Bunker Hill Mining Corp. provided an update on restart project activities during the month of September 2022. PROCUREMENT AND CONSTRUCTION MANAGEMENT (PCM) CONTRACTOR SELECTION After an extensive evaluation process, the Company has appointed Strike Group as its PCM partner for the mine restart activities.

Strike is 100% owned by American Industrial Partners, an operationally-oriented private equity firm that has an extensive track record in new capital construction and infrastructure solutions. The Strike team has established a permanent on-site presence in mid-September and is in the process of refining the master schedule for the project and driving various engineering and other studies to facilitate project advancement. UNDERGROUND ACTIVITY AND MOBILE EQUIPMENT The underground decline ramp from the 5-Level to the 6-level of the mine continued to advance with a total of 1,325 feet of the planned 2,125 feet completed as of September 30.

All muck bays and sumps have now been completed, and ventilation planning has optimized the location of the “vent drift” fan which will be driven coincident with the ramp. Completion of ramp will facilitate access to the existing Newgard 3,300-foot internal ramp system and subsequent sub-level development within the Newgard portion of mineralization. The previously announced 16-ton haul truck and electric jumbo drill have now been serviced and are currently in operation underground.

The electric jumbo drill has the capability to drill 12-foot advancement rounds, as compared to the previous jumbo drill's 10-foot rounds. With this extra footage capacity, advancement rates are expected to increase for the remainder of the decline drive. DEMOLITION ACTIVITIES AT PEND OREILLE SITE With the process plant having been fully demobilized (see the Company's news release of August 31, 2022 for further detail), demolition activities at Teck's Pend Oreille site commenced in mid-September.

By the end of September, the former crusher building had been reduced to its foundations, a key milestone. Progress also included the dropping of a conveyor that had fed the fine ore bins from the surface crushers, and the reduction of the former mill building to a single level. Work is on schedule for full completion in early November.

PREFEASIBILITY STUDY RESULTS AND BALL MILL PURCHASE On September 6th, the Company reported the results of a Prefeasibility Study (“PFS”) for the first phase of the restart of the Bunker Hill Mine. The PFS plan significantly de-risks the project and describes a $55 million (including contingency) initial capital cost to restart the mine by the end of 2023, generating over $25 million of annual average free cash flow from an initial 5-year mine plan based on Probable Mineral Reserves to produce over 315 million pounds of zinc, 145 million pounds of lead, and 3 million ounces of silver at an estimated All-in Sustaining Cost of $0.77 per payable pound of zinc (net of by-products). The Company is finalizing the associated Prefeasibility Study report, which will be filed on SEDAR by October 21, 2022.

Numerous value accretive opportunities were identified as part of the PFS study including unlocking value from the 6.9 million ton Inferred Mineral Resource which is not included in the 5-year mine plan. On September 20th, the Company reported that it had secured a ball mill and ancillary equipment capable of meeting the 1,800 ton per day production throughput rate envisaged in the PFS, while also supporting a 17% throughput increase to 2,100 tons per day, subject to future engineering and mine planning.