Bunker Hill Mining Corp. provided an update on restart project activities during the month of August 2022. At Teck's Pend Oreille site, the dismantling and demobilization of the mill has been completed ahead of schedule and on budget, with the ball mills, regrind mill, crushers, flotation cells, lime silo, truck scales, pumps, motors, and other ancillary equipment all dismantled and transported safely approximately ~145 miles to the Bunker Hill site.

All of the components are now located in the Bunker Hill yard, having been transported intact to preserve integrity and to simplify recommissioning. The final phase of work at Pend Oreille will be the demolition of the former mill building, which is expected to commence in September 2022. As part of the restart plan, a decline continues to be driven from ‘5 Level' (the higher accessible level of the mine) to ‘6 Level', with advancement to approximately 1,100' by the end of August.

The planned ‘break through' location to the 6 Level has been adjusted to optimize the overall ventilation plan when the levels are connected. Ground support and shotcrete are being utilized to safeguard progress made thus far, and a second fan has also been installed that will maintain strong ventilation until the breakthrough occurs. The mine plan envisages rehabilitation of pre-existing decline infrastructure that already connects to 8 Level, a substantial time and capital savings, as the next stage of development.

Upon completion, this will provide access to mineralization and support mine restart activities. The previously announced 16-ton underground haul truck and jumbo drill arrived at the Bunker Hill site, both of which are in the process of being serviced and prepared for deployment underground. An additional haul truck, already purchased, will be arriving on site in mid-September 2022.

The gradual expansion of the fleet is tailored to ensure adequate equipment availability as mining progresses. Detailed engineering, trade-off studies, mine planning, and capital and operating cost estimates for the Prefeasibility Study (the “PFS”) are complete, with results expected to be released in the coming days. The PFS will define all remaining requirements to achieve an operational restart of the Bunker Hill Mine on the basis of published Measured and Indicated Mineral Resources.

Concurrent with a positive construction decision, which is expected shortly after the release of the PFS results, the Company intends to make its final selection of an EPCM contractor. Over the past couple of months, multiple EPCM candidates have been evaluated and vetted in detail.