Details coming in Monday’s fall economic statement
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Published Dec 13, 2024 • Last updated 1 hour ago • 3 minute read
Canadian pension funds will no longer be restricted to a cap of 30 per cent control of companies they invest in and the federal government is working with the institutional investor and domestic airports to “explore measures for further pension fund investment on airport lands.”
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Deputy prime minister Chrystia Freeland made the announcements — part of sweeping measures that could total $47 billion in government money and incentives to encourage more pension investment in Canada — at a news conference Friday in Toronto. She said more details would be provided in Monday’s fall economic statement.
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“We are making it easier for pension funds to acquire controlling stakes in Canadian entities,” Freeland said. “Currently Canadian pension funds are restricted from owning more than 30 per cent of a Canadian entity. We’re going to change that.”
She said the series of changes and new measures that will affect the country’s largest pensions were made following a report from former Bank of Canada governor Stephen Poloz, who she tasked in the spring with finding ways to encourage more domestic investments by the Canadian funds, which collectively control $3 trillion.
“Canadian pension funds have… some of the world’s best investment expertise. They are envied around the world,” Freeland said at the news conference at the Toronto Stock Exchange.
The campaign to get more pension money invested domestically began in 2023 after fierce lobbying in Ottawa, but drew pushback from large pension funds whose executives argued that their diversification geographically and by asset class is what resulted in their enviable returns.
Pension officials also argued that Canada had not freed up large infrastructure assets, such as airports and ports, which are a type of investment favoured by large institutional investors around the world including Canadian pensions.
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But Freeland kept pushing forward, and last spring’s appointment of Poloz to lead a task force to explore the issues seemed to ease friction with the pension funds.
“We are fighting for capital. We need to own the podium and say Canada is a great place to invest… and we are determined to get our share,” Freeland said at the news conference where she announced other measures including tax credits and incentives, plus $2 billion in additional government money to encourage public-private investment to spur growth of Canadian startups and mid-sized companies.
Another leg of the plan is to create a program that will provide up to $45 billion in loans and equity and involve “working with pension funds developing AI data centres,” Freeland said.
A senior pension source said Friday that there appeared to be no downside in the pre-announced measures, but declined to comment publicly before seeing the full detail in the government’s fall economic statement on Monday.
Freeland said Poloz had come up with “smart, creative ideas” to generate more opportunities for pensions funds to boost their investments in Canada and make that easier for them to do. But she also framed the measures announced Friday, in part, as a response to the re-election of Donald Trump as president of the United States.
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“We have to be candid about the reality of the incoming U.S. administration,” she said. “This is an administration which openly has a strategy of creating economic uncertainty outside the U.S. — as a strategy to discourage investment anywhere other than the United States.”
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She said she will have more to say about her government’s response during Monday’s economic update.
“Canada is going to fight for Canada,” Freeland said. “Our government is fighting for Canadian jobs, our government is fighting for capital.”
• Email: bshecter@nationalpost.com
Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.
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Details coming in Monday’s fall economic statement
Author of the article:
Published Dec 13, 2024 • Last updated 16 minutes ago • 3 minute read
Canadian pension funds will no longer be restricted to a cap of 30 per cent control of companies they invest in and the federal government is working with the institutional investor and domestic airports to “explore measures for further pension fund investment on airport lands.”
Article content
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Deputy prime minister Chrystia Freeland made the announcements — part of sweeping measures that could total $47 billion in government money and incentives to encourage more pension investment in Canada — at a news conference Friday in Toronto. She said more details would be provided in Monday’s fall economic statement.
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“We are making it easier for pension funds to acquire controlling stakes in Canadian entities,” Freeland said. “Currently Canadian pension funds are restricted from owning more than 30 per cent of a Canadian entity. We’re going to change that.”
She said the series of changes and new measures that will affect the country’s largest pensions were made following a report from former Bank of Canada governor Stephen Poloz, who she tasked in the spring with finding ways to encourage more domestic investments by the Canadian funds, which collectively control $3 trillion.
“Canadian pension funds have… some of the world’s best investment expertise. They are envied around the world,” Freeland said at the news conference at the Toronto Stock Exchange.
The campaign to get more pension money invested domestically began in 2023 after fierce lobbying in Ottawa, but drew pushback from large pension funds whose executives argued that their diversification geographically and by asset class is what resulted in their enviable returns.
Pension officials also argued that Canada had not freed up large infrastructure assets, such as airports and ports, which are a type of investment favoured by large institutional investors around the world including Canadian pensions.
Top Stories
Article content
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But Freeland kept pushing forward, and last spring’s appointment of Poloz to lead a task force to explore the issues seemed to ease friction with the pension funds.
“We are fighting for capital. We need to own the podium and say Canada is a great place to invest… and we are determined to get our share,” Freeland said at the news conference where she announced other measures including tax credits and incentives, plus $2 billion in additional government money to encourage public-private investment to spur growth of Canadian startups and mid-sized companies.
Another leg of the plan is to create a program that will provide up to $45 billion in loans and equity and involve “working with pension funds developing AI data centres,” Freeland said.
A senior pension source said Friday that there appeared to be no downside in the pre-announced measures, but declined to comment publicly before seeing the full detail in the government’s fall economic statement on Monday.
Freeland said Poloz had come up with “smart, creative ideas” to generate more opportunities for pensions funds to boost their investments in Canada and make that easier for them to do. But she also framed the measures announced Friday, in part, as a response to the re-election of Donald Trump as president of the United States.
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Story continues below
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“We have to be candid about the reality of the incoming U.S. administration,” she said. “This is an administration which openly has a strategy of creating economic uncertainty outside the U.S. — as a strategy to discourage investment anywhere other than the United States.”
Recommended from Editorial
She said she will have more to say about her government’s response during Monday’s economic update.
“Canada is going to fight for Canada,” Freeland said. “Our government is fighting for Canadian jobs, our government is fighting for capital.”
• Email: bshecter@nationalpost.com
Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.
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In 2024, the mining industry saw some significant mergers and acquisitions. To mention but a few, Piedmont Lithium and Sayona Mining merged to create a leading North American lithium producer, Integra Resources and Florida Canyon Gold formed a new Great Basin precious metals producer, and Gold Fields completed the acquisition of Osisko Mining. Additionally, the global mining market in Q3 2024 witnessed deals worth $23 billion, a 42% increase compared to Q3 2023.
In 2025, the nature of the beast the Canadian mining sector will have to face has changed. In a recent interview on CBC Radio’s Labrador Morning, I was asked about the impact, particularly on iron ore and nickel produced in Newfoundland and Labrador, of the proposed 25% tariff by the U.S. President-elect Trump. My answer was that it will have a huge impact, not just on Labrador’s iron ore and nickel, but also on all minerals exported to the U.S. from Canada and could significantly impact both the U.S. and Canadian economies. Trump’s proposed tariffs on Canadian mineral imports could disrupt trade, increase costs for U.S. manufacturers, and negatively affect the Canadian mining industry. A decline in exports to the U.S. could negatively impact Canada’s mining sector, leading to potential job losses and reduced economic activity in regions dependent on mining.
According to several recent articles from S&P Global, Financial Times, and our sister website, MINING.COM, Trump’s tariffs would drive up metals’ costs for manufacturers. Because the U.S. imports substantial amounts of critical minerals from Canada, imposing tariffs would raise the cost of these essential materials for U.S. manufacturers, potentially leading to higher production expenses and increased prices for goods in the U.S., and eventually contributing to inflation.
On page 26 of this issue, Steve Gravel discusses how Canada can develop a trade strategy that exempts critical mineral exports from these tariffs, and he argues that we need to position Canada as an indispensable trading partner to the U.S., focusing on bilateral agreements that highlight mutual economic benefits, thus aligning Canadian exports with U.S. priorities such as job creation (personally, I prefer imposing tariffs on Tesla EVs).
Also in this combined issue, we focus on international mining topics. Canada’s mining sector is highly international and plays a significant role in the global mining industry. Canada is home to 75% of the world’s mining companies, with over 1,400 mining and exploration companies listed on the Toronto Stock Exchange (TSX) and TSX Venture Exchange. Additionally, Canadian companies have operations in more than 100 countries, making it a dominant force in the global mining industry.
Thousands of Canadian mining supply and services companies are also working with the sector internationally. International success stories of Canadian miners are covered in articles on pages 18 to 31, in addition to several topics related to international mining.
Our regular columns also discuss international mining issues. On page 8, our Law column reflects on the risk management considerations for mining companies when expanding abroad. The issue also contains several articles on technology, equipment, and more
Finally, our team wishes our readers Happy Holidays and a Happy New Year! Our next issue is February/March (PDAC 2025) issue which will feature our annual review on the state of mining in Ontario, including a report on top development projects, the Ontario Mining Association’s annual address, and a look at the new technology and innovations emerging from the rich vein of suppliers in the province. Relevant editorial contributions can be sent directly to the Editor in Chief no later than Feb. 10th, 2025.
| Sean Roosen | Philip Rabenok |
| Chairman and CEO | Director, Investor Relations |
| Email: … | Email: … |
| Tel: +1 (514) 940-0685 | Tel: +1 (437) 423-3644 |
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this news release may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (together, “forward-looking statements”). These forward-looking statements, by their nature, require Osisko Development to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including the assumptions, qualifications and limitations relating to the Company being construction and operation ready; unlocking Cariboo’s potential for shareholders, Indigenous nations and other stakeholders; the job creation and long-term opportunities created for the community; the ability of the Company to complete the optimized feasibility study and the scope, results and timing of thereof; progress in respect of pre-construction activities at Cariboo including bulk sample and underground development work; category conversion; the timing and status of permitting; the future development and operations at the Cariboo Gold Project; the results of ongoing stakeholder engagement; the capital resources available to the Company; the ability of the Company to execute its planned activities, including as a result of its ability to seek additional funding; the ability of the Company to obtain future financing and the terms of such financing including a fully-funded solution for the Cariboo Gold Project; management’s perceptions of historical trends, current conditions and expected future developments; the ability and timing for Cariboo to reach commercial production (if at all); sustainability and environmental impacts of operations at the Company’s properties; the results (if any) of further exploration work to define and expand mineral resources; the ability of exploration work (including drilling) to accurately predict mineralization; the ability of the Company to expand mineral resources beyond current mineral resource estimates; the ability of the Company to complete its exploration and development objectives for its projects in the timing contemplated and within expected costs (if at all); the ability and timing for Cariboo to reach commercial production (if at all); the ability to adapt to changes in gold prices, estimates of costs, estimates of planned exploration and development expenditures; the ability of the Company to obtain further capital on reasonable terms; the profitability (if at all) of the Company’s operations; as well as other considerations that are believed to be appropriate in the circumstances, and any other information herein that is not a historical fact may be “forward looking information”. Material assumptions also include, management’s perceptions of historical trends, management’s understanding of the permitting process and status thereof, the ability of exploration (including drilling and chip sampling assays, and face sampling) to accurately predict mineralization, budget constraints and access to capital on terms acceptable to the Company, current conditions and expected future developments, regulatory framework remaining defined and understood, results of further exploration work to define or expand any mineral resources, as well as other considerations that are believed to be appropriate in the circumstances. Osisko Development considers its assumptions to be reasonable based on information currently available, but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko Development, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Development and its business. Such risks and uncertainties include, among others, risks relating to third-party approvals, including the issuance of permits by the government, capital market conditions and the Company’s ability to access capital on terms acceptable to the Company for the contemplated exploration and development at the Company’s properties; the ability to continue current operations and exploration; regulatory framework and presence of laws and regulations that may impose restrictions on mining; the ability of exploration activities (including drill results and chip sampling, and face sampling results) to accurately predict mineralization; errors in management’s geological modelling; the timing and ability of the Company to obtain required approvals and permits; the results of exploration activities; risks relating to exploration, development and mining activities; the global economic climate; metal and commodity prices; fluctuations in the currency markets; dilution; environmental risks; and community, non-governmental and governmental actions and the impact of stakeholder actions. Osisko Development is confident a robust consultation process was followed in relation to its received BC Mines Act and Environmental Management Act permits for the Cariboo Gold Project and continues to actively consult and engage with Indigenous nations and stakeholders. While any party may seek to have the decision related to the BC Mines Act and/or Environmental Management Act permits reviewed by the courts, the Company does not expect that such a review will impact its ability to proceed with the construction and operation of the Cariboo Gold Project in accordance with the approved BC Mines Act and Environmental Management Act permits. Readers are urged to consult the disclosure provided under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2023 as well as the financial statements and MD&A for the year ended December 31, 2023, which have been filed on SEDAR+ ( ) under Osisko Development’s issuer profile and on the SEC’s EDGAR website ( ), for further information regarding the risks and other factors facing the Company, its business and operations. Although the Company’s believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Photos accompanying this announcement are available at
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Author of the article:
Published Dec 13, 2024 • 3 minute read
TORONTO, Dec. 13, 2024 (GLOBE NEWSWIRE) — Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to report the results of its Annual General Meeting of Shareholders (the “Meeting”) held on December 12, 2024, in Toronto, Ontario.
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In accordance with the policies of the Toronto Stock Exchange, all nominees listed in the Management Information Circular dated November 5, 2024, were elected as directors of the Company. Over 55% of the Company’s issued and outstanding shares were represented at the Meeting.
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The shareholders approved the election of the following individuals as directors of the Company, based on the following vote:
| Board of Director Nominees | % Votes For | % Votes Withheld |
| Justin Reid | 99 | 1 |
| Diane Lai | 99 | 1 |
| Hon. Pierre Pettigrew | 99 | 1 |
| Tom Olesinski | 98 | 2 |
| Chantal Lavoie | 99 | 1 |
| Brigitte Berneche | 99 | 1 |
| Francois Biron | 99 | 1 |
Following election by shareholders at the Meeting, the Company is pleased to announce the appointment of Mr. Chantal Lavoie as the new Chair of the Board. Mr. Lavoie, who joined Troilus September 2024, is a Professional Mining Engineer with over 35 years of experience in mining operations, permitting, construction, and executive leadership across various global mining regions, including Quebec.
Mr. Lavoie succeeds Ms. Diane Lai who previously served as Chair of the Board. Ms. Lai will continue to contribute as a valued member of the Board. The Company extends its gratitude to Ms. Lai for her dedication and leadership during her tenure as Chair.
Shareholders also approved the appointment of McGovern Hurley LLP as the Company’s auditors for the ensuing year.
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Troilus’ Board of Directors expresses their gratitude to all shareholders and stakeholders for their continued support.
About Troilus
Troilus is a Canadian-based junior mining company focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towards production. From 1996 to 2010, the Troilus Mine produced +2 million ounces of gold and nearly 70,000 tonnes of copper. Troilus is located in the top-rated mining jurisdiction of Quebec, Canada, where it holds a strategic land position of 435 km² in the Frôtet-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration success has demonstrated the tremendous scale potential of the gold system on the property with significant mineral resource growth. Led by an experienced team with a track-record of successful mine development, Troilus is positioned to become a cornerstone project in North America.
For Further Information, Please Contact:
Caroline Arsenault
VP Corporate Communications
+1 (647) 276-0050
info@troilusgold.com
Cautionary Note Regarding Forward-Looking Statements and Information
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This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, statements regarding the impact of the results and appointment on the Company. Although the Company believes that such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors and risks, including, uncertainties of the global economy, market fluctuations, the discretion of the Company in respect to the use of proceeds discussed above, any exercise of termination by counterparties under applicable agreements, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies and other risks identified in its disclosure documents filed at www.sedarplus.ca. This press release is not, and is not to be construed in any way as, an offer or recommendation to buy or sell securities in Canada or in the United States.
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Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual events, results and/or developments may differ materially from those in the forward-looking statements. Readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with and as required by applicable securities laws.
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Published Dec 13, 2024 • 12 minute read
KELLOGG, Idaho and VANCOUVER, British Columbia , Dec. 13, 2024 (GLOBE NEWSWIRE) — Bunker Hill Mining Corp.
(“Bunker Hill” or the “Company”) (TSXV:BNKR |OTCQX:BHLL) announces that the Bunker Hill Mine restart project, which is approximately 64% complete with 98% of procurement completed, has undergone a strategic review resulting in an updated timeline and capital requirements.
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Pursuant to this review, the Company now forecasts a total restart expenditure (excluding working capital) of $103 million, up from the previously forecasted $67 million and the $56 million in the 2022 Pre-Feasibility Study (the “PFS”), with the restart project anticipated to be delayed by up to four months. To provide sufficient project finance for the ongoing development of the Bunker Hill Mine, the Company intends to draw down on the $21 million standby facility (the “Standby Facility”) provided by Sprott Private Resource Streaming and Royalty Corp. and finalize the ongoing discussions with its strategic partners for potential offtake or similar financing for an additional $30 million.
Sam Ash, President and CEO, commented: “This revised plan takes full account of the many challenges facing the project and the rest of the US mining industry. Work onsite continues round the clock at the highest intensity possible to complete mechanical installation and commissioning and deliver the demanding restart plan. The adjustment we’re announcing reflects the outcome of weeks of intense work by the small Bunker team, Gypsy LLC, our procurement, construction, and management contractor and their many supporters to counter the worst effects of inflation, scope changes since the PFS, and an unplanned contractor change. We are pleased to be able to draw upon the Standby Facility and conclude offtake and associated financing discussions to ensure that profitable and sustainable operations may commence by the revised start date of Q2 2025. We wish to thank our partners at Sprott Private Resource Streaming and Royalty Corp. and our many skilled contractors working on this critical US project for their steadfast and enduring support.”
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STRATEGIC REVIEW – ACTIVITY AND CONCLUSIONS
Over the past eight weeks, the Company has reviewed the impact of the following key factors on the restart plan, seeking ways to mitigate them and incorporate them within the revised forecast:
With labor being the primary input cost in the project’s mechanical installation and commissioning phases, this has been the most challenging to mitigate. Efforts have been made to bring some of this work in-house, but these have not significantly impacted total cost projections, particularly given the impact of steel, concrete, electrical and other inflation (as crystallized in the recent and final procurement orders).
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To mitigate this unexpected schedule delay, the Company conducted an engineering study to consider the deferral of the construction of the Tailings Filter Press into 2026, with tailings instead being pumped directly from the Kellogg Yard to the paste plant in the Wardner operating base and into voids underground at start-up. After conducting trade-off analysis, it was determined that this phased solution was not workable and that it would be more prudent to continue the complete construction as planned, albeit on a delayed timeline. It was judged to be far better to have the optimal system at restart geared to serving the 1,800 tons per day plan, than a potentially risky work-around that would put initial cash flow at risk.
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Taking account of these key factors and any mitigating actions, the review determined that the project restart would be delayed until at least Q2 2025 and that the total project expenditure (including working capital) is expected to increase by approximately $50 million.
RESTART PLAN UPDATE
Processing Plant – 66% complete. The mechanical installation of the final elements of the processing plant is continuing, with the phased commissioning of the circuit starting by the end of December 2024 following the plant’s connection to the grid power via the Bunker Hill transformer. The external conveyor network is being installed connecting the crusher, ore silo, plant and concentrate load-out facility. Inside the main building piping, pumps, electrical infrastructure and working mezzanine platforms are installed in stages.
Figure 1: Conveyor installation
Figure 2: Mezzanine floor and equipment installation
Tailings Filter Press – 38% Complete. The concrete foundations for the tailings filter press are laid in stages upon the deep piers. This is concurrent with the construction of the tailings storage tank and associated infrastructure and off-site, the final construction of the various components of the facility.
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Figure 3: Rendering of the final tailings filter press design
Figure 4: Tailings storage tank construction (December 2024)
Underground – 80% Complete. Conducted from the Wardner Operating Facility, the underground development continues to be on track and budget. Access to five mining stopes has already been prepared in the underground area of the mine. These are ready to be mined now. Refurbishment of the access ramp to level 8 mining areas is 75% complete. Work is currently focused on improving the ramp’s geotechnical strength as it cuts through the Cate Fault; and thereby enable longer life mining than that envisaged in the 2022 PFS. Stockpiling of ore underground during the ramp refurbishment will commence by the end of 2024.
Figure 5: Steel Sets supporting ramp through Cate Fault
Mine Planning – This revised forecast incorporates the Company’s optimization efforts conducted over the prior months to ensure the most sustainable and profitable restart operation possible while mitigating the impact of cost increases. The plan update includes an adjusted mine plan to maximize cash flows from year one.
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Resource and Reserve Expansion – This revised forecast incorporates more drilling and technical work into the plan. Specifically, it incorporates the identified silver targets in the upper part of the mine into the early mine plan and technical studies for Bunker 2.0: the move to 2,500 tons per day. The Company is processing the data gathered from the 2024 drilling campaign and intends to issue a Resource and Reserve update as planned in Q1 2025, as well as provide periodic updates on these results over the next few weeks.
FINANCING PLAN
The Company intends to commence drawing in tranches upon the Standby Facility provided from December 12, 2024. The first tranche will provide $5 million in working capital. The ongoing negotiations with various financing partners to secure a $30 million financing package are expected to be concluded by the end of January 2025.
Concurrent with this, the Company will continue to advance the process required to unlock the $150 million facility from US EXIM by the end of 2025 which the Company would utilize to refinance the existing debt and increase the mine’s expected production capacity to 2,500 tons per day.
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Even with the Company’s plans to secure the necessary financing for the project restart pursuant to the updated forecast, there is no certainty that the Company will be able to raise the funds required to complete the necessary development work needed to restart operations and advance the ongoing mine plan adjustments. While the Company anticipates operations to commence in the second quarter of 2025, there is no certainty that this will be the case.
CORPORATE UPDATE WEBINAR
The Company will host a webinar on Friday, December 13, 2024 at 9:00am PST/12:00pm EST featuring a presentation from Bunker Hill’s President and CEO Sam Ash, Executive Chairman Richard Williams and CFO Gerbrand Van Heerden. A recording of the webinar will be available on the Company’s website.
Attendees can register for the webinar using the following link: https://6ix.com/event/bunker-hill-announces-updated-forecast-for-mine-restart-and-revised-financing
ABOUT BUNKER HILL MINING CORP.
Under Idaho-based leadership, Bunker Hill intends to sustainably restart and develop the Bunker Hill Mine as the first step in consolidating and then optimizing a number of mining assets into a high-value portfolio of operations, centered initially in North America. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR+ and EDGAR databases.
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On behalf of the Board of Directors of Bunker Hill Mining Corp.
Sam Ash
President and Chief Executive Officer
For additional information, please contact:
Brenda Dayton
Vice President, Investor Relations
T: 604.417.7952
E: brenda.dayton@bunkerhillmining.com
Cautionary Statements
Neither the TSX Venture Exchange (the “TSX-V”) nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations (collectively, “forward-looking statements”). Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “plan” or variations of such words and phrases.
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Forward-looking statements in this news release include, but are not limited to, statements regarding: the Company’s objectives, goals or future plans, including the restart and development of the Bunker Hill Mine and the updated timeline and forecast and anticipated capital requirements in connection therewith; the achievement of future short-term, medium-term and long-term operational strategies and objectives and the expected timing thereof, including with respect to planned production; the Company raising the required funds for the planned project restart through its project finance initiatives, including by way of debt, equity, offtake or similar financings; and the expected budget and estimated completion time for the underground development of the Bunker Hill Mine. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: Bunker Hill’s ability to receive sufficient project financing for the restart and development of the Bunker Hill Mine on acceptable terms or at all; the revised forecast, capital requirements and updated timeline for the project restart resulting in planned production by Q2 2025; the future price of metals; and the stability of the financial and capital markets.
Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, those risks and uncertainties identified in public filings made by Bunker Hill with the U.S. Securities and Exchange Commission (the “SEC”) and with applicable Canadian securities regulatory authorities, and the following: the Company’s ability to operate as a going concern and its history of losses; the Company’s ability to raise sufficient project financing for the restart and development of the Bunker Hill Mine on acceptable terms or at all, including through equity or debt financings, concentrate offtake financings or otherwise; the Company requiring more capital expenditures than anticipated in the updated forecast, resulting in delays in the updated timeline; the fluctuating price of commodities; capital market conditions; restrictions on labor and its effects on international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; the Company’s ability to restart and develop the Bunker Hill Mine and the risks of not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are associated with this production decision including, among others, areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, with no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved; failure to commence production would have a material adverse impact on the Company’s ability to generate revenue and cash flow to fund operations; failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill Mine complex; inflation; changes in exchange rates; changes in labor costs and availability of skilled labor and specialists; fluctuations in commodity prices; delays in the development of projects; and capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such statements or information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all, including as to whether or when the Company will achieve its project finance initiatives, or as to the actual size or terms of those financing initiatives or as to whether and when the Company will achieve its operational and construction targets. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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Readers are cautioned that the foregoing risks and uncertainties are not exhaustive. Additional information on these and other risk factors that could affect the Company’s operations or financial results are included in the Company’s annual report and may be accessed through the SEDAR+ website (www.sedarplus.ca) or through EDGAR on the SEC website (www.sec.gov).
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/7cf78a59-dcd6-473e-9eca-0e3d3e2cf415
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4917b71-939b-4ee3-bdff-93b2f4c7e7ab
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d897893-9f21-4e64-abdc-f3f00bdd6452
https://www.globenewswire.com/NewsRoom/AttachmentNg/7c786dc5-e95e-4f33-af66-bce2b86595ee
https://www.globenewswire.com/NewsRoom/AttachmentNg/10e15f9b-5df0-48f2-832f-e9fac73d8118
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