Bunker Hill Mining Corp. announced Friday an agreement to acquire Silver47 Exploration Corp. through an all-stock merger that combines the Kellogg-based miner’s reopened operations with exploration projects across Alaska, Nevada, and New Mexico.
The transaction, signed August 20, creates Bunker Hill Silver Corp., a company positioned to become a significant domestic silver and critical minerals producer. Under the deal structure, existing Bunker Hill shareholders will hold approximately 57% of the combined entity, while Silver47 shareholders will own roughly 43%. The merged company will maintain its listing on the Toronto Stock Exchange.
Silver47 shareholders will receive 0.1724 Bunker Hill shares for each share held, valuing the transaction at 67 cents per Silver47 share—a 38% premium over the company’s closing price on August 20. The combined business carries an estimated value of $326 million.
Operational Scope and Production Timeline
The merged entity will control four U.S. mining projects holding a combined 388 million ounces of silver-equivalent resources. Bunker Hill’s flagship operation near Kellogg will serve as the company’s operational headquarters, with commercial production targeted for the fourth quarter of 2026.
Production projections show the company aiming to deliver roughly 980,000 ounces of silver-equivalent output in 2026, ramping to 2.5 million ounces or more in 2027. With planned milling capacity expansion, the combined operation could eventually reach 5 million ounces of annual production, supported by a throughput capacity target of 2,500 tons per day.
Currently, three drilling programs are underway at exploration sites within the combined portfolio.
Financing and Strategic Vision
The company has arranged $10 million in funding through Ocean Partners UK Ltd. and will access $1 million from an existing financing agreement with Teck Resources Ltd., positioning the merged entity for near-term production ramp-up.
Richard Williams, Bunker Hill’s chairman, emphasized the national significance of the transaction. “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,” Williams told the Shoshone News-Press in a statement obtained by the Shoshone News Press.
Sam Ash, Bunker Hill’s chief executive officer, echoed that sentiment in remarks to the outlet: “I could not be more excited to partner with Galen McNamara and his team of exploration geologists to help build a new US mining champion at a critical time for our country.”
The merger reflects broader momentum in Idaho’s mining sector. The state’s mineral industries have gained renewed focus as federal policymakers prioritize domestic mineral supply chains and manufacturing independence. Idaho Senator Pushes Federal Mining Reform as Nation Seeks Domestic Mineral Supply Independence, and the Trump Administration Commits $180 Million to Mining Education Programs Nationwide, underscoring the administration’s commitment to revitalizing American mining capacity.
Bunker Hill’s reopening—after decades of closure—has already positioned Shoshone County’s Silver Valley as a hub for U.S. silver production. The company’s ability to combine its operational expertise with Silver47’s exploration assets across three western states creates operational diversification while maintaining its primary production base in Idaho.
Local Impact and Economic Development
The deal bolsters Shoshone County’s standing as a critical minerals region. The combined company’s scale and production targets position it to support regional employment and economic activity in Kellogg and surrounding communities. The merger also aligns with Shoshone County’s advancement in federal Opportunity Zone competition for economic development, signaling investor confidence in the region’s long-term mining future.
What Comes Next
The merger is expected to close in late 2026, pending customary closing conditions and regulatory approvals. The combined Bunker Hill Silver Corp. will focus immediately on ramping production at the Kellogg mine while advancing exploration work on Silver47’s western projects. Shareholders of both companies are scheduled to vote on the transaction in the coming weeks.