Bunker Hill Mining Corp. (OTC: BHLL) is a base metals mining company advancing the restart of the historic Bunker Hill Mine, a zinc-lead-silver underground mine located in the Silver Valley of Idaho. The company generates no production revenue as of the 10-K filed 2026-03-06, as the mine remains in the development and restart phase. Revenue is projected to come from the sale of zinc concentrate, lead concentrate, and silver as byproduct, with a five-year mine plan projecting gross revenue of $529.3 million in total across Years 1 through 5 at modeled metal prices of $1.29/lb zinc, $0.95/lb lead, and $21.7/oz silver. The company has financed development through a Sprott debt facility, a silver loan from Monetary Metals, and equity. As consideration for the Sprott facility, the company granted Sprott a royalty of 0.5% of life-of-mine gross revenue from historically worked mining claims. The mine plan targets average annual zinc-equivalent production of 93,101 thousand pounds, with all-in sustaining costs of $0.77/lb zinc payable on a byproduct basis.

Revenue model

No current production revenue as of the 10-K filing date (2026-03-06). Projected revenue from sales of zinc concentrate, lead concentrate, and silver byproduct once the Bunker Hill Mine restart is complete. The company has also granted a 0.5% life-of-mine gross revenue royalty to Sprott Private Resource Streaming and Royalty as consideration for debt financing.

Products and services

Zinc concentrate, lead concentrate, and silver (byproduct), sourced from the Bunker Hill Mine in Idaho's Silver Valley. The five-year mine plan projects total zinc revenue of $338.4 million, lead revenue of $129.6 million, and silver revenue of $61.3 million across Years 1 through 5 (per the 10-K filed 2026-03-06).

Customers and end markets

End markets are base metals (zinc, lead) and precious metals (silver) commodity markets. No specific customers are named in the filing excerpts. Concentrate sales would flow to smelters, with treatment charges and refining charges deducted from gross revenue to arrive at net smelter return.

Value-chain role

Mine developer and operator. The company holds mineral rights and is advancing underground mine development at the Bunker Hill Mine. It does not operate downstream smelting or refining. Concentrate is sold to third-party smelters, with net smelter return reflecting deductions for treatment charges, refining charges, and land freight.

Geographic exposure

Operations located in the Silver Valley, Idaho, United States. The operating subsidiary is Silver Valley Metals Corp. The parent company, Bunker Hill Mining Corp., is incorporated under Canadian jurisdiction and listed on the TSX Venture Exchange in addition to U.S. OTC markets.

Source: SEC 10-K, filed 2026-03-06

Industry: Metal Mining Peers: Teck Resources Ltd