# FS June Q2 2025

Source Brief: https://evesgoldminers.com/research/source-briefs/bunker-hill-mining-corp-fs-june-q2-2025-fe017d60
Original source: https://www.bunkerhillmining.com/_resources/financials/FS-June-Q2-2025.pdf?v=091207
EGM generated: 2026-09-27
Company: Bunker Hill Mining Corp. (BNKR)

## Use Note

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## Extracted Document Text

# FS June Q2 2025

Source: https://www.bunkerhillmining.com/_resources/financials/FS-June-Q2-2025.pdf?v=091207
Fetched: 2026-09-12T07:00:46.823+00:00
Source artifact: fe017d60-c0a6-43fc-b601-75e6e5a8fd52
Normalizer input: text

## Content

# FS June Q2 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 June 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 July 30, 2025: 926,994,336
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 30
Item 3. Quantitative and Qualitative Disclosures about Market Risk 34
Item 4. Controls and Procedures 34
PART II – OTHER INFORMATION 36
Item 1. Legal Proceedings 36
Item 1A. Risk Factors 36
Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds 36
Item 3. Defaults upon Senior Securities 36
Item 4. Mine Safety Disclosure 36
Item 5. Other Information 37
Item 6. Exhibits 37
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 (as defined below
and currently 66% complete) 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, in addition to the previously received funding and announced
capital restructure funding, 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
June 30, December 31,
2025 2024
ASSETS
Current assets
Cash $ 7,614,181 $ 3,786,277
Restricted cash (note 8) 2,975,000 4,475,000
Accounts receivable and prepaid expenses (note 3) 859,511 690,358
Asset held for sale 40,000 40,000
Spare parts inventory 341,004 341,004
Total current assets 11,829,696 9,332,639
Non-current assets
Long term deposit (note 6) 1,244,807 254,106
Equipment (note 4) 1,528,335 1,741,981
Right-of-use asset (note 4) 686,967 758,125
Land 309,861 309,861
Bunker Hill Mine and mining interests (note 6) 18,651,322 18,795,591
Process plant (note 5) 82,312,485 66,409,247
Total assets $ 116,563,473 $ 97,601,550
EQUITY AND LIABILITIES
Current liabilities
Accounts payable (note 15) $ 3,986,081 $ 14,678,901
Accrued liabilities 1,926,206 5,210,939
Current portion of lease liability (note 7) 164,028 189,368
Deferred share units liability (note 11) 710,112 929,466
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) 1,230,278 522,485
Current income tax payable (note 13) 950,000 1,050,000
Total current liabilities 12,215,705 29,644,412
Non-current liabilities
Lease liability (note 7) 18,903 62,282
Series 1 convertible debenture (note 9) 3,950,572 5,494,151
Series 2 convertible debenture (note 9) 8,243,767 13,898,481
Series 3 convertible debenture (note 9) 2,296,941 -
Stream debenture (note 9) - 52,923,747
Silver loan (note 9) 35,526,913 31,802,708
Debt facility (note 9) 14,027,760 9,236,610
Environment protection agency cost recovery liability, net of
discount (note 8) 6,385,091 5,549,229
Derivative warrant liability (note 10) 5,115,8

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