Bunker Hill to buy Silver47 in $163M all-stock deal

Bunker Hill Mining (TSX: BNKR; US-OTC: BHLL) agreed to buy Silver47 Exploration (TSX-V: AGA; US-OTC: AAGA) in an all-stock deal valued at about $163 million (C$225 million) that will create a U.S.-focused producer with four silver projects.

Silver47 shareholders will receive 0.1724 Bunker Hill common shares for each share held, Bunker Hill said Friday. The offer represents a 38% premium to Silver47’s Thursday close and about a 30% premium to its 20-day volume-weighted average price.

“As Bunker Hill advances towards commercial production targeted in the fourth quarter of 2026, we are very excited to partner with Silver47,” Bunker Hill executive chairman Richard Williams said. “This is a ‘Made in America’ transaction at a time when the U.S. domestic mining industry, its investors and the users of U.S. metals need new, ambitious leaders capable of safely building and operating profitable mines.”

The transaction pairs Bunker Hill’s namesake mine in Idaho’s Silver Valley with Silver47’s exploration and development portfolio spanning Alaska, Nevada and New Mexico. It comes as Bunker Hill works towards commercial production later this year and Silver47 shares remain under pressure, having fallen nearly 36% since the start of 2026.

Growth platform

The combined company will be named Bunker Hill Silver, with existing Bunker Hill shareholders owning 57% and Silver47 investors holding the remaining 43%.

Combining Silver47’s exploration portfolio and capabilities with Bunker Hill’s mine-building and operating track record will provide a strong foundation for the growth-focused company, Silver47 executive chairman Gary Thompson said.

The companies expect to complete the transaction in November, after which the combined company is expected to continue trading on the Toronto Stock Exchange.

Silver47 shares jumped 16% t0 78¢ in early afternoon trading Friday in Toronto, valuing the company at about C$163 million ($116 million). They closed Thursday at 67¢, setting the reference price for Bunker Hill’s takeover premium.

Bunker Hill plunged 10% to C$3.52 in Toronto for a market capitalization of C$166 million.

Fresh funding

Bunker Hill has secured about $11 million in new financing from existing partners as it moves towards commercial production.

The funding includes a $10-million concentrate prepayment facility with Ocean Partners UK and a $1-million draw under Bunker Hill’s standby facility with Teck.

It gives Bunker Hill additional capital ahead of the proposed merger while the enlarged company positions its Idaho mine and Silver47’s U.S. exploration assets as a broader domestic silver and critical minerals platform.