FS Sept Q3 2025

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# FS Sept Q3 2025

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# FS Sept Q3 2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
☒ EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
☐ EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 333-150028
BUNKER HILL MINING CORP.
(Exact Name of Registrant as Specified in its Charter)
NEVADA 32-0196442
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1009 McKinley Ave
Kellogg, Idaho, U.S.A. 83837
(Address of Principal Executive Offices) (Zip Code)
(604) 417-7952
(Registrant’s Telephone Number, including Area Code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. Yes ☐ No ☒
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Exchange Act. Yes ☒ No ☐
Indicate by check mark whether the Registrant (1) has filed all reports required by Section 13 or 15(d) of the
Securities Exchange Act of 1934 (“Exchange Act”) during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site,
if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§
232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files). Yes ☒ No ☐
to this Form 10-Q. ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,”
“accelerated filer,” “smaller reporting company” and “emerging growth company in Rule 12b-2 of the Exchange
Act.
Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☒ Smaller reporting company ☒
Emerging Growth Company ☐
Indicate by check mark whether the Registrant is a shell company, as defined in Rule 12b-2 of the Exchange Act.
Yes ☐ No ☒
Number of shares of Common Stock outstanding as of November 13, 2025: 1,366,387,041
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION 5
Item 1. Financial Statements 5
Item 2. Management’s Discussion and Analysis of Financial Condition or Plan of Operation 31
Item 3. Quantitative and Qualitative Disclosures about Market Risk 35
Item 4. Controls and Procedures 35
PART II – OTHER INFORMATION 37
Item 1. Legal Proceedings 37
Item 1A. Risk Factors 37
Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds 38
Item 3. Defaults upon Senior Securities 38
Item 4. Mine Safety Disclosure 38
Item 5. Other Information 39
Item 6. Exhibits 39
2
Reporting Currency and Other Information
All amounts in this report are expressed in United States (“U.S.”) dollars, unless otherwise indicated.
References to “Bunker Hill”, the “Company,” the “Registrant”, “we,” “our,” and “us” mean Bunker Hill Mining
Corp., a Nevada corporation, our predecessors, and consolidated subsidiary, or any one or more of them, as the
context requires.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Quarterly Report”), including “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in Item 2 of Part I of this report, contains “forward-
looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”) and the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and “forward-looking information” within
the meaning of Canadian securities laws (collectively, “forward-looking statements”). Any statements that express
or involve discussions with respect to business prospects, predictions, expectations, beliefs, plans, intentions,
projections, objectives, strategies, assumptions, future events, performance or exploration and development
efforts using words or phrases (including negative and grammatical variations) such as, but not limited to,
“expects,” “anticipates,” “plans,” “estimates,” “intends,” “forecasts,” “likely,” “projects,” “believes,” “seeks,” or
stating that certain actions, events or results “may,” “could,” “would,” “should,” “might” or “will” be taken, occur
or be achieved, are not statements of historical fact and may be forward-looking statements. Although we believe
that our plans, intentions, and expectations reflected in these forward-looking statements are reasonable, we
cannot be certain that these plans, intentions, and expectations will be achieved. Actual results, performance or
achievements could differ materially from those contemplated, expressed or implied by the forward-looking
statements contained in this Quarterly Report. Forward-looking statements in this Quarterly Report include, but
are not limited to, statements regarding the following:
● our business, prospects, and overall strategy;
● progress in the development of our Bunker Hill Mine as a profitable mining operation and the timing
of that progress;
● planned or estimated expenses and capital expenditures, including the Bunker Hill Mine’s expected
costs of construction, commissioning, and operation and the sources of funds to pay for such costs;
● our ability to secure required capital, to complete the development of the Bunker Hill Mine and
support corporate needs;
● our ability to uplist to a national exchange if so determined to be in the best interest of our
shareholders; and the timing of any uplisting, if so applied for;
● our ability to advance and complete our planned mineral resource expansion and the potential that
those results will create additional mineral resource; and
● any further initiatives or advancements that may be undertaken relating to the Bunker Hill Mine.
3
Forward-looking statements are based on our current expectations and assumptions that are subject to a variety of
known and unknown risks, uncertainties and other factors that could cause actual events or results to differ
materially from those expressed or implied by the forward-looking statements. Factors that could cause actual
results to differ from those implied by the forward-looking statements in this Form 10-Q are more fully described
within Part II, Item 1A, “Risk Factors” in this Form 10-Q and “Part I, Item 1A. Risk Factors” in our Form 10-K.
Such risks are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such
risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor
or combination of factors may cause actual results to differ materially from those contained in any forward-looking
statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information, future events or otherwise,
except as required by law.
In addition, statements of belief and similar statements reflect our beliefs and opinions on the relevant subject.
These statements are based upon information available to us, as applicable, as of the date of this Form 10-Q, and
while we believe such information forms a reasonable basis for such statements, such information may be limited
or incomplete, and statements should not be read to indicate that we have conducted an exhaustive inquiry into,
or review of, all potentially available relevant information. These statements are inherently uncertain, and you are
cautioned not to unduly rely upon these statements.
Except as required by law, we disclaim any obligation to revise or update any forward-looking statements to
reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or
unanticipated events. We qualify all of the forward-looking statements contained in this Quarterly Report
by the foregoing cautionary statements. We advise you to carefully review the reports and documents we file
from time to time with the U.S. Securities and Exchange Commission (the “SEC”) and with the Canadian
securities regulatory authorities, particularly our Annual Report on Form 10-K for the year ended December 31,
2024. The reports and documents filed by us with the SEC are available at www.sec.gov and with the Canadian
securities regulatory authorities under the Company’s profile at www.sedarplus.ca.
4
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
The condensed interim consolidated financial statements of Bunker Hill Mining Corp., (“Bunker Hill”, the
“Company”, or the “Registrant”) a Nevada corporation, included herein were prepared, without audit, pursuant to
rules and regulations of the Securities and Exchange Commission. Because certain information and notes normally
included in financial statements prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S.”) were condensed or omitted pursuant to such rules and regulations, these
financial statements should be read in conjunction with the audited consolidated financial statements and notes
thereto included in the Company’s Form 10-K for the year ended December 31, 2024, and all amendments thereto.
Bunker Hill Mining Corp.
Condensed Interim Consolidated Balance Sheets
(Expressed in U.S. Dollars)
Unaudited
September 30, December 31,
2025 2024
ASSETS
Current assets
Cash $ 34,435,458 $ 3,786,277
Restricted cash (note 8) 2,975,000 4,475,000
Accounts receivable and prepaid expenses (note 3) 454,115 690,358
Asset held for sale (note 5) 40,000 40,000
Spare parts inventory 341,004 341,004
Total current assets 38,245,577 9,332,639
Non-current assets
Long term deposit (note 6) 1,262,541 254,106
Equipment (note 4) 1,457,336 1,741,981
Right-of-use asset (note 4) 639,330 758,125
Land 309,861 309,861
Bunker Hill Mine and mining interests (note 6) 19,399,819 18,795,591
Process plant (note 5) 88,607,160 66,409,247
Total assets $ 149,921,624 $ 97,601,550
EQUITY AND LIABILITIES
Current liabilities
Accounts payable (note 15) $ 4,889,447 $ 14,678,901
Accrued liabilities 2,511,408 5,210,939
Current portion of lease liability (note 7) 123,484 189,368
Deferred share units liability (note 11) 971,088 929,466
Environment protection agency cost recovery payable (note 8) 3,000,000 3,000,000
Current portion of silver loan (note 9) 249,000 -
Current portion of stream debenture (note 9) - 4,063,253
Interest payable (note 9) 268,333 522,485
Current income tax payable (note 13) 950,000 1,050,000
Total current liabilities 12,962,760 29,644,412
Non-current liabilities
Lease liability (note 7) 14,001 62,282
Series 1 convertible debenture (note 9) 4,092,179 5,494,151
Series 2 convertible debenture (note 9) 8,539,163 13,898,481
Series 3 convertible debenture (note 9) 2,406,021 -
Stream debenture (note 9) - 52,923,747
Silver loan (note 9) 50,580,454 31,802,708
Debt facility (note 9) 14,583,190 9,236,610
Environment protection agency cost recovery liability, net of
discount (note 8) 6,838,671 5,549,229
Derivative warrant liability (note 10) 32,882,879 1,125,295
Total liabilities 132,899,318 149,736,915
Shareholders’ equity (deficiency)
Preferred shares, $0.0

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