Bunker Hill Mining Corp. agreed to acquire Silver47 Exploration Corp. in an all-stock transaction valued at approximately $163 million on a fully diluted, in-the-money basis.
Under the definitive arrangement, Silver47 shareholders will receive 0.1724 Bunker Hill shares for each Silver47 share held, implying a price of roughly $0.67 per Silver47 share based on Bunker Hill’s closing price on the TSX on Wednesday. The offer represents a 38% premium to Silver47’s last closing price on the TSX Venture Exchange and about a 30% premium to its 20-day volume-weighted average price.
Upon completion, existing Bunker Hill shareholders will hold approximately 57% of the combined entity, while Silver47 shareholders will own about 43%, on a basic basis. The combined company will operate under the name Bunker Hill Silver Corp. and remain listed on the TSX.
The merger combines Bunker Hill’s producing mine in Idaho’s Silver Valley with Silver47’s exploration and development assets in Alaska, Nevada and New Mexico. The combined portfolio holds total measured and indicated mineral resources of 80 million ounces of silver equivalent and inferred resources of 308 million ounces, according to company disclosures.
Bunker Hill secured a $10 million concentrate prepayment facility with Ocean Partners UK Ltd. and drew $1 million under a standby facility with Teck Resources Ltd. to support the transaction.
Shareholder votes are required from at least two-thirds of Silver47 shareholders and a simple majority of Bunker Hill shareholders. Meetings are scheduled for no later than November 15, 2026, with court and regulatory approvals also required. Completion is expected shortly after the meetings, pending all necessary consents.
Both boards have unanimously recommended that shareholders vote in favor of the transaction. Silver47’s board received a fairness opinion from Research Capital Corp., while Bunker Hill’s board was advised by Evans & Evans Inc.
