RCKS Talk

06-Sep-2018

Bunker Hill Mining Corp.

Technical Report Reaffirms Our View on the Potential of the Bunker Hill Mine

Impact: Neutral

Bunker Hill has announced that it has filed an NI 43-101 technical report for its Bunker Hill property, located in Idaho’s Coeur d’Alene Mining District.

  • The company defined its exploration target for the Quill/Newgard zones at 10-12Mt, which confirms our technical view and can be compared to the historical resource estimate for the property of 9.1Mt grading 5.08% Zn, 2.35% Pb and 40g/t Ag (~7.34% ZnEq & ~1,019Mlb ZnEq)
  • Filing of a technical report for Bunker Hill is expected to help facilitate the company’s redomiciling in Canada from the US
  • We see the upgrade of these historical resources to NI 43-101 resources as the next step for the company, which is planned to be completed through a US$7.7M exploration program
Although we see significant near term potential for the asset, we still have concerns over the company’s capital structure and are awaiting updates. Based on the company’s SEC compliant resource (non 43-101 compliant), the company is significantly undervalued at $0.003/lb ZnEq compared to peers at $0.030/lb ZnEq. We view the key catalyst as a repair of the capital structure, but other upcoming catalysts include mine development, finding a milling solution (toll milling or mill acquisition) and producing a 43-101 compliant resource.

 

21-Jun-2018

Bunker Hill Mining Corp.

Bunker Hill Provides Shareholder Update

Impact: Neutral

Bunker Hill’s President and CEO, Bruce Reid, has updated investors via a newsletter on recent developments at its Bunker Hill mine in northern Idaho. Highlights include
  • With the land package sitting entirely on patented ground and an agreement signed with the EPA, the Bunker Hill mine is now fully permitted to proceed with mining operations
  • Bunker has initiated a technical report on the Bunker Hill property, with the intentions of using this report to apply for a listing on the TSX; it is expected to be released Q3 201
  • An internal mine plan has been outlined using historical reserves and resources; the total pre-production capital costs of the main components of the plan are estimated at ~US$75 million
Based on the company’s SEC compliant resource (non 43-101 compliant), the company is significantly undervalued at $0.006/lb ZnEq compared to peers at $0.031/lb ZnEq. Upcoming catalysts include mine development, finding a milling solution (toll milling or mill acquisition) and producing a 43-101 compliant resource.

19-Jun-2018

Bunker Hill Mining Corp.

Bunker Hill Announces Small Private Placement

Impact: Neutral

Bunker Hill has announced a private placement convertible debt financing with an arms length investor in addition to the granting of options to senior management and executives.
  • Convertible loan and warrant agreement is with an arms length investor for a US$1.5M convertible loan at 10% per year, maturing in one year. Along with the convertible debt, Bunker Hill will issue 2,294,835 share purchase warrants at a price of C$0.85/sh., for two years
  • We expect this to be a short-term bridge financing and our understanding is that this brings a new investor to the company
Based on the company’s SEC compliant resource (non 43-101 compliant), the company is significantly undervalued at $0.006/lb ZnEq compared to peers at $0.031/lb ZnEq. Upcoming catalysts include mine development, finding a milling solution (toll milling or mill acquisition) and producing a 43-101 compliant resource.

06-Jun-2018

Bunker Hill Mining Corp.

Bunker Hill Under Pressure; Appears Market Related as Fundamentals Still Solid

Recently, Bunker Hill Mining’s share price has been under pressure, declining from C$1.52 on May 23rd, to C$0.76 on yesterday’s close, on a mere 128,804 shares (or ~$137k of volume). Our view, is that this is market related, and that a single small seller into this illiquid stock could have this large an impact. We continue to like Bunker Hill because:

  • A great restart opportunity for one of the largest Zn-Pb-Ag development projects in the America’s
  • Recent EPA indemnification, likely to make Bunker Hill a high-priority target for larger base metal companies
  • Current valuation does not reflect Bunker Hill’s ready-to-mine status or signficant exploration upside
Based on the company’s SEC compliant resource (non 43-101 compliant), the company is significantly undervalued at $0.007/lb ZnEq compared to peers at $0.028/lb ZnEq. Upcoming catalysts include mine development, finding a milling solution (toll milling or mill acquisition) and producing a 43-101 compliant resource.


01-Jan-2018

Bunker Hill Mining Corp. (CSE:BNKR)

RCKS Talk Blog Archive

We updated the look & feel of our RCKS Talk Research Blog in March 2018.

To access the historical archives of our original blog format, please click on the link(s) below to be re-directed. Please note that we no longer update those archive blog pages.

Click here to access the RCKS Talk Blog Archive for Bunker Hill Mining Corp. (CSE:BNKR)


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