement along smaller faults in the target area. The footprint of the government Gulch fault target is comparable in size with one of the largest individual orebodies in the Bunker Hill mine -- the March orebody, which produced 4.7 million tons grading 12 per cent lead, 5.22 oz/ton silver and 2.25 per cent zinc.
• Target 3: Cate fault zone silver mineralization in historic drilling. Drilling in the 1970s in the Bunker Hill mine identified a zone of high-grade silver-lead mineralization within the Cate fault zone, which was never exploited. This zone is in close proximity to current and planned mine development, with a predictable geometry following the Cate fault. Drill intercepts are within 125 feet of the rehabilitated 8 Level, and within 60 feet of the planned 8-9 Level ramp, providing two access points within a distance amenable for efficient exploration by drifting.
• Significant drill intercepts include:
  • DH 1698: 7.5 feet at 4.6 oz/ton silver, 16.2 per cent lead, 4.7 per cent zinc;
  • DH 1764: six feet at 4.2 oz/ton silver, 13 per cent lead and 1 per cent zinc;
  • DH 1768: four feet at six oz/ton silver, 5.2 per cent lead and 0.8 per cent zinc.

These targets represent near potential silver opportunities, leveraging existing underground access, historical production data and modern geological interpretation. Exploration activities will be focused, disciplined and designed to deliver near-term value creation alongside production ramp-up.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Sam Bourque, PGeo, chief geologist of the company, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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.

We seek Safe Harbor.