- Bunker Hill Mining (BNKR) has announced a $5 million increase to its budget financing for restarting the Bunker Hill mine in Idaho
- the company now expects it will be able to increase its targeted financing to up to $20 million from the previous $15 million
- This upsize may de-risk the project finance plan by backstopping ongoing equity financing activities
- The company expects to select its final off-take partner at the end of its second quarter to secure access to a $37 million finance stream
- Bunker Hill Mining (BNKR) is unchanged, trading at $0.10 per share as of 10:53 a.m. EST
Bunker Hill Mining (BNKR) has announced a $5 million increase to its budget financing for restarting the Bunker Hill mine in Idaho.
Due to recent interest, the company now expects it will be able to increase its targeted financing to up to $20 million from the previous $15 million. BNKR stated this $5 million upsize de-risks the project finance plan by backstopping ongoing equity financing activities.
“Based on further optimization of our restart plan, we are pleased to report that the total project budget remains in line with prior estimates,” Sam Ash, CEO of BNKR, said.
“I can also report that our financial plan, centred on the release of $37 million of stream finance from Sprott Private Resource Streaming and Royalty Corp., has now been complemented by expressions of interest for an upsized offer of $20 million from potential providers of offtake finance.”
Final deal expected soon to help restart
The company expects to select its final off-take partner at the end of its second quarter to secure access to the $37 million of stream finance. With these financings, it intends to restart and develop the Bunker Hill mine to consolidate its North American silver mining portfolio.
According to BNKR, its project team is on standby on the site until a final decision for the mine’s financing has been announced. Detailed engineering and process plant construction activities are targeted to begin again during quarter two.
BNKR shared it has maintained its total pre-production budget, including all site and corporate costs and other working capital requirements. It hopes to reach its first concentrate production at the mine during the second quarter of 2024.
Bunker Hill Mining (BNKR) is unchanged, trading at $0.10 per share as of 10:53 a.m. EST