Bunker Hill to buy Silver47 in $163M all-stock deal

Bunker Hill Mining is acquiring Silver47 Exploration in a $163 million all-stock transaction, forming a larger US-focused silver and critical minerals company. Shareholders of Silver47 will receive 0.1724 Bunker Hill common shares for each Silver47 share owned, representing a 38% premium to Silver47's Thursday closing price and a 30% premium to its 20-day volume-weighted average price.

Bunker Hill's executive chairman, Richard Williams, expressed enthusiasm about partnering with Silver47 as the company advances towards commercial production in the fourth quarter of 2026. The merger combines Bunker Hill's Idaho mine in Silver Valley with Silver47's exploration portfolio across Alaska, Nevada, and New Mexico. Post-merger, the new entity will be known as Bunker Hill Silver, with existing Bunker Hill shareholders holding 57% and Silver47 investors owning the remaining 43%.

Silver47's executive chairman, Gary Thompson, stated that this partnership leverages Bunker Hill's mine-building expertise with Silver47's exploration capabilities, creating a robust foundation for a growth-oriented company. The transaction is expected to finalize in November, with the combined company continuing to trade on the Toronto Stock Exchange afterward.

In preparation for the merger, Bunker Hill has secured approximately $11 million in new financing from existing partners, including a $10-million concentrate prepayment facility with Ocean Partners UK and a $1-million draw under Bunker Hill's standby facility with Teck. These funds bolster Bunker Hill's capital position as it progresses towards commercial production, while Bunker Hill's Idaho mine and Silver47's US exploration assets will collectively shape a broader domestic silver and critical minerals platform for the merged entity.