Mr. Sam Ash reports

BUNKER HILL COMPLETES THE RANGER PAGE PROJECT ACQUISITION IN IDAHO'S SILVER VALLEY AND PROVIDES CORPORATE UPDATE; ADVANCES EXPLORATION IN IDAHO LEVERAGING VRIFY'S AI-ENABLED EXPLORATION INTELLIGENCE SOFTWARE

Further to the news release dated Oct. 27, 2025, Bunker Hill Mining Corp. and its wholly owned subsidiary, Silver Valley Metals Corp., has closed its previously announced asset purchase with Silver Dollar Resources (Idaho) Inc., a subsidiary of Silver Dollar Resources Inc., which includes the option to acquire up to a 100-per-cent interest in the Ranger-Page mineral interests, covering the sites of six past-producing underground high-grade silver-lead-zinc mines located immediately adjacent to and to the west of the Bunker Hill mine in the prolific Silver Valley mining district of Idaho, United States (the Ranger-Page project) and a 75-per-cent interest in the Government Gulch property (the Blackhawk property, together with the Ranger-Page project the acquired properties).

The acquisition consolidates one of the most historically productive areas of the Coeur d'Alene mining district under Bunker Hill's control, increasing the size of the company's mineral claim package by approximately 1,205 acres (4.8 square kilometres). The asset acquisition also includes an extensive historical geological database. Contingent on exploration success, this could extend operational life at Bunker Hill, maximize economies of scale and unlock additional local synergies.

Sam Ash, president and chief executive officer of Bunker Hill, stated: "We are pleased to have completed the Ranger-Page transaction, which consolidates a highly prospective land package adjacent to our existing geological and operational footprint. The project's historical workings, established access and favourable structural trends provide a compelling platform for systematic resource definition and future mine-planning optionality. This acquisition enhances our longer-term development pipeline while we remain fully focused on executing the restart of Bunker Hill and delivering first concentrate production."

Transaction summary

Under the terms of the asset purchase agreement, Bunker Hill will acquire the acquired properties for total consideration of approximately $2.4-million (U.S.), comprising 23,333,334 shares of Bunker Hill's common stock, subject to the below contractual escrow.

Bunker Hill, Silver Valley, Silver Dollar and Silver Dollar Resources (Idaho) entered into the first amending agreement on Nov. 14, 2025, and the second amending agreement on Nov. 21, 2025, which clarify that Silver Valley will cause Bunker Hill to release the payment shares to Silver Dollar Resources (Idaho) in accordance with the contractual escrow payment schedule. The first amending agreement further allows Silver Dollar to transfer any portion of the payment shares to a limited number of third parties during the period of the contractual escrow, provided that: (i) any such transfer complies with applicable securities laws and the policies of the TSX Venture Exchange; (ii) such transfer qualifies for an exemption from any prospectus, registration, or similar filing or qualification requirements under applicable securities laws; and (iii) the payment shares so transferred remain subject to the terms and restrictions of the contractual escrow. The second amending agreement also extended Bunker Hill and Silver Valley's due diligence period to Nov. 28, 2025, and extended the termination date (as defined in the initial agreement) of the agreement to Dec. 12, 2025.

The payment shares are subject to a six-month-and-one-day hold period from the date of issuance, and the contractual escrow payment schedule.

The transaction is arm's length and no finder's fee was paid by Bunker Hill in connection with the transaction. In connection with the transaction, the company has acquired Silver Dollar's position under an option agreement with Deadwood Land LLC and an option agreement with Blackhawk Exploration LLC.

Option agreement with Deadwood

Under the agreement, the company acquired Silver Dollar's position as lessee with an option to purchase the mineral interests to certain claims from Deadwood. There are no surface rights associated with the Deadwood option, although the mineral interests to be conveyed are equal to 100 per cent of the mineral interests held by Deadwood with rights to the surface as reasonably necessary to support mining operations. The Deadwood option allows the parties to negotiate in good faith for the full acquisition of surface rights.

As of the date hereof, the Deadwood option has not been exercised, and the title of the mineral interests remains with Deadwood. Silver Valley can exercise its rights under the Deadwood option by payment to the lessor in the amount of $1.5-million at any time before Nov. 17, 2031.

Option agreement with Blackhawk

Pursuant to the agreement, the company acquired Silver Dollar's position in the joint venture and option agreement with Blackhawk. Silver Dollar has already acquired a 75-per-cent interest in the Blackhawk property under the Blackhawk option, which includes a combination of surface and mineral interests and mineral-only interests. The company can acquire the remaining 25-per-cent interest pursuant to terms to be negotiated between the company and Blackhawk before Dec. 31, 2025. If the remaining 25-per-cent is not acquired, the company will own the property pursuant to the terms of the joint venture agreement between the company and Blackhawk.

Net smelter return royalties

At this time, there are no recorded net smelter return (NSR) royalties disclosed as exceptions to the title commitments for the parcels of land governed by the Deadwood option or the Blackhawk option.

If the company does not purchase the remaining 25-per-cent interest in the Blackhawk property pursuant to the Blackhawk option, then the parties will be subject to the joint venture between Silver Valley, with a 75-per-cent interest, and Blackhawk, with a 25-per-cent interest. If one of the party's interests in the Blackhawk properties is reduced to less than 10 per cent, then that party no longer has a participating interest in the joint venture but is entitled to a 2-per-cent NSR royalty. One per cent of the JV NSR royalty may be bought back, by the respective party, for $1-million (U.S.).

Upon exercise of the Blackhawk option and pursuant to the obligations in the underlying asset purchase agreement which the company is acquiring, the company must issue a 0.5-per-cent NSR royalty on the Blackhawk property to the underlying vendors and, upon exercise of the Deadwood option, a 1.0-per-cent NSR royalty on the Deadwood property to the underlying vendors (0.5 per cent of which can be bought down at any time by payment of $500,000 (U.S.)).

Vrify AI-enabled (artificial intelligence) exploration intelligence software

Bunker Hill further announces that it has partnered with Vrify Technology Inc. to employ its advanced AI and associated machine-learning technology to enhance the efficiency of continuing exploration within the expanded Bunker Hill and Ranger-Page project.

This collaboration marks an important step in Bunker Hill's commitment to innovation and data-driven discovery. By combining decades of geological expertise with Vrify's powerful AI-assisted prospectivity mapping software, Dora, and wider exploration intelligence platform, Bunker Hill will leverage Vrify's proprietary software and AI to process extensive geological, geochemical and geophysical data sets to uncover new patterns, refine exploration targets and accelerate discovery in the world-class mineral district hosting the Bunker Hill project and the recently acquired Ranger-Page project. Specifically, Vrify's Dora software has already been implemented to ingest and analyze robust project data, including:

• 57,356 drill and trench assays;
• 1,689 U.S. Geological Survey (USGS) rock samples;
• 151 USGS stream sediment samples;
• 46 geophysics layers (including IP (induced polarization, airborne magnetics and airborne gravity);
• 12 bands of Sentinel 2 imagery;
• 111 additional feature-engineered data layers;
• 46 stream sediment geochemical layers;
• 18 rock geochemical layers;
• Four fault distance and fault disturbance maps;
• 35 filter maps (Haralick and ResNet);
• Six lineament density and complexity maps.

Once combined with augmented layers, this unified technical data stack will provide the foundation for the company to apply AI, using Dora's proprietary data fusion models, to meaningfully enhance project understanding.

"Integrating AI into our exploration tool kit represents an important step forward in our strategy to unlock the full potential of the Bunker Hill mine responsibly," said Sam Ash, president and chief executive officer of Bunker Hill. "Our partnership with Vrify allows us to apply cutting-edge AI technology to our data-rich projects in globally recognized districts in the Silver Valley. This approach complements our disciplined exploration methods and strong technical team, positioning Bunker Hill among a select group of explorers pioneering AI-assisted mineral discovery."

With discovery rates declining over the past two decades and demand for copper, silver and other critical minerals rising sharply, the mining industry faces an urgent need for innovation. Bunker Hill's integration of AI into its exploration process represents a pro-active strategy to harness its extensive geological and geophysical data sets, applying advanced algorithms and modules to optimize target prioritization and unlock additional value from its district-scale assets with the goal of accelerating the path from data to discovery.

Steve de Jong, chief executive officer of Vrify, commented: "Dora, a core product of Vrify's exploration intelligence platform, ensures every piece of project data contributes to identifying areas of high-potential mineralization. What we consistently see is that exploration companies already hold tremendous value in their existing data sets; our data-driven software simply helps unlock it. With historic drilling, extensive geochemical surveys and district-scale geophysical coverage, Bunker Hill's projects are ideal candidates for our proprietary data fusion models, which surface insights and uncover value that may otherwise remain hidden. By combining deep geological expertise with advanced software that reveals structural relationships and subtle patterns across massive data sets, we're uncovering significant potential in collaboration with the Bunker Hill technical team. We're excited to partner with Bunker Hill as one of the early adopters of our exploration intelligence platform and to demonstrate what AI-assisted exploration can deliver."

Bunker Hill will begin by using Vrify's prospectivity mapping software, Dora, to reveal promising new patterns across its extensive data set while independently validating known mineralized trends. This AI analysis leverages both deposit-specific and custom models to identify correlations between mineralized zones and underlying data sets. Bunker Hill is using these insights to prioritize follow-up work on new, high-potential areas and refine drill targets for coming programs.

About the Bunker Hill and Ranger-Page projects

At the flagship Bunker Hill mine, where historical workings extend several thousand feet along strike and downdip within the Upper Revett formation, the Vrify platform is expected to assist in refining near-mine and depth extensions of both tabular Bluebird-style zones and steeper galena-quartz veins that have historically supported significant lead, zinc and silver production. AI-assisted analysis will help prioritize drill targets in areas with limited modern exploration, with the goal of expanding resources to support the planned restart of operations.

At the Ranger-Page project, a historic top 10 producer in the Silver Valley with past output of high-grade silver, lead and zinc from six historic mines, Vrify will be used to evaluate high-potential target areas along the Page vein system and associated structures that remain open at depth and along strike. The platform will also help interpret ground geophysics, soil geochemistry and trenching results that have identified multiple targets away from historic workings, providing a systematic framework for ranking and sequencing future exploration programs.

By applying Vrify's AI-assisted workflows across a now-contiguous land position exceeding 6,200 acres, Bunker Hill aims to maximize the exploration potential of one of the most significant and most prospective holdings in the Silver Valley while creating synergies for future mine planning and access between Bunker Hill and the Ranger-Page Project. The company expects this integrated approach to accelerate target generation, improve drill efficiency, and support long-term optionality for additional mill feed and resource growth beyond the current restart plan.

Corporate activities

Bunker Hill announced that its board of directors has approved an increase in the company's authorized shares of common stock.

The company's board of directors and stockholders, representing 53.36 per cent of the company's outstanding voting power, approved an amendment to the company's articles of incorporation reflecting the authorized share increase. There were no votes against, abstentions or broker non-votes as the actions were approved by written consent. The authorized share increase has been approved by the TSX-V.

The authorized share increase will increase the authorized shares of common stock of the company from 2.5 billion to 3.5 billion. The authorized share increase will provide the company with greater flexibility for future issuances of common stock.

About Bunker Hill Mining Corp.

Bunker Hill is an American mineral exploration and development company focused on revitalizing its historic mining asset: the renowned zinc, lead and silver deposit in northern Idaho's prolific Coeur d'Alene mining district. This strategic initiative aims to breathe new life into a once-productive mine, leveraging modern exploration techniques and sustainable development practices to unlock the potential of this mineral-rich region. Bunker Hill aims to maximize shareholder value by responsibly harnessing the mineral wealth in the Silver Valley mining district, focusing the company's efforts on this single, high-potential asset.

We seek Safe Harbor.