Bunker Hill Announces Board Update

Bunker Hill director Gary Thompson resigns as company targets US exchange listing.

What the company is saying

Bunker Hill Silver Corp. (TSX:BNKR, OTCQB:BHLL) announces the resignation of Gary Thompson from its board of directors, effective November 10, 2026. The company frames the resignation as mutually agreed, citing Thompson's other commitments and the goal of balancing independent and executive directors ahead of a potential US national exchange listing. Thompson joined the board following Bunker Hill's acquisition of Silver47 Exploration Corp., where he had served as Executive Director since 2021. The company explicitly states there was no disagreement behind the resignation. Executive Chairman Richard Williams publicly thanks Thompson for his role in closing the Silver47 transaction and supporting board engagement during listing preparations. The announcement emphasizes ongoing governance improvements, including an active search for two additional independent directors, and reiterates that there is no guarantee of a US listing.

What the data suggests

The resignation is effective as of November 10, 2026, and is positioned as a strategic move to support board independence during preparations for a potential US exchange listing. Thompson's tenure on the board began after the Silver47 acquisition, and he previously led Silver47 since its 2021 inception. Silver47 is now a wholly owned subsidiary, expanding Bunker Hill's project pipeline to Alaska, Nevada, and New Mexico. The company is currently producing at its flagship Bunker Hill Mine in Idaho, but no production volumes, financials, or operational metrics are disclosed. The board is actively seeking two new independent directors, with appointments expected in the coming months. The lack of disagreement or controversy around the resignation is explicitly stated, and the company is transparent about the uncertainty of achieving a US listing.

Analysis

The announcement is primarily a factual disclosure of a board resignation and related governance actions, with supporting details about the company's ongoing search for new independent directors and a brief operational status update. While there are some forward-looking statements regarding a potential U.S. exchange listing and future board appointments, these are presented with appropriate caveats (e.g., 'no guarantee' of listing) and do not overstate certainty or imminent benefit. The operational update notes that production is underway, but does not provide financial or production volume data, nor does it make exaggerated claims about immediate impact. The language around strategy and future goals is standard for such releases and does not inflate the company's current position. There is no evidence of narrative inflation or overstatement relative to the disclosed facts.

Risk flags

• ●The company's pursuit of a US national exchange listing is subject to significant uncertainty, as explicitly stated in the announcement. There is no guarantee of approval, and failure to list could limit access to broader capital markets and investor pools.
• ●Board turnover and the ongoing search for two independent directors introduce short-term governance risk. Until new appointments are made, the board may lack the optimal mix of independence and experience needed for best-practice oversight during a critical strategic phase.
• ●The absence of disclosed financial or operational metrics alongside the governance update means investors have limited visibility into current performance or production scale, making it harder to assess the company's operational momentum or financial health during this transition.

Bottom line

Bunker Hill Silver Corp. is restructuring its board as part of preparations for a possible US exchange listing, with Gary Thompson stepping down and a search underway for two new independent directors. The company is producing at its Bunker Hill Mine and has expanded its project pipeline through the Silver47 acquisition, but provides no financial or production data in this update. The resignation is not linked to any dispute, and the company is transparent about the uncertainty of a US listing. Near-term focus will be on board appointments and any further disclosure about listing progress or operational results. The main takeaway is that governance changes are underway to align with listing ambitions, but operational and financial visibility remains limited.

Announcement summary

(TSX:BNKR, OTCQB:BHLL) Bunker Hill Silver Corp. announced that Mr. Gary Thompson has resigned from the board of directors of the Company, effective November 10, 2026. The resignation was mutually agreed upon to support Mr. Thompson's need to balance his other commitments and the Company's goal to maintain an appropriate mix of independent and executive directors on its Board, in connection with ongoing preparations for a potential listing of the Company's shares on a U.S. national securities exchange. Mr. Thompson was appointed to the Board on completion of the Arrangement between the Company and Silver47 Exploration Corp., and previously served as Executive Director of Silver47 since its inception in 2021. Silver47 is now a wholly owned subsidiary of Bunker Hill. The Company stated that Mr. Thompson’s decision was not the result of any disagreement with the Company on any matter. Richard Williams, Executive Chairman of Bunker Hill, thanked Mr. Thompson for his contributions to the transaction with Silver47 and his engagement with the Board during preparations for a potential future US listing. The Governance and Nominations Committee of the Board has commenced a search for an additional two independent directors and expects to make an appointment in the coming months. The Company noted there is no guarantee that its shares will be listed on a U.S. national exchange. Bunker Hill Silver Corp. is building a modern, long-life operation at its flagship Bunker Hill Mine in northern Idaho’s Silver Valley, with a pipeline of high-grade silver development projects across North America. Production is now underway, and the Company is advancing the Bunker Hill Mine toward commercial production of zinc, lead, and silver concentrates while pursuing opportunities to optimize operations, expand resources, and extend mine life. Through its acquisition of Silver47 Exploration Corp., Bunker Hill has added a portfolio of silver-rich projects in Alaska, Nevada, and New Mexico. The Company’s strategy is focused on disciplined operational execution, responsible mining practices, and continued investment in its assets to deliver sustainable production, organic growth, and long-term shareholder value.

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