Bunker Hill Mining Corp. announced on December 13, 2024, an updated forecast for its mine restart project, which is currently 64% complete with 98% of procurement finished. The total restart expenditure, excluding working capital, is now projected at $103 million, an increase from the previously forecasted $67 million and the $56 million in the 2022 Pre-Feasibility Study.
The project restart is anticipated to be delayed by up to four months, with operations now expected to commence in the second quarter of 2025. This revision accounts for inflation, scope changes since the PFS, and an unplanned contractor change.
To address the increased capital requirements, the company intends to draw on a $21 million standby facility provided by Sprott Private Resource Streaming and Royalty Corp. Additionally, Bunker Hill is finalizing discussions with strategic partners for an additional $30 million in potential off-take or similar financing. The company also continues to advance the process for unlocking a $150 million facility from US EXIM by the end of 2025.
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