Bunker Hill Mining Corp. report the results of a Prefeasibility Study (“PFS”) for the first phase of the restart of the Bunker Hill Mine in Idaho's Silver Valley, USA. The PFS plan describes a $55 million (including contingency) initial capital cost to rapidly 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 PFS was prepared in accordance with National Instrument 43-101 (“NI 43-101”). MineTech USA, LLC (MineTech) developed the mine infrastructure, capex and opex related portions of the PFS as well as portions of the mine plan and operating schedules in coordination with Bunker Hill's team who directed Patterson & Cooke North America for the tailing backfill components, YaKum Consulting Inc. for metallurgy and processing and Barr Engineering for process design and milling. Mineral Resources for the Bunker Hill Mine are Inclusive of Mineral Reserves.

Metallurgical recoveries and concentrate grade specifications reflect the current data supported by the PFS. Mineral Resources are reported at an NSR cutoff of $70/ton. Mineral Resources are reported in situ and undiluted.

Mineral Resources meet the reasonable prospects of eventual economic extraction due to the fact that the entire vertical extents of the mineralization have been developed on mining levels every two-hundred-feet. High grade capping was applied to the assays prior to grade estimation. Grades are estimated using Inverse Distance Cubed (ID3) interpolation techniques.

A bulk density of 11.3 cubic feet per ton was applied to the entire Mineral Resource based upon historic density values from production records at Bunker Hill. Historic mining voids, stopes and development drifting have been accounted for in the Mineral Resource Estimate. (1) The Qualified Person for the above estimate is Scott Wilson, C.P.G., SME; effective August 29, 2022 (2) Measured, Indicated and Inferred classifications are based on the 2014 CIM Definition Standards.

(3) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability (4) Net smelter return (NSR) is defined as the return from sales of concentrates, expressed in USD/t, i.e.: NSR = (Contained metal) (Metallurgical recoveries) (Metal Payability %) (Metal prices) – (Treatment, refining, transport and other selling costs). For the Mineral Resource Estimate, NSR values were calculated using updated open-cycle metallurgical results including recoveries of 85.1%, 84.2% and 88.2% for Zn, Ag and Pb respectively, and concentrate grades of 58% Zn in zinc concentrate, and 67% Pb and 12.13 oz/ton Ag in lead concentrate. (5) Mineral Resources are estimated using a zinc price of $1.20 per pound, silver price of $20.00 per ounce, and lead price of $1.00 per pound.

(6) Historic mining voids, stopes and development drifting have been depleted from the Mineral Resource Estimate (7) Totals may not add up due to rounding.