Bunker Hill Mining Corp. (TSX: BNKR) and Silver47 Exploration Corp. have completed their previously announced merger, creating a combined U.S.-focused silver and critical minerals company. Under the court-approved plan of arrangement, Bunker Hill acquired all outstanding Silver47 shares, with the combined entity intending to rename itself Bunker Hill Silver Corp. and remain listed on the Toronto Stock Exchange. The transaction combines an operating Idaho mine with a pipeline of silver development projects across Alaska, Nevada, and New Mexico, positioning the combined company as a domestic American silver producer at a time of heightened focus on critical minerals supply chains.

Key Points

  • Bunker Hill Mining Corp. (TSX: BNKR) and Silver47 Exploration Corp. (TSXV: AGA) have closed their merger via a British Columbia court-approved plan of arrangement
  • Former Silver47 shareholders received 0.1724 Bunker Hill shares per Silver47 share; Bunker Hill issued 36,325,517 new shares under the arrangement
  • The combined company reports a pro forma basic market capitalisation of US$158 million and an aggregate mineral resource inventory of 80 Moz AgEq measured and indicated and 308 Moz AgEq inferred
  • Investors may be watching for the planned name change to Bunker Hill Silver Corp., the targeted delisting of Silver47 shares on or about November 9, 2026, and progress toward commercial production at the Bunker Hill Mine

Exchange Ratio, Share Count, and Ownership Split After Closing

Under the arrangement agreement dated August 20, 2026, each Silver47 share was exchanged for 0.1724 Bunker Hill shares. Bunker Hill issued 36,325,517 shares pursuant to the arrangement, bringing total shares issued and outstanding to 83,667,856 immediately following closing. Existing Bunker Hill stockholders hold approximately 57% of the combined company on an undiluted basis, with former Silver47 shareholders holding the remaining approximately 43%. Outstanding Silver47 warrants and stock options were also converted, with holders now entitled to receive Bunker Hill shares upon exercise, adjusted in accordance with the exchange ratio.

Four-Project U.S. Portfolio and Production Targets at the Bunker Hill Mine

The merger combines the operating Bunker Hill Mine in Idaho's Silver Valley with Silver47's Red Mountain project in Alaska and the Hughes and Mogollon projects in Nevada and New Mexico respectively. Production at the Bunker Hill Mine is targeted to reach more than 2,500 koz AgEq in 2027, based on analyst consensus projections cited in the announcement. A planned Bunker Hill 2.0 expansion to 2,500 tonnes per day — described as the largest mill in the Silver Valley — is intended to drive annual production toward more than 5 Moz AgEq. Commercial production at the Bunker Hill Mine is targeted by the end of 2026.

Board Composition and Planned Name Change for the Combined Company

Upon closing, the combined company's board includes Richard Williams as Executive Chairman, Mark Cruise as Lead Independent Director, and directors Sam Ash, Gary Thompson, Galen McNamara, Pamela Saxton, and Kelli Kast. Sam Ash serves as Chief Executive Officer, Galen McNamara as President and Chief Investment Officer, and Bradley Barnett as Chief Financial Officer. The combined company intends to change its name to Bunker Hill Silver Corp. and will establish its operational headquarters at the Bunker Hill Mine site in Idaho's Silver Valley.