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Bunker Hill Announces Closing of the Fourth Tranche of Silver Loan Facility

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Bunker Hill Mining Corp.
Bunker Hill Mining Corp.

KELLOG, Idaho and VANCOUVER, British Columbia, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corp. (“Bunker Hill” or the “Company”) (TSX-V:BNKR | OTCQB:BHLL) announces that it has closed the fourth tranche of the previously announced silver loan with Monetary Metals Bond III LLC (the “LLC”), an entity established by Monetary Metals & Co. (“MM”), in the principal amount of US$1,250,000, being the amount of US dollars equal to 39,619.6513 ounces of silver as of the date such amount was advanced to the LLC (the “Fourth Tranche”).

President and CEO Sam Ash stated, "Thanks to the backing of our valued partners, notably Monetary Metals and the exceptional Silver Valley community, we are making steady progress on the new Bunker Hill mine. Our ongoing drill campaign has revealed promising opportunities, allowing us to refine our restart plan for the first half of 2025. This optimization ensures we are well-positioned to maximize the mine's potential upon reopening."

Construction of the concentrator nears completion, with approximately 98% of its components on site ready for installation. The concrete foundations of the tailings filter press are being set, and the construction of the tails thickener tanks has started. Bunker Hill continues to advance the underground drilling required to inform an updated resource statement in the first quarter of 2025.

Concurrently, the company is preparing to start a new drill program focused on the high-grade silver target in the upper level of the mine described in the news release dated October 22, 2024, while also conducting the preliminary work required to unlock the US EXIM finance in the second half of 2025.

As further described in the news releases dated June 7, 2024 and August 8, 2024, MM, through the LLC, has agreed to loan the Company a principal amount of US dollars equal to up to 1.2 million ounces of silver to be advanced in one or more tranches, in support of the re-start and ongoing development of the Bunker Hill Mine (the “Silver Loan”). On August 8, 2024, the Company closed on the first tranche of the Silver Loan in the principal amount of US$16,422,039, being the amount of US dollars equal to 609,805 ounces of silver (the “First Tranche”) and on September 24, 2024, the Company closed on the second tranche of the Silver Loan in the principal amount of US$6,369,000, being the amount of US dollars equal to 200,000 ounces of silver (the “Second Tranche”). As described in the news release dated November 6, 2024, an additional principal amount of US$6,321,112, the amount of US dollars equal to 198,777 ounces of silver, was advanced in connection with the Silver Loan (the “Third Tranche”).