Bunker Hill Mining received a non-binding letter of interest (LOI) from the Export-Import Bank of the United States (EXIM) for a debt funding package of up to $150 million with a loan term of up to 15 years.
The company will use the funding to expedite the development of the 2500tpd Bunker 2.0 expansion project coincident with restarting the mine and strengthening the balance sheet.
“We are thrilled to announce this first step in a potential partnership with EXIM to rapidly expand Bunker Hill’s contribution to US domestic production of critical zinc and silver,” Sam Ash, president and CEO of Bunker Hill Mining, said. “In the face of competition from China, Bunker Hill is proud to play its part in strengthening the US metals supply chain and creating new U.S. mining jobs within the disadvantaged Shoshone County of Northern Idaho.”
The LOI from EXIM does not represent a financing commitment and is a preliminary step in the formal EXIM application process. The debt financing is subject to the satisfactory completion of due diligence, the negotiation and settlement of final terms and the negotiation of definitive documentation. There can be no assurance that the debt financing will be completed on the terms described above. The company will update the market upon reaching a definitive agreement with EXIM for funding support.
The company expects to submit a formal application to EXIM by YE/24.
