$BHLL

Bunker Hill Mining Corp.

CIK:0001407583|SEC Filings

Condensed Interim Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating expenses (note 13)	$ (4,419,826)	$ (3,110,392)	$ (8,403,331)	$ (6,019,766)
Other items
Interest income	145,769	58,149	265,257	121,478
Change in derivative liability (note 9)	12,517,174	1,832,864	43,580,366	2,295,627
Gain on fair value of convertible debentures (note 8)		1,081,127		1,002,763
Gain (loss) on fair value of Silver Loan (note 8)	11,119,246	(2,961,015)	6,213,354	(9,029,947)
Interest expense (note 6,7,8)	(656,244)	(2,092,965)	(2,125,144)	(4,303,963)
Financing costs (note 8)	(18,903)	(1,007,750)	(725,795)	(1,014,866)
(Loss) gain on stream debentures (note 8)		(549,854)		4,149,606
Gain on debt modification Silver Loan (note 8)		468,878		468,878
Gain on debt settlement (note 8)		29,850,212	9,800	29,850,212
Loss on debt settlement (note 8)	(29,149)	(3,077,979)	(29,149)	(3,376,692)
Loss on foreign exchange	(88,658)	(31,387)	(91,259)	(29,655)
Income for the period pre tax	18,569,409	20,459,888	38,694,099	14,113,675
Current tax expense (note 12)	(380,143)		(380,143)
Income for the period	18,189,266	20,459,888	38,313,956	14,113,675
Other comprehensive (loss) income, net of tax:
(Loss) gain on change in fair value on own credit risk (note 8)	(159,652)	3,351,229	850,414	5,383,771
Other comprehensive (loss) income	(159,652)	3,351,229	850,414	5,383,771
Comprehensive income	$ 18,029,614	$ 23,811,117	$ 39,164,370	$ 19,497,446
Net income per common share – basic	$ 0.39	$ 0.04	$ 0.87	$ 0.03
Net income per common share – fully diluted	$ 0.37	$ 0.03	$ 0.81	$ 0.02
Weighted average common stock – basic	46,685,293	14,328,651	44,228,069	12,426,912
Weighted average common stock – fully diluted	51,915,002	20,341,957	49,456,551	18,291,534

Condensed Interim Consolidated Statements of Cash Flows (Unaudited)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Operating activities
Net income for the period	$ 18,189,266	$ 20,459,888	$ 38,313,956	$ 14,113,675	$ (93,132,015)
Adjustments to reconcile net income to net cash used in operating activities:
Stock-based compensation (note 9)			(318,659)	119,810
Depreciation, depletion and amortization			304,482	304,493
Change in fair value of derivative liability			(43,580,366)	(2,295,627)
Change in fair value of Silver Loan (note 8)	(11,119,246)	2,961,015	(6,213,354)	9,029,947
Interest expense on lease liability (note 6)			25,228	18,451
Financing costs			635,755	(449,545)
Gain on debt settlement		(29,850,212)	(9,800)	(29,850,212)
Loss on debt settlement (note 8)			29,149	3,376,692
Gain on debt modification				(4,618,484)
Payment of interest on Silver Loan (note 8)			(2,272,450)
Accretion of liabilities			1,471,444	2,534,538
Loss (gain) on fair value of convertible debentures				(1,002,763)
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses			(91,154)	(1,159,854)
Inventory			(598,684)
Accounts payable			(334,599)	(2,779,621)
Accrued liabilities			1,335,510	105,968
Current income tax payable			380,143	(100,000)
Interest payable			527,915	1,724,453
Net cash used in operating activities			(10,395,484)	(10,928,079)
Investing activities
Investment in plant and equipment (note 5)			(22,276,542)	(21,200,108)
Mine improvements (note 5)			(5,470,066)	(2,110,812)
Purchase of land			(1,939,627)
Net cash used in investing activities			(29,686,235)	(23,310,920)
Financing activities
Proceeds from LIFE offering (note 9)			19,195,242
Proceeds from warrant exercises (note 9)			8,205,613
Proceeds from compensation option exercises			25,219
Proceeds from issuance of common stock, net				25,779,387
Proceeds from Sprott Debt Facility				11,000,000
Proceeds from Teck promissory note				4,400,000
Repayment of Teck promissory note				(4,487,160)
Lease payments			(129,129)	(125,324)
Net cash provided by financing activities			27,296,945	36,566,903
Net change in cash			(12,784,774)	2,327,904
Cash, beginning of period			22,416,905	8,261,277	8,261,277
Cash, end of period	9,632,131	10,589,181	9,632,131	10,589,181	22,416,905
Non-cash activities
Interest payable settled with common stock			556,014	1,017,473
Services settled with common stock				3,964,979
Sprott Debt Facility settled with common stock				6,044,210
Stream settled with common stock				20,472,126
Reconciliation from Cash Flow Statement to Balance Sheet:
Cash and restricted cash end of period	9,632,131	10,589,181	9,632,131	10,589,181
Less restricted cash	2,975,000	2,975,000	2,975,000	2,975,000	$ 2,975,000
Cash end of period	$ 6,657,131	$ 7,614,181	$ 6,657,131	$ 7,614,181

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 6,657,131	$ 19,441,905
Restricted cash (note 7)	2,975,000	2,975,000
Accounts receivable and prepaid expenses (note 3)	629,351	538,197
Inventory (note 4)	939,688	341,004
Total current assets	11,201,170	23,296,106
Non-current assets
Long term deposit (note 5)	1,406,480	2,692,648
Right-of-use asset (note 5)	3,098,501	595,201
Land (note 5)	3,249,488	309,861
Plant and equipment (note 5)	124,881,165	98,669,301
Mineral properties and rights (note 5)	30,681,446	25,395,877
Total assets	174,518,250	150,958,994
Current liabilities
Accounts payable	7,990,188	5,520,901
Accrued liabilities	2,848,329	1,512,819
Current portion of lease liability (note 6)	601,924	82,569
Deferred share units liability (note 10)	811,377	1,487,800
Environment protection agency cost recovery payable (note 7)	6,000,000	6,000,000
Current portion of Silver Loan (note 8)	1,624,625	249,000
Interest payable (note 8)	1,780,416	1,035,000
Current income tax payable (note 12)	1,330,143	950,000
Total current liabilities	22,987,002	16,838,089
Non-current liabilities
Lease liability (note 6)	1,430,684	8,913
Series 1 convertible debenture (note 8)	4,560,273	4,241,610
Series 2 convertible debenture (note 8)	9,522,815	8,852,012
Series 3 convertible debenture (note 8)	2,518,765	2,522,709
Silver Loan (note 8)	69,989,396	80,701,239
Sprott Debt Facility (note 8)	14,840,344	14,393,945
Environment protection agency cost recovery liability, net of discount (note 7)	5,023,426	4,314,544
Derivative warrant liability (note 9)	32,622,414	75,156,975
Total liabilities	163,495,119	207,030,036
Shareholders’ equity (deficiency)
Preferred shares, $0.000001 par value, 285,715 preferred shares authorized; nil preferred shares issued and outstanding (note 9)
Common stock, $0.000001 par value, 100,000,000 common stock authorized; 46,685,293 and 39,834,023 shares of common stock issued and outstanding, respectively (note 9)	1,551	1,392
Additional paid-in-capital (note 9)	175,636,872	147,707,228
Accumulated other comprehensive income (loss)	569,488	(280,926)
Accumulated deficit	(165,184,780)	(203,498,736)
Total shareholders’ equity (deficiency)	11,023,131	(56,071,042)
Total shareholders’ equity (deficiency) and liabilities	$ 174,518,250	$ 150,958,994