Bunker Hill Mining Corp. Files 2023 Annual Report (10-K)

TL;DR

<b>Bunker Hill Mining Corp. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Bunker Hill Mining Corp. (BHLLD) filed a Annual Report (10-K) with the SEC on March 12, 2024. Bunker Hill Mining Corp. filed its 2023 10-K report on March 12, 2024. The company was formerly known as Liberty Silver Corp. and Lincoln Mining Corp. The filing covers the fiscal year ending December 31, 2023. The company's business address is in Toronto, Ontario, Canada. Bunker Hill Mining Corp. operates in the Metal Mining industry (SIC 1000).

Why It Matters

For investors and stakeholders tracking Bunker Hill Mining Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bunker Hill Mining Corp.'s financial performance, operations, and risk factors for the 2023 fiscal year, crucial for investors assessing the company's current standing and future prospects. Understanding the details within this report is essential for stakeholders to evaluate the company's strategic direction, financial health, and potential challenges in the metal mining sector.

Risk Assessment

Risk Level: medium — Bunker Hill Mining Corp. shows moderate risk based on this filing. The company's financial statements and operational details are not fully available in this header document, requiring a deeper dive into the full filing to assess specific financial health and operational risks.

Analyst Insight

Review the full 10-K filing to understand Bunker Hill Mining Corp.'s financial performance, operational status, and identified risks for the 2023 fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-12 — Filing Date (Date of submission)
• 118 — Public Document Count (Number of documents in the filing)
• 1000 — Standard Industrial Classification (Metal Mining industry code)

Key Players & Entities

• Bunker Hill Mining Corp. (company) — Filer name
• Liberty Silver Corp. (company) — Former company name
• Lincoln Mining Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• 82 RICHMOND STREET EAST (address) — Business address
• TORONTO (location) — Business address city
• NV (state) — State of incorporation

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Bunker Hill Mining Corp.)

SIC

Standard Industrial Classification, a system used to classify business establishments by the type of activity in which they are engaged. (Indicates Bunker Hill Mining Corp. operates in the Metal Mining sector.)

Key Financial Figures

• $0.37 — of the Company at an exercise price of C$0.37 per Warrant at any time on or prior to
• $0.11 — nded the exercise price from C$0.37 to C$0.11 per Warrant and the expiry date from Ma
• $0 — 6,667 warrants at an exercise price of C$0.11, for aggregate gross proceeds of 837
• $1,145,834 — r aggregate gross proceeds of 837,460 (C$1,145,834) to the Company. In March 2023, the C
• $0.12 — any ("March 2023 Special Warrants") at C$0.12 per March 2023 Special Warrant for $4,5
• $4,536,020 — 0.12 per March 2023 Special Warrant for $4,536,020 (C$6,196,047), of which $3,661,822 was
• $6,196,047 — h 2023 Special Warrant for $4,536,020 (C$6,196,047), of which $3,661,822 was received in c
• $3,661,822 — for $4,536,020 (C$6,196,047), of which $3,661,822 was received in cash and $874,198 was a
• $874,198 — ich $3,661,822 was received in cash and $874,198 was applied towards settlement of accou
• $0.15 — lying Shares") at an exercise price of C$0.15 per Warrant Share until March 27, 2026,
• $67,000,000 — Company closed the upsized and improved $67,000,000 project finance package with Sprott, co
• $46,000,000 — ce package with Sprott, consisting of a $46,000,000 stream and a $21,000,000 new debt facil
• $21,000,000 — onsisting of a $46,000,000 stream and a $21,000,000 new debt facility. The newly proposed $
• $37,000,000 — onomic terms as the previously proposed $37,000,000 stream, with a $9,000,000 increase in g
• $9,000,000 — sly proposed $37,000,000 stream, with a $9,000,000 increase in gross proceeds received by

Filing Documents

• form10-k.htm (10-K) — 2200KB
• ex10-5.htm (EX-10.5) — 85KB
• ex10-7.htm (EX-10.7) — 106KB
• ex10-15.htm (EX-10.15) — 106KB
• ex10-16.htm (EX-10.16) — 64KB
• ex23-2.htm (EX-23.2) — 5KB
• ex23-3.htm (EX-23.3) — 12KB
• ex23-4.htm (EX-23.4) — 11KB
• ex23-5.htm (EX-23.5) — 10KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 8KB
• ex95-1.htm (EX-95.1) — 14KB
• ex10-16_001.jpg (GRAPHIC) — 16KB
• ex23-1_001.jpg (GRAPHIC) — 5KB
• ex23-1_002.jpg (GRAPHIC) — 25KB
• form10-k_001.jpg (GRAPHIC) — 68KB
• form10-k_002.jpg (GRAPHIC) — 19KB
• form10-k_003.jpg (GRAPHIC) — 25KB
• form10-k_004.jpg (GRAPHIC) — 25KB
• form10-k_005.jpg (GRAPHIC) — 19KB
• form10-k_006.jpg (GRAPHIC) — 18KB
• form10-k_007.jpg (GRAPHIC) — 30KB
• form10-k_008.jpg (GRAPHIC) — 3KB
• form10-k_009.jpg (GRAPHIC) — 2KB
• 0001493152-24-009660.txt (&nbsp;) — 11649KB
• bhll-20231231.xsd (EX-101.SCH) — 95KB
• bhll-20231231_cal.xml (EX-101.CAL) — 95KB
• bhll-20231231_def.xml (EX-101.DEF) — 327KB
• bhll-20231231_lab.xml (EX-101.LAB) — 630KB
• bhll-20231231_pre.xml (EX-101.PRE) — 491KB
• form10-k_htm.xml (XML) — 1787KB

RISK FACTORS

ITEM 1A. RISK FACTORS 10

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 24

CYBERSECURITY

ITEM 1C. CYBERSECURITY 24

PROPERTIES

ITEM 2. PROPERTIES 25

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 35

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 35 PART II 36

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 36

[RESERVED]

ITEM 6. [RESERVED] 38

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 41

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 42

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 77

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 77

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 79

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 79 PART III 80

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 80

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 82

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 87

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 89

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 90 PART IV 91

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 91

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 92

SIGNATURES

SIGNATURES 93 2 Cautionary Note to U.S. Residents Concerning Disclosure of Mineral Resources Bunker Hill Mining Corp. ("Bunker Hill," "BHMC," "we," "us," "our" or the "Company") is a U.S. domestic issuer for U.S. Securities and Exchange Commission ("SEC") purposes, it is required to report its financial results under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), and its shares of common stock trade on the TSX Venture Exchange (the "TSXV") and the OTCQB Venture Market. However, certain prior regulatory filings made in Canada contain or incorporate by reference therein certain disclosure that satisfies the additional requirements of Canadian securities laws, which differ from the requirements of United States' securities laws. Unless otherwise indicated, all resource estimates included in those Canadian filings, and in the documents incorporated by reference therein, had been prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, may differ from the requirements of subpart 1300 of Regulation S-K ("S-K 1300"). Thus, resource information contained, or incorporated by reference, in the Company's Canadian filings, and in the documents incorporated by reference therein, may not be comparable to similar information disclosed by companies reporting mineral reserve and mineral resource information under S-K 1300. The terms "mineral reserve," "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101 and CIM standards. Pursuant to S-K 1300, the SEC now recognizes estimates of "meas

Business

Business Overview The Company's sole focus is the development and restart of its 100% owned flagship asset, the Bunker Hill mine (the "Bunker Hill Mine" or the "Mine") in Idaho, USA. The Mine remains the largest single producing mine by tonnage in the Silver Valley region of northwest Idaho, producing over 165 million ounces of silver and 5 million tons of base metals between 1885 and 1981. The Bunker Hill Mine is located within Operable Unit 2 of the Bunker Hill Superfund site (EPA National Priorities Listing IDD048340921), where cleanup activities have been completed. The Company was incorporated for the initial purpose of engaging in mineral exploration activities at the Mine. The Company has moved into the development stage concurrent with (i) purchasing the Mine and a process plant, (ii) completing successive technical and economic studies, including a Prefeasibility Study, (iii) delineating mineral reserves, and (iv) conducting the program of activities outlined above. Recent Developments In March 2023, the Company amended the exercise price and expiry date of 10,416,667 warrants previously issued in a private placement to Teck Resources ("Teck") on May 13, 2022 in consideration for the Company's acquisition of the Pend Oreille processing plant. The warrant entitled the holder to purchase one share of common stock of the Company at an exercise price of C$0.37 per Warrant at any time on or prior to May 12, 2025. The Company amended the exercise price from C$0.37 to C$0.11 per Warrant and the expiry date from May 12, 2025, to March 31, 2023. In March 2023, Teck exercised all 10,416,667 warrants at an exercise price of C$0.11, for aggregate gross proceeds of 837,460 (C$1,145,834) to the Company. In March 2023, the Company closed a brokered private placement of special warrants (the "March 2023 Offering"), issuing 51,633,727 special warrants of the Company ("March 2023 Special Warrants") at C$0.12 per March 2023 Special Warrant for $4,536,020 (C$6,196,

Business

Business Operations The Mine is a zinc-lead-silver mine. When in production, the Company intends to mill mineral resources on-site to produce both zinc and lead-silver concentrates which will then be shipped to a Teck's Trail smelter for processing as per the underlying off-take agreement. Infrastructure The Mine includes all mining rights and claims, surface rights, fee parcels, mineral interests, easements, existing infrastructure at Milo Gulch, and the majority of machinery and buildings at the Kellogg Tunnel portal level, as well as all equipment and infrastructure anywhere underground at the Bunker Hill Mine Complex. It also includes all current and historic data relating to the Bunker Hill Mine Complex, such as drill logs, reports, maps, and similar information located at the Mine site or any other location. For further detail, please refer to the "Project Infrastructure" section in Item 2 below. Government Regulation and Approval Exploration and development activities, and any future mining operations, are subject to extensive laws and regulations governing the protection of the environment, waste disposal, worker safety, mine construction, and protection of endangered and protected species. The Company has made, and expects to make in the future, significant expenditures to comply with such laws and regulations. Future changes in applicable laws, regulations and permits or changes in their enforcement or regulatory interpretation could have an adverse impact on the Company's financial condition or results of operations.

View Full Filing

View this 10-K filing on SEC EDGAR