Bunker Hill Mining is a pre-revenue mining development company working to restart the historic Bunker Hill Mine in Kellogg, Idaho. The mine is a polymetallic underground operation targeting zinc, lead, and silver. On-site, the company mines and mills ore to produce zinc concentrate and lead-silver concentrate, which are shipped to a smelter for processing. The mine has a long history, producing over 165M oz of silver and 5M tons of base metals between 1885 and 1981. Bunker Hill Mining acquired the mine in January 2022 and has been rehabilitating it and building out processing infrastructure since. The company expects to restart operations in the first half of 2026. Once in production, Bunker Hill Mining will sell zinc and lead concentrates to Teck under life-of-mine offtake agreements, with Teck's Trail smelter in British Columbia as the sole customer. Profitability will depend on commodity prices for zinc, lead, and silver, production volumes, ore grades, and operating costs. The company has not generated revenue and has funded development entirely through equity and debt. The capital structure is complex, including convertible debentures and a senior secured facility with Sprott, a silver loan with Monetary Metals, and a revolving facility with Teck, as well as gross revenue royalties owed to Sprott that will reduce mine economics regardless of profitability. Teck is the largest shareholder at roughly 24%, with Sprott holding roughly 30%.