Bunker Hill Announces Election to Issue Shares to Satisfy Debenture Interest Payment Obligations

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TORONTO, June 24, 2024 (GLOBE NEWSWIRE) — Bunker Hill Mining Corp.Bunker Hill“or”Company“) (TSXV | BNKR; OTCQB|BHLL) announced that it has elected to issue an aggregate of 4,653,409 shares of the Company’s common stock (“Share interests”) for certain holders of 7.5% convertible bonds (inSeries 1 Convertible Bonds”) and 10.5% convertible bonds (inSeries 2 Convertible Bonds“and, together with the Series 1 Convertible Debentures, “Convertible Debt”) with interest payable on June 30, 2024 in the aggregate amount of USD$511,875.00 (“Interest Payment“). The Convertible Bonds will mature on March 31, 2026.

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Pursuant to the terms of the Convertible Debentures, the Company will issue Interest Shares at a price of USD$0.11 per Interest Share based on 90% of the 10-day volume weighted average trading price of the Company’s common stock on the TSX Venture Exchange (“TSX-V“) on trading days beginning on June 10, 2024 and ending on June 21, 2024 (“Price period“).

In connection with the Interest Payment, the Company will issue an aggregate of 4,481,061 Interest Shares to an account managed by Sprott Private Resource Streaming and Royalty Corp.Sprott”) and, accordingly, the issuance of such Interest Shares to Sprott would constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Shareholder Agreements (“MI 61-101“). The Company will rely on the exemption from formal valuation and minority shareholder approval requirements under MI 61-101 because no fair market value of the Interest Shares to be issued to Sprott, or the consideration received for such Interest Shares, will exceed 25% of the market capitalization company. The Company did not file a material change report more than 21 days before the election to issue Interest Shares because the Pricing Period only ended yesterday on June 21, 2024.

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The Issuance of Interest Shares is subject to the terms and conditions of the Convertible Debentures as well as the receipt of all regulatory approvals, including, without limitation, the approval of the TSX-V. Once issued, Interest Shares will be subject to a four-month and one-day hold period in accordance with applicable Canadian securities laws.

Additional details regarding the Convertible Debentures can be found in the Company’s news releases dated December 20, 2021, January 31, 2022, June 20, 2022 and June 26, 2023, all available on the Company’s profile on SEDAR+ at www.sedarplus.ca.

ABOUT BUNKER HILL MINING CORP.

Under new Idaho-based leadership, Bunker Hill aims to restart and expand the Bunker Hill Mine as a first step to consolidate and then optimize some of its mining assets into a valuable portfolio of operations, initially centered on North America. Information about the Company is available on its website, www.bunkerhillmining.com, or on the SEDAR+ and EDGAR databases.

On behalf of Bunker Hill Mining Corp.

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Sam Love
President and Chief Executive Officer

For additional information, please contact:

Brenda Dayton
Vice President, Investor Relations
T: 604.417.7952
Email: brenda.dayton@bunkerhillmining.com

Cautionary Statements

Neither the TSX-V nor the Regulatory Service Providers (as those terms are defined in TSX-V policy) accept responsibility for the adequacy or accuracy of this release.

Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements have the meaning set forth in Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended, as well as within the meaning of those phrases. ‘forward information’ in Canadian Securities Administrators National Instrument 51-102 – Continuous Disclosure Obligations (collectively, “forward-looking statements“). Forward-looking statements do not include historical facts. Forward-looking statements include forecasts and statements that describe the Company’s plans, goals, or objectives in the future, including words to the effect that the Company or management expects to occur. Forward-looking statements can be identified by terms such as “believe”, “anticipate”, “expect”, “estimate”, “could”, “could”, “will”, “will”, “plan” or variations thereof. words and phrases.

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Forward-looking statements in this news release include, but are not limited to, statements regarding: the Company’s future goals, objectives, or plans, including the restart and development of the Bunker Hill Mine; achievement of short-term, medium-term and long-term future operational strategies; issuance of Interest Shares by the Company, including the aggregate number and price of Interest Shares; and the Company received TSX-V approval for the issuance of Interest Shares. Factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, the risks and uncertainties identified in Bunker Hill’s public filings with the U.S. Securities and Exchange Commission (“SEC”) and with applicable Canadian securities regulatory authorities, and as follows: The Company has not received approval from the TSX-V to issue Interest Shares; the Company’s inability to raise additional capital for project activities, including through equity financing, concentration offtake financing or otherwise; capital market conditions; restrictions on labor and their impact on international travel and supply chains; Failure to identify mineral resources; Failure to convert mineral resource estimates into reserves; preliminary nature of metallurgical test results; the Company’s ability to restart and develop the Bunker Hill Mine and the risk of not basing production decisions on mineral reserve feasibility studies that show economic and technical viability, which causes uncertainty due to the many technical and economic risks of failure associated with this production decision including, among others, areas that are analyzed in more detail in feasibility studies, such as applying economic analysis to resources and reserves, more detailed metallurgy and some specialized studies in areas such as mining methods and recovery, market analysis. , and environmental and community impacts and, as a result, there may be increased uncertainty to achieve any specific level of mineral recovery or the cost of such recovery, including the increased risk associated with developing commercial mineable deposits, without guaranteeing production. will commence as anticipated or all or all of the anticipated production costs will be achieved; Failure to start production will have a material adverse impact on the Company’s ability to generate revenue and cash flow to fund operations; Failure to achieve anticipated production costs will have a negative impact on the Company’s cash flow and future profitability; delays in obtaining or failure to obtain governmental, environmental or other project approvals; political risk; changes in equity markets; uncertainties related to the availability and cost of necessary future financing; the Company’s inability to prepare and manage liquidity due to failure to obtain additional financing, including the Company’s ability to complete payments under the terms of the agreement to acquire the Bunker Hill Mine complex; inflation; changes in exchange rates; commodity price fluctuations; delays in project development; and capital, operating and reclamation costs vary from estimates and other risks inherent in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in the preparation of forward-looking statements in this news release are reasonable, it should not rely on such statements or information, which are only effective as of the date of this news release, and do not exist. assurances can be given that the event will occur within the time frame disclosed or at all, including whether or when the Company will obtain project financing initiatives, or the size or terms of such financing initiatives. The Company disclaims any intention or obligation to update or revise any forward-looking information, as a result of new information, future events or otherwise, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

Readers are cautioned that these risks and uncertainties are not exhaustive. Additional information regarding these and other risk factors that may affect the Company’s operations or financial results is included in the Company’s annual report and is accessible through the SEDAR+ website (www.sedarplus.ca) or through EDGAR on the SEC website (www.sec.gov).

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