Bunker Hill Mining is restarting the historic Bunker Hill mine in the Coeur d’Alene district of Shoshone County, northern Idaho, a past-producing zinc, lead, and silver operation that ran for roughly 90 years before shutting in 1981. Executive Chairman Richard Williams, formerly COO at Barrick Gold, walked through restart timing, the asset’s geology and history, environmental status as a former Superfund site, capital structure, and the path from commissioning into ramp-up.
TL;DR
Exec Chair Williams told us first concentrate production is targeted for June 2026, roughly 40 days from the recording, with a six-month ramp to 1,800 tpd. Construction is said to be near 90% complete. The company is funded through restart, with cash on hand plus a US$10M standby facility from Teck and no plan to return to equity markets before cash flow. Initial revenue mix will be zinc-heavy, with management aiming to bring more galena (silver-lead) ore into the mine plan via near-mine drilling. Teck holds about 30% and Sprott Streaming and Royalty about 29%, leaving a tight float. Insiders own roughly 1%, which Williams explained as a structural choice at inception rather than a recent dilution.
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What have they done for shareholders lately?
Williams said the restart is on budget and on schedule for June, with all major equipment in place. Refurbished mill components sourced from Teck’s Pend Oreille facility, a ball mill acquired from Barrick’s Golden Sunlight site, brand new leased Cat underground equipment, and an added tailings filter press as a risk-mitigation change versus the original PFS design. He flagged 3.5 years without a lost-time injury. The company recently graduated to the TSX main board and completed a 1-for-35 share consolidation alongside a C$33.7M brokered financing, a smaller non-brokered placement, and roughly US$5M of warrant exercises. Restructuring of the Sprott stream and royalty was completed as part of bringing Teck in with US$40M.
How much money do they have and what are they spending it on?
Richard said the company is sufficiently funded to reach production without returning to equity markets, backed by a US$10M standby facility from Teck on top of cash on hand. Spending priorities now are completing commissioning, underground development, working capital through ramp-up, and exploration drilling on near-infrastructure galena targets reportedly within 50 feet of existing workings. Longer term, the company is in discussions with the US Export-Import Bank for low-cost government debt to fund “Bunker 2.0,” an expansion to 2,500 tpd via new ramps and an electric conveyor system, taking advantage of Idaho power costs Williams cited at 6 to 12 cents per kilowatt hour.
Upcoming catalysts
Operational: first concentrate production targeted for June 2026; ramp to 1,800 tpd sustainably and cash-flow-positive within roughly six months; full production guidance expected to be issued going into 2027. Technical: drill results from the near-infrastructure galena program expected in coming weeks, with successful intercepts to be incorporated into the mine plan and future reserve and resource updates; the PFS covers roughly 5 to 6 years and the PEA extends to 11 to 13 years, with management targeting a rolling 7-year reserve life. Corporate: planned listing on NYSE American to broaden US institutional access; potential secondary sales by Teck or Sprott to improve float and liquidity; possible future acquisition of the on-site water treatment plant from the EPA / Idaho DEQ.
Risks in the next months
Williams was direct that the riskiest phase of any mining project is the move from construction through commissioning into operations, which is where Bunker Hill sits now. Equipment availability and breakdowns during ramp-up are the main operational risk he flagged, partly mitigated by new leased mining equipment, in-house maintenance, and proximity to Spokane. The share register is concentrated, with Teck at about 30% and Sprott at about 29%, which limits float and liquidity. The PFS life of mine is short at 5 to 6 years and depends on continued conversion of inferred material and exploration success to extend reserves. Revenue is zinc-weighted in the early years, so the silver re-rating thesis depends on successfully bringing more galena ore into the plan. Although Williams said historical environmental liability is capped under a settlement with the EPA, the asset still operates inside a Superfund cleanup area, which can weigh on investor perception.
Bunker Hill Mining Interview
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