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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_907_edei--EntityAddressAddressLine1_c20210101__20211231_zFaSSi2tYgc6"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:EntityAddressAddressLine1">82
Richmond Street East</ix:nonNumeric></span>, <span id="xdx_908_edei--EntityAddressCityOrTown_c20210101__20211231_zi1US1zYZsu8"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:EntityAddressCityOrTown">Toronto</ix:nonNumeric></span>, <span id="xdx_902_edei--EntityAddressStateOrProvince_c20210101__20211231_z8yJm1RjvDii"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">Ontario</ix:nonNumeric></span>, Canada <span id="xdx_90A_edei--EntityAddressPostalZipCode_c20210101__20211231_zmAx7jo8Dmp4"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:EntityAddressPostalZipCode">M5C 1P1</ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal business offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_904_edei--CityAreaCode_c20210101__20211231_zZrJukQLtBEi"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:CityAreaCode">416</ix:nonNumeric></span>-<span id="xdx_90B_edei--LocalPhoneNumber_c20210101__20211231_z5FcYyiL8dr3"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:LocalPhoneNumber">477-7771</ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&#8217;s
telephone number, including area code)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.P.
Galda</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c/o
J.P. Galda &amp; Co., 40 E. Lancaster Avenue LTW 22, Ardmore, PA 19003</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
address of agent for service)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
of Communications to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P.
Galda &amp; Co. Attn: J.P. Galda, Esq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40
East Montgomery Avenue LTW 220</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ardmore,
PA 19003</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
(215) 815-1534</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
jpjalda@jpgaldaco.com</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of commencement of proposed sale of the securities to the public: From time to time commencing as soon as possible after the registration
statement becomes effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance
with General Instruction G, check the following box: &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE
REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE
IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE
AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">The
information in this Prospectus is not complete and may be changed. The selling shareholders named herein may not sell these securities
until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer
to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not
permitted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Completion, Dated April 29, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRELIMINARY
PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUNKER
HILL MINING CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>48,874,228
</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37,849,325
</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Shares Issuable Pursuant to Special
Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>164,593,324
</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Shares Issuable Pursuant to Common
Share Purchase Warrants (including Common Share Purchase Warrants Issued Pursuant to Exercise of Special Warrants)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Prospectus (this
&#8220;<b>Prospectus</b>&#8221;) relates to the resale of common shares in the capital of Bunker Hill Mining Corp. (&#8220;<b>we</b>&#8221;,
&#8220;<b>our</b>&#8221; or the &#8220;<b>Company</b>&#8221;) (&#8220;<b>Common Shares</b>&#8221;) and Common Shares issuable upon exercise
of Common Share purchase warrants (the &#8220;<b>Warrants</b>&#8221;) held by selling shareholders which were issued by the Company in
previous private placement transactions by the selling security holders named herein under &#8220;<i>Selling Shareholders and Certain
Beneficial Owners</i>&#8221; (the &#8220;<b>Selling Shareholders</b>&#8221;), including Common Shares issuable upon exercise of Special
Warrants issued on April 1, 2022 which will be automatically exercised (without payment of any further consideration &#8206;and
subject to customary anti-dilution adjustments) into one unit of the Company (a &#8220;<b>Unit</b>&#8221;) comprised on Common Share
and one Warrant on the &#8206;date (the &#8220;<b>Automatic Exercise Date</b>&#8221;) that is the earlier of: (i) the date that is three
business days &#8206;following the date on which we have obtained both (A) a receipt from the Canadian securities &#8206;regulatory authorities
in each of the jurisdictions in Canada &#8206;where the Special Warrants were sold for a (final) short-form Prospectus qualifying the distribution
of the &#8206;Common Shares and Warrants issuable upon exercise of the Special Warrants (the &#8220;<b>Final Qualification &#8206;Prospectus</b>&#8221;);
and (B) notification that the registration statement of which this Prospectus is a part has been declared effective by the SEC (as hereinafter
defined); and (ii) October 1, 2022. We will not receive any proceeds from the resale of these Common Shares, although we may receive
proceeds from the exercise of the warrants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholders may offer all or part of the Common Shares for resale from time to time through public or private transactions,
at either prevailing market prices or at privately negotiated prices. The Company is paying for all registration, listing and qualification
fees, printing fees and legal fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Shares are quoted on the OTC QB under the ticker symbol &#8220;BHLL.&#8221; On April 28, 2022, the closing price of our
Common Shares was U.S. $0.2152 per Common Share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
are a &#8220;smaller reporting company&#8221; as defined under the federal securities laws and, as such, may elect to comply with certain
reduced public company reporting requirements. The purchase of the securities offered through this Prospectus involves a high degree
of risk. See section entitled &#8220;Risk Factors&#8221; starting on page 13.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION (&#8220;SEC&#8221;) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES
OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dated:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_001">PROSPECTUS SUMMARY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 48px; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_002">SUMMARY OF FINANCIAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_003">RISK FACTORS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_004">DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_005">USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_006">DESCRIPTION OF THE COMPANY&#8217;S BUSINESS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_007">DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_008">EXECUTIVE COMPENSATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_009">DESCRIPTION OF SECURITIES TO BE REGISTERED</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_010">PLAN OF DISTRIBUTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_011">LEGAL PROCEEDINGS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_012">INTERESTS OF NAMED EXPERTS AND COUNSEL</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_013">DISCLOSURE OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_014">WHERE YOU CAN FIND MORE INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_015">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ABOUT
THIS PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus is part of a registration statement that we have filed with the Securities and Exchange Commission (the &#8220;<b>SEC</b>&#8221;)
pursuant to which the selling shareholders named herein may, from time to time, offer and sell or otherwise dispose of the shares of
our common stock covered by this Prospectus. You should not assume that the information contained in this Prospectus is
accurate on any date subsequent to the date set forth on the front cover of this Prospectus or that any information we have incorporated
by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this Prospectus
is delivered or common shares are sold or otherwise disposed of on a later date. It is important for you to read and consider all
information contained in this Prospectus in making your investment decision. You should also read and consider the information
in the documents to which we have referred you under &#8220;Where You Can Find Additional Information.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not authorized anyone to give any information or to make any representation to you other than those contained in this Prospectus.
You must not rely upon any information or representation not contained in this Prospectus. This Prospectus does not
constitute an offer to sell or the solicitation of an offer to buy any of our common shares other than the shares of our common stock
covered hereby, nor does this Prospectus constitute an offer to sell or the solicitation of an offer to buy any securities in
any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. Persons who come into
possession of this Prospectus in jurisdictions outside the United States are required to inform themselves about, and to observe,
any restrictions as to the offering and the distribution of this Prospectus applicable to those jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_001"></span>PROSPECTUS
SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
summary description about us and our business highlights selected information contained elsewhere in this Prospectus To understand
this offering fully, you should read carefully the entire Prospectus, including &#8220;Risk Factors&#8221; and &#8220;Cautionary
Note Regarding Forward-Looking Statements.&#8221; Unless the context indicates or suggests otherwise, references to &#8220;we,&#8221;
&#8220;our,&#8221; &#8220;us,&#8221; the &#8220;Company,&#8221; or the &#8220;Registrant&#8221; refer to Bunker Hill Mining Corp., a
Nevada corporation, and its subsidiaries. References to &#8220;$&#8221; refer to monetary amounts expressed in U.S. dollars. All references
to &#8220;C$&#8221; refer to monetary amounts expressed in Canadian dollars.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
Regarding Financial Statements</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 12, 2021, the Company&#8217;s Board of Directors (the &#8220;<b>Board</b>&#8221;) approved a change in our fiscal year end from
the last day of June to a calendar fiscal year ending on the last day of December of each year, effective January 1, 2021. In this Prospectus,
references to &#8220;fiscal year&#8221; refer to years ending December 31, 2021 and June 30, 2020. References in this report to the &#8220;transition
period&#8221; refer to the six-month period ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was incorporated for the purpose of engaging in mineral exploration and development activities. The Company&#8217;s sole focus
is the Bunker Hill mine (the &#8220;<b>Mine</b>&#8221;), as described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent
Developments, Mine Purchase and Process Plant Purchase Background</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 28, 2017, the Company announced that it signed a definitive agreement with Placer Mining Corporation (&#8220;<b>Placer Mining</b>&#8221;),
the current owner of the Mine, for the lease and option to purchase the Mine in Idaho (the &#8220;<b>Lease and Option Agreement</b>&#8221;).
The Mine remains the largest single producing mine by tonnage in the Coeur d&#8217;Alene lead, zinc and silver mining district in Northern
Idaho. Historically and according to the Bunker Hill Mines Annual Report 1980, the Mine produced over 35,000,000 tons of ore grading
on average 8.76% lead, 3.67% zinc, and 155 g/t silver. The Mine is the Company&#8217;s only focus, with a view to raising capital to
rehabilitate the mine and put it back into production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 1, 2019, the Lease and Option Agreement was amended (the &#8220;<b>Amended Agreement</b>&#8221;). Under the terms of the Amended
Agreement, the Company has an option to purchase the marketable assets of the Mine for a purchase price of $11,000,000 at any time prior
to the expiration of the Amended Agreement, payable $6,200,000 in cash, and $4,800,000 in unregistered Common Shares of the Company (calculated
using the market price at the time of exercise of the purchase option). Upon signing the Amended Agreement, the Company paid a one-time,
non-refundable cash payment of $300,000 to Placer Mining. This payment will be applied to the cash portion of the purchase price upon
execution of the purchase option. In the event the Company elects not to exercise the purchase option, the payment shall be treated as
an additional care and maintenance payment. An additional term of the Amended Agreement provides for the elimination of all royalty payments
that were to be paid to Placer Mining.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Amended Agreement, during the term of the lease, the Company must make care and maintenance payments in the amount of
$60,000 monthly plus other expenses, i.e. taxes, utilities and mine rescue payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2020, the Company announced that it secured, for a $150,000 cash payment, a further extension to the Lease and Option, Amended
and Extension Agreements to purchase the Mine from Placer Mining (the &#8220;Second Extension&#8221;). The Second Extension is for a
further 18 months and is in addition to the 6-month extension. This Second Extension expires on August 1, 2022. This Second Extension
provides the Company with more time to invest the proceeds of the ongoing financing in ways that compile and digitize fully over 95 years
of historical and geological data, verify the historical reserves, and explore the high-grade silver targets within the Mine complex.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2020 the Company renegotiated the Amended Agreement. Under the new terms, the purchase price was decreased from $11,000,000
to $7,700,000, with $5,700,000 payable in cash (with an aggregate of $300,000 to be credited toward the purchase price of the Mine as
having been previously paid by the Company and an aggregate of $5,400,000 payable in cash outstanding) and $2,000,000 in Common Shares
of the Company. The reference price for the payment in Common Shares will be based on the share price of the last equity raise before
the option is exercised. The Company will continue to make a monthly care and maintenance payment of $60,000 to the Lessor in return
for on-going technical support to the Company. Under this amendment to the Amended Agreement, the Company&#8217;s contingent obligation
to settle $1,787,300 of accrued payments due to the Lessor was waived. Further, under the amendment to the Amended Agreement,
the Company is to make an advance payment of $2,000,000 to Placer Mining, which shall be credited toward the purchase price of the Mine
when the Company elects to exercise its purchase right. In the event that the Company irrevocably elects not to exercise its purchase
right, the advance payment of $2,000,000 will be repaid to the Company within twelve months from the date of such election. The Company
made this advance payment, which had the effect of decreasing the remaining amount payable to purchase the Mine to an aggregate of $3,400,000
payable in cash and $2,000,000 in Common Shares of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a part of the purchase price, the Amended Agreement also required payments pursuant to an agreement with the U.S. Environmental
Protection Agency (&#8220;<b>EPA</b>&#8221;) whereby for so long as the Company leases, owns and/or occupies the Mine, the Company will
make payments to the EPA on behalf of Placer Mining in satisfaction of the EPA&#8217;s claim for cost recovery. These payments, if all
are made, will total $20,000,000. The agreement calls for payments starting with $1,000,000 30 days after a fully ratified agreement
was signed (which payment was made) followed by $2,000,000 on November 1, 2018 and $3,000,000 on each of the next five anniversaries
with a final $2,000,000 payment on November 1, 2024. In addition to these payments, the Company is to make semi-annual payments of $480,000
on June 1 and December 1 of each year, to cover the EPA&#8217;s estimated costs of maintaining and treating water at the water treatment
facility with a true-up to be paid by the Company once the actual costs are determined. The November 1, 2018, December 1, 2018, June
1, 2019, November 1, 2019, November 1, 2020, and November 1, 2021 payments were not made, and the Company engaged in discussions with
the EPA in an effort to reschedule these payments in ways that enable the sustainable operation of the Mine as a viable long-term business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 20, 2021, the Company announced the execution of a non-binding term sheet outlining a $50 million project finance package with
Sprott Private Resource Streaming and Royalty Corp. (&#8220;<b>SRSR</b>&#8221;), the execution of a settlement agreement amendment
with the EPA, and the execution of an agreement to purchase  the Bunker Hill Mine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
non-binding term sheet with <b>SRSR</b> outlined a $50,000,000 project financing package that the Company expects to fulfill the majority
of its funding requirements to restart the Bunker Hill Mine. The financing package consisted of an $8,000,000 royalty convertible
debenture (the &#8220;<b>Royalty Convertible Debenture</b>&#8221;), a $5,000,000 convertible debenture (the &#8220;<b>Convertible Debenture</b>&#8221;),
and a multi-metals stream of up to $37,000,000 (the &#8220;<b>Stream</b>&#8221;, together with the Royalty Convertible Debenture and
the Convertible Debenture, the &#8220;<b>Project Financing Package</b>&#8221;). </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company <span style="background-color: white">closed </span> the $8,000,000 Royalty Convertible Debenture in January 2022.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Royalty Convertible Debenture bears interest at an annual rate of 9.0%, payable in cash or Common Shares at the Company&#8217;s
option, until such time that SRSR elects to convert a royalty, with such conversion option expiring at the earlier of advancement of
the Stream or 18 months. In the event of conversion, the Royalty Convertible Debenture will cease to exist and the Company will grant
a royalty for 1.85% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible
underground development, and covered by the Company&#8217;s 2021 ground geophysical survey (the &#8220;<b>SRSR Royalty</b>&#8221;). A
1.35% rate will apply to claims outside of these areas. The Royalty Convertible Debenture is secured by a share pledge of the
Company&#8217;s operating subsidiary, Silver Valley, until a full security package was put in place concurrent with the consummation
of the Convertible Debenture. In the event of non-conversion, the principal of the Royalty Convertible Debenture will be repayable
in cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company also <span style="background-color: white">closed </span> the $6,000,000 Convertible Debenture in January 2022, which was increased from the previously-announced $5,000,000.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Convertible Debenture bears interest
at an annual rate of 7.5%, payable in cash or shares at the Company&#8217;s option, and matures on July 7, 2023. Until
the closing of the Stream, the Convertible Debenture is convertible into Common Shares at a price of C$0.30 per Common Share, subject
to stock exchange approval. Alternatively, SRSR may elect to retire the Convertible Debenture with the cash proceeds from the Stream.
The Company may elect to repay the Convertible Debenture early; if SRSR elects not to exercise its conversion option at such time, a
minimum of 12 months of interest would apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to SRSR internal approvals, further technical and other diligence, and satisfactory definitive documentation, the Company expects to
close the Stream concurrent with a formal construction decision being made by the end of Q2 2022. A minimum of $27,000,000 and
a maximum of $37,000,000 (the &#8220;<b>Stream Amount</b>&#8221;) will be made available under the Stream, at the Company&#8217;s option,
once the conditions of availability of the Stream have been satisfied. Assuming the maximum funding of $37,000,000 is drawn, the Stream
would apply to 10% of payable metals sold until a minimum quantity of metal is delivered consisting of, individually, 55 million pounds
of zinc, 35 million pounds of lead, and 1 million ounces of silver. Thereafter, the Stream would apply to 2% of payable metals sold.
If the Company elects to draw less than $37,000,000 under the Stream, the percentage and quantities of payable metals streamed will adjust
pro-rata. The delivery price of streamed metals will be 20% of the applicable spot price. The Company may buy back 50% of the Stream
Amount at a 1.40x multiple of the Stream Amount between the second and third anniversary of the date of funding, and at a 1.65x multiple
of the Stream Amount between the third and fourth anniversary of the date of funding. The Company will be permitted to incur additional
indebtedness of $15,000,000 and a cost over-run facility of $13,000,000 from other financing counterparties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
December 19, 2021, the Company entered into an amended Settlement Agreement between the Company, Idaho Department of Environmental Quality,
US Department of Justice and the EPA (the &#8220;<b>Amended Settlement</b>&#8221;). Upon entering the Amended Settlement, the Company
became fully compliant with its payment obligations to these parties. The Amended Settlement modified the payment schedule
and payment terms for recovery of historical environmental response costs at Bunker Hill Mine by the EPA. Pursuant to the terms of
the Amended Settlement, the Company paid $2,000,000 to the EPA in January 2022. Pursuant to the terms of the Amended Settlement, an additional
$17,000,000 will be paid by the Company to the EPA on the following dates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    1, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    1, 2025</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    1, 2026</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    1, 2027</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    1, 2028</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    1, 2029</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000,000
    plus accrued interest</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amended Settlement included additional payment for outstanding water treatment costs that have been incurred over the period from
2018 through 2020. This $2,900,000 payment was to be made within 90 days of execution of the Amended Settlement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the changes in payment terms and schedule, the Amended Settlement included a commitment by the Company to secure $17,000,000
of financial assurance in the form of performance bonds or letters of credit deemed acceptable to the EPA. The financial assurance
can be drawn on by the EPA in the event of non-performance by the Company of its payment obligations under the Amended Settlement
(the &#8220;<b>Financial Assurance</b>&#8221;). The amount of the bonds will decrease over time as individual payments are made.
If the Company does not post the Financial Assurance within 90 days of execution of the Amended Settlement, it must issue an irrevocable
letter of credit for $9,000,000. The EPA may draw on this letter of credit after an additional 90 days if the Company is unable to either
put the Financial Assurance in place or make payment for the full $17,000,000 of remaining historical cost recovery sums. In the event
neither occurs, the terms of the initial Settlement Agreement will be reinstated. On March 22, 2022, the Company reported that in
consultation with the EPA, it has committed to meet the $2,900,000 payment and Financial Assurance obligations by 180 days from the effective
date of the Amended Settlement Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company completed the purchase of the Bunker
Hill Mine on January 7, 2022. The terms of the purchase price were modified to $5,400,000 in cash, from $3,400,000 of cash and $2,000,000
of Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 25, 2022, the Company announced that it had entered into a non-binding Memorandum of Understanding (&#8220;<b>MOU</b>&#8221;)
with Teck Resources Limited (&#8220;<b>Teck</b>&#8221;) for the purchase of a comprehensive package of equipment and parts inventory
from its Pend Oreille site (the &#8220;<b>Pend Oreille Process Plant</b>&#8221;) in eastern Washington State, approximately 145 miles
from the Bunker Hill Mine by road. The package comprises substantially all processing equipment of value located at the site, including
complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at Bunker Hill, and total inventory
of nearly 10,000 components and parts for mill, assay lab, conveyer, field instruments, and electrical spares. The MOU outlined a purchase
price under two scenarios, at Teck&#8217;s option: an all-cash $2,750,000 purchase price, or a $3,000,000 purchase price comprised of
cash and Bunker Hill shares. Each option includes a $500,000 non-refundable deposit, which has been paid by the Company. On March 7, 2022, the Company announced the signing of an Asset Purchase agreement for the purchase of the Pend
Oreille Process Plant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On January 31, 2022, the Company announced
the issuance and sale of the Convertible Debenture. The parties agreed to increase the principal amount of the Convertible
Debenture to $6,000,000</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 3, 2022, the Company announced the purchase of a 225-acre surface land parcel for approximately $200,000. The Company intends this
to serve as a strategic asset for the  restart of the Mine, optimizing construction efficiency and costs while providing improved
access to prospective areas identified by our recent geophysics survey.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On March 31, 2022, the Company announced that
it had reached an agreement with a subsidiary of Teck to satisfy the remaining purchase price for the Pend Oreille Mill by way of an
equity issuance of the Company. Teck will receive 10,416,667 units of the Company (the &#8220;<b>Teck Units</b>&#8221;) at a deemed issue
price of C$0.30 per unit. Each Teck Unit consists of one Common Share and one Common Share purchase warrant (the <b>&#8220;Teck Warrants&#8221;</b>).
Each whole Teck Warrant entitles the holder to acquire one Common Share at a price of C$0.37 per Common Share for a period of three years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 1, 2022, the Company announced that it had closed the private placement of 37,849,325 Special Warrants, and concurrent non-brokered
private placement of 1,471,644 units of the Company (the &#8220;<b>Non-Brokered Units</b>&#8221;) for aggregate gross proceeds of approximately
$11,796,297 (the &#8220;<b>Offering</b>&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Offering, the Company issued 37,849,325 Special Warrants at a price of $0.30 per Special Warrant. Each Special Warrant is
automatically exercisable (without payment of any further consideration and subject to customary anti-dilution adjustments) into one
unit of the Company (a &#8220;<b>Brokered Unit</b>&#8221;) on the date that is the earlier of: (i) the date that is three business days
following the date on which the Company has obtained both (A) a receipt from the Canadian security commission in each of the each of
the provinces of Canada in which the purchasers of the Special Warrants were sold for a (final) short-form Prospectus
qualifying the distribution of the common stock of the Company (&#8220;<b>Common Shares</b>&#8221;) and common stock purchase warrants
of the Company (the &#8220;<b>Warrants</b>&#8221;) issuable upon exercise of the Special Warrants (the <b>&#8220;Final</b><b>
Qualification Prospectus&#8221;</b>); and (B) notification that the registration statement, of which this Prospectus is a part, has been
declared effective by the SEC (the &#8220;<b>Registration Statement</b>&#8221;); and (ii) October 1, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Brokered Unit consists of one Common Share and one Warrant. Each whole Warrant will entitle the holder to acquire one Common Share (a
&#8220;<b>Warrant Share</b>&#8221;) for C$0.37 until April 1, 2025. The Warrants shall also be exercisable on a cashless basis in the
event the Registration &#8206;Statement has not been made effective by the SEC prior to the date of exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, pursuant to the Offering the Company issued 1,471,644 Non-Brokered Units at a price of $0.30 per Non-Brokered Units. Each Non-Brokered
Unit consists of one Common Share and one Warrant. Each whole Warrant will entitle the holder to acquire one Warrant Share for C$0.37
until April 1, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to use the net proceeds of the Offering to fund the restart and development of the Mine, outstanding obligations to the
EPA, and for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2020,
</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2021 and 2022 Developments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
support of plans to rapidly restart the Mine, the Company worked systematically through 2020 and 2021 to delineate mineral resources
and conduct various technical studies. If successful in closing the $50 million Project Financing Package, together with securing
additional financing requirements, management believes that it is well positioned to execute this strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
April and July 2020, the Company worked to validate, in accordance with National Instrument 43-101 &#8211; <i>Standards of Disclosure
for Mineral Projects</i> (&#8220;<b>NI 43-101</b>&#8221;) standards, up to 9 million tons of primarily zinc ore contained within
the UTZ, Quill and Newgard Ore Bodies. This involved over 9,000 feet of drilling from underground and extensive sampling from
the many open stopes above the water-level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2020, the Company announced its maiden mineral resources estimate consisting of a total of 8.9 million tons in the Inferred
category, containing 11 million ounces of silver, 880 million pounds of zinc, and 410 million pounds of lead, which represented the result
of the Company&#8217;s  drilling and sampling efforts conducted between April and July 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 12, 2020, the Company announced the launch of a Preliminary Economic Assessment (&#8220;<b>PEA</b>&#8221;) to assess the potential
for a rapid restart of the Mine for minimal capital by focusing on the de-watered upper areas of the Mine, utilizing existing infrastructure,
and based on truck haulage and toll milling methods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 26, 2021, the Company reported continued progress towards completing the previously announced PEA, and further detail regarding
the potential parameters of the restart, including: i) low up-front capital costs through utilization of existing infrastructure, potentially
enabling a rapid production restart; ii) a staged approach to mining, potentially supporting a long-life operation; iii) underground
processing and tailings deposition with potential for high recovery rates; iv) development of a sustainable operation with minimal environmental
footprint; and v) potential increase in the existing resource base.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 19, 2021, the Company announced a mineral resource estimate consisting of a total of: 4.4 million tons in the Indicated category,
containing 3.0 million ounces of silver, 487 million pounds of zinc, and 176 million pounds of lead; 5.6 million tons in the Inferred
category, containing 8.3 million ounces of silver, 548 million pounds of zinc, and 312 million pounds of lead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 20, 2021, the Company announced the results of its PEA for the Mine. The PEA contemplates a $42 million initial capital cost (including
20% contingency) to rapidly restart the Mine, generating approximately $20 million of annual average free cash flow over a 10-year mine
life, and producing over 550 million pounds of zinc, 290 million pounds of lead, and 7 million ounces of silver at all-in sustaining
costs of $0.65 per payable pound of zinc (net of by-products). The PEA contemplates a low environmental footprint, long-term water management
solution, and significant positive economic impact for the Shoshone County, Idaho community. The PEA is based on the Mineral Resource
Estimate described above and published on May 3, 2021, following the drilling program conducted in 2020 and early 2021 to validate the
historical reserves. The PEA includes a mining inventory of 5.5Mt, which represents a portion of the 4.4Mt Indicated mineral resource
and 5.6Mt Inferred mineral resource that comprise the Mineral Resource Estimate. The PEA is preliminary in nature and includes Inferred
mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is no certainty that the project described in the PEA will be realized. Mineral resources
that are not mineral reserves do not have demonstrated economic viability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 3, 2021, the Company filed a technical report with further detail regarding the mineral resource estimate announced on March 19,
2021, entitled &#8220;Technical Report for the Bunker Hill Mine, Coeur d&#8217;Alene Mining District, Shoshone County, Idaho, USA&#8221;
with an effective date of March 22, 2021. This technical report was prepared in accordance with the requirements of subpart 1300 of Regulation
S-K (the &#8220;<b>SEC Mining Modernization Rules</b>&#8221;) and NI 43-101.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 4, 2021, the Company filed a technical report entitled &#8220;Technical Report And Preliminary Economic Assessment For Underground
Milling And Concentration Of Lead, Silver And Zinc At The Bunker Hill Mine, Bunker Hill Mine, Coeur d&#8217;Alene Mining District, Shoshone
County, Idaho, USA&#8221; in support of the PEA that it announced on April 20, 2021 (as described above). This technical report was prepared
in accordance with the requirements of the SEC Mining Modernization Rules and NI 43-101</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 20, 2021, the Company announced the results of an updated PEA for the Mine. The updated PEA contemplates a $44 million initial
capital cost (including 20% contingency) to rapidly restart the Mine, generating approximately $25 million of annual average free cash
flow over an 11-year mine life, and producing over 590 million pounds of zinc, 320 million pounds of lead, and 8 million ounces of silver
at all-in sustaining costs of $0.47 per payable pound of zinc (net of by-products). As with the PEA published on June 4, 2021, the updated
PEA is based on the Mineral Resource Estimate described above and published on May 3, 2021, following the drilling program conducted
in 2020 and early 2021 to validate the historical reserves. The PEA includes a mining inventory of 6.4Mt, which represents a portion
of the 4.4Mt Indicated mineral resource and 5.6Mt Inferred mineral resource that comprise the Mineral Resource Estimate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 3, 2021, the Company filed a technical report entitled &#8220;Technical Report And Preliminary Economic Assessment For Underground
Milling And Concentration Of Lead, Silver And Zinc At The Bunker Hill Mine, Bunker Hill Mine, Coeur d&#8217;Alene Mining District, Shoshone
County, Idaho, USA&#8221; in support of the updated PEA that it announced on September 20, 2021 (as described above).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 30, 2021, the Company announced the completion of an updated mineral resource estimate (the &#8220;<b>Mineral Resource Estimate</b>&#8221;
or &#8220;<b>MRE</b>&#8221;) for the Bunker Hill Mine consisting of a total of: 6.6 million tons in the Measured and Indicated category,
containing 6.8 million ounces of silver, 740 million pounds of zinc, and 324 million pounds of lead; 6.7 million tons in the Inferred
category, containing 10.4 million ounces of silver, 669 million pounds of zinc, and 392 million pounds of lead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 29, 2021, the Company filed a technical report entitled &#8220;Technical Report And Preliminary Economic Assessment For Underground
Milling And Concentration Of Lead, Silver And Zinc At The Bunker Hill Mine, Bunker Hill Mine, Coeur d&#8217;Alene Mining District, Shoshone
County, Idaho, USA&#8221; (the &#8220;<b>Technical Report</b>&#8221; or &#8220;<b>Bunker Hill Technical Report</b>&#8221;) in support
of the updated MRE that it announced on November 30, 2021 (as described above). This technical report was prepared in accordance with
the requirements of the SEC Mining Modernization Rules and NI-43-101 and is filed as an exhibit to the Registration Statement of which
this Prospectus is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 25, 2022, the Company announced the filing of an amended technical report for the Bunker Hill Mine to address comments from
the Ontario Securities Commission (the &#8220;OSC Staff&#8221;) as a result of a voluntary application by the Company for a review of
its technical disclosure by the OSC Staff. The Amended Technical Report addresses comments requesting clarification, formatting and additional
disclosure in a number of areas, including the property description, treatment of historical estimates, and sampling and verification
methods. It also includes updated disclosure reflecting the Company&#8217;s ownership of the Bunker Hill Mine, which did not become effective
until after the Bunker Hill Technical Report had been published. The Mineral Resource Estimate and financial assumptions in the Preliminary
Economic Assessment are unchanged from the Bunker Hill Technical Report. The Amended Technical Report (the &#8220;Amended Technical Report&#8221;)
is titled &#8220;Technical Report and Preliminary Economic Assessment For Underground Milling and Concentration of Lead, Silver and Zinc
at the Bunker Hill Mine, Coeur d&#8217;Alene Mining District, Shoshone County, Idaho, USA&#8221;, with an effective date of January 7,
2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Water
Management Optimization</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2020, the Company began its water management program with the goal of improving the understanding of the Mine&#8217;s water
system and enacting immediate improvement in the water quality of effluent leaving the Mine for treatment at the Central Treatment Plant
(&#8220;<b>CTP</b>&#8221;). Informed by historical research provided by the EPA, the Company initiated a study of the water system of
the Mine to: i) identify of the areas where sulphuric acid (Acid Mine Drainage, or &#8220;<b>AMD</b>&#8221;) is generated in the greatest
and most concentrated quantities, and ii) understand the general flow paths of AMD on its way through and out of the mine as it travels
to the CTP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On
February 11, 2021, the Company announced the  commissioning of a water pre-treatment plant located within the Mine,
designed to significantly improve the quality of Mine water discharge, which in turn would support a restart of the Mine. Specifically,
the water pre-treatment plant achieves this goal by reducing significantly the amount of treatment required at the CTP, and the associated
costs, before the Mine water is discharged into the south fork of the Coeur D&#8217;Alene River, removing over 70% of the metals from
water before it leaves the Mine, with the potential for further improvements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
an effort to improve transparency to all stakeholders with regard to the results of this system, the Company launched a water quality
tracking platform on its website on March 15, 2021, which uploads real-time data every five minutes and provides an interactive database
to allow detailed historical analysis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Smaller
Reporting Company Status</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule
12b-2 of the Securities Exchange Act of 1934, as amended (the &#8220;<b>Exchange Act</b>&#8221;) defines a &#8220;smaller reporting company&#8221;
as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller
reporting company and that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">had
    a public float of less than $75,000,000 as of the last business day of its most recently completed second fiscal quarter, computed
    by multiplying the aggregate worldwide number of shares of its voting and non-voting common equity held by non-affiliates by the
    price at which the common equity was last sold, or the average of the bid and asked prices of common equity, in the principal market
    for the common equity; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of an initial registration statement under the United States Securities Act of 1933, as amended (the &#8220;<b>Securities
    Act</b>&#8221;) or Exchange Act for shares of its common equity, had a public float of less than $75,000,000 as of a date within
    30 days of the date of the filing of the registration statement, computed by multiplying the aggregate worldwide number of such shares
    held by non-affiliates before the registration plus, in the case of a Securities Act registration statement, the number of such shares
    included in the registration statement by the estimated public offering price of the shares; or </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of an issuer whose public float as calculated under the first and second bulleted paragraph above of this definition
    was zero, had annual revenues of less than $50,000,000 during the most recently completed fiscal year for which audited financial
    statements are available.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a smaller reporting company, we will not be required and may not include a Compensation Discussion and Analysis section in our proxy
statements; we will provide only two years of financial statements; and we need not provide the table of selected financial data. We
also will have other &#8220;scaled&#8221; disclosure requirements that are less comprehensive than issuers that are not smaller reporting
companies which could make our Common Shares less attractive to potential investors, which could make it more difficult for our shareholders
to sell their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
OF THE OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    Shares offered by Selling Shareholders and Certain Beneficial Owners</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">251,182,877
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, including:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 58%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,589,553
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to include Special Warrant Shares and Units
      Shares including 37,849,325 Common Shares to be issued on exercise of the Special Warrants</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,320,939
    Common Shares issuable upon exercise of the Warrants partially comprising the Units issuable upon exercise of the Special
    Warrants, and the Non-Brokered Units in the Offering, each of which is exercisable at a price of C$0.37 per share
    until April 1, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,994,080
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on February 24, 2021 and
    exercisable at a price of C$0.60 per share until February 23, 2026</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,212,142
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on August 14, 2020 and
    exercisable at a price of C$0.50 per Share until August 31, 2023;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,112,729
                                            Common Shares issuable upon exercise of Common Share purchase warrants held by selling brokers
                                            issued on August 14, 2020 and exercisable at a price of C$0.35 per share until
                                            August 31, 2023.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determined
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_002"></span>SUMMARY
OF FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following selected financial information is derived from the Financial Statements appearing elsewhere in this Prospectus and should be
read in conjunction with the Financial Statements, including the notes thereto, appearing elsewhere in this Prospectus. The amounts below
are expressed in United States dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center">Year (Six Months) <br /> Ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Total assets</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">6,709,016</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">38,314,164</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">38,246,613</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,974,803</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">34,242,368</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">31,537,597</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,241,919</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Total number of common shares issued and outstanding</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">164,435,442</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">143,117,068</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">79,259,940</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in the notes to the Financial Statements, the Financial Statements for the year ended June 30, 2020 have been restated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_003"></span>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should carefully consider the risks described below together with all other information included in our public filings before making
an investment decision with regard to our securities. The statements contained in or incorporated into this Prospectus that are not historic
facts are forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially from
those set forth in or implied by forward- looking statements. While the risks described below are the ones we believe are most important
for you to consider, these risks are not the only ones that we face. If any of the following events described in these risk factors actually
occurs, our business, financial condition or results of operations could be harmed. In that case, the trading price of our Common Shares
could decline, and you may lose all or part of your investment.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s ability to operate as a going concern is in doubt.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit opinion and notes that accompany the Company&#8217;s Financial Statements disclose a going concern qualification to its ability
to continue in business. The accompanying Financial Statements have been prepared under the assumption that the Company will continue
as a going concern. The Company is an exploration and development stage company and has incurred losses since its inception. The Company
has incurred losses resulting in an accumulated deficit of $72,491,150 as of December 31, 2021 and further losses are anticipated in
the development of its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently has no historical recurring source of revenue and its ability to continue as a going concern is dependent on its ability
to raise capital to fund its future exploration and working capital requirements or its ability to profitably execute its business plan.
The Company&#8217;s plans for the long-term return to and continuation as a going concern include financing its future operations through
sales of its Common Shares and/or debt and the eventual profitable exploitation of the Mine. Additionally, the volatility in capital
markets and general economic conditions in the U.S. and elsewhere can pose significant challenges to raising the required funds. These
factors raise substantial doubt about the Company&#8217;s ability to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge
its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying Financial
Statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company will require significant additional capital to fund its business plan.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will be required to expend significant funds to determine whether proven and probable mineral reserves exist at its properties,
to continue exploration and, if warranted, to develop its existing properties, and to identify and acquire additional properties to diversify
its property portfolio. The Company anticipates that it will be required to make substantial capital expenditures for the continued exploration
and, if warranted, development of the Mine. The Company has spent and will be required to continue to expend significant amounts of capital
for drilling, geological, and geochemical analysis, assaying, and feasibility studies with regard to the results of its exploration at
the Mine. The Company may not benefit from some of these investments if it is unable to identify commercially exploitable mineral reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Company nor any of the directors of the Company nor any other party can provide any guarantee or assurance, that the Company will
be able to raise sufficient capital to satisfy the Company&#8217;s short-term obligations. The Company does not have sufficient funds
to satisfy its short-term financial obligations, as at December 31, 2021, the Company has $486,063 in cash and total current liabilities
of $22,795,277 and total liabilities of $38,314,164.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company cannot raise additional capital, the Company will be in breach of its debt obligations, including under the Royalty Convertible
Debenture and the Convertible Debenture. Further, pursuant to the terms of the Company&#8217;s agreement with the EPA, the Company is
required to make certain payments to the EPA on behalf of Placer Mining in the amount of $20,000,000 for cost recovery. If the Company
is unable to raise sufficient capital, the Company may be unable to pay the cost of recovery resulting in a breach of its obligations
and the failure to pay may be considered a default under the terms of the Amended Settlement with the EPA and the Amended Agreement with
Placer Mining.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Company nor any of the directors of the Company nor any other party can provide any guarantee or assurance that the full $50,000,000
project financing package will be finalized or close, as the Project Financing Package remains subject to SRSR internal approvals, further
technical and other due diligence and satisfactory documentation. Approximately $14,000,000 of the project financing closed in January
2022, subsequent to the close of the year. If the full Project Financing Package does not close there is no guarantee that capital can
be raised on terms favorable to the Company, or at all. Any additional equity funding will dilute existing shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
support of plans to rapidly restart the Mine, the Company worked systematically through 2020 and 2021 to delineate mineral resources
and conduct various technical studies. Executing this strategy may require securing additional financing, which may include additional
indebtedness of $15,000,000 and a cost over-run facility of $13,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ability to obtain necessary funding for these purposes, in turn, depends upon a number of factors, including the status
of the national and worldwide economy and the price of metals. Capital markets worldwide were adversely affected by substantial losses
by financial institutions, caused by investments in asset-backed securities and remnants from those losses continue to impact the ability
for the Company to raise capital. The Company may not be successful in obtaining the required financing or, if it can obtain such financing,
such financing may not be on terms that are favorable to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s inability to access sufficient capital for its operations could have a material adverse effect on its financial condition,
results of operations, or prospects. Sales of substantial amounts of securities may have a highly dilutive effect on the Company&#8217;s
ownership or share structure. Sales of a large number of shares of the Company&#8217;s Common Shares in the public markets, or the potential
for such sales, could decrease the trading price of the Common Shares and could impair the Company&#8217;s ability to raise capital through
future sales of Common Shares. The Company has not yet commenced commercial production at any of its properties and, therefore, has not
generated positive cash flows to date and has no reasonable prospects of doing so unless successful commercial production can be achieved
at the Mine. The Company expects to continue to incur negative investing and operating cash flows until such time as it enters into successful
commercial production. This will require the Company to deploy its working capital to fund such negative cash flow and to seek additional
sources of financing. There is no assurance that any such financing sources will be available or sufficient to meet the Company&#8217;s
requirements. There is no assurance that the Company will be able to continue to raise equity capital or to secure additional debt financing,
or that the Company will not continue to incur losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has a limited operating history on which to base an evaluation of its business and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
its inception, the Company has had no revenue from operations. The Company has no history of producing products from the Bunker Hill
property. The Mine is a historic, past producing mine with very little recent exploration work. Advancing the Mine into the development
stage will require significant capital and time, and successful commercial production from the Mine will be subject to completing feasibility
studies, permitting and re-commissioning of the Mine, constructing processing plants, and other related works and infrastructure. As
a result, the Company is subject to all of the risks associated with developing and establishing new mining operations and business enterprises,
including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    shortages of mineral processing, construction, and other facilities related supplies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs, timing, and complexities of exploration, development, and construction activities may be increased by the location of its properties
and demand by other mineral exploration and mining companies. It is common in exploration programs to experience unexpected problems
and delays during drill programs and, if commenced, development, construction, and mine start-up. In addition, the Company&#8217;s management
and workforce will need to be expanded, and sufficient housing and other support systems for its workforce will have to be established.
This could result in delays in the commencement of mineral production and increased costs of production. Accordingly, the Company&#8217;s
activities may not result in profitable mining operations and it may not succeed in establishing mining operations or profitably producing
metals at any of its current or future properties, including the Mine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has a history of losses and expects to continue to incur losses in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has incurred losses since inception, has had negative cash flow from operating activities, and expects to continue to incur losses
in the future. The Company has incurred the following losses from operations during each of the following periods:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$18,752,504
    for the year ended December 31, 2021; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$9,454,396
    for the transition period ended December 31, 2020</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,793,823
    for the year ended June 30, 2020</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects to continue to incur losses unless and until such time as the Mine enters into commercial production and generates sufficient
revenues to fund continuing operations. The Company recognizes that if it is unable to generate significant revenues from mining operations
and dispositions of its properties, the Company will not be able to earn profits or continue operations. At this early stage of its operation,
the Company also expects to face the risks, uncertainties, expenses, and difficulties frequently encountered by smaller reporting companies.
The Company cannot be sure that it will be successful in addressing these risks and uncertainties and its failure to do so could have
a materially adverse effect on its financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Epidemics,
pandemics or other public health crises, including COVID-19, could adversely affect the Company&#8217;s business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations could be significantly adversely affected by the effects of a widespread outbreak of epidemics, pandemics
or other health crises, including the recent outbreak of respiratory illness caused by the novel coronavirus (&#8220;<b>COVID-19</b>&#8221;),
which was declared a pandemic by the World Health Organization on March 12, 2020. The Company cannot accurately predict the impact COVID-19
will have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to
the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and
quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the
human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries,
resulting in an economic downturn that could further affect the Company&#8217;s operations and ability to finance its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Russia/Ukraine crisis, including the impact of sanctions or retributions thereto, could adversely affect the Company&#8217;s business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations could be adversely affected by the effects of the escalating Russia/Ukraine crisis and the effects of sanctions
imposed against Russia or that country&#8217;s retributions against those sanctions, embargos or further-reaching impacts upon energy
prices, food prices and market disruptions. The Company cannot accurately predict the impact the crisis will have on its operations and
the ability of contractors to meet their obligations with the Company, including uncertainties relating the severity of its effects,
the duration of the conflict, and the length and magnitude of energy bans, embargos and restrictions imposed by governments. In addition,
the crisis could adversely affect the economies and financial markets of the United States in general, resulting in an economic downturn
that could further affect the Company&#8217;s operations and ability to finance its operations. Additionally, the Company cannot predict
changes in precious metals pricing or changes in commodities pricing which may alternately affect the Company either positively or negatively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Mining and Exploration</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Mine is in the exploration stage. There is no assurance that the Company can establish the existence of any mineral reserve on the Mine
or any other properties the Company may acquire in commercially exploitable quantities. Unless and until the Company does so, the Company
cannot earn any revenues from these properties and if the Company does not do so, the Company will lose all of the funds that it expends
on exploration. If the Company does not discover any mineral reserve in a commercially exploitable quantity, the exploration component
of its business could fail.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has not established that any of its mineral properties contain any mineral reserve according to recognized reserve guidelines,
nor can there be any assurance that the Company will be able to do so.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not established that any of its mineral properties contain any mineral reserve according to recognized reserve guidelines,
nor can there be any assurance that the Company will be able to do so. In general, the probability of any individual prospect having
a &#8220;reserve&#8221; that meets the requirements of the SEC is small, and the Mine may not contain any &#8220;reserves&#8221; and
any funds that the Company spends on exploration could be lost. Even if the Company does eventually discover a mineral reserve on the
Mine, there can be no assurance that it can be developed into a producing mine and that the Company can extract those minerals. Both
mineral exploration and development involve a high degree of risk, and few mineral properties that are explored are ultimately developed
into producing mines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade,
and other attributes of the mineral deposit, the proximity of the mineral deposit to infrastructure such as processing facilities, roads,
rail, power, and a point for shipping, government regulation, and market prices. Most of these factors will be beyond its control, and
any of them could increase costs and make extraction of any identified mineral deposit unprofitable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration
for and the production of minerals is highly speculative and involves much greater risk than many other businesses. Most exploration
programs do not result in the discovery of mineralization, and any mineralization discovered may not be of sufficient quantity or quality
to be profitably mined. The Company&#8217;s operations are, and any future development or mining operations the Company may conduct will
be, subject to all of the operating hazards and risks normally incidental to exploring for and development of mineral properties, including,
but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economically
    insufficient mineralized material;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuation
    in production costs that make mining uneconomical;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">labor
    disputes;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unanticipated
    variations in grade and other geologic problems;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">environmental
    hazards;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">water
    conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficult
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">industrial
    accidents;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">metallurgic
    and other processing problems;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mechanical
    and equipment performance problems;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unusual
    or unexpected rock formations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">personal
    injury, fire, flooding, cave-ins and landslides.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these risks can materially and adversely affect, among other things, the development of properties, production quantities and rates,
costs and expenditures, potential revenues, and production dates. If the Company determines that capitalized costs associated with any
of its mineral interests are not likely to be recovered, the Company would incur a write-down of its investment in these interests. All
of these factors may result in losses in relation to amounts spent that are not recoverable, or that result in additional expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Commodity
price volatility could have dramatic effects on the results of operations and the Company&#8217;s ability to execute its business plan.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of commodities varies on a daily basis. The Company&#8217;s future revenues, if any, will likely be derived from the extraction
and sale of base and precious metals. The price of those commodities has fluctuated widely, particularly in recent years, and is affected
by numerous factors beyond its control including economic and political trends, expectations of inflation, currency exchange fluctuations,
interest rates, global and regional consumptive patterns, speculative activities and increased production due to new extraction developments
and improved extraction and production methods. The effect of these factors on the price of base and precious metals, and therefore the
economic viability of the Company&#8217;s business, could negatively affect its ability to secure financing or its results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s production, development plans and cost estimates in the PEA may vary and/or not be achieved.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PEA is preliminary in nature and will include Inferred mineral resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as mineral reserves. Consequently, there is no certainty
that the PEA will be realized. The decision to implement the Mine restart scenario to be included in the PEA will not be based on a feasibility
study of mineral reserves demonstrating economic and technical viability, and therefore there is increased risk that the PEA results
will not be realized. If the Company is unable to achieve the results in the PEA, it may have a material negative impact on the Company
and its capital investment to implement the restart scenario may be lost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(including
changes to the taxation regime) or regulations imposed by governmental or regulatory authorities, including permitting and environmental
regulations, or other changes in the regulatory environments. Failure to achieve estimates or material increases in costs could have
a material adverse impact on the Company&#8217;s future cash flows, profitability, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Costs
charged to the Company by the Idaho Department of Environmental Quality (&#8220;IDEQ&#8221;) for treatment of waste water fluctuate a
great deal and are not within the Company&#8217;s control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is billed annually for water treatment activities performed by the IDEQ for the EPA. The water treatment costs that Bunker Hill
is billed for are partially related to the EPA&#8217;s direct cost of treating the water emanating from the Bunker Hill Mine, which are
comprised of lime and flocculant usage, electricity consumption, maintenance and repair, labor and some overhead. Rate of discharge of
effluent from the Bunker Hill Mine is largely dependent on the level of precipitation within a given year and how close in the calendar
year the Company is to the spring run-off. Increases in water infiltrations and gravity flows within the mine generally increase after
winter and result in a peak discharge rate in May. Increases in gravity flow and consequently the rate of water discharged by the mine
have a highly robust correlation with metal concentrations and consequently metals loads of effluent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hydraulic
loads (quantities of water per unit of time) and metal loads (quantities of metals per unit of volume of effluent per unit of time) are
the two main determinants of cost of water treatment by the EPA in the relationship with the Bunker Hill Mine because greater metal loads
consume more lime and more flocculent and more electricity to remove the increased levels of metals and make the water clean. The scale
of the treatment plant is determined by how much total water can be processed (hydraulic load) at any one point in time. This determines
how much labor is required to operate the plant and generally determine the amount of overhead required to run the EPA business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EPA has completed significant upgrades to the water treatment capabilities of the CTP and is now capable of producing treated water than
can meet a much higher discharge standard (which Bunker Hill will be forced to meet beyond May 2023). While it was understood that improved
performance capability would increase the cost of operating the plant, it was unclear to EPA, and consequently to Bunker Hill, how much
the costs would increase by.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
elements described above, and others, impact the direct costs of water treatment. A significant portion of the total amount invoiced
by EPA each year is indirect cost that is determined as a percentage of the direct cost. Each year the indirect costs percentage changes
within each region of the EPA. Bunker Hill has no ability to impact the percentage of indirect cost that is set by the EPA regional office.
Bunker Hill also has no advanced notice of what the percentage of indirect cost will be until it receives its invoice in June of the
year following the billing period. The Company remains unable to estimate EPA billings to a high degree of accuracy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Estimates
of mineralized material and resources are subject to evaluation uncertainties that could result in project failure.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
exploration and future mining operations, if any, are and would be faced with risks associated with being able to accurately predict
the quantity and quality of mineralized material and resources/reserves within the earth using statistical sampling techniques. Estimates
of any mineralized material or resource/reserve on the Mine would be made using samples obtained from appropriately placed trenches,
test pits, underground workings, and intelligently designed drilling. There is an inherent variability of assays between check and duplicate
samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, there also may be
unknown geologic details that have not been identified or correctly appreciated at the current level of accumulated knowledge about the
Mine. This could result in uncertainties that cannot be reasonably eliminated from the process of estimating mineralized material and
resources/reserves. If these estimates were to prove to be unreliable, the Company could implement an exploitation plan that may not
lead to commercially viable operations in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
material changes in mineral resource/reserve estimates and grades of mineralization will affect the economic viability of placing a property
into production and a property&#8217;s return on capital.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Company has not commenced actual production, mineralization resource estimates may require adjustments or downward revisions. In
addition, the grade of ore ultimately mined, if any, may differ from that indicated by future feasibility studies and drill results.
Minerals recovered in small scale tests may not be duplicated in large scale tests under on-site conditions or in production scale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s exploration activities may not be commercially successful, which could lead the Company to abandon its plans to develop
the Mine and its investments in exploration.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s long-term success depends on its ability to identify mineral deposits on the Mine and other properties the Company may
acquire, if any, that the Company can then develop into commercially viable mining operations. Mineral exploration is highly speculative
in nature, involves many risks, and is frequently non-productive. These risks include unusual or unexpected geologic formations, and
the inability to obtain suitable or adequate machinery, equipment, or labor. The success of commodity exploration is determined in part
by the following factors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    identification of potential mineralization based on surficial analysis;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">availability
    of government-granted exploration permits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    quality of its management and its geological and technical expertise; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    capital available for exploration and development work.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial
expenditures are required to establish proven and probable reserves through drilling and analysis, to develop metallurgical processes
to extract metal, and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral
deposit will be commercially viable depends on a number of factors that include, without limitation, the particular attributes of the
deposit, such as size, grade, and proximity to infrastructure; commodity prices, which can fluctuate widely; and government regulations,
including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals,
and environmental protection. The Company may invest significant capital and resources in exploration activities and may abandon such
investments if the Company is unable to identify commercially exploitable mineral reserves. The decision to abandon a project may have
an adverse effect on the market value of the Company&#8217;s securities and the ability to raise future financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company is subject to significant governmental regulations that affect its operations and costs of conducting its business and may not
be able to obtain all required permits and licenses to place its properties into production.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s current and future operations, including exploration and, if warranted, development of the Mine, do and will require
permits from governmental authorities and will be governed by laws and regulations, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">laws
    and regulations governing mineral concession acquisition, prospecting, development, mining, and production;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">laws
    and regulations related to exports, taxes, and fees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">labor
    standards and regulations related to occupational health and mine safety; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">environmental
    standards and regulations related to waste disposal, toxic substances, land use reclamation, and environmental protection.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
engaged in exploration activities often experience increased costs and delays in production and other schedules as a result of the need
to comply with applicable laws, regulations, and permits. Failure to comply with applicable laws, regulations, and permits may result
in enforcement actions, including the forfeiture of mineral claims or other mineral tenures, orders issued by regulatory or judicial
authorities requiring operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation
of additional equipment, or costly remedial actions. The Company cannot predict if all permits that it may require for continued exploration,
development, or construction of mining facilities and conduct of mining operations will be obtainable on reasonable terms, if at all.
Costs related to applying for and obtaining permits and licenses may be prohibitive and could delay its planned exploration and development
activities. The Company may be required to compensate those suffering loss or damage by reason of the mineral exploration or its mining
activities, if any, and may have civil or criminal fines or penalties imposed for violations of, or its failure to comply with, such
laws, regulations, and permits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
and possible future laws, regulations, and permits governing operations and activities of exploration companies, or more stringent implementation
of such laws, regulations and permits, could have a material adverse impact on the Company&#8217;s business and cause increases in capital
expenditures or require abandonment or delays in exploration. The Mine is located in Northern Idaho and has numerous clearly defined
regulations with respect to permitting mines, which could potentially impact the total time to market for the project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s activities are subject to environmental laws and regulations that may increase its costs of doing business and restrict
its operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
mineral exploration and extraction require permits from various federal, state, and local governmental authorities and are governed by
laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation,
labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters.
There can be no assurance that the Company will be able to obtain or maintain any of the permits required for the exploration of the
mineral properties or for the construction and operation of the Mine at economically viable costs. If the Company cannot accomplish these
objectives, its business could fail. The Company believes that it is in compliance with all material laws and regulations that currently
apply to its activities but there can be no assurance that the Company can continue to remain in compliance. Current laws and regulations
could be amended, and the Company might not be able to comply with them, as amended. Further, there can be no assurance that the Company
will be able to obtain or maintain all permits necessary for its future operations, or that it will be able to obtain them on reasonable
terms. To the extent such approvals are required and are not obtained, the Company may be delayed or prohibited from proceeding with
planned exploration or development of the mineral properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s activities are subject to extensive laws and regulations governing environment protection. The Company is also subject
to various reclamation related conditions. Although the Company closely follows and believes it is operating in compliance with all applicable
environmental regulations, there can be no assurance that all future requirements will be obtainable on reasonable terms. Failure to
comply may result in enforcement actions causing operations to cease or be curtailed and may include corrective measures requiring capital
expenditures. Intense lobbying over environmental concerns by non-governmental organizations has caused some governments to cancel or
restrict development of mining projects. Current publicized concern over climate change may lead to carbon taxes, requirements for carbon
offset purchases or new regulation. The costs or likelihood of such potential issues to the Company cannot be estimated at this time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legal framework governing this area is constantly developing, therefore the Company is unable to fully ascertain any future liability
that may arise from the implementation of any new laws or regulations, although such laws and regulations are typically strict and may
impose severe penalties (financial or otherwise). The proposed activities of the Company, as with any exploration company, may have an
environmental impact which may result in unbudgeted delays, damage, loss and other costs and obligations including, without limitation,
rehabilitation and/or compensation. There is also a risk that the Company&#8217;s operations and financial position may be adversely
affected by the actions of environmental groups or any other group or person opposed in general to the Company&#8217;s activities and,
in particular, the proposed exploration and mining by the Company within the state of Idaho and the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
hazards unknown to the Company, which have been caused by previous or existing owners or operators of the Mine, may exist on the properties
in which the Company holds an interest. Many of its properties in which the Company has ownership rights are located within the Coeur
d&#8217;Alene Mining District, which is currently the site of a Federal Superfund cleanup project. It is possible that environmental
cleanup or other environmental restoration procedures could remain to be completed or mandated by law, causing unpredictable and unexpected
liabilities to arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulations
and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material
adverse effect on the Company&#8217;s business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
number of governments or governmental bodies have introduced or are contemplating legislative and/or regulatory changes in response to
concerns about the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant
costs on the Company, on its future venture partners, if any, and on its suppliers, including costs related to increased energy requirements,
capital equipment, environmental monitoring and reporting, and other costs necessary to comply with such regulations. Any adopted future
climate change regulations could also negatively impact the Company&#8217;s ability to compete with companies situated in areas not subject
to such limitations. Given the emotional and political significance and uncertainty surrounding the impact of climate change and how
it should be dealt with, the Company cannot predict how legislation and regulation will ultimately affect its financial condition, operating
performance, and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the
global marketplace about potential impacts on climate change by the Company or other companies in its industry could harm the Company&#8217;s
reputation. The potential physical impacts of climate change on its operations are highly uncertain, could be particular to the geographic
circumstances in areas in which the Company operates and may include changes in rainfall and storm patterns and intensities, water shortages,
changing sea levels, and changing temperatures. These impacts may adversely impact the cost, production, and financial performance of
the Company&#8217;s operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are several governmental regulations that materially restrict mineral exploration. The Company will be subject to the federal regulations
(environmental) and the laws of the State of Idaho as the Company carries out its exploration program. The Company may be required to
obtain additional work permits, post bonds and perform remediation work for any physical disturbance to the land in order to comply with
these laws. While the Company&#8217;s planned exploration program budgets for regulatory compliance, there is a risk that new regulations
could increase its costs of doing business and prevent it from carrying out its exploration program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Land
reclamation requirements for the Company&#8217;s properties may be burdensome and expensive.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
variable depending on location and the governing authority, land reclamation requirements are generally imposed on mineral exploration
companies (as well as companies with mining operations) in order to minimize long term effects of land disturbance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclamation
may include requirements to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">control
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">treat
    ground and surface water to drinking water standards; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to carry out reclamation obligations imposed on the Company in connection with its potential development activities, the Company
must allocate financial resources that might otherwise be spent on further exploration and development programs. The Company plans to
set up a provision for its reclamation obligations on its properties, as appropriate, but this provision may not be adequate. If the
Company is required to carry out unanticipated reclamation work, its financial position could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Social
and environmental activism may have an adverse effect on the reputation and financial condition of the Company or its relationship
with the communities in which it operates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is an increasing level of public concern relating to the effects of mining on the nature landscape, in communities and on the environment.
Certain non-governmental organizations, public interest groups and reporting organizations (&#8220;<b>NGOs</b>&#8221;) who oppose resource
development can be vocal critics of the mining industry. In addition, there have been many instances in which local community groups
have opposed resource extraction activities, which have resulted in disruption and delays to the relevant operation. While the Company
seeks to operate in a socially responsible manner and believes it has good relationships with local communities in the regions in which
it operates, NGOs or local community organizations could direct adverse publicity against and/or disrupt the operations of the Company
in respect to one or more of its properties, regardless of its successful compliance with social and environmental best practices, due
to political factors, activities of unrelated third parties on lands in which the Company has an interest or the Company&#8217;s operations
specifically. Any such actions and the resulting media coverage could have an adverse effect on the reputation and financial condition
of the Company or its relationships with the communities in which it operates, which could have a material adverse effect on the Company&#8217;s
business, financial condition, results of operations, cash flows or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
mineral exploration and mining industry is highly competitive.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mining industry is intensely competitive in all of its phases. As a result of this competition, some of which is with large established
mining companies with substantial capabilities and with greater financial and technical resources than the Company&#8217;s, the Company
may be unable to acquire additional properties, if any, or financing on terms it considers acceptable. The Company also competes with
other mining companies in the recruitment and retention of qualified managerial and technical employees. If the Company is unable to
successfully compete for qualified employees, its exploration and development programs may be slowed down or suspended. The Company competes
with other companies that produce its planned commercial products for capital. If the Company is unable to raise sufficient capital,
its exploration and development programs may be jeopardized or it may not be able to acquire, develop, or operate additional mining projects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
silver industry is highly competitive, and the Company is required to compete with other corporations and business entities, many of
which have greater resources than its does. Such corporations and other business entities could outbid the Company for potential projects
or produce minerals at lower costs, which would have a negative effect on the Company&#8217;s operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Metal
prices are highly volatile. If a profitable market for its metals does not exist, the Company may have to cease operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral
prices have been highly volatile and are affected by numerous international economic and political factors over which the Company has
no control. The Company&#8217;s long-term success is highly dependent upon the price of silver, as the economic feasibility of any ore
body discovered on its current property, or on other properties the Company may acquire in the future, would, in large part, be determined
by the prevailing market price of the minerals. If a profitable market does not exist, the Company may have to cease operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
shortage of equipment and supplies could adversely affect the Company&#8217;s ability to operate its business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is dependent on various supplies and equipment to carry out its mining exploration and, if warranted, development operations.
Any shortage of such supplies, equipment, and parts could have a material adverse effect on the Company&#8217;s ability to carry out
its operations and could therefore limit, or increase the cost of, production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Joint
ventures and other partnerships, including offtake arrangements, may expose the Company to risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may enter into joint ventures, partnership arrangements, or offtake agreements, with other parties in relation to the exploration,
development, and production of the properties in which the Company has an interest. Any failure of such other companies to meet their
obligations to the Company or to third parties, or any disputes with respect to the parties&#8217; respective rights and obligations,
could have a material adverse effect on the Company, the development and production at its properties, including the Mine, and on future
joint ventures, if any, or their properties, and therefore could have a material adverse effect on its results of operations, financial
performance, cash flows and the price of its Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may experience difficulty attracting and retaining qualified management to meet the needs of its anticipated growth, and the
failure to manage its growth effectively could have a material adverse effect on its business and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
success of the Company is currently largely dependent on the performance of its directors and officers. The loss of the services of any
of these persons could have a materially adverse effect on the Company&#8217;s business and prospects. There is no assurance the Company
can maintain the services of its directors, officers or other qualified personnel required to operate its business. As the Company&#8217;s
business activity grows, the Company will require additional key financial, administrative and mining personnel as well as additional
operations staff. There can be no assurance that these efforts will be successful in attracting, training and retaining qualified personnel
as competition for persons with these skill sets increase. If the Company is not successful in attracting, training and retaining qualified
personnel, the efficiency of its operations could be impaired, which could have an adverse impact on the Company&#8217;s operations and
financial condition. In addition, the COVID-19 pandemic may cause the Company to have inadequate access to an available skilled workforce
and qualified personnel, which could have an adverse impact on the Company&#8217;s financial performance and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is dependent on a relatively small number of key employees, including its Chief Executive Officer (the &#8220;<b>CEO</b>&#8221;)
and Chief Financial Officer (the &#8220;<b>CFO</b>&#8221;). The loss of any officer could have an adverse effect on the Company. The
Company has no life insurance on any individual, and the Company may be unable to hire a suitable replacement for them on favorable terms,
should that become necessary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may be subject to potential conflicts of interest with its directors and/or officers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
directors and officers of the Company are or may become associated with other mining and/or mineral exploration and development companies
which may give rise to conflicts of interest. Directors who have a material interest in any person who is a party to a material contract
or a proposed material contract with the Company are required, subject to certain exceptions, to disclose that interest and generally
abstain from voting on any resolution to approve such a contract. In addition, directors and officers are required to act honestly and
in good faith with a view to the best interests of the Company. Some of the directors and officers of the Company have either other full-time
employment or other business or time restrictions placed on them and accordingly, the Company will not be the only business enterprise
of these directors and officers. Further, any failure of the directors or officers of the Company to address these conflicts in an appropriate
manner or to allocate opportunities that they become aware of to the Company could have a material adverse effect on the Company&#8217;s
business, financial condition, results of operations, cash flows or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s results of operations could be affected by currency fluctuations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s properties are currently all located in the U.S. and while most costs associated with these properties are paid in U.S.
dollars, a significant amount of its administrative expenses are payable in Canadian dollars. There can be significant swings in the
exchange rate between the U.S. dollar and the Canadian dollar. There are no plans at this time to hedge against any exchange rate fluctuations
in currencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Title
to the Company&#8217;s properties may be subject to other claims that could affect its property rights and claims.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are risks that title to the Company&#8217;s properties may be challenged or impugned. The Mine is located in Northern Idaho and may be
subject to prior unrecorded agreements or transfers and title may be affected by undetected defects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may be unable to secure surface access or purchase required surface rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company obtains the rights to some or all of the minerals in the ground subject to the mineral tenures that the Company acquires,
or has the right to acquire, in some cases the Company may not acquire any rights to, or ownership of, the surface to the areas covered
by such mineral tenures. In such cases, applicable mining laws usually provide for rights of access to the surface for the purpose of
carrying on mining activities; however, the enforcement of such rights through the courts can be costly and time consuming. It is necessary
to negotiate surface access or to purchase the surface rights if long-term access is required. There can be no guarantee that, despite
having the right at law to access the surface and carry on mining activities, the Company will be able to negotiate satisfactory agreements
with any such existing landowners/occupiers for such access or purchase of such surface rights, and therefore the Company may be unable
to carry out planned mining activities. In addition, in circumstances where such access is denied, or no agreement can be reached, the
Company may need to rely on the assistance of local officials or the courts in such jurisdiction, the outcomes of which cannot be predicted
with any certainty. The Company&#8217;s inability to secure surface access or purchase required surface rights could materially and adversely
affect its timing, cost, or overall ability to develop any mineral deposits the Company may locate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s properties and operations may be subject to litigation or other claims.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time the Company&#8217;s properties or operations may be subject to disputes that may result in litigation or other legal claims.
The Company may be required to take countermeasures or defend against these claims, which will divert resources and management time from
operations. The costs of these claims or adverse filings may have a material effect on its business and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
are amounts due and owing under the Company&#8217;s agreement with the EPA that have not been paid in accordance with the agreed upon
payment schedule. In the event that the EPA or Placer Mining assert default under the terms of the agreement or the Amended Agreement,
respectively, the Company may lose its ability to exercise its right to purchase the Mine, which would have a material adverse impact
on the Company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Company&#8217;s agreement with the EPA, the Company is required to make certain payments to the EPA on behalf of
Placer Mining in the amount of $20,000,000 for cost recovery. The Company has made one payment of $1,000,000 but has not paid the other
payments as they have become due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into an amended Settlement Agreement between the Company, Idaho Department of Environmental Quality, US Department of
Justice and the EPA. The Company is now fully compliant with its payment obligations to these parties. The Amended Settlement
modified the payment schedule and payment terms for recovery of historical environmental response costs at Bunker Hill Mine by
the EPA. A total of $17,000,000 remains to be paid by the Company following the payment of $2,000,000 by the Company in January
2022. The remaining $17,000,000 is to be paid in annual instalments until November 1, 2029.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to pay could be considered a default under the terms of the Amended Settlement with the EPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mineral
exploration and development is subject to extraordinary operating risks. The Company currently insures against these risks on a limited
basis. In the event of a cave-in or similar occurrence, the Company&#8217;s liability may exceed its resources and insurance coverage,
which would have an adverse impact on the Company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral
exploration, development and production involve many risks. The Company&#8217;s operations will be subject to all the hazards and risks
inherent in the exploration for mineral resources and, if the Company discovers a mineral resource in commercially exploitable quantity,
its operations could be subject to all of the hazards and risks inherent in the development and production of resources, including liability
for pollution, cave-ins or similar hazards against which the Company cannot insure or against which the Company may elect not to insure.
Any such event could result in work stoppages and damage to property, including damage to the environment. As of the date hereof, the
Company currently maintains commercial general liability insurance and umbrella liability insurance against these operating hazards,
in connection with its exploration program. The payment of any liabilities that arise from any such occurrence that would not otherwise
be covered under the current insurance policies would have a material adverse impact on the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mineral
exploration and development are depended on adequate infrastructure.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration,
development and processing activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources
and water supply are important elements of infrastructure, which affect access, capital and operating costs. The lack of availability
on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration or development
of the Company&#8217;s mineral properties. If adequate infrastructure is not available in a timely manner, there can be no assurance
that the exploration or development of the Company&#8217;s mineral properties will be commenced or completed on a timely basis, if at
all. Furthermore, unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision
of necessary infrastructure could adversely affect its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration
operations depend on adequate infrastructure. In particular, reliable power sources, water supply, transportation and surface facilities
are necessary to explore and develop mineral projects. Failure to adequately meet these infrastructure requirements or changes in the
cost of such requirements could affect the Company&#8217;s ability to carry out exploration and future development operations and could
have a material adverse effect on the Company&#8217;s business, financial condition, results of operations, cash flows or prospects</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may purchase additional mining properties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company loses or abandons its interests in its mineral properties, there is no assurance that it will be able to acquire another
mineral property of merit or that such an acquisition would be approved by the CSE, OTCQB or any other applicable security exchanges.
There is also no guarantee that the CSE, OTCQB or any other applicable security exchanges, will approve the acquisition of any additional
properties by the Company, whether by way of an option or otherwise, should the Company wish to acquire any additional properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s operations are dependent on information technology systems that may be subject to network disruptions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations depend on information technology (&#8220;<b>IT</b>&#8221;) systems. These IT systems could be subject to network
disruptions caused by a variety of sources, including computer viruses, security breaches and cyber-attacks, as well as disruptions resulting
from incidents such as cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, vandalism and theft. The
Company&#8217;s operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software,
as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures,
delays and/or increase in capital expenses. The failure of information systems or a component of information systems could, depending
on the nature of any such failure, adversely impact the Company&#8217;s reputation and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
to date the Company has not experienced any material losses relating to cyber-attacks or other information security breaches, there can
be no assurance that the Company will not incur such losses in the future. The Company&#8217;s risk and exposure to these matters cannot
be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cyber security and the continued
development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks
from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, the Company may be required to expend
additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company is a reporting issuer and reporting requirements under applicable securities laws may increase legal and financial
compliance costs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to reporting requirements under applicable securities law, the listing requirements of the CSE, the OTCQB, the SEC
and other applicable securities rules and regulations. Compliance with these requirements can increase legal and financial compliance
costs, make some activities more difficult, time consuming or costly, and increase demand on existing systems and resources. Among other
things, the Company is required to file annual, quarterly and current reports with respect to its business and results of operations
and maintain effective disclosure controls and procedures and internal controls over financial reporting. In order to maintain and, if
required, improve disclosure controls and procedures and internal controls over financial reporting to meet this standard, significant
resources and management oversight is required. As a result, management&#8217;s attention may be diverted from other business concerns,
which could harm the Company&#8217;s business and results of operations. The Company may need to hire additional employees to comply
with these requirements in the future, which would increase its costs and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R<b>isks
Related to the Common Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s Common Share price may be volatile and as a result investor could lose all or part of their investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to volatility associated with equity securities in general, the value of an investor&#8217;s investment could decline due to
the impact of any of the following factors upon the market price of the Common Shares:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disappointing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">decline
    in demand for its Common Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">downward
    revisions in securities analysts&#8217; estimates or changes in general market conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological
    innovations by competitors or in competing technologies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investor
    perception of the Company&#8217;s industry or its prospects; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic trends.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Common Share price on the CSE has experienced significant price and volume fluctuations. Stock markets in general have
experienced extreme price and volume fluctuations, and the market prices of securities have been highly volatile. These fluctuations
are often unrelated to operating performance and may adversely affect the market price of the Common Shares. As a result, an investor
may be unable to sell any Common Shares such investor acquires at a desired price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Potential
future sales under Rule 144 may depress the market price for the Company&#8217;s Common Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, under Rule 144, a person who has satisfied a minimum holding period of between six months and one-year and any other
applicable requirements of Rule 144, may thereafter sell such shares publicly. A significant number of the Company&#8217;s currently
issued and outstanding Common Shares held by existing shareholders, including officers and directors and other principal shareholders,
are currently eligible for resale pursuant to and in accordance with the provisions of Rule 144. The possible future sale of the Company&#8217;s
Common Shares by its existing shareholders, pursuant to and in accordance with the provisions of Rule 144, may have a depressive effect
on the price of its Common Shares in the over-the-counter market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s Common Shares currently deemed a &#8220;penny stock&#8221;, which may make it more difficult for investors to sell their
Common Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has adopted regulations which generally define &#8220;penny stock&#8221; to be any equity security that has a market price less than
$5.00 per Common Share or an exercise price of less than $5.00 per Common Share, subject to certain exceptions. The Company&#8217;s s
securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons
other than established customers and &#8220;accredited investors&#8221;. The term &#8220;accredited investor&#8221; refers generally
to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000, exclusive of their principal
residence, or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer,
prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a
form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The
broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer
and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer&#8217;s
account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer
orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer&#8217;s
confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these
rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and
receive the purchaser&#8217;s written agreement to the transaction. These disclosure requirements may have the effect of reducing the
level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny
stock rules may affect the ability of broker-dealers to trade its securities. The Company believes that the penny stock rules may discourage
investor interest in and limit the marketability of its Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has never paid dividends on its Common Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not paid dividends on its Common Shares to date, and it does not expect to pay dividends for the foreseeable future. The
Company intends to retain its initial earnings, if any, to finance its operations. Any future dividends on Common Shares will depend
upon the Company&#8217;s earnings, its then-existing financial requirements, and other factors, and will be at the discretion of the
Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>FINRA
has adopted sales practice requirements, which may also limit an investor&#8217;s ability to buy and sell the Company&#8217;s Common
Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the &#8220;penny stock&#8221; rules described above, FINRA has adopted rules that require that in recommending an investment
to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to
recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain
information about the customer&#8217;s financial status, tax status, investment objectives and other information. Under interpretations
of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least
some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy the Company&#8217;s
Common Shares, which may limit an investor&#8217;s ability to buy and sell its stock and have an adverse effect on the market for the
Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investors&#8217;
interests in the Company will be diluted and investors may suffer dilution in their net book value per share of Common Shares if the
Company issues additional employee/director/consultant options or if the Company sells additional Common Shares and/or warrants to finance
its operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to further expand the Company&#8217;s operations and meet its objectives, any additional growth and/or expanded exploration activity
will likely need to be financed through sale of and issuance of additional Common Shares, including, but not limited to, raising funds
to explore the Mine. Furthermore, to finance any acquisition activity, should that activity be properly approved, and depending on the
outcome of its exploration programs, the Company likely will also need to issue additional Common Shares to finance future acquisitions,
growth, and/or additional exploration programs of any or all of its projects or to acquire additional properties. The Company will also
in the future grant to some or all of its directors, officers, and key employees and/or consultants options to purchase Common Shares
as non-cash incentives. The issuance of any equity securities could, and the issuance of any additional Common Shares will, cause the
Company&#8217;s existing shareholders to experience dilution of their ownership interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company issues additional Common Shares or decides to enter into joint ventures with other parties in order to raise financing through
the sale of equity securities, investors&#8217; interests in the Company will be diluted and investors may suffer dilution in their net
book value per share of Common Shares depending on the price at which such securities are sold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
issuance of additional shares of Common Shares may negatively impact the trading price of the Company&#8217;s securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has issued Common Shares in the past and will continue to issue Common Shares to finance its activities in the future. In addition,
newly issued or outstanding options, warrants, and broker warrants to purchase Common Shares may be exercised, resulting in the issuance
of additional Common Shares. Any such issuance of additional Common Shares would result in dilution to the Company&#8217;s shareholders,
and even the perception that such an issuance may occur could have a negative impact on the trading price of the Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Common Shares could be influenced by research and reports that industry or securities analyst may be published.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for the Common Shares could be influenced by research and reports that industry and/or securities analysts may publish
about the Company, its business, the market or its competitors. The Company does not have any control over these analysts and cannot
assure that such analysts will cover the Company or provide favorable coverage. If any of the analysts who may cover the Company&#8217;s
business change their recommendation regarding the Company&#8217;s stock adversely, or provide more favorable relative recommendations
about its competitors, the stock price would likely decline. If any analysts who may cover the Company&#8217;s business were to cease
coverage or fail to regularly publish reports on the Company, it could lose visibility in the financial markets, which in turn could
cause the stock price or trading volume to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company is subject to the continued listing criteria of the CSE and the OTC QB, and its failure to satisfy these criteria may result
in delisting of its Common Shares from the CSE and the OTC QB.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Common Shares are currently listed for trading on the CSE and quoted on the OTC QB. In order to maintain the listing
on the CSE and the quotation on the OTC QB or any other securities exchange the Company may trade on, the Company must maintain certain
financial and share distribution targets, including maintaining a minimum number of public shareholders. In addition to objective standards,
these exchanges may delist the securities of any issuer if, in the exchange&#8217;s opinion: its financial condition and/or operating
results appear unsatisfactory; if it appears that the extent of public distribution or the aggregate market value of the security has
become so reduced as to make continued listing inadvisable; if the Company sells or disposes of its principal operating assets or ceases
to be an operating company; if the Company fails to comply with the listing requirements; or if any other event occurs or any condition
exists which, in their opinion, makes continued listing on the exchange inadvisable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the CSE, the OTC QB or any other exchange or quotation service were to delist the Common Shares, investors may face material adverse
consequences, including, but not limited to, a lack of trading market for the Common Shares, reduced liquidity, decreased analyst coverage,
and/or an inability for the Company to obtain additional financing to fund its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company faces risks related to compliance with corporate governance laws and financial reporting standards.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sarbanes-Oxley Act of 2002, as well as related new rules and regulations implemented by the SEC and the Public Company Accounting Oversight
Board, require changes in the corporate governance practices and financial reporting standards for public companies. These laws, rules
and regulations, including compliance with Section 404 of the Sarbanes-Oxley Act of 2002 relating to internal control over financial
reporting, referred to as Section 404, materially increase the Company&#8217;s legal and financial compliance costs and make certain
activities more time-consuming and burdensome.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_004"></span>DISCLOSURE
REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Except
for statements of historical facts, this Prospectus contains forward-looking statements involving risks and uncertainties. The words
&#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;future,&#8221; &#8220;intend,&#8221;
&#8220;plan&#8221; or the negative of these terms and similar expressions or variations thereof are intended to forward looking statements.
Such statements reflect the current view of the Registrant with respect to future events and are subject to risks, uncertainties, assumptions
and other factors (including the risks contained in the section of this registration statement on Form S-1 entitled &#8220;Risk Factors&#8221;)
relating to the Registrant&#8217;s industry, the Registrant&#8217;s operations and results of operations and any businesses that may
be acquired by the Registrant. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove
incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Although
the Registrant believes that the expectations reflected in the forward-looking statements are reasonable, the Registrant cannot guarantee
future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws
of the United States, the Registrant does not intend to update any of the forward-looking statements to conform these statements to actual
results. The following discussion should be read in conjunction with the Registrant&#8217;s financial statements and the related notes
included in this registration statement on Form S-1.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_005"></span>USE
OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus relates to the sale or other disposition of Common Shares by the selling shareholders listed in the &#8220;<i>Selling shareholders
and Certain Beneficial Owners</i>&#8221; section below, and their transferees. We will not receive any proceeds from any sale of the
Common Shares by the selling shareholders. We will receive the exercise price of the warrants. Any proceeds received from exercise of
warrants will be used for payment of general corporate and operating expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_006"></span>DESCRIPTION
OF THE COMPANY&#8217;S BUSINESS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Bunker Hill Mine</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Mine is one of the most well-known base metal and silver mines in American history. Initial discovery and development of the Mine property
began in 1885, and from that time until the Mine closed in 1981 it produced over 35.8 million tons of ore at an average mined grade of
8.76% lead, 4.52 ounces per ton silver, and 3.67% zinc, which represented 162Moz of silver, 3.16M lbs. of lead and 1.35M lbs. of zinc
(Bunker Limited Partnership, 1985). Throughout the 95-year operating history of the mine, there were over 40 different orebodies discovered
and mined, consisting of lead-silver-zinc mineralization. Although known for its significant lead and zinc production, 45-50% of the
Net Smelter Value of its historical production came from its silver. The Company and Sullivan Mining Company had a strong history of
regular dividend payments to shareholders from the time the Company went public in 1905 until it was acquired in a hostile takeover by
Gulf Resources in 1968.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Mine first closed in 1981, it was estimated to still contain significant resources (Bunker Limited Partnership, 1985). The Mine and
Smelter Complex were closed in 1981 when Gulf Resources was not able to continue to comply with new regulatory structures brought on
by the passage of environmental statutes and as then enforced by the EPA. The Bunker Hill Lead Smelter, Electrolytic Zinc Plant and historic
milling facilities were demolished about 25 years ago, and the area became part of the &#8220;National Priority List&#8221; for cleanup
under EPA regulations, thereby pausing development of the Mine for over 30 years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cleanup of the old smelter, zinc plant, and associated sites has now been completed and the Mine is now poised for development and an
eventual return to production. The Company has been in contact with government officials and other local stakeholders who have expressed
strong support and cooperation for the Company in its efforts to return the mine to a productive, modern and sustainable mining asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Geology
and Mineralization</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Geology</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coeur d&#8217;Alene Mining District is one of the most prolific mining districts in North America. It has been in constant production
since its discovery in the 1880s, historically is the second largest silver-producing area in the world, and is one of the largest zinc
and lead producers, as well. Over 100 mines historically have reached commercial production in the District, which currently hosts two
major mines, the Lucky Friday/Gold Hunter owned by Hecla Mining Company, and the Galena Mine, owned by America&#8217;s Silver. A number
of other mines including the Sunshine, the Crescent, and the Coeur Mine have the potential to be re-started should silver prices rise
sufficiently to justify reactivation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
geology of the Silver Valley district occurs within the Precambrian meta-sedimentary rocks of the Belt-Purcell Supergroup, a Middle Proterozoic
sedimentary basin occurring primarily in western Montana, Idaho and Southeastern British Columbia. In the Coeur d&#8217;Alene region
these comprise a 21,000&#8217; thick sequence of clastic, (argillites, siltites, and quartzites) and carbonate sedimentary rocks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
rocks have been metamorphosed and strongly deformed by compressional tectonics during the Sevier Orogenic event of the cretaceous age.
Following this, later in the cretaceous age, the Bitterroot Lobe of the Idaho Batholith was emplaced to the south of the Coeur d&#8217;Alene
district which was accompanied by dike emplacement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mining district lies within the west-central part of a regional tectonic lineament known as the Lewis and Clark line, a major fault system,
consisting of numerous faults that display strike slip, normal and reverse movements over a protracted geological history.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bunker Hill deposit occurs within the Revett and St Regis formations of the Ravalli Group, with the quartzites and siltites of the Middle
Revett formation dominating. Most significant, and the common host to the larger Bunker Hill ore bodies is the M2 Unit of the Middle
Revett formation, which is the thickest and most continuous quartzite package in the formation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Mine area lies on the north limb of an anticline fold in these rocks, which establishes a west-northwest to northeast trend for bedding
planes. With the axis of this anticline inclined southwesterly, the formations on the north limb dip steeply upright to the northwest
or are overturned steeply to the south or southwest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
structural features that dominate the broad framework in which the Mine is located are the Osburn Fault to the North, which has a right-lateral
offset of several miles bringing the older Prichard formation rocks opposite the mine formations, the Alhambra Fault to the east, and
the large Anticline to the west and south.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
structure of the Bunker Hill deposits is associated with this anticline and are hosted by the fold-generated fractures and brecciation
in the quartzite beds created in the hinge and near-hinge limbs of the broad flexure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fold-associated
elements include sphalerite-pyrite-siderite filled reverse shears, replacement mineralization of stratiform-like fabric composed of both
sphalerite and galena, and principally sphalerite replacement as fine &#8220;crackle breccia&#8221; and irregular dense soaking. The
development of these various fabrics appears to be dependent on location relative to the hinge, lithology of the host unit, and the stratigraphic
horizon in the Revett formation</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mineralization</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineralization
is hosted by parallel mesothermal veins related to metamorphic/hydrothermal events that sourced metals from the Belt sediments. This
consists of wide veins with variable proportions of sphalerite, galena and tetrahedrite in either a quartz or siderite gangue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
individual deposits that form the Mine are numerous and relatively large with strike lengths up to 900 ft (274 m) with plunge lengths
up to 3,000 ft (914 m) with many open at depth. Wall rock alteration associated with veining consists of changes in carbonate mineralogy
plus sulfidation and silicification. Pyritization of wall rocks is locally strong. Bleached halos resulting from destruction of hematite
by hydrothermal fluids are also characteristic. The mineralization is partly oxidized to a depth of approximately 1,800 ft (549 m). There
are three distinct types of mineralization at the Mine:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    NW trending Bluebird mineral zones are zinc rich and consist of sphalerite in excess of galena with variable amount of pyrite in
    a gangue of greyish quartz and minor siderite. This mineralized material is commonly localized in smaller parasitic folds, broken
    by reverse shears (Meyer, 1982).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Jersey type mineral bodies consist principally of veins containing galena with lesser amounts of sphalerite, chalcopyrite and tetrahedrite
    (Meyer, 1981). These NE to N trending veins are referred to as &#8220;link&#8221; veins as they extend between the NW trending Cate
    and Dull faults, or other faults in the mine. Gangue minerals are primarily white quartz with lesser siderite.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Hybrid&#8221;
    mineral bodies comprise the third type and are associated with zones of brecciation located at the junctions of major faults. These
    are multi-stage systems where &#8220;Bluebird&#8221; type fracture zones were reopened and brecciated prior to flooding by galena
    from the newly opened &#8220;link&#8221; veins. The galena penetrated and partially replaced the previous minerals and filled remaining
    open spaces (Meyer, 1981).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of the deposits, and especially those of the Bluebird system, may have originally comprised a parallel set of only four or five persistent
fracture sets. However, extremely complex post-mineralization shearing has segmented and displaced the deposits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mine
and Mill Operations</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting
with the original Bunker Hill and Sullivan claims, the Mine eventually encompassed 620 patented mining claims totaling 6,200 acres. From
the discovery cuts some 3600 feet above sea level, over 20 major ore zones were mined to nearly 1600 feet below sea level, a vertical
distance of about one mile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Four
major mining methods were historically employed in the Mine. The oldest is square set or cut and fill. These methods employ support of
the stope where the vein is mined with sets of timbers and/or rock bolts, and then sand-fill is pumped from the surface as the mining
activity moves to a higher elevation. The broken ore was scraped into chutes by compressed air powered slushers and dropped into ore
pockets on the level below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
second method called shrink stoping is similar to the above, but no ground support is required. Instead, the broken ore is used as both
ground support and a mining floor and the full mining cut is completed prior to withdrawing the ore from the stope. Air powered slushers
or compressed air operated mucking machines on rubber tires were historically used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
third mining method is known as room and pillar mining. In this operation, no timber is required but pillars of ore are left in place
as supports until the stoping moves to a higher elevation, at which time sand fill is pumped in to provide the floor for the next cut.
As the ore is broken, rubber tired, compressed air operated mucking machines picked it up putting it into a box on the back of the loader.
It was then transported to a chute in the stope where it dropped into the ore pocket on a lower level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fourth method is sublevel blasthole stoping. Diesel powered equipment cuts horizontal slices every forty feet in the ore zones. Then
long holes are drilled in the pillars between horizontal slices. The holes are blasted allowing the ore to fall to the bottom slice and
scooped up by diesel powered loaders and transported to ore passes. This method was used above the Kellogg Tunnel, and ore was transported
by gravity to the tunnel and hauled out by train to the surface.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
the ore pockets on the various levels of the mine below the Kellogg Tunnel, ore trains powered by battery driven locomotives transported
the ore to ore pockets located at the shaft. In the shaft, large steel buckets, called skips, were loaded and hoisted to the Kellogg
Tunnel level where the ore was dumped into two large concrete bins. Drawn from these storage areas by gravity, the ore was next transported
two miles to the surface in 22-car ore trains pulled by trolley and diesel locomotives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blasthole
stoping, cut and fill, and shrinkage stoping methods are likely to be employed in the re-start of the Mine. The main improvement and
productivity gain over historic operations will be the widespread use of rubber-tired equipment, which will be used for mucking and transport
of the broken mineralized material. The upper part of the Mine is largely already developed with ramps, which will be used by the Company
for rubber-tired access. Most of these ramps were completed by the Bunker Hill Company and ramp expansion also occurred during the BLP
mine reopening.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
engineers have already inspected many portions of the ramp system in the upper part of the Mine and the ramps are generally in very good
shape and will only require minor repair and clean-up.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
the Mine ore was milled in the milling facility located approximately 2,000 yards from the main Kellogg Tunnel portal and the concentrate
was treated at the nearby smelting and refining complex, which was located approximately one mile to the west of the mill. The milling
facility and smelting complex have all been razed and remediation of these sites has been largely completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
existing water treatment plant, the CTP, which was originally built by the Bunker Hill Company remains in operation and is operated by
the EPA through a local contractor. This plant has received numerous upgrades and capacity improvements in the last twenty-five years.
All mine water which is discharged from the Mine has been treated by the EPA during the ownership of the mine by Placer Mining.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index
of Geologic and Mining Terms</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TERM</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEFINITION</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argillite</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    fine-grained sedimentary rock composed predominantly of indurated muds and oozes.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breccia
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    rock composed of broken fragments of minerals or rock cemented together by a fine-grained matrix, which can be either similar to
    or different from the composition of the fragments.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chalcopyrite</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    major ore mineral containing copper, iron, and sulfur.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cretaceous</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    geologic period from 145 to 65 million years ago.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dikes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    type of sheet intrusion referring to any geologic body that cuts discordantly across rock structures.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Galena</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    natural mineral form of lead sulfide.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hydrothermal</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relating
    to or produced by hot water, especially water heated underground by the Earth&#8217;s internal heat. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    mineral is a naturally occurring solid chemical substance having characteristic chemical composition, highly ordered atomic structure,
    and specific </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineralization</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    act or process of mineralizing.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ore</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineralized
    material that can be mined and processed at a positive cash flow.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oxidized</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    process whereby the sulfur in a mineral has been removed and replaced by oxygen.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pyrite</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    very common sulfide mineral consisting of iron and sulfur found in a wide variety of geological occurrences. Commonly known as &#8220;Fools
    Gold&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quartzite</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    hard metamorphic rock which was originally sandstone</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silicification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    hydrothermal or metamorphic process involving the introduction of, alteration to, or replacement by silica. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sphalerite</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    mineral containing zinc and sulfur.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sulfides</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sulfide
    minerals are a class of minerals containing sulfur with sulfide (S<sup>2&#8722;</sup>) as the major anion.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tetrahedrite</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    sulfosalt mineral containing copper, antimony, and sulfur.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Completed
Work and Future Development Plans</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mineral
Resources and Exploration</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent
with the digitization work, and since March 2020, the Company has been working systematically to bring a number of mineralized zones
into accordance with NI 43-101 through drilling and channel sampling of the open stopes. This work focused upon the mineralization that
is closest to the existing infrastructure and above the current water-level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
doing so, the Company&#8217;s first objective was to validate in accordance with NI 43-101 standards up to 9 million tons of primarily
zinc ore contained within the UTZ, Quill and Newgard Ore Bodies. This was conducted between April and July 2020, and involved over 9,000
feet of drilling from Underground and extensive sampling from the many open stopes above the water-level. These zones could provide the
majority of the early feed if the Company were to achieve a re-start of the Mine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2020, the Company announced its maiden mineral resources estimate consisting of a total of 8.9 million tons in the Inferred
category, containing 11 million ounces of silver, 880 million pounds of zinc, and 410 million pounds of lead, which represented the result
of the Company&#8217;s  drilling and sampling efforts conducted between April and July 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the program as described above, through February 2021 the Company conducted approximately 10,000 feet of additional drilling, primarily
focused on expanding and upgrading its maiden mineral resources estimate in support of its intention to target a rapid re-start of the
Mine, as announced on November 12, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 19, 2021, the Company announced an updated mineral resources estimate consisting of a total of 4.4 million tons in the Indicated
category, containing 3.0 million ounces of silver, 487 million pounds of zinc, and 176 million pounds of lead; and a total of 5.6 million
tons in the Inferred category, containing 8.3 million ounces of silver, 548 million pounds of zinc, and 312 million pounds of lead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
details regarding the Company&#8217;s mineral resources as noted above, including estimation methodologies, can be found in the news
releases dated September 28, 2020, and March 19, 2021 on EDGAR, SEDAR and the Company&#8217;s website www.bunkerhillmining.com.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
should be noted that mineral resources as stated above, including those delineated in the Inferred, Measured and Indicated categories,
are not mineral reserves as defined by SEC guidelines, and do now show demonstrated economic viability. Due to the uncertainty that may
be attached to Inferred mineral resources, it cannot be assumed that all or any part of an Inferred mineral resource will be upgraded
to an Indicated or Measured mineral resource as a result of continued exploration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration
activities will focus on high-grade lead-silver mineralization targets, in the upper levels of the mine and identified by the data review
and digitization process. On March 19, 2021, the Company announced the identification of a new silver exploration opportunity
in the hanging wall of the Cate Fault which it intends to include in its ongoing drilling campaign. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 29, 2021, the Company announced multiple high-grade silver mineralization results through chip-channel sampling of newly accessible
areas of the Mine identified through the Company&#8217;s proprietary 3D digitization program, and as part of its ongoing silver-focused
drilling program. An area was identified on the 9-level that resulted in ten separate chip samples greater than 900 g/t AgEq<sup>(1)</sup>,
each with minimum 0.6m length. Mineralization remains open up dip, down dip and along strike from the sampling location. The Company
also reported drill results including a 3.8m intercept with a grade of 996.6 g/t AgEq<sup>(1)</sup>, intersected at the down-dip extension
of the UTZ zone at the 5-level. The Company will continue to report mineralized drill intercepts concurrent with its ongoing exploration
program that is currently envisaged to comprise 10,000 to 12,000 feet in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prices
    used to calculate Ag Eq are as follows: Zn=$1.16/lb; Pb=$0.92/lb; and Ag=$20/oz, which are the prices used in the March 2021 technical
    report</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 29, 2021, the Company filed the Bunker Hill Technical Report in support of the updated MRE that it announced on November
30, 2021 (as described above).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 25, 2022, the Company filed the Amended Technical Report. The Amended Technical Report was prepared in accordance with the requirements
of the SEC Mining Modernization Rules and NI-43-101 and is filed as an exhibit to the Registration Statement of which this Prospectus
is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Technical
Report Summary</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary is extracted from the Amended Technical Report. The following information does not purport to be a complete
summary of the Amended Technical Report, is subject to all the assumptions, qualifications and procedures set out in the Amended
Technical Report and is qualified in its entirety with reference to the full text of the Amended Technical Report. Each of
the authors of the Amended Technical Report is independent qualified person under NI 43-101 (each a &#8220;<b>Qualified Person</b>&#8221;,
and together the &#8220;<b>Qualified Persons</b>&#8221;) and have approved the summary of the Amended Technical Report below.
The effective date of the technical report was January 7, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amended Technical Report describes the mining and processing operations at the Bunker Hill Mine located near the town of Kellogg
Idaho, for the Company. The Company has the exclusive rights to acquire 100% ownership of the Bunker Hill Mine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amended Technical Report considers a processing approach at Bunker Hill Mine where lead (&#8220;<b>Pb</b>&#8221;), silver (&#8220;<b>Ag</b>&#8221;)
and zinc (&#8220;<b>Zn</b>&#8221;) mineralization is mined and processed entirely underground. Mineralized material would be conventionally
milled and then concentrated by flotation of PbAg followed by flotation of ZnAg. Metal rich concentrates could then be sold to smelters
in North America or overseas. Mill tailings will be deposited underground in the historic mining voids located throughout the Bunker
Hill Mine. The only envisioned surface facilities would be offices, warehouses and loading docks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Highlights
of the Amended Technical Report, including the preliminary economic assessment (&#8220;<b>Technical Report PEA</b>&#8221;), are
listed in Table 1-2 and Table 1-3. Table 1-1 lists the Mineral Resource estimate for the Bunker Hill Mine. Mineral Resources are reported
according to the CIM Definition Standards of May 10, 2014 (&#8220;<b>CIM</b>&#8221;). The guidance and definitions of CIM are incorporated
by reference in NI 43-101. Mineral Resources are geologically constrained and defined at economic cutoff grades that demonstrate reasonable
prospects of eventual economic extraction. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resource
Estimate</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geostatistics
and estimates of mineralization were prepared by Mr. Scott Wilson, C.P.G., SME. Industry accepted grade estimation techniques were used
to develop global mineralization block models for the Newgard, Quill and UTZ zones. The Mineral Resource estimate considers underground
mining and mill processing as a basis for reasonable prospects of eventual economic extraction. The total Mineral Resource estimate for
the Bunker Hill Mine is listed in Table 1-1 at a cutoff grade of NSR 70 $/ton.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
1-1 Bunker Hill Mine Mineral Resource Estimate &#8211; NSR $70/ton cut off &#8211; Ag selling price of $20/oz (troy), Lead selling price
of $0.90/lb, Zn selling price of $1.15/lb. Effective date of November 29, 2021)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_001.jpg" alt="" style="height: 119px; width: 600px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Qualified Person for the above estimate is Scott Wilson, C.P.G., SME; effective November 29, 2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Measured,
    Indicated and Inferred classifications are based on the 2014 CIM Definition Standards. The Company has chosen to no longer classify
    Mineral Resources as &#8220;ZnAg Resources&#8221; or &#8220;PbAg Resources&#8221;, as was done for the Mineral Resource Update effective
    March 22, 2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral
    Resources that are not Mineral Reserves do not have demonstrated economic viability</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t, ie: NSR = (Contained metal) * (Metallurgical
    recoveries) * (Metal Payability %) * (Metal prices) &#8211; (Treatment, refining, transport and other selling costs). For the Mineral
    Resource Estimate, NSR values were calculated using updated open-cycle metallurgical results including recoveries of 92%, 82% and
    88% for Zn, Ag and Pb respectively, and concentrate grades of 54.7% Zn in zinc concentrate, and 59.7% Pb and 14.18 oz/ton Ag in lead
    concentrate. All other relevant assumptions are as described in Table 16-1 of the Company&#8217;s Updated PEA filed on SEDAR on November
    3, 2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Qualified Person for the above metallurgical data is Deepak Malhotra, SME of Pro Solv LLC Mineral Resources are estimated using a
    zinc price of $1.15 per pound, silver price of $20.00 per ounce, and lead price of $0.90 per pound.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historic
    mining voids, stopes and development drifting have been accounted for in the mineral resource estimate</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Columns
    may not add up due to rounding</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary
Economic Assessment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
summary of the current projected financial performance of the Bunker Hill Mine is listed in Table 1-2. Sensitivities are summarized in
Table 1-3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
preliminary economic assessment is preliminary in nature, and there is no certainty that the reported results will be realized. The Mineral
Resource estimate used for the Technical Report PEA includes Inferred Mineral Resources which are considered too speculative geologically
to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty
that the projected economic performance will be realized. The purpose of the Technical Report PEA is to demonstrate the economic viability
of the Bunker Hill Mine, and the results are only intended as an initial, first-pass review of the Bunker Hill Mine economics based on
preliminary information. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability</b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
Bunker Hill production for Life of Mine</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Metal
    Pr&#8217;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    ($/lb)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
    ($/lb)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.90</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    ($/oz)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.00</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine
    Plan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ore
    mined (kt)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,377</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
    annual mineralized material mined (kt)<sup>Ill</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">580</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    grade (%)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
    grade (%)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    grade (oz/t)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    eq grade (%)<sup>(2i </sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    eq grade (oz/t)<sup>j3i</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.0</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    produced - Zn conc (klbs)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>591,140</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
    produced - Pb conc (klbs)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>323,116</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    produced - Pb conc (koz)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8,418</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    eq produced (klbs)<sup>t21 </sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>990,416</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    eq produced (koz)<sup>43)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56,949</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
    Cost Met</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opex
    - total ($/t)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sustaining
    capex ($/t)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    costs: by-product ($/lb Zn payable)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.33</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AISC:
    by-product ($/lb Zn payable)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    costs: co-product ($/lb Zn payable)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.69</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AISC:
    co-product ($/lb Zn payable)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.77</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EBITDA</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#8217;000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">383,378</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-tax
    free cash flow<sup>lsi</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#8217;000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">284,999</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Free
    cash flow<sup>isl</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#8217;000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">233,310</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NPV
    (5%)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143,471</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NPV
    (8%)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107,790</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IRR
    (%)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payback
    (years)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualize
    averages excluded the first and last years of mine life</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    equivalency calculated using metal prices shown above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    equivalency calculated using metal prices shown above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    zinc produced in zinc concentrate, lead and silver produced in lead concentrate</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Life
    of mine (&#8220;<b>LOM</b>&#8221;) includes initial capital expenditure Note: Cash Cost Includes mining, processing, G&amp;A, smelter
    charges and freight.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
1-3 Economic Sensitivity to Zinc Price, Opex and Capex</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_002.jpg" alt="" style="height: 163px; width: 600px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Technical
Report Summary</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary is extracted from the Amended
Technical Report. The following information does not purport to be a complete summary of the Amended Technical Report, is
subject to all the assumptions, qualifications and procedures set out in the Amended Technical Report and is qualified in its
entirety with reference to the full text of the Amended Technical Report. Each of the authors of the Amended Technical Report
is independent qualified person under NI 43-101 (each a &#8220;<b>Qualified Person</b>&#8221;, and together the &#8220;<b>Qualified
Persons</b>&#8221;) and have approved the summary of the Amended Technical Report below. The effective date of the technical report
was January 7, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amended Technical Report describes the mining and processing operations at the Bunker Hill Mine located near the town of Kellogg
Idaho, for the Company. The Company has the exclusive rights to acquire 100% ownership of the Bunker Hill Mine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amended Technical Report considers a processing approach at Bunker Hill Mine where lead (&#8220;<b>Pb</b>&#8221;), silver (&#8220;<b>Ag</b>&#8221;)
and zinc (&#8220;<b>Zn</b>&#8221;) mineralization is mined and processed entirely underground. Mineralized material would be conventionally
milled and then concentrated by flotation of PbAg followed by flotation of ZnAg. Metal rich concentrates could then be sold to smelters
in North America or overseas. Mill tailings will be deposited underground in the historic mining voids located throughout the Bunker
Hill Mine. The only envisioned surface facilities would be offices, warehouses and loading docks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Highlights
of the Amended Technical Report, including the preliminary economic assessment (&#8220;<b>Technical Report PEA</b>&#8221;), are
listed in Table 1-2 and Table 1-3. Table 1-1 lists the Mineral Resource estimate for the Bunker Hill Mine. Mineral Resources are reported
according to the CIM Definition Standards of May 10, 2014 (&#8220;<b>CIM</b>&#8221;). The guidance and definitions of CIM are incorporated
by reference in NI 43-101. Mineral Resources are geologically constrained and defined at economic cutoff grades that demonstrate reasonable
prospects of eventual economic extraction. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Resource
Estimate</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geostatistics
and estimates of mineralization were prepared by Mr. Scott Wilson, C.P.G., SME. Industry accepted grade estimation techniques were used
to develop global mineralization block models for the Newgard, Quill and UTZ zones. The Mineral Resource estimate considers underground
mining and mill processing as a basis for reasonable prospects of eventual economic extraction. The total Mineral Resource estimate for
the Bunker Hill Mine is listed in Table 1-1 at a cutoff grade of NSR 70 $/ton.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
1-1 Bunker Hill Mine Mineral Resource Estimate &#8211; NSR $70/ton cut off &#8211; Ag selling price of $20/oz (troy), Lead selling price
of $0.90/lb, Zn selling price of $1.15/lb. Effective date of November 29, 2021)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_003.jpg" alt="" style="height: 125px; width: 600px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Qualified Person for the above estimate is Scott Wilson, C.P.G., SME; effective November 29, 2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Measured,
    Indicated and Inferred classifications are based on the 2014 CIM Definition Standards. The Company has chosen to no longer classify
    Mineral Resources as &#8220;ZnAg Resources&#8221; or &#8220;PbAg Resources&#8221;, as was done for the Mineral Resource Update effective
    March 22, 2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral
    Resources that are not Mineral Reserves do not have demonstrated economic viability</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t, ie: NSR = (Contained metal) * (Metallurgical
    recoveries) * (Metal Payability %) * (Metal prices) &#8211; (Treatment, refining, transport and other selling costs). For the Mineral
    Resource Estimate, NSR values were calculated using updated open-cycle metallurgical results including recoveries of 92%, 82% and
    88% for Zn, Ag and Pb respectively, and concentrate grades of 54.7% Zn in zinc concentrate, and 59.7% Pb and 14.18 oz/ton Ag in lead
    concentrate. All other relevant assumptions are as described in Table 16-1 of the Company&#8217;s Updated PEA filed on SEDAR on November
    3, 2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Qualified Person for the above metallurgical data is Deepak Malhotra, SME of Pro Solv LLC Mineral Resources are estimated using a
    zinc price of $1.15 per pound, silver price of $20.00 per ounce, and lead price of $0.90 per pound.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historic
    mining voids, stopes and development drifting have been accounted for in the mineral resource estimate</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Columns
    may not add up due to rounding</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preliminary
Economic Assessment</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
summary of the current projected financial performance of the Bunker Hill Mine is listed in Table 1-2. Sensitivities are summarized in
Table 1-3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
preliminary economic assessment is preliminary in nature, and there is no certainty that the reported results will be realized. The Mineral
Resource estimate used for the Technical Report PEA includes Inferred Mineral Resources which are considered too speculative geologically
to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty
that the projected economic performance will be realized. The purpose of the Technical Report PEA is to demonstrate the economic viability
of the Bunker Hill Mine, and the results are only intended as an initial, first-pass review of the Bunker Hill Mine economics based on
preliminary information. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability</b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
Bunker Hill production for Life of Mine</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Metal
    Pr&#8217;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    ($/lb)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
    ($/lb)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.90</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    ($/oz)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.00</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine
    Plan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ore
    mined (kt)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,377</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
    annual mineralized material mined (kt)<sup>Ill</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">580</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    grade (%)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
    grade (%)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    grade (oz/t)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    eq grade (%)<sup>(2i </sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    eq grade (oz/t)<sup>j3i</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.0</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    produced - Zn conc (klbs)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>591,140</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
    produced - Pb conc (klbs)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>323,116</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    produced - Pb conc (koz)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8,418</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    eq produced (klbs)<sup>t21 </sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>990,416</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    eq produced (koz)<sup>43)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56,949</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
    Cost Met</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opex
    - total ($/t)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sustaining
    capex ($/t)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    costs: by-product ($/lb Zn payable)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.33</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AISC:
    by-product ($/lb Zn payable)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    costs: co-product ($/lb Zn payable)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.69</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AISC:
    co-product ($/lb Zn payable)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.77</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EBITDA</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#8217;000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">383,378</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-tax
    free cash flow<sup>lsi</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#8217;000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">284,999</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Free
    cash flow<sup>isl</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#8217;000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">233,310</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NPV
    (5%)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143,471</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NPV
    (8%)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107,790</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IRR
    (%)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payback
    (years)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualize
    averages excluded the first and last years of mine life</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zinc
    equivalency calculated using metal prices shown above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silver
    equivalency calculated using metal prices shown above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    zinc produced in zinc concentrate, lead and silver produced in lead concentrate</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Life
    of mine (&#8220;<b>LOM</b>&#8221;) includes initial capital expenditure Note: Cash Cost Includes mining, processing, G&amp;A, smelter
    charges and freight.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
1-3 Economic Sensitivity to Zinc Price, Opex and Capex</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_004.jpg" alt="" style="height: 182px; width: 650px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property
Description and Ownership</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bunker Hill Mine is located in the cities of Kellogg and Wardner of Shoshone County, Idaho. On August 17, 2017, Bunker Hill and Placer
Mining, entered into a two-year Mining Lease with Option to Purchase (together, the &#8220;<b>Lease</b>&#8221;). The Lease became effective
on November 1, 2017. The lease provides that Bunker Hill will operate the Bunker Hill Mine and make certain improvements on the Mine
along with making monthly $60,000 payments to Placer Mining over the term of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 1, 2019, Bunker Hill and the current owner signed an amendment to its Lease for the Bunker Hill Mine. Under the new amended
agreement, the lease period has been extended for an additional period of nine months through August 1, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2020, this Lease was further extended until August 1, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2020, the parties amended the Lease. Under the amended terms, the purchase price was decreased to $7,700,000, with $5,700,000
payable in cash (with an aggregate of $300,000 to be credited toward the purchase price of the Mine as having been previously paid by
Bunker Hill and an aggregate of $5,400,000 payable in cash outstanding) and $2,000,000 in common shares of Bunker Hill. Further, under
the amendment to the Lease, Bunker Hill was to make an advance payment of $2,000,000 to Placer Mining, which shall be credited toward
the purchase price of the Bunker Hill Mine when Bunker Hill elects to exercise its purchase right. Bunker Hill made this advance payment,
which had the effect of decreasing the remaining amount payable to purchase the Mine to an aggregate of $3,400,000 payable in cash and
$2,000,000 in common shares of Bunker Hill.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 7, 2022, the Company closed the purchase of the Bunker Hill Mine. Mine assets were purchased for $7,700,000, with $300,000 of
previous lease payments and a deposit of $2,000,000 applied to the purchase, resulting in cash paid at closing of approximately $5,400,000.
The EPA obligation of $19,000,000 was assumed by Bunker Hill as part of the acquisition</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Geology
and Mineralization</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Northern Idaho Panhandle Region in which the Bunker Hill Mine is located is underlain by the Middle Proterozoic-aged Belt-Purcell Supergroup
of fine-grained, dominantly siliciclastic sedimentary rocks which extends from western Montana (locally named the Belt Supergroup) to
southern British Columbia (locally named the Purcell Supergroup) and is collectively over 23,000 feet in total stratigraphic thickness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineralization
at the Bunker Hill Mine is hosted almost exclusively in the Upper Revett formation of the Ravalli Group, a part of the Belt Supergroup
of Middle Proterozoic-aged, fine-grained sediments. Geologic mapping and interpretation progressed by leaps and bounds following the
recognition of a predictable stratigraphic section at the Bunker Hill Mine and enabled the measurement of specific offsets across major
faults, discussed in the following section. From an exploration and mining perspective, there were two critical conclusions from this
research: all significant mineralized shoots are hosted in quartzite units where they are cut by vein structures, and the location of
the quartzite units can be projected up and down section, and across fault offsets, to target extensions and offsets of known mineralized
shoots and veins.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineralization
at Bunker Hill Mine falls in four categories, described below from oldest to youngest events:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bluebird
Veins (BB): </b>W&#8212;NW striking, SW-dipping (Fig. 7-11), variable ratio of sphalerite-pyrite-siderite mineralization. Thick, tabular
cores with gradational margins bleeding out along bedding and fractures. Detailed description in Section 7.2.2.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stringer/Disseminated
Zones: </b>Disseminated, fracture controlled and bedding controlled blebs and stringer mineralization associated with Bluebird Structures,
commonly as halos to vein-like bodies or as isolated areas where brecciated quartzite beds are intersected by the W-NW structure and
fold fabrics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Galena-Quartz
Veins (GQ): </b>E to NE striking, S to SE dipping (Fig. 7-11), quartz-argentiferous galena +/-siderite-sphalerite-chalcopyrite-tetrahedrite
veins, sinuous-planar with sharp margins, cross-cut Bluebird Veins. Detailed description in Section 7.2.2.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hybrid
Zones: </b>Formed at intersections where GQ veins cut BB veins (Fig. 7-11), with open space deposition of sulfides and quartz in the
vein refraction in quartzite beds, and replacement of siderite in the BB vein structure by argentiferous galena from the GQ Vein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Environmental
Studies and Permitting</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the mine is on patented mining claims (privately-owned land), only a limited number of permits are required for mining and milling operations.
These relate to: (1) air quality and emissions from crushing, milling and processing and (2) any refurbishment of surface buildings that
may require construction permits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bunker Hill Mine is located within the Bunker Hill Superfund site (EPA National Priorities Listing IDD048340921). Cleanup activities
have been completed in Operable Unit 2 of the Bunker Hill Superfund Site where the mine is located though water treatment continues at
the Central Treatment Plant (the &#8220;<b>CTP</b>&#8221;) located near Bunker Hill Mine. The CTP is owned by the EPA and is operated
by its contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunker
Hill entered into a Settlement Agreement and Order on Consent with the EPA on May 15, 2018. This agreement limits the Company&#8217;s
exposure to the Comprehensive Environmental Response, Compensation, and Liability Act (&#8220;CERCLA&#8221;) liability for past environmental
damage to the mine site and surrounding area to obligations that include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of $20,000,000 for historical water treatment cost recovery for amount paid by the EPA from 1995 to 2017.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of for water treatment services provided by the EPA at the CTP in Kellogg, Idaho until such time that Bunker Hill either purchases
    or leases the CTP or builds a separate EPA-approved water treatment facility.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conducting
    a work program as described in the Ongoing Environmental Activities section of this study</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, in conjunction with its intention to purchase the mine complex, the Company entered into an amended Settlement Agreement
(the &#8220;Amendment&#8221;) between the Company, Idaho Department of Environmental Quality, US Department of Justice and the EPA modifying
the payment schedule and payment terms for recovery of historical environmental response costs at Bunker Hill Mine incurred by the EPA.
With the purchase of the mine subsequent to the end of the period, the remaining payments of the EPA cost recovery liability would be
assumed by the Company, resulting in a total of $19,000,000 liability to the Company, an increase of $8,000,000. The new payment schedule
included a $2,000,000 payment to the EPA within 30 days of execution of this amendment, which was made. The remaining $17,000,000 will
be paid on the following dates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">November 1, 2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">3,000,000</td><td style="width: 1%; text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>November 1, 2025</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,000,000</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>November 1, 2026</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,000,000</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>November 1, 2027</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,000,000</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>November 1, 2028</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,000,000</td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>November 1, 2029</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,000,000 plus accrued interest</td><td style="text-align: left">&#160;</td>
    </tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
resumption of payments in 2024 were agreed in order to allow the Company to generate sufficient revenue from mining activities at the
Bunker Hill Mine to address remaining payment obligations from free cash flow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the cost recovery payments outlined above, the Amendment includes an inital payment for outstanding water treatment costs
that have been incurred over the period from 2018 through 2021. This approximately $2,900,000 settlement payment would be made within
90 days of the execution of the Amendment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in payment terms and schedule, are contingent upon the Company securing Financial Assurance in the form of performance bonds
or letters of credit deemed acceptable to the EPA totaling $17,000,000. These assurances correspond to the Company&#8217;s cost recovery
obligations to be paid in 2024 through 2029 as outlined above. Should the Company fail to make its scheduled payment, the EPA can draw
against this financial assurance. The amount of the bonds or letters of credit will decrease over time as individual payments are made.
If the Company does not post an Interim Financial Assurance within 90 days of execution of the Amendment, or fail to post the Final Financial
Assurance within 180 days of the execution of the Amendment, the terms of the original agreement will be reinstated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2021, the Company had not secured the interim financial assurance, and therefore the contingency had not been removed
or satisfied. Further, as of the date of this filing, the financial assurance has not been secured, and as a result, the liability to
the EPA is accounted for with no effectivity of the Amendment, with the liabilities each reflected as current liabilities. On March 22,
2022, the Company reported that in consultation with the EPA, it has committed to meet the $2,900,000 payment and Financial Assurance
obligations by 180 days from the effective date of the Amended Settlement Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunker
Hill will initiate a full Environmental, Social and Health Impact Assessment for the activities described in this Technical Report PEA
and for its business model as a whole in 2021. This study is projected for completion in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Metallurgical
Testing</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RDi
initiated metallurgical test work on three samples designated Newgard, Quill and Utz with the primary objective of determining the process
flowsheet and the metal recoveries and concentrate grades. The test work is on-going, and the highlights of the results so far indicate
the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    composite samples assayed 2.9% to 8.6% Zn, 1.6% to 4.9% Pb and 21 g/mt to 69 g/mt Ag</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    sample had &#177;66% of sulfur present as sulfide sulfur</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bond&#8217;s
    ball mill work index for the composite samples ranged from 13.73 to 15.58 thereby indicating the rock to be relatively hard</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rougher
    flotation tests indicated that <sub>P80</sub> of 150 mesh to 200 mesh was optimum for flotation of desired minerals</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    sequential flotation scheme employed historically is amenable for production of Pb/Ag and Zn concentrates</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mining
Method</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-hole
stoping with fill (LHOS), cut-and-fill and possibly room-and-pillar mining with fill are the only methods viable for sustained operations
today. LHOS is the preferred mining method with limited cut-and-fill mining at Bunker Hill Mine. Room-and-pillar mining is not in the
current plan. Timbered ground support has been replaced with newer ground support technology of rock bolts, mesh, shotcrete and steel
sets as required. Ground conditions are generally good to excellent at Bunker Hill Mine and the rest of the mines in the Silver Valley.
Bunker Hill Mine does not have a history of rock burst events that are frequent in the deeper mines to the east.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recovery
Methods</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical
and on-going current test work at RDi indicates that sequential flotation process can produce marketable-grade Pb/Ag and Zn concentrates.
A conceptual process flowsheet was developed based on limited test work, historical plant flowsheet and plants processing similar polymetallic
mineralized material. Process flowsheets consist of two-stage crushing to produce a feed of <sub>P80</sub> of 0.5 inch for the milling
circuit. Material will be ground in a ball mill to <sub>P80</sub> of 270 mesh with sodium cyanide and zinc sulfate. Resulting ground
slurry will be subjected to rougher flotation of lead and silver minerals using xanthate and MIBC. Concentrates could be reground and
cleaned up to three times to produce a lead/silver concentrate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
rougher- and first-cleaner tailings will be combined and conditioned with copper sulfate and then pH adjusted, and zinc minerals floated
with xanthate and MIBC. Zinc rougher concentrates could be reground and cleaned up to three times to produce marketable zinc concentrate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Current
Exploration and Development</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunker
Hill has a rare exploration opportunity available at the Bunker Hill Mine and has embarked on a new path to fully maximize the potential.
A treasure trove of geologic and production data has been organized and preserved in good condition in the mine office since the shutdown
of major mine operations in the early 1980s. This data represents 70+ years of proper scientific data and sample collection, with high
standards of accuracy and precision that were generally at or above industry standards at the time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company saw the wealth of information that was available but not readily usable and embarked on a scanning and digitizing program. From
this they were able to build a 3D digital model of the mine workings and 3D surfaces and solids of important geologic features. To add
to this, all of the historic drill core lithology logs and assay data (&gt;2900 holes) was entered into a database and imported with
the other data into Maptek Vulcan 3D software.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration
activities at the Bunker Hill Mine are focused on core drilling to confirm presence of siler-rich mineralization and wide bluebird style
mineralization, as well as finding un-mined offset segments of known mineralized structures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conclusions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunker
Hill continues investment in the advancement of the Bunker Hill Mine through drilling, tunnel refurbishment and technical evaluations
both internally and with the assistance of reputable consulting firms. RDA is of the opinion that the current Mineral Resources at Bunker
Hill Mine are sufficient to warrant continued planning and effort to explore, permit and develop the Bunker Hill Mine, and that it supports
the conclusions herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RDA
is of the opinion that with a historic silver production of over 160 million ounces, silver mineralization should be investigated with
vigorous exploration programs. While base metals are a very important component of the Bunker Hill Mine and drilling resources are recommended
to be allocated to the further delineation and addition of base metal dominant resource, the recent selling price of silver demands attention.
The confirmation drilling program identified intercepts of 10 to 20 ounces per ton of silver. The J vein and Francis stopes hosted high
grade silver mineralization and the near-surface historic Caledonia and Sierra Nevada Mines were bonanza grade silver producers in the
past. These and other known occurrences of silver must be followed up on to determine that economic silver occurrences exist on the Bunker
Hill Mine land package</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recommendations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration
programs should focus on the definition of silver resources. Silver resources that demonstrate the reasonable prospects of eventual economic
extraction have been identified within the current mineral resource estimate. Significant silver mineralization encountered through exploration
and past production suggests that these zones should be given as much weight as past Pb and Zn exploration and resource definition programs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Metallurgical
test work should be completed and the results thoroughly analyzed in order to further refine metallurgical recovery and concentrate grade
assumptions, and optimize flowsheet characteristics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digitization
of nearly 100 years of paper maps is nearing completion. In addition to unlocking the understanding of the geometry of the mineral deposit
much of the information describes the mined-out portion of the Bunker Hill Mine. This will be critical for future mineral resource estimates
as mined out voids need to be accurately defined.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Results
from the Technical Report PEA indicate that the Bunker Hill Mine may support a Preliminary Feasibility Study. Plant and backfill engineering
and metallurgical testing are recommended. Used equipment estimates should also be procured.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Newgard, Quill and UTZ block model portion of the mine was initially scheduled based on a 5.0% zinc cutoff grade (not zinc equivalent)
for the June 2021 Restart PEA in the upper majority zinc mineralization. The lower majority lead and silver mineralization used a 5.0%
zinc equivalent. This lower section is not included in the block model and represents Bunker Hill Mine records at the time of closure.
It is classified as inferred resource. The Newgard, Quill and UTZ block model has been updated with NSR values to better represent actual
zinc, lead and silver revenues. The block model NSR valuation change and the majority use of longhole stoping methods are the subject
of this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
drilling and mine block modeling should continue to increase the conversion of Inferred to Indicated Resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the aforementioned, the authors are not recommending successive phases of the work for the advancement of the project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
1-4 Proposed Budget for Project Advancement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Activity</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left">Exploration Drilling (includes labor and assaying)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">0.50</td><td style="width: 1%; text-align: left">M</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Metallurgical definition characteristics</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.50</td><td style="text-align: left">M</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Surface Geophysics</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="text-align: left">M</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Ongoing Digital compilation of historical information</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.25</td><td style="text-align: left">M</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Environmental Studies as part of care and maintenance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="text-align: left">M</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Rehabilitation and Infrastructure Improvements</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1.30</td><td style="text-align: left">M</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Plant Engineering</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.50</td><td style="text-align: left">M</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Hydraulic Backfill and Tailing Placement Engineering</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.25</td><td style="text-align: left">M</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Mine Rehabilitation, Care and Maintenance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left">M</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
details regarding the MRE, including estimation methodologies, can be found in the technical report which is filed as an exhibit to the
Registration Statement of which this Prospectus is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Infrastructure
Review</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Mine main level is termed the nine level and is the largest level in the Mine. It is connected to the surface by the approximately 12,000
foot-long Kellogg Tunnel. Three major inclined shafts with associated hoists and hoistrooms are located on the nine level. These are
the No. 1 shaft, which is used for primary muck hoisting in the main part of the Mine; the No. 2 shaft, which is a primary shaft for
men and materials in the main part of the Mine; and the No. 3 Shaft, which is used for personnel, materials and muck hoisting for development
in the northwest part of the Mine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
top stations of these shafts and the associated hoistrooms and equipment have all been examined by Company personnel and are in moderately
good condition. The Company believes that all three shafts remain in a condition that they are repairable and can be bought back into
good working order over the next few years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
water level in the Mine is held at approximately the ten level of the Mine, roughly 200 feet below the nine level. The Mine was historically
developed to the 27 level, although the 25 level was the last major level that underwent significant development and past mining. Each
level is approximately 200 feet vertically apart.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
southeastern part of the Mine was historically serviced by the Cherry Raise, which consisted of a two-compartment shaft with double drum
hoisting capability that ran at an incline up from the nine level to the four level. The central part of the Mine was serviced upward
by the Last Chance Shaft from the nine level to the historic three or four level. Neither the Cherry Raise or the Last Chance shaft are
serviceable at this time. However, the upper part of the Mine from eight level up to the four level has been developed by past operators
by a thorough-going rubber tire ramp system, which is judged to be about 65% complete.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has repaired the first several thousand feet of the Russell Tunnel, which is a large rubber-tire capable tunnel with an entry
point at the head of Milo Gulch. This tunnel will provide early access to the UTZ Zone, and Quill and Newgard Zones, following ramp and
access development. The Company has made development plans to provide interconnectivity of the ramp system from the Russell Tunnel at
the four level down to the eight level, with further plans to extend the ramp down to the nine level. Thus rubber-tired equipment will
be used for mining and haulage throughout the upper Mine mineral zones, which have already been identified, and for newly found zones.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Kellogg Tunnel will be used as a tracked rail haulage tunnel for supply of personnel and materials into the Mine and for haulage of mined
material out of the Mine. Historically, the Kellogg Tunnel was used in this manner when the Mine was producing upwards of 3,000 tons
per day of mined material. The Company has inspected the Kellogg Tunnel for its entire length and has determined that significant timbered
sections of the tunnel will need extensive repairs. These are areas that intersect various faults passing through the Kellogg Tunnel
at normal to oblique angles and create unstable ground.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that all of the track, as well as spikes, plates and ties holding the track will need to be replaced, and has
started that process in support of the on-going exploration program. Additionally, the water ditch that runs parallel to the track will
need to be thoroughly cleaned out and new timber supports and boards that keep the water contained in its path will need to be installed.
All new water lines, compressed air lines and electric power feeds will also need to be installed. The total cost estimate for this Kellogg
Tunnel work is still in process as of the date hereof, but the time estimate for these repairs is approximately twelve months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restart
Project Update:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 22, 2022, the Company announced its plans to continue to advance technical studies to a level that will enable a construction decision
to be made and a Pre-Feasibility Study (&#8220;<b>PFS</b>&#8221;) to be published during Q2 2022. The PFS will focus upon mining of Measured
and Indicated Resources that maximize cash flow and returns on initial capital invested, leveraging existing infrastructure and the Pend
Oreille process plant once it has been relocated to the Bunker Hill site. The Company aims to have the mine in commercial production
by the end of 2023, in accordance with the summary timetable shown below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Figure
1: Bunker Hill Planned Development Timeline</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_005.jpg" alt="" style="height: 282.75pt; width: 344.25pt" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
technical studies to support both a PFS and a Construction Decision remain on track, with updates to some of the key and supporting activities
detailed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
2: Technical Studies Update</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Project</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 56%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Work
    Currently In-Progress</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Completion
    %<br />
    (To PFS)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Process
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;GA
    drawings for processing plant and crushing gallery complete. Multiple simulation exercises have indicated reduced initial construction
    capital expenditures from PEA estimates.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;Trade-off
    studies complete. These affirm preference for an underground location for the primary crushing circuit on Level 9, with milling and
    flotation circuits on surface within existing building.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;Final
    cost analysis, detailed construction planning and construction contractor negotiations on-going.</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tailings
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;Final
    paste plant design and location trade-offs on-going.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;Opex
    trade-off analysis and mine scheduling on-going.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;Geotechnical
    analysis of back-fill requirements indicates significant cost savings from PEA estimates.</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Metallurgy</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#160;&#160;&#160;Metallurgical
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td>
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    &#160;&#160;&#160;&#9679; Golder and Associates study complete, supporting geotechnical assumptions made within the PEA.</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pend
    Oreille Plant Demobilization</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 56%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
                                                         &#160;&#160;&#160;&#160;&#160;Project/process plant manager appointed.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    &#160;&#160;&#160;&#160;&#160;Final demobilization planning on-going, set to meet timelines agreed with Teck, with cost estimates in line with PEA.</span></p></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    Mining and Rehabilitation Activities</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
                                                         &#160;&#160;&#160;&#160;CMC (mining contractor) building organic capacity on site. This includes adding local staff and acquiring mining equipment including
                                                         LHDs.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    &#160;&#160;&#160;&#160;Rehabilitation of UTZ drift on 5-Level completed on schedule.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    &#160;&#160;&#160;&#160;Initiating construction of decline ramp to connect 5-Level with existing 6-level spiral ramp for rubber-tired equipment.</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunker
    Hill Surface Upgrades</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
                                                         &#160;&#160;&#160;&#160;Mine yard and surface facilities now cleared to accept Pend Oreille plant equipment.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    &#160;&#160;&#160;&#160;Finalizing plans to upgrade electrical infrastructure to both Kellogg and Wardner Portal yards.</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SPECIAL
NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
statements in this report, including statements in the following discussion, are what are known as &#8220;forward looking statements&#8221;,
which are basically statements about the future. For that reason, these statements involve risk and uncertainty since no one can accurately
predict the future. Words such as &#8220;plans,&#8221; &#8220;intends,&#8221; &#8220;will,&#8221; &#8220;hopes,&#8221; &#8220;seeks,&#8221;
&#8220;anticipates,&#8221; &#8220;expects &#8220;and the like often identify such forward looking statements, but are not the only indication
that a statement is a forward-looking statement. Such forward looking statements include statements concerning the company&#8217;s plans
and objectives with respect to the present and future operations of the company, and statements which express or imply that such present
and future operations will or may produce revenues, income or profits. Numerous factors and future events could cause the company to
change such plans and objectives or fail to successfully implement such plans or achieve such objectives, or cause such present and future
operations to fail to produce revenues, income or profits. Therefore, the reader is advised that the following discussion should be considered
in light of the discussion of risks and other factors contained in this report and in the company&#8217;s other filings with the sec.
No statements contained in the following discussion should be construed as a guarantee or assurance of future performance or future results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Background
and Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 28, 2017, the Company announced that it signed the Lease and Option Agreement for the lease and option to purchase the Mine in
Idaho. The Lease and Option Agreement is between the Company and Placer Mining, the current owner of the Mine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Highlights
of the Agreement are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
    date: November 1, 2017;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    lease term: 24 months;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company shall pay Placer Mining US$100,000 monthly mining lease payments, which shall be paid quarterly;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    lease can be extended for another 12 months at any time by the Company by paying Placer Mining a US$600,000 bonus payment and by
    continuing to pay the monthly US$100,000 lease payments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    option to purchase is exercisable at the Company&#8217;s discretion; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    by the Company can be made at any time during lease period and any extension thereto.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 2, 2018, the Company announced that it was in default of the Lease and Option Agreement. The default arose as a result of missed
lease and operating cost payments, totaling $400,000, which were due at the end of September and on October 1, 2018. As per the Lease
and Option Agreement, the Company had 15 days, from the date the notice of default was provided (September 28, 2018), to remediate the
default by making the outstanding payment. While management worked with urgency to resolve this matter, management was ultimately unsuccessful
in remedying the default, resulting in the Lease and Option Agreement being terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2018, the Company announced that it was successful in renewing the Lease and Option Agreement, effectively with the original
Lease and Option Agreement intact, except monthly payments were reduced to $60,000 per month for 12 months, with the accumulated reduction
in payments of $140,000 per month added to the purchase price of the Mine should the Company choose to exercise its option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 1, 2019, the Amended Agreement became effective. The key terms of the Amended Agreement are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    lease period was extended for an additional period of nine months to August 1, 2020, with the option to extend for a further 6 months
    based upon payment of a one-time $60,000 extension fee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company will continue to make monthly care and maintenance payments to Placer Mining of $60,000 until exercising the option to purchase;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purchase price is set at $11,000,000 for 100% of the marketable assets of the Mine to be paid with $6,200,000 in cash, and $4,800,000
    in Common Shares. The purchase price also includes the negotiable EPA costs of $20,000,000. The Amended Agreement provides for the
    elimination of all royalty payments that were to be paid to the mine owner. Upon signing the amended agreement, the Company paid
    a one-time, non-refundable cash payment of $300,000 to the mine owner. This payment will be applied to the purchase price upon execution
    of the purchase option. In the event the Company elects not to exercise the purchase option, the payment shall be treated as an additional
    care and maintenance payment.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2020, the Company signed a further amendment to the Amended Agreement. Under the terms of the amendment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company will continue to make monthly care and maintenance payments to Placer Mining of $60,000 until exercising the option to purchase;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purchase price was reduced to $7,700,000, with $5,700,000 in cash (with an aggregate of $300,000 to be credited toward the purchase
    price of the Mine as having been previously paid by the Company and an aggregate of $5,400,000 payable in cash outstanding) and $2,000,000
    in Common Shares. The reference price for the payment in Common Shares will be based on the Common Share price of the Company&#8217;s
    last equity raise before the option is exercised;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company is to make an advance payment of $2,000,000 (paid) to Placer Mining, which shall be credited toward the purchase price if
    and when the Company elects to exercise its purchase right. In the event that the Company irrevocably elects not to exercise its
    purchase right, the advance payment of $2,000,000 will be repaid to the Company within twelve months from the date of such election.
    This payment had the effect of decreasing the remaining amount payable to purchase the Mine to an aggregate of $3,400,000 payable
    in cash and $2,000,000 in Common Shares of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 20, 2021, the Company announced its intention to purchase the mine complex, which was consummated on January 7, 2022.
With the execution of the EPA settlement agreement amendment and the expected receipt of $8,000,000 proceeds from the Royalty Convertible
Debenture, the Company contracted to purchase the Bunker Hill Mine from Placer Mining Corp. and a definitive agreement was signed by
both parties. The terms of the purchase were modified to $5,400,000 in cash, from $3,400,000 of cash and $2,000,000 of common shares
in the Company. Purchase of the mine consists of over 400 patented mining claims and 5,800 acres of private land.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing
of the transaction occurred on January 7, 2022, concurrent with funding of the Royalty Convertible Debenture, approval of the transaction
by Placer Mining Corp. shareholders, and satisfaction of other closing conditions. See &#8220;<i>Subsequent Events</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-indent: -0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion and analysis provide information that is believed to be relevant to an assessment and understanding of the results
of operation and financial condition of the Company for the year ended December 31, 2021, the six-month period ended December 31, 2020,
and the fiscal year ended June 30, 2020. Unless otherwise stated, all figures herein are expressed in U.S. dollars, which is the Company&#8217;s
functional currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of the year ended December 31, 2021 and the six months ended December 31, 2020</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Revenue</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021 the Company generated no revenue (six months ended December 31, 2020 - $nil).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Expenses</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company reported total operating expenses of $18,752,504 (six months ended December 31, 2020 -
$9,454,396).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in total operating expenses is due to an increase in operation and administration expenses, exploration expenses, legal and
accounting expenses and consulting expenses when compared to the six-month period ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
financial accounting purposes, the Company reports all direct exploration expenses under the exploration expense line item of the statement
of operations. Certain indirect expenses may be reported as operation and administration expense or consulting expense on the statement
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Net
Loss and Comprehensive Loss</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had a net loss and comprehensive loss of $6,402,277 for the year ended December 31, 2021 (six months ended December 31, 2020
- $2,164,454). The increase in net loss compared to the six-month period ended December 31, 2020 was a result of increased operating
expenses during the twelve-month period when compared to the six-month period. Additionally, there was accretion and interest from debt
and a loss on debt settlement during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
note should be made of the fact that the period ended December 31, 2021 was a twelve-month year, while the comparative transition period
ended December 31, 2020 was a six-month period, with variations in all categories of expense varying as a natural function of the differences
in length of time periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of the six months ended December 31, 2020 and the year ended June 30, 2020</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Revenue</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2020 and June 30, 2020, the Company generated no revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Expenses</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2020, the Company reported total operating expenses of $9,454,396 as compared to $10,793,823 during
the year ended June 30, 2020. Increases in operation and admin expenses, legal and accounting expenses and consulting expenses for the
six-month period was offset by a decrease in exploration expenses and recognition of a gain on settlement of accounts payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Net
Loss and Comprehensive Loss</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had a net loss and comprehensive loss of $2,164,454 for the six months ended December 31, 2020, as compared to a net loss and
comprehensive loss of $31,321,791 for the year ended June 30, 2020. The change in net loss between the two periods was largely affected
by the change in derivative liabilities. A gain related to the change in derivative liability for the six-month period ended December
31, 2020 was $10,503,941 compared to a loss related to the change in derivative liability for the year ended June 30, 2020 of $18,843,947,
a total change of $29,347,888 between the two comparative periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
note should be made of the fact that the transition period ended December 31, 2020 was a six-month period, while the comparative period
ended June 30, 2020 was a twelve-month year, with variations in all categories of expense varying as a natural function of the differences
in length of time periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the Company had total assets of $4,071,796 and total liabilities of $38,314,164. This compares to total assets of
$6,709,016 and total liabilities of $38,246,613 at December 31, 2020. The decrease in current assets is primarily related to a $3,082,598
net decrease in cash in 2021 which was the result of an $11,372,153 cash use for operating activities, which was partially offset by
the proceeds from the issuance of common stock and warrants for net proceeds of $6,013,439 in February 2021 and $2,500,000 of proceeds
from a promissory note in September 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company had negative working capital of $19,172,729 compared to negative working capital of $10,132,935 as
of December 31, 2020. This increase is primarily the result of the $3,082,598 net decrease in cash and an increase in the amount due
to the EPA of $5,945,280.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, the Company executed a non-binding term sheet with SRSR and other
investors outlining a $50,000,000 project finance package that the Company expects to fulfill the majority of its funding requirements
to restart the mine and reach commercial production in mid-2023. The package consists of an $8,000,000 Royalty Convertible Debenture,
a $5,000,000 Convertible Debenture, and a multi-metals stream of up to $37,000,000 (the &#8220;Stream&#8221;). In January 2022, subject
to settlement of definitive documentation with SRSR, the $8,000,000 was advanced under the Royalty Convertible Debenture and $6,000,000
was advanced under the Convertible Debenture, which was increased from $5,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to SRSR internal approvals, further technical and other diligence (including confirmation of full project funding by an independent engineer
appointed by SRSR), and satisfactory definitive documentation, the Company expects to close the Stream concurrent with a formal construction
decision being made by Q2 2022. A minimum of $27,000,000 and a maximum of $37,000,000 (the &#8220;Stream Amount&#8221;) will be made
available under the Stream, at the Company&#8217;s option, once the conditions for availability of the Stream have been satisfied. There
can be no assurance that the Stream will close as anticipated. See Notes 8 and 16 to the consolidated financial statements for further
information regarding this project finance package.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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December 2021, in conjunction with its intention to purchase the Bunker Hill mine complex, the Company entered into an amended Settlement
Agreement (the &#8220;Amendment&#8221;) between the Company, Idaho Department of Environmental Quality, US Department of Justice and
the EPA, modifying the payment schedule and payment terms for recovery of historical environmental response costs at Bunker Hill Mine
incurred by the EPA. Upon the purchase of the Bunker Hill mine complex, the remaining payments of the EPA cost recovery liability would
be assumed by the Company, resulting in a total of $19,000,000 liability to the Company, an increase of $8,000,000. The new payment schedule
includes a $2,000,000 payment to the EPA within 30 days of execution of this amendment, which was paid subsequent to December 31, 2021.
The remaining $17,000,000 will be paid on the following dates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
resumption of payments in 2024 were agreed in order to allow the Company to generate sufficient revenue from mining activities at the
Bunker Hill Mine to address remaining payment obligations from free cash flow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the cost recovery payments outlined above, the Amendment includes an initial payment of $2,900,000 of outstanding water treatment
costs that have been incurred over the period from 2018 through 2020, to be made within 90 days of the execution of the Amendment.
On March 22, 2022, the Company reported that in consultation with the EPA, it has committed to meet the $2,900,000 payment and Financial
Assurance obligations by 180 days from the effective date of the Amended Settlement Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in payment terms and schedule, are contingent upon the Company securing Financial Assurance in the form of performance bonds
or letters of credit deemed acceptable to the EPA totaling $17,000,000. These assurances correspond to the Company&#8217;s cost recovery
obligations to be paid in 2024 through 2029 as outlined above. Should the Company fail to make its scheduled payment, the EPA can draw
against this financial assurance. The amount of the bonds or letters of credit will decrease over time as individual payments are made.
If the Company fails to post the Final Financial Assurance within 180 days of the execution of the Amendment, the terms of the original
agreement as described above will be reinstated (see Note 6 to the consolidated financial statements).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Following
the approval of the transaction by Placer Mining Corp. shareholders and satisfaction of other closing conditions, the purchase of the
Bunker Hill Mine closed on January 7, 2022. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine assets
were purchased for $7,700,000, with $300,000 of previous lease payments and a deposit of $2,000,000 applied to the purchase, resulting
in cash paid at closing of approximately $5,400,000. <span style="background-color: white">Concurrently, definitive documentation and
all closing conditions were met for the $8,000,000 Royalty Convertible Debenture. The Royalty Convertible Debenture funded the purchase
of the Bunker Hill Mine, the $2,000,000 payment to the EPA, and near-term working capital requirements. In January 2022, the Company
also closed the $6,000,000 Convertible Debenture, which will </span>fund near-term working capital requirements, mine development, and
the advancement of its Prefeasibility Study, including engineering studies for the demobilization and construction of the Pend Oreille
Process Plant at Bunker Hill. See Note 16 to the consolidated financial statements for further detail regarding these two financings
and the purchase of the Bunker Hill Mine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
April 1, 2022, the Company announced that it had closed the private placement of 37,849,325 special warrants of the Company (the &#8220;Special
Warrants&#8221;), and a concurrent non-brokered private placement of 1,471,644 units of the Company (the &#8220;Non-Brokered Units&#8221;)
for aggregate gross proceeds of approximately C$11,796,297.at a price of C$0.30 (the &#8220;Issue Price&#8221;) per Special Warrant,
subject to adjustment in certain events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Each
Special Warrant shall be exercisable, for no additional consideration and with no further action on the part of the holder thereof, into
one unit (each, a &#8220;Unit&#8221;) of the Company, subject to adjustment described below, on the earlier of: (i) the third business
day after the date upon which both (A) a receipt for a (final) (the <b>&#8220;Qualification Prospectus&#8221;</b>) qualifying the distribution
of the Units issuable upon exercise of the Special Warrants has been issued by the applicable securities regulatory authorities in the
Canadian jurisdictions in which purchasers of the Special Warrants are resident, and (B) the registration statement (the <b>&#8220;Registration
Statement&#8221;</b>) of the Company filed with the Securities and Exchange Commission (the <b>&#8220;SEC&#8221;</b>) registering the
Units issuable upon exercise of the Special Warrants has been declared effective by the SEC; and (ii) the date that is six months following
the Closing Date (as defined below).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Each
Unit will consist of one common share of the Company (a <b>&#8220;Unit Share&#8221;</b>) and one common share purchase warrant
(each whole common share purchase warrant, a <b>&#8220;Warrant&#8221;</b>). Each Warrant will entitle the holder to acquire one Common
Share for C$0.37 for a period of 36 months following the Closing Date. The Warrants shall also be exercisable on a cashless basis in
the event the Registration Statement has not been made effective by the SEC prior to the date of exercise. In the event that a receipt
for the Qualification Prospectus has not been obtained and the Registration Statement has not been deemed effective on or before 5:00
p.m. (EST) on the date that is 60 days following the Closing Date, each unexercised Special Warrant will thereafter entitle the holder
thereof to receive, upon the exercise thereof, at no additional cost 1.1 Units (instead of one Unit).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
support of plans to rapidly restart the Mine, the Company worked systematically through 2020 and 2021 to delineate mineral resources
and conduct various technical studies. Executing this strategy may require securing additional financing, which may include additional
indebtedness of $15,000,000 and a cost over-run facility of $13,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has incurred losses since inception resulting in an accumulated deficit of $72,491,150 and further losses are anticipated in
the development of its business. Additionally, as of December 31, 2021, the Company owes a total of $16,417,208 to the EPA that is classified
as current liability unless the Company can consummate financial assurances that would reclassify $11,000,000 of this liability to long-term
debt. Additionally, the Company expects to close the Stream in 2022 in order to fulfill the majority of its remaining funding requirements
to restart the mine and reach commercial production, but there can be no assurance that this financing transaction will close as expected.
In order to continue to meet its fiscal obligations in the current fiscal year and beyond, the Company must consummate these transactions
as anticipated to meet its financial obligations over the next twelve months. This raises substantial doubt about the Company&#8217;s
ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate
profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising
from normal business operations when they come due. The accompanying consolidated financial statements do not include any adjustments
relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might
be necessary in the event the Company cannot continue in existence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsequent
Events</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events
occurring subsequent to December 31, 2021 as disclosed above in the Liquidity and Capital Resources section. In addition, the Company
had the following subsequent events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 7, 2022, the Company closed the purchase of the Bunker Hill Mine. Mine assets were purchased for
$7,700,000, with $300,000 of previous lease payments and a deposit of $2,000,000 applied to the purchase, resulting in cash paid at closing
of approximately $5,400,000. The EPA obligation of $19,000,000 was assumed by Bunker Hill as part of the acquisition. The restructuring
of the EPA Settlement payment stream under the Amendment does not occur unless and until the Company puts the financial assurances in
place. On March 22, 2022, the Company reported that in consultation with the EPA, it has committed to meet the approximately $2,900,000
and Financial Assurance obligations by 180 days from the effective date of the Amended Settlement Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 25, 2022, the Company announced that it had entered into a non-binding Memorandum of Understanding (<b>&#8220;MOU&#8221;</b>)
with Teck Resources Limited (<b>&#8220;Teck&#8221;</b>) for the purchase of a comprehensive package of equipment and parts inventory
from its Pend Oreille site (the <b>&#8220;Pend Oreille Process Plant&#8221;</b>) in eastern Washington State, approximately 145 miles
from the Bunker Hill Mine by road. The package comprises substantially all processing equipment of value located at the site, including
complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at Bunker Hill, and total inventory
of nearly 10,000 components and parts for mill, assay lab, conveyer, field instruments, and electrical spares. The MOU outlines a purchase
price under two scenarios, at Teck&#8217;s option: an all-cash $2,750,000 purchase price, or a $3,000,000 purchase price comprised of
cash and Bunker Hill shares. Each option includes a $500,000 non-refundable deposit, which has been paid by the Company subsequent to
the end of the year. On March 7, 2022, the Company announced the signing of an Asset Purchase agreement for the purchase of the Pend
Oreille Process Plant. Closing of the transaction remains subject to certain conditions, including payment of the remaining purchase
price by May 15, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 3, 2022, the Company closed the purchase of a 225-acre surface land parcel for a cash payment of approximately $200,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2022, the Company announced that
it had reached an agreement with a subsidiary of Teck to satisfy the remaining purchase price for the Pend Oreille Mill in an equity
issuance of the Company. Teck will receive 10,416,667 Units of the Company priced at C$0.30. Each Unit consists of one Common Share and
one Teck Warrant. Each whole Teck Warrant entitles the holder to acquire one Common
Share at a price of C$0.37 per Common Share for a period of three years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On April 1, 2022, the Company closed the brokered
private placement of 37,849,325 special warrants, and concurrent non-brokered private placement of 1,471,644 units of the Company for
aggregate gross proceeds of approximately $11,796,297. The Offering was conducted through a syndicate of agents led by Echelon Wealth
Partners Inc. and including BMO Nesbitt Burns Inc. and Laurentian Bank Securities Inc. (collectively, the &#8220;<b>Agents</b>&#8221;).
In connection with the Offering, the Agents and other eligible parties received (i) a cash commission in the amount of $563,968; and
(ii) compensation options exercisable to acquire an aggregate of 1,879,892 units of the Company (a &#8220;<b>Compensation Unit</b>&#8221;)
at C$0.30 per unit until April 1, 2024 (the &#8220;<b>Agents&#8217; Compensation Options</b>&#8221;). Each Compensation Unit consists
of one Common Share and one Warrant. Each Warrant entitles the holder thereof to acquire one Warrant Share at a price of $0.37 per Warrant
Share until April 1, 2024. The Company agreed it would use its commercially reasonable efforts to obtain a receipt for the Qualification
Prospectus in &#8206;each of the Qualifying Jurisdictions, and will file and use its commercially reasonable efforts to have the Registration
&#8206;Statement deemed effective by the SEC, on or before October 1, 2022. The Company intends to use the net proceeds of the Offering
to fund the restart and development at the Company&#8217;s Bunker Hill Mine, for the outstanding payment due to the US Environmental
Protection Agency, and for general corporate purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
accounting estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements
and reported amounts of expenses during the reporting period. Estimates and judgments are continuously evaluated and are based on management&#8217;s
experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual
outcomes can differ from these estimates. The key sources of estimation uncertainty that have a significant risk of causing material
adjustment to the amounts recognized in the financial statements are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share-based
payments</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
determines costs for share-based payments using market-based valuation techniques. The fair value of the share awards and warrant liabilities
are determined at the date of grant using generally accepted valuation techniques and for warrant liabilities at each balance sheet date
thereafter. Assumptions are made and judgment used in applying valuation techniques. These assumptions and judgments include estimating
the future volatility of the stock price and expected dividend yield. Such judgments and assumptions are inherently uncertain. Changes
in these assumptions affect the fair value estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants
and accrued liabilities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimating
the fair value of derivative warrant liability requires determining the most appropriate valuation model, which is dependent on the terms
and conditions of the issuance. This estimate also requires determining the most appropriate inputs to the valuation model including
the expected life of the warrants and conversion feature derivative liability, volatility and dividend yield and making assumptions about
them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has to make estimates to accrue for certain expenditures due to delay in receipt of third-party vendor invoices. These accruals
are made based on trends, history and knowledge of activities. Actual results may be different.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company makes monthly estimates of its water treatment costs, with a true-up to the annual invoice received from the IDEQ. Using the
actual costs in the annual invoice, the Company will then reassess its estimate for future periods. Given the nature, complexity and
variability of the various actual cost items included in the invoice, the Company has used the most recent invoice as its estimate of
the water treatment costs for future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no off-balance sheet arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_007"></span>DIRECTORS,
EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Directors
and Executive Officers</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the directors, executive officers, their ages, and all offices and positions held within the Company as of
December 31, 2021. Directors are elected for a period of one year and thereafter serve until their successor is duly elected by the stockholders
and qualified. Officers and other employees serve at the will of the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position
    Held with the Company</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    First Elected or Appointed</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Chairman and Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    27, 2020</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Wiens</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    and Corporate Secretary</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    12, 2021</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wayne
    Parsons</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    5, 2018</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cassandra
    Joseph</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    2, 2020</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dickson
    Hall</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    5, 2018</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pamela
    Saxton</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    30, 2020</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Biographical
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sam
Ash</i></b> was a Partner from 2015 at Barrick Gold Corp. (&#8220;<b>Barrick</b>&#8221;) and held various roles over the nine years employed
there. This includes three years as General Manager of the Lumwana Copper Mine in Zambia, Technical Support Manager to Barrick&#8217;s
Copper Business Unit, General Support Manager on the Cortez Mine in Nevada and Chief Engineer leading the roll-out of new Underground
Mining standards in the USA and Tanzania. Prior to his time at Barrick, Mr. Ash served as Manager of New Operations for Veris Gold Corp.
(formerly, Yukon-Nevada Gold Corp.) primarily on the Jerritt Canyon Mine in Nevada, and also as an Underground Mine Supervisor with Drummond
Company, Inc. He has recently completed his Masters&#8217; Degree in Leadership and Strategy at the London Business School and has a
BS in Mining Engineering from the University of Missouri Rolla.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Richard
Williams</i></b> is an executive with an established track-record of transformational leadership within the mining industry and other
demanding environments. He is currently a Non-Executive Director of Trevali Mining Corporation and an advisor to companies facing complex
operational, political or ESG challenges. Formerly the Chief Operating Officer of Barrick and the company&#8217;s Executive Envoy to
Tanzania, he has also served as Chief Executive Officer of the Afghan Gold and Minerals Company and as a Non-Executive Director of Gem
Diamonds Limited. Prior to his commercial mining experience, Mr. Williams served as the Commanding Officer of the British Army&#8217;s
Special Forces Regiment, the SAS. He holds an MBA from Cranfield University, a BSc in Economics from University College London and an
MA in Security Studies from Kings College London.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>David
Wiens</i></b> is the Company&#8217;s Chief Financial Officer and Corporate Secretary. Mr. Wiens is an experienced mining executive with
over 18 years&#8217; experience in corporate finance, financial planning &amp; analysis, treasury and
investor relations. Mr. Wiens spent the last eight years with Americas-focused precious metals companies, including over six years at
SSR Mining Inc. where he was part of a team that transformed the company from a single asset silver producer with limited mine life to
a diversified long-life precious metals company, while meeting production and cost guidance seven years in a row. As Director, Corporate
Finance, he led a number of functions including corporate finance, FP&amp;A, treasury, investor relations, concentrate marketing and
gold dore sales. SSR Mining Inc. completed a $5 billion merger with Alacer Gold Corp. in September 2020. Prior to his corporate roles,
he was an investment banker at a number of financial institutions, including Deutsche Bank AG in London, United Kingdom. Mr. Wiens earned
his Bachelor of Commerce with a Finance specialization at the University of British Columbia in Canada, is a CFA&#174; Charterholder,
and is completing the CPA designation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wayne
Parsons</i></b> is a Director of the Company. Mr. Parsons has 30 years of investment industry experience, having served with numerous
Canadian financial institutions, including Nesbitt Thomson Bongard, RBC Dominion Securities, and National Bank Financial Services. Previously
Mr. Parsons served on boards of Intertainment Media Inc., American Paramount Gold Corp. and Yappn Corp. He is the owner and founder of
Parsons Financial Consulting, a consulting company focused on the technology and mining sectors. Mr. Parsons has an HBA degree from University
of Western Ontario.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cassandra
Joseph</i></b> is an American lawyer with extensive experience managing the commercial relationship between mining companies and environmental
regulators. She is currently Senior Vice President, General Counsel and Corporate Secretary for Nevada Copper Corp., having previously
been Associate General Counsel for Tahoe Resources Inc. until it was acquired by Pan American Silver Corp. in 2019. Before this, she
worked for the Attorney Generals of California and Nevada, as Deputy and Senior Deputy Attorney General, and as a partner in Watson Rounds
PLC (now Brownstein Hyatt Farber Schreck LLP). Educated at Santa Clara University, and University of California at Berkeley, she was
called to the State Bar of California in 1999; the US Court of Appeals, Ninth Circuit in 2001; State Bar of Nevada in 2005; and the US
Supreme Court, US Court of Appeals and Federal Circuit in 2007.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dickson
Hall</i></b> currently serves as a Director. He is a partner in Valuestone Advisory Limited and manager of Valuestone Global Resources
Fund 1, a mining fund associated with Jiangxi Copper Corporation and China Construction Bank International. Mr. Hall has more than 40
years&#8217; experience in the resource field, much of it in Asia. From 2005 to 2016 he directed corporate development efforts in Asia
for Hunter Dickinson Inc. (HDI) raising capital, establishing strategic partnerships and broadening the Asian shareholder base for HDI
public companies. He was Senior Vice President of Continental Minerals Corporation which developed the Xietongmen copper-gold project
in Tibet, China before selling to China&#8217;s Jinchuan Group in 2011 for $446 million. Mr. Hall is also a director and Investment Committee
member of Can-China Global Resources Fund, an energy and mining fund backed by the Export-Import Bank of China. He is or has been a director
of various resource and non-resource companies. Mr. Hall is a graduate of the University of British Columbia (BA, MA) and has diplomas
from Beijing University and Beijing Language Institute.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Pam
Saxton</i></b> is an experienced mining company executive and Director. She is currently on the Board of Aquila Resources Inc. and serving
on a North American Advisory Board for Damstra Technology &#8211; Damstra Holdings Limited and was previously a Board Member and Audit
Committee Chair at Pershing Gold Corporation. As an Executive, she has served as CFO for Thompson Creek Metals Company and NewWest Gold
Corporation, both in Colorado. Having started her professional life working as an auditor for Arthur Anderson LLP in Denver, her career
has included senior finance appointments in the American Natural Resources Industry including serving as VP Finance for Franco-Nevada
Corporation&#8217;s U.S. Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships between any of the current directors or officers of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Involvement
in Certain Legal Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Company nor its property is the subject of any other pending legal proceedings, and no other such proceeding is known to be contemplated
by any governmental authority. The Company is not aware of any other legal proceedings in which any director, officer or affiliate of
the Company, any owner of record or beneficially of more than 5% of any class of the Company&#8217;s voting securities, or any associate
of any such director, officer, affiliate or security holder of the Company, is a party adverse to the Company or any of its subsidiaries
or has a material interest adverse to the Company or any of its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directorships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Company&#8217;s executive officers or directors is a director of any company with a class of equity securities registered pursuant
to Section 12 of the Exchange Act or subject to the requirements of the Exchange Act or any company registered as an investment company
under the Investment Company Act of 1940.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Ethics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Board has adopted a code of ethics that will apply to its principal executive officer, principal financial officer and
principal accounting officer or controller and to persons performing similar functions. The code of ethics is designed to deter wrongdoing
and to promote honest and ethical conduct, full, fair, accurate, timely and understandable disclosure, compliance with applicable laws,
rules and regulations, prompt internal reporting of violations of the code and accountability for adherence to the code. The Company
will provide a copy of its code of ethics, without charge, to any person upon receipt of written request for such, delivered to our corporate
headquarters. All such requests should be sent care of Bunker Hill Mining Corp., Attn: Corporate Secretary, 82 Richmond Street East,
Toronto, Ontario, Canada, M5C 1P1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_008"></span>EXECUTIVE
COMPENSATION</b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Compensation Table</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, for the years indicated, all compensation paid, distributed or accrued for services, including salary and
bonus amounts, rendered in all capacities by the Company&#8217;s principal executive officer, chief financial officer and all other executive
officers; the information contained below represents compensation paid, distributed or accrued to the Company&#8217;s officers for their
work related to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
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    period ended December 31, 2020 refers to the six-month period ended December 31, 2020.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
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    awards reflect the aggregate grant date fair value computed using the Black-Scholes model; for a discussion, please refer to Note
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    to David Wiens. Each February 2021 Unit consisted of one common share and one common share purchase warrant, which entitles the holder
    to acquire a common share of the Company at C$0.60 per common share for a period of five years until February 16, 2026.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(7)</sup></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(9)</sup></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Grant
of Plan Based Awards</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and
are exercisable at C$0.60 per Common Share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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April 20, 2020, 5,957,659 stock options were issued to certain directors of the Company. Each stock option entitles the holder to acquire
one Common Share of the Company at an exercise price of C$0.55. The stock options vest in one fourth increments upon each anniversary
of the grant date and expire in 5 years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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September 30, 2020, 200,000 stock options were issued to a consultant of the Company. These options have a 3-year life and are exercisable
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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October 30, 2020, 235,000 stock options were issued to a consultant of the Company. These options expire on December 31, 2022 and are
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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February 19, 2021, 1,037,977 stock options were issued to an officer of the Company, of which 273,271 stock options vest immediately
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
Incentive and Compensation Plans</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2020, and as part of its overall compensation planning, the Board introduced a long term incentive plan (the &#8220;<b>Long Term
Incentive Plan</b>&#8221; or &#8220;<b>LTIP</b>&#8221;) that provides for time-based RSUs, DSUs, options (&#8220;<b>Options</b>&#8221;)
and performance-based share unit awards (&#8220;<b>PSUs</b>&#8221;, and collectively with RSUs, DSUs and Options, &#8220;<b>Awards</b>&#8221;)
that may be granted to employees, officers and eligible consultants and directors of the Company and its affiliates. Recipients of Awards
are defined as &#8220;Participants&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aim of the Company&#8217;s compensation program is to attract and retain highly qualified executives and to link compensation to performance
and shareholder value. This must ensure that the compensation is sufficiently competitive to achieve this objective. The Board considers
a number of factors in order to determine compensation, including the Company&#8217;s contractual obligations, the individual&#8217;s
performance and other qualitative aspects of the individual&#8217;s performance and achievements, the amount of time and effort the individual
will devote to the Company and the Company&#8217;s financial resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s compensation program is comprised of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A
    base salary or management fee arrangement and benefits</b>. The base salaries or management fee arrangements and benefits paid to
    the key executives are not based on any specific formula and are set so as to be competitive with other companies of similar size
    and state of development in the mineral industry. This base salary also includes sign-on incentives, which may be issued in the form
    of cash, RSUs, DSUs or Options.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
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    short-term incentive program in the form of bonuses</b>. Bonuses are paid to key executives based on individual, team and Company
    performance and the executive&#8217;s position in the Company. Any bonus awards are at the sole discretion of the Board.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long
    Term Incentive Plan</b>. The LTIP consists of DSUs, RSUs, PSUs, and Options which provide the Board with additional long term incentive
    mechanisms to align the interests of the directors, officers, employees or consultants of the Company with shareholder interests.
    The LTIP also provides for, among other things, an accelerated vesting of awards in the event of a change in control, thereby aligning
    the Company&#8217;s practices with current corporate governance best practices respecting a change in control.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 70.9pt; text-align: justify; text-indent: -35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believe that equity-based compensation plans are the most effective way to align the interests of management with those of shareholders.
Long-term incentives must also be competitive and align with the Company&#8217;s compensation philosophy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have a pension plan that provides for payments or benefits to its executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Change
of Control Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has provided change of control benefits to certain senior officers to encourage them to continue their employment in the event
of a purchase, sale, reorganization, or other significant change in the business. These benefits have a &#8220;double trigger&#8221;
meaning that an event of termination is also required in a change of control to trigger a severance payment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the employment agreement of the senior officer is terminated by the (a) Company without just cause, or (b) senior officer for good reason
pursuant to the terms of the employment agreement, at any time within 12 months of a change of control, the Company is required to make
a lump sum severance payment equal to 24 months of base salary. In addition, at such time all Awards shall be deemed to have vested,
and all restrictions and conditions applicable to such Awards shall be deemed to have lapsed and the Awards shall be issued and delivered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has various employment agreements with certain executives, which provide for compensation and certain other benefits and for
severance payments under certain circumstances. Certain employment agreements also contain clauses that become effective upon a change
of control of the Company, as described above. The Company may be obligated to pay certain amounts to such employees upon the occurrence
of any of the defined events in the various employment agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Compensation Plan Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2011, subject to shareholder approval, which was obtained at the Company&#8217;s annual and special meeting of shareholders
held on December 21, 2012, the Board approved the adoption of the Liberty Silver Corp. Incentive Share Plan (the &#8220;Plan&#8221;)
under which Common Shares of the Company&#8217;s common stock have been reserved for purposes of possible future issuance of incentive
stock options, non-qualified stock options, and stock grants to employees, directors and certain key individuals. Under the Plan, the
maximum number of Common Shares reserved for issuance shall not exceed 10% of the Common Shares of the Company outstanding from time
to time. The purpose of the Plan shall be to advance the interests of the Company by encouraging equity participation in the Company
through the acquisition of Common Shares of the Company. In order to maintain flexibility in the award of stock benefits, the Plan constitutes
a single plan, but is composed of two parts. The first part is the Share Option Plan which provides grants of both incentive stock options
under Section 422A of the Internal Revenue Code of 1986, as amended, and nonqualified stock options. The second part is the Share Bonus
Plan which provides grants of shares of Company common stock. The following is intended to be a summary of some of the material terms
of the Plan, and is subject to, and qualified in its entirety, by the full text of the Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">The
Plan</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan is a rolling plan, under which the maximum number of Common Shares reserved for issuance under the Share Option Plan, together with
the Share Bonus Plan, shall not exceed 10% of the Common Shares outstanding (on a non-diluted basis) at any given time. The purpose of
the Plan is to advance the interests of the Company by: (i) providing certain employees, senior officers, directors, or consultants of
the Company (collectively, the &#8220;<b>Optionees</b>&#8221;) with additional performance incentives; (ii) encouraging share ownership
by the Optionees; (iii) increasing the proprietary interest of the Optionees in the success of the Company; (iv) encouraging the Optionees
to remain with the Company; and (v) attracting new employees, officers, directors and consultants to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Share
Option Plan</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following information is intended to be a brief description and summary of the material features of the Share Option Plan:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    aggregate maximum number of Common Shares available for issuance from treasury under the Share Option Plan, together with the Share
    Bonus Plan, at any given time is 10% of the outstanding Common Shares as at the date of grant of an option under the Plan, subject
    to adjustment or increase of such number pursuant to the terms of the Plan. Any Common Shares subject to an option which has been
    granted under the Share Option Plan and which has been surrendered, terminated, or expired without being exercised, in whole or in
    part, will again be available under the Plan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    exercise price of an option shall be determined by the Board at the time each option is granted, provided that such price shall not
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    the event an Optionee ceases to be eligible for the grant of options under the Share Option Plan, options previously granted to such
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
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    the event that a take-over bid or issuer bid is made for all or any of the issued and outstanding Shares, then the Board may, by
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Share
Bonus Plan</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following information is intended to be a brief description and summary of the material features of the Share Bonus Plan:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participants
    in the Share Bonus Plan shall be directors, officers, employees, or consultants of the Company who, by the nature of their positions
    are, in the opinion of the Board and upon the recommendation of the President of the Company, in a position to contribute to the
    success of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    determination regarding the amount of bonus Common Shares issued pursuant to the Share Bonus Plan will take into consideration the
    Optionee&#8217;s present and potential contribution to the success of the Company and shall be determined from time to time by the
    Board. However, in no event shall the number of bonus Common Shares pursuant to the Share Bonus Plan, together with the Share Option
    Plan, exceed 10% of the issued and outstanding Common Shares in the aggregate.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">General
Features of the Plan</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above summaries of the Share Option Plan and the Share Bonus Plan, the following is intended to be a brief description
and summary of some of the general features of the Plan:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    aggregate number of Common Shares reserved pursuant to the Plan for issuance to insiders of the Company within any twelve-month period,
    under all security-based compensation arrangements of the Company, shall not exceed 10% of the total number of Common Shares then
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    aggregate number of Common Shares reserved for issuance pursuant to the Plan to any one person in any twelve-month period shall not
    exceed 5% of the total number of Common Shares outstanding from time to time, unless disinterested shareholder approval is obtained
    pursuant to the policies of the Company&#8217;s principal stock exchange(s) upon which the Common Shares are listed and posted for
    trading or any stock exchange or regulatory authority having jurisdiction over the securities of the Company. No more than 2% of
    the outstanding Common Shares may be granted to any one Consultant (as defined in the Plan) in any twelve-month period, or to persons
    conducting Investor Relations Activities (as defined in the Plan) in any twelve-month period.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 45pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RSU
Plan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 25, 2020, the Board of the Company approved the adoption of the Company&#8217;s Restricted Stock Unit Incentive Plan (the &#8220;<b>RSU
Plan</b>&#8221;) under which RSUs of the Company, whereby each RSU represents the right to receive one Common Share, have been reserved
for purposes of possible future issuances of RSUs. The RSU Plan is intended to enhance the Company&#8217;s ability to attract and retain
highly qualified officers, directors, key employees, consultants and other persons, and to motivate such officers, directors, key employees,
consultants and other persons to serve the Company and to expend maximum effort to improve the business results and earnings of the Company
by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success
of the Company. To this end, the RSU Plan provides for the grant of RSUs and any of these awards of RSUs (&#8220;<b>RSU Awards</b>&#8221;)
may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following information is intended to be a brief description and summary of the material features of the RSU Plan:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    maximum number of Common Shares available for issuance under the RSU Plan shall be 7,249,278, subject to adjustment or increase of
    such number pursuant to the terms of the RSU Plan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of Common Shares to be issued under the RSU Plan shall not exceed 10% of the total number of the issued and outstanding Common
    Shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event that an RSU Award is exercised for Common Shares, the Common Shares reserved for issuance in connection with such RSU Award
    will be returned to the pool of available Common Shares authorized for issuance under the RSU Plan and will be available for reservation
    pursuant to a new RSU Award grant.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RSU
    Awards may be made under the RSU Plan to any employee, director or consultant of the Company, as the Board shall determine and designate
    from time to time.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RSU
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    the time a grant of RSUs is made, the Board may, in its sole discretion, establish a vesting period applicable to such RSUs, and
    each RSU Award may be subject to a different vesting period.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DSU
Plan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 21, 2020, the Board approved the adoption of the Company&#8217;s Deferred Share Unit Plan (the &#8220;<b>DSU Plan</b>&#8221;),
pursuant to which the Board may grant DSUs to eligible persons under the DSU Plan. Each DSU entitles the grantee to receive on vesting
an amount equal to: (A) the number of vested DSUs elected to be redeemed multiplied by (B) the fair market value of the Common Shares
less (C) any applicable withholdings pursuant to the DSU Plan. The purposes of the DSU Plan are to: (i) align the interests of directors
of the Company with the long term interests of shareholders of the Company; and (ii) allow the Company to attract and retain high quality
directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following information is intended to be a brief description and summary of the material features of the DSU Plan:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awards
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
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    determined in accordance with the formula set out in the definition of that term pursuant to the DSU Plan, the fair market value
    of a Common Share shall be determined by the committee appointed by the Board in its sole discretion.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
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    the time a grant of DSUs is made, the committee appointed by the Board may, in its sole discretion, establish a vesting period applicable
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
general policy of the Board is that compensation for independent directors should be a fair mix between cash and equity-based compensation.
Additionally, the Company reimburses directors for reasonable expenses incurred during the course of their performance. There are no
long-term incentive or medical reimbursement plans. The Company does not pay directors, who are part of management, for Board service
in addition to their regular employee compensation. The Board determines the amount of director compensation. The board may appoint a
compensation committee to take on this role.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides a summary of compensation paid to directors during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Director</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">6.673,278</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,076,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.63</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,372,288</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Relationships and Related Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no material transactions, or series of similar transactions, during the Company&#8217;s last fiscal year, or any currently proposed
transactions, or series of similar transactions, to which the Company was or is to be a party, in which the amount involved exceeded
the lesser of $120,000 or one percent of the average of the small business issuer&#8217;s total assets at year-end for the last three
completed fiscal years and in which any director, executive officer or any security holder who is known to the Company to own of record
or beneficially more than five percent of any class of the Company&#8217;s common stock, or any member of the immediate family of any
of the foregoing persons, had an interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Independence</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s common stock is currently traded on the CSE, under the symbol BNKR, and as such, is not subject to the rules of any national
securities exchange which requires that a majority of a listed company&#8217;s directors and specified committees of its board of directors
meet independence standards prescribed by such rules. For the purpose of preparing the disclosures in this document with respect to director
independence, the Company has used the definition of &#8220;independent director&#8221; within the meaning of National Instrument 52-110
&#8211; <i>Audit Committees</i> adopted by the Canadian Securities Administration and as set forth in the Marketplace Rules of the NASDAQ,
which defines an &#8220;independent director&#8221; generally as being a person, other than an executive officer or employee of the company
or any other individual having a relationship which, in the opinion of the company&#8217;s board of directors, would interfere with the
exercise of independent judgment in carrying out the responsibilities of a director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pam
Saxton, Cassandra Joseph, and Dickson Hall are currently the only &#8220;independent&#8221; directors of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_009"></span>DESCRIPTION
OF SECURITIES TO BE REGISTERED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized capital stock consists of consists of 750,000,000 Common Shares with a par value of $0.000001 per Common Share and 10,000,000
preferred shares with a par value of $0.000001 per preferred share. As of April 29, 2022 there were 167,991,712 Common
Shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description of our Common Shares and provisions of our articles of incorporation and by-laws is only a summary. Investors are
directed for a complete description of the terms and provisions of our articles and by-laws, which are exhibits to the registration statement
which contains this Prospectus. We encourage you to review complete copies of our articles and by-laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voting
Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of the Common Shares are entitled to one vote per share on all matters to be voted upon by the shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Common Shares are entitled to receive ratably such dividends, if any, as may be declared by the Board out of funds legally available
for dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidation
Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the liquidation, dissolution, or winding up of our company, the holders of Common Shares are entitled to share ratably in all of our
assets which are legally available for distribution after payment of all debts and other liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
and Redemption</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Common Shares have no preemptive, subscription, redemption or conversion rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Articles of Incorporation authorizes the Board to establish one or more series of preferred stock. Unless required by law or by any stock
exchange, and subject to the terms of the articles of incorporation, the authorized shares of preferred stock will be available for issuance
without further action by holders of Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board is able to determine, with respect to any series of preferred stock, designations, powers, preferences and relative, participating,
optional or other rights, if any, and the qualifications, limitations or restrictions thereof, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company could issue a series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition
attempt or other transaction that some, or a majority, of the holders of Common Shares might believe to be in their best interests
or in which the holders of Common Shares might receive a premium over the market price of the Common Shares. Additionally,
the issuance of preferred stock may adversely affect the rights of holders of Common Shares by restricting dividends on the common
stock, diluting the voting power of the common stock or subordinating the rights of the common stock to distributions upon a liquidation,
dissolution or winding up or other event. As a result of these or other factors, the issuance of preferred stock could have an adverse
impact on the market price of Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Change
of Control</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevada&#8217;s
&#8220;Acquisition of Controlling Interest Statute&#8221; applies to Nevada corporations that have at least 200 shareholders, with at
least 100 shareholders of record being Nevada residents and that do business directly or indirectly in Nevada. Where applicable, the
statute prohibits an acquiror from voting shares of a target company&#8217;s stock after exceeding certain threshold ownership percentages,
until the acquiror provides certain information to the company and a majority of the disinterested shareholders vote to restore the voting
rights of the acquiror&#8217;s shares at a meeting called at the request and expense of the acquiror. If the voting rights of such shares
are restored, shareholders voting against such restoration may demand payment for the &#8220;fair value&#8221; of their shares. The Nevada
statute also restricts a &#8220;business combination&#8221; with &#8220;interested shareholders&#8221;, unless certain conditions are
met, with respect to corporations which have at least 200 shareholders of record. A &#8220;combination&#8221; includes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    merger with an &#8220;interested shareholder,&#8221; or any other corporation which is or after the merger would be, an affiliate
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets, to an &#8220;interested shareholder,&#8221; having
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    of the earning power or net income of the corporation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    issuance or transfer of shares of the corporation or its subsidiaries, having an aggregate market value equal to 5% or more of the
    aggregate market value of all the outstanding shares of the corporation to the &#8220;interested shareholder&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    adoption of any plan or proposal for the liquidation or dissolution of the corporation proposed by the &#8220;interested shareholder&#8221;;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    transactions which would result in increasing the proportionate percentage of shares of the corporation owned by the &#8220;interested
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    receipt of benefits, except proportionately as a shareholder, of any loans, advances or other financial benefits by an &#8220;interested
    shareholder.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
&#8220;interested shareholder&#8221; is a person who, together with affiliates and associates, beneficially owns (or within the prior
three years, did beneficially own) 10% or more of the corporation&#8217;s voting stock. A corporation to which this statute applies may
not engage in a &#8220;combination&#8221; within three years after the interested shareholder acquired its shares, unless the combination
or the interested shareholder&#8217;s acquisition of shares was approved by the board of directors before the interested shareholder
acquired the shares. If this approval was not obtained, then after the three-year period expires, the combination may be consummated
if all applicable statutory requirements are met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval
of mergers, conversion, amendments to the articles of incorporation, and sales, leases or exchanges of all of the property or assets
of a corporation, whether or not in the ordinary course of business, requires the affirmative vote or consent of the holders of a majority
of the outstanding shares entitled to vote, except that, unless required by the articles of incorporation, no vote of shareholders of
the corporation surviving a merger is necessary if:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    number of voting shares outstanding immediately after the merger, plus the number of voting issued as a result of the merger, either
    by the conversion of shares securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the
    merger, will not exceed by more than 20% the total number of voting shares of the surviving domestic corporation outstanding immediately
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    number of participating shares (i.e. shares that entitle their holders to participate without limitation in distribution) outstanding
    immediately after the merger, plus the number of participating shares issuable as a result of the merger, either by the conversion
    of securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the merger, will not exceed
    by more than 20% the total number of participating shares outstanding immediately before the merger.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL
ACCOUNTING FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
September 2, 2014, the Company appointed the firm of MNP, LLP, Chartered Professional Accountants, as the Company&#8217;s independent
audit firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MNP,
LLP, Chartered Professional Accountants, 50 Burnhamthorpe Road West, Mississauga, ON L5B 3C2, served as the Company&#8217;s independent
registered public accounting firm for the year ended December 31, 2021, the six months ended December 30, 2020 and year ended June 30,
2020, and is expected to serve in that capacity for the ensuing year 2022. Principal accounting fees for professional services rendered
for the Company by MNP, LLP for the year ended December 31, 2021, the six months ended December 31, 2020 and year ended June 30, 2020
are summarized in the following table:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Year Ended</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">December 31, 2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Six Months Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                                                                                                                                                                                                                                                                             31, 2020</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 34%">Audit</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">107,129</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">115,272</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right">62,179</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Audit related</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36,449</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,432</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22,180</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Tax</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34,118</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">All other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,841</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,160</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,012</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">156,419</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">190,982</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">91,371</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Related Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate fees billed by MNP, LLP for assurance and related services that were related to its review of the Company&#8217;s quarterly
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate fees billed by MNP, LLP for tax compliance, advice and planning.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All
Other Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate fees billed by MNP, LLP for all other professional services .</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Committee&#8217;s Pre-approval Policies and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Company&#8217;s regularly scheduled and special meetings, the Board, or the Board-appointed audit committee, considers and pre-approves
any audit and non-audit services to be performed by the Company&#8217;s independent registered public accounting firm. The audit committee
has the authority to grant pre-approvals of non-audit services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SELLING
SHAREHOLDERS AND CERTAIN BENEFICIAL OWNERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus covers the offering of up to __________ Common Shares by selling shareholders. This includes Common Shares acquirable upon
exercise of the Special Warrants and our other outstanding warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
shareholders are persons or entities that, directly or indirectly, have acquired shares, or will acquire shares from us from time to
time upon exercise of certain warrants. This Prospectus and any Prospectus supplement will only permit the selling shareholders
to sell the Common Shares identified in the column &#8220;<i>Number of Shares Offered Hereby</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholders may from time to time offer and sell the Common Shares pursuant to this Prospectus and any applicable Prospectus
supplement. The selling shareholders may offer all or some portion of the Common Shares they hold or acquire, but only Common Shares
that are currently outstanding or are acquired upon the exercise of certain warrants that are currently outstanding, and in either case
included in the &#8220;<i>Number of Shares Offered Hereby</i>&#8221; column, may be sold pursuant to this Prospectus or any applicable
Prospectus supplement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Common Shares issued to the selling shareholders are &#8220;restricted&#8221; securities under applicable federal and state securities
laws and are being registered to give the selling shareholders the opportunity to sell their Common Shares. The registration of such
Common Shares does not necessarily mean, however, that any of these Common Shares will be offered or sold by the selling shareholders.
The selling shareholders may from time to time offer and sell all or a portion of their Common Shares on the CSE, in the over-the-counter
market (to the extent that there is a market), in negotiated transactions, or otherwise, at market prices prevailing at the time of sale
or at negotiated prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registered Common Shares may be sold directly or through brokers or dealers, or in a distribution by one or more underwriters on a firm
commitment or best efforts basis. To the extent required, the names of any agent or broker-dealer and applicable commissions or discounts
and any other required information with respect to any particular offer will be set forth in an accompanying Prospectus supplement.
See &#8220;<i>Plan of Distribution</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the selling shareholders reserves the sole right to accept or reject, in whole or in part, any proposed purchase of the registered
Common Shares to be made directly or through agents. To the extent that any of the selling shareholders are affiliates of our Company
or are brokers or dealers, they may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act and any commissions
received by them and any profit on the resale of the registered shares may be deemed to be underwriting commissions or discounts under
the Securities Act. As of the date of this Prospectus and based on the representations we have received from the selling shareholders,
230 of the selling shareholders are brokers or dealers or are affiliated with a broker or dealer and are identified below. Selling shareholders
that are affiliates of or have material relationships with our Company are also identified below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the name of persons who are offering the resale of Common Shares by this Prospectus, the number of Common
Shares beneficially owned by each person, the number of Common Shares that may be sold in this offering and the number of Common Shares
each person will own after the offering, assuming they sell all of the Common Shares offered. The information appearing in the table
below is based on information provided by or on behalf of the named selling shareholders. We will not receive any proceeds from the resale
of the Common Shares by the selling shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">16</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">17</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">18</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">19</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

<p style="margin: 0">&#160;</p>

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    <td style="vertical-align: top; text-align: center; width: 5%">35</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 34%">Canaccord Genuity Corp, ITF Shaun Gibson 2200-609 Granville St Vancouver V7Y 1H2</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 3%">100,000</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="vertical-align: top; text-align: center">36</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp, ITF Thomas Hofmann 2200-609 Granville St Vancouver V7Y 1H2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="vertical-align: top; text-align: center">37</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp, ITF Rachael Wilson 2200-609 Granville St Vancouver V7Y 1H2</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">38</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp, ITF Scott Harkness 2200-609 Granville St Vancouver V7Y 1H2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">39</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp, ITF STICHTING LEGAL OWNER CDFUND 2200-609 Granville St Vancouver V7Y 1H2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.49</td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">40</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp, ITF Yannick Dubuc 2200-609 Granville St Vancouver V7Y 1H2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">41</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp, ITF William Groenewegen 2200-609 Granville St Vancouver V7Y 1H2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">42</td><td>&#160;</td>
    <td style="text-align: left">Justin Vliestra, 47 Ruijs Blvd Brantford, ON N3T 0E2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">43</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">44</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.10</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">45</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">46</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">47</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">48</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">49</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">50</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">51</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">52</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">53</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">54</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">55</td><td>&#160;</td>
    <td style="text-align: left">Em Henry Holdings Ltd 33058 Mountain Glen View Cochrane, AB T4E 0G6</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">56</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.03</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">20,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">57</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">58</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">59</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">69</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">20,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">22,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">24,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">25,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">25,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">104</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, LACHLAN MINETT, Account # 65L202A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">26,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">52,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.03</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">105</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, SEAN DE WITT, Account # 65B670V1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">106</td><td>&#160;</td>
    <td style="text-align: left">Steven Yun 3458 Mons Drive, Vancouver, BC V5M 3E6</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">108</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">109</td><td>&#160;</td>
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    Vancouver, BC V7Y 1H2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">29,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, SYLVAIN LAMBERT, Account # 65J379S1, 2200-609 Granville Street,
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, DANIEL RODRIGUEZ, Account # 65LG75A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">115</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, GEROLF DE WIN, Account # 65LF89A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">116</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, JOHANNES SCHUNTER, Account # 65L261A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">117</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, EDWARD JOHN FOURNIER, Account # 65LH24A1, 2200-609 Granville
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.03</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.03</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">119</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, THOMAS HOFMANN, Account # 65LG25A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">121</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">126</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, FREDERIC COTE, Account # 65LG78A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">127</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, MICHEL COTE, Account # 65LG96A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">42,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">128</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, R &amp;/OR J WONG/CAO, Account # 65LF34A1, 2200-609 Granville
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    <td style="text-align: left">&#160;</td><td style="text-align: right">42,850</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,850</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">85,700</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">42,850</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,850</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,850</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">129</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, MARCO TRINKL, Account # 65LG94A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">130</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, CHRISTOPHER JANSMA, Account # 65LC05A1, 2200-609 Granville
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">131</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">132</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">133</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left; width: 34%">Canaccord Genuity Corp. IN TRUST FOR, KEVIN BRADLEY, Account # 65LH02A1, 2200-609 Granville Street,
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, 1471159 ONTARIO LTD, Account # 65LG60A1, 2200-609 Granville
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">163</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, PATRICK LANGLOIS, Account # 65LG62A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">164</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, PEER SCHLEYERBACH, Account # 65LH04A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">165</td><td>&#160;</td>
    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, STEPHEN DEJONG, Account # 65LH39A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">166</td><td>&#160;</td>
    <td style="text-align: left">Charlotte Skinner 2460 Ottawa Avenue, West Vancouver, BC V7V 2T1</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">167</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.10</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">168</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">24,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">124,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.06</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">169</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">114,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.06</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">229,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.11</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">114,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">114,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.06</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">170</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">130,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, DAVID DE WITT, Account # 65B321A1, 2200-609 Granville Street,
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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

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    <td style="text-align: left; width: 34%">Canaccord Genuity Corp. IN TRUST FOR, LIJUKA TRUST, Account # 31FT75A1, 2200-609 Granville Street,
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Canaccord Genuity Corp. IN TRUST FOR, ROBERT KOOMEN, Account # 65LG93A1, 2200-609 Granville Street,
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

<p style="margin: 0">&#160;</p>

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    <td style="text-align: left; width: 34%">Caesar Holdings BVBA, Grintweg 18A, Oostkerke-Diksmuide, Belgium</td><td style="width: 1%">&#160;</td>
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    <td style="vertical-align: top; text-align: center">259</td><td>&#160;</td>
    <td style="text-align: left">Orsus Consult GMBH, Buergerreuther Strasse 29, Bayreuth, Germany</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="vertical-align: top; text-align: center">260</td><td>&#160;</td>
    <td style="text-align: left">NorthStar Communications GmbH, Auf Der Wilze 12, Eppertshausen, Germany</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="vertical-align: top; text-align: center">261</td><td>&#160;</td>
    <td style="text-align: left">Julie Lahlani Bejet, Avenue Verdeil 32, Lausanne, Switzerland</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">83,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">166,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">262</td><td>&#160;</td>
    <td style="text-align: left">Smart Gold Investments, 1513 Onyx Tower 2, Al Thanyah Third, the Greens, Dubai, UAE</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.12</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">263</td><td>&#160;</td>
    <td style="text-align: left">Sarbjit Lalli, P.O Box 1091, Squamish, V8B0A7</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">66,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">33,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">264</td><td>&#160;</td>
    <td style="text-align: left">Brent Atkinson, 1185 Quayside Drive, Apartment #1901, New Westminster BC V3MLT8</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.10</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">265</td><td>&#160;</td>
    <td style="text-align: left">P. Cameron Andrews, 1625 Hornby Street, Apartment #1102, Vancouver BC V6Z2M2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">33,332</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">16,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">33,332</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">266</td><td>&#160;</td>
    <td style="text-align: left">Brian Martin, 649 East 22nd Avenue, Vancouver BC V5V1V3</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">66,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">66,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="vertical-align: top; text-align: center">267</td><td>&#160;</td>
    <td style="text-align: left">NEX Industries Corp, 905 Pender Street West, Apartment #402, Vancouver BC V6C1L6</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">35,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">268</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">20,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="vertical-align: top; text-align: center">269</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">270</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">277</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center">278</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center">291</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">66,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">33,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">66,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">33,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">66,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">333,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">666,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt"></p>

<!-- Field: Page; Sequence: 70; Value: 3 -->
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_010"></span>PLAN
OF DISTRIBUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are registering the Common Shares to permit the resale of those Common Shares under the Securities Act from time to time after the date
of this Prospectus at the discretion of the holders of such Common Shares. We will not receive any of the proceeds from the sale by the
selling shareholders of the Common Shares. We will bear all fees and expenses incident to our obligation to register the Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
selling shareholder and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their
Common Shares on the CSE, the OTC QB or any other stock exchange, market, quotation service or trading facility on which the shares are
traded or in private transactions, provided that all applicable laws are satisfied. The selling shareholders may also sell their Common
Shares directly or through one or more underwriters, broker-dealers, or agents. If the Common Shares are sold through underwriters or
broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent&#8217;s commissions.
The Common Shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying
prices determined at the time of sale, or at negotiated prices. A selling shareholder may use any one or more of the following methods
when selling shares:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">settlement
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers
    may agree with the selling shareholders to sell a specified number of such shares at a stipulated price per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
    the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    combination of any such methods of sale; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    other method permitted pursuant to applicable law.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholders may also sell shares pursuant to Rule 144 under the Securities Act, if available, rather than under this Prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the selling shareholders effect such transactions by selling Common Shares to or through underwriters, broker-dealers, or agents, such
underwriters, broker-dealers, or agents may receive commissions in the form of discounts, concessions, or commissions from the selling
shareholders or commissions from purchasers of the Common Shares for whom they may act as agent or to whom they may sell as principal
(which discounts, concessions, or commissions as to particular underwriters, broker-dealers, or agents may be in excess of those customary
in the types of transactions involved). Broker-dealers engaged by any selling shareholder may arrange for other brokers-dealers to participate
in sales. Broker-dealers may receive commissions or discounts from the selling shareholder (or, if any broker-dealer acts as agent for
the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus,
in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the
case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with sales of Common Shares or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the Common Shares in the course of hedging in positions they
assume. The selling shareholders may also sell Common Shares short and deliver Common Shares covered by this Prospectus to close out
their short positions and to return borrowed shares in connection with such short sales. The selling shareholders may also loan or pledge
Common Shares to broker-dealers that in turn may sell such Common Shares. The selling shareholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of Common Shares offered by this Prospectus, which Common Shares such broker-dealer
or other financial institution may resell pursuant to this Prospectus (as supplemented or amended to reflect such transaction).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholders and any broker-dealers or agents that are involved in selling the Common Shares may be deemed to be &#8220;underwriters&#8221;
within the meaning of the Securities Act, in connection with such sales. In such event, any commissions received by, or any discounts
or concessions allowed to, any such broker-dealer or agent and any profit on the resale of any Shares purchased by them may be deemed
to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the Common Shares is made,
a Prospectus supplement, if required, will be distributed that will set forth the aggregate amount of Common Shares being offered
and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions, and other terms
constituting compensation from the selling shareholders and any discounts, commissions, or concessions allowed or re-allowed or paid
to broker-dealers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
selling shareholder has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with
any person to distribute the Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the selling shareholders may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act, they will be subject
to the Prospectus delivery requirements of the Securities Act, including Rule 172 thereunder. Once this registration statement
becomes effective we intend to file the final Prospectus with the SEC in accordance with SEC Rules 172 and 424. Provided we are
not the subject of any SEC stop orders and we are not subject to any cease and desist proceedings, the obligation to deliver a final
Prospectus to a purchaser will be deemed to have been met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the selling shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the securities laws of some states, the Common Shares may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the Common Shares may not be sold unless such shares have been registered or qualified for sale in such state,
or an exemption from registration or qualification is available and is complied with.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that any selling shareholder will sell any or all of the Common Shares registered pursuant to the registration statement
of which this Prospectus forms a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the Common Shares may not simultaneously
engage in market making activities with respect to the Common Shares for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the selling shareholders will be subject to applicable provisions of the
Exchange Act, and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of
Common Shares by the selling shareholders or any other person. All of the foregoing provisions may affect the marketability of the Common
Shares and the ability of any person or entity to engage in market-making activities with respect to the Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will pay all expenses of the registration of the Common Shares, estimated to be approximately $26,000 in total, including, without limitation,
SEC filing fees, expenses of compliance with state securities or &#8220;blue sky&#8221; laws, and legal and accounting fees; provided,
however, that a selling shareholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling
shareholders against liabilities, including some liabilities under the Securities Act, in accordance with applicable registration rights
agreements, if any, or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against
civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the
selling shareholder specifically for use in this Prospectus, in accordance with the related registration rights agreement, or we may
be entitled to contribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
agreed to keep this Prospectus effective until the earlier of (i) the date on which the Common Shares may be resold by the selling shareholders
without registration and without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation
pursuant to Rule 144 or (ii) all of the Common Shares have been sold pursuant to this Prospectus or Rule 144 under the Securities Act
or any other rule of similar effect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
sold under the registration statement of which this Prospectus forms a part, the Common Shares will be freely tradable in the hands of
persons other than our affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_011"></span>LEGAL
PROCEEDINGS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described below, neither the Company nor its property is the subject of any current, pending, or threatened legal proceedings.
The Company is not aware of any other legal proceedings in which any director, officer or affiliate of the Company, any owner of record
or beneficially of more than 5% of any class of the Company&#8217;s voting securities, or any associate of any such director, officer,
affiliate or security holder of the Company, is a party adverse to the Company or any of its subsidiaries or has a material interest
adverse to the Company or any of its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about June 14, 2021, a lawsuit was filed in the US District Court for the District of Idaho brought by a purported personal representative
of the estate of a minority shareholder of Placer Mining. The named defendants include Placer Mining, certain of Placer Mining&#8217;s
shareholders, the Company, and certain of the Company&#8217;s shareholders. The lawsuit alleges that Placer Mining entered into a series
of transactions, including amendments to the Company&#8217;s lease with Placer Mining, in breach of an agreement dated August 31, 2018
which allegedly restricted the sale of shares in Placer Mining by certain shareholders. In August 2021, the Company and other defendants
filed a motion to dismiss the claim for lack of jurisdiction. The Company, as well as other named defendants, filed replies in support
of the motions to dismiss and argued that Placer Mining is an indispensable party and with dismissal of Placer Mining the lawsuit should
be dismissed. The US District Court has not yet ruled on the motions to dismiss, but the Company believes the motion to dismiss will
be granted and the lawsuit dismissed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 28, 2021, a lawsuit was filed in the US District Court for the District of Idaho brought by Crescent Mining, LLC (&#8220;<b>Crescent</b>&#8221;).
The named defendants include Placer Mining, Robert Hopper Jr., and the Company. The lawsuit alleges that Placer Mining and Robert Hopper
Jr. intentionally flooded the Crescent Mine during the period from 1991 to 1994, and that the Company is jointly and severally
liable with the other defendants for unspecified past and future costs associated with the presence of AMD in the Crescent Mine. The
plaintiff has requested unspecified damages. On September 20, 2021, the Company filed a motion to dismiss Crescent&#8217;s claims against
it, contending that such claims are facially deficient.&#8239;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes the claims in both lawsuits, as they relate to Bunker Hill, are without merit and intends to defend them vigorously.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On October 26, 2021,
the Company asserted claims against Crescent in a separate lawsuit, Bunker Hill Mining Corporation v. Venzee Technologies Inc. et al,
Case No. 2:21-cv-209-REP, filed in the same court on May 14, 2021. The Company originally filed this lawsuit on May 14, 2021 against
other parties but has since filed an amended complaint to include its claims against Crescent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_012"></span>INTERESTS
OF NAMED EXPERTS AND COUNSEL</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
expert or counsel named in this Prospectus as having prepared or certified any part of this Prospectus or having given an opinion upon
the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the Common
Shares was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct
or indirect, in the registrant or any of its parents or subsidiaries. Nor was any such person connected with the registrant or any of
its parents or subsidiaries as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Financial Statements included in this Prospectus and in the registration statement have been audited by MNP LLP and are included in reliance
upon such report given upon the authority of said firm as experts in auditing and accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
technical information appearing or incorporated by reference in this Prospectus concerning the Bunker Hill Mine, including estimates
of mineral resources and mineral reserves, was derived from the Bunker Hill Technical Report and the Amended Technical Report
prepared by Resource Development Associates, Inc. independent mining consultants. As of the date hereof, Resource Developments Associates,
Inc. beneficially owns none of our outstanding common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the issuance of the Common Shares hereby will be passed upon for us by J.P. Galda &amp; Co., 40 East Montgomery Avenue, LTW
220 Ardmore, PA 19003.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="sur_013"></span>DISCLOSURE
OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevada
law allows a corporation to indemnify its directors, officers, employees and agents against all reasonable expenses (including attorneys&#8217;
fees and amounts paid in settlement) and, provided that such individual, or indemnitee, acted in good faith and for a purpose which he
or she reasonably believed to be in, or not opposed to, the best interests of the corporation and, in the case of a criminal proceeding,
had reasonable grounds to believe his or her conduct was lawful. Nevada law authorizes a corporation to indemnify its directors, officers,
employees and agents against all reasonable expenses including amounts paid in settlement and attorneys&#8217; fees in connection with
a lawsuit by or in the right of the corporation to procure a judgment in its favor if such person acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interest of the corporation, except that no indemnification may be paid as to
any claim, issue or matter as to which such person has been adjudged liable to the corporation unless it is determined by the court making
such adjudication of liability that, despite such finding, such person is fairly and reasonably entitled for such expenses deemed proper.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevada
law also provides for discretionary indemnification made by the corporation only as authorized in the specific case upon a determination
that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made either:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    the shareholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    the board of directors by majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    a majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding so orders, by independent
    legal counsel in a written opinion; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    a quorum consisting of directors who were not parties to the actions, suit or proceeding cannot be obtained, by independent legal
    counsel in a written opinion.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
articles of incorporation, the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors
incurred in defending a civil or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance
of the final disposition of the actions, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer
to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by
the corporation. The provisions do not affect any right to advancement of expenses to which corporate personnel other than directors
or officers may be entitled under any contract or otherwise by law. The indemnification and advancement of expenses authorized in or
ordered by a court pursuant to Nevada law does not exclude any other rights to which a person seeking indemnification or advancement
of expenses may be entitled under the articles of incorporation or any bylaw, agreement, vote of shareholders or disinterested directors
or otherwise, for either an action in his official capacity or an action in another capacity while holding office, except that indemnification,
unless ordered by a court or for the advancement of expenses, may not be made to or on behalf of any director or officer if his acts
or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action. In addition,
indemnification continues for a person who has ceased to be a director, officer, employee or agent and inures to the benefit of the heirs,
executors and administrators of such a person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act, as amended, may be permitted to directors, officers or persons controlling
the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is therefore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_014"></span>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the information requirements of the Exchange Act and we therefore file periodic reports, proxy statements and other information
with the SEC relating to our business, financial statements and other matters. The reports, proxy statements and other information we
file may be inspected and copied at prescribed rates at the SEC&#8217;s Public Reference Room located at 100 F Street, N.E., Washington,
D.C. 20549. You may obtain information on the operation of the SEC&#8217;s Public Reference Room by calling the SEC at 1-800-SEC-0330.
The SEC also maintains web site that contains reports, proxy and information statements and other information regarding issuers like
us that file electronically with the SEC. The address of the SEC&#8217;s web site is http://www.sec.gov.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus constitutes part of a registration statement filed under the Securities Act with respect to the Common Shares
covered hereby. As permitted by the SEC&#8217;s rules, this Prospectus omits some of the information, exhibits and undertakings
included in the registration statement. You may read and copy the information omitted from this Prospectus but contained in the
registration statement, as well as the periodic reports and other information we file with the SEC, at the public reference room and
web site of the SEC referred to above. You may also access our filings with the SEC on our web site, which is located at http://www.bunkerhillmining.com/.
Except as specifically incorporated by reference into this Prospectus, the information contained on our web site is not part of this
Prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
contained in this Prospectus as to the contents of any contract or other document are not necessarily complete, and in each instance
we refer you to the copy of the contract or other document filed or incorporated by reference as an exhibit to the registration statement
or as an exhibit to our Exchange Act filings, each such statement being qualified in all respects by such reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    of Independent Registered Public Accounting Firm &#8211;</a> MNP, LLP PCAOB ID: 1930</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#GV_006">Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-7</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#GV_007">Consolidated Statements of Changes in Stockholders&#8217; Deficit for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#GV_008">Notes to the Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-9-F-32</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><img src="forms-1_006.jpg" alt="" style="width: 136px; height: 55px" /><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="GV_003"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of Bunker Hill Mining Corp.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Bunker Hill Mining Corp. (the Company) as at December 31, 2021 and
2020, and the related consolidated statements of loss and comprehensive loss, cash flows, and changes in shareholders&#8217; deficiency
for the year ended December 31, 2021, six-month period ended December 31, 2020 and for the year ended June 30, 2020, and the related notes (collectively referred to as the consolidated financial statements).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the
Company as at December 31, 2021 and 2020, and the results of its consolidated operations and its consolidated cash flows for the
year ended December 31, 2021, six-month period ended December 31, 2020 and for the year ended June 30, 2020, in conformity with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
Uncertainty Related to Going Concern &#8211; See also Critical Audit Matter section below</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1 to the consolidated financial statements, the Company has suffered an accumulated deficit and recurring net losses and does
not have sufficient working capital which raises substantial doubt about its ability to continue as a going concern. Management&#8217;s
plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are
material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole,
and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the
accounts or disclosures to which they relate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; width: 49%"><span style="font-size: 10pt"><b>Critical
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    <td style="font: 12pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 49%"><span style="font-size: 10pt"><b>Audit
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  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #035642"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><i>Going Concern &#8211; see also
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #385623"><i>&#160;</i></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As described in
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Significant assumptions
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Refer to Note 1
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    <td style="font: 12pt Times New Roman, Times, Serif">&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We responded to
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt">&#9679;&#160;&#160;Obtained
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt">&#9679;&#160;&#160;Evaluated the assumptions and estimates on cashflow projections used in the forecast incorporating information established from our
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt">&#9679;&#160;&#160;Assessed the appropriateness of the related disclosures.</p>
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  <tr style="vertical-align: top">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><i>Completeness of Accounts Payables
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Invoices and reconciliation
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Due to the uncertainty
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Refer to Note 3
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    <td style="font: 12pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We responded to
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    in relation to this included, but was not restricted to, the following:</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt">&#9679;&#160;&#160;Obtained
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt">&#9679;&#160;&#160;Examined
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt">&#9679;&#160;&#160;Obtained
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt">&#9679;&#160;&#160;Assessed the appropriateness of the related disclosures.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><b>Critical
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Environmental
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company signed an amended settlement agreement with the EPA to modify the terms to settle outstanding amounts under the original
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invoices
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;Obtained
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 21.85pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;Obtained
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;Examined
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;Examined
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;Obtained
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #035642"><b></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Company had a warrant derivative liability
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The calculation of the fair value of the warrant
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Due to the estimates and assumptions involved
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Refer to Note 3 Significant Accounting Policies
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    <td style="font: 12pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We responded to this matter by performing
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><img src="forms-1_007.jpg" alt="" /><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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                                                                      <p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licensed Public Accountants </span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bunker
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesCurrentAbstract_i01B_zM2oFU3yOkN9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--AccountsPayableCurrent_i02I_maCzVJY_zgsu1lfRiKvf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--AccruedLiabilitiesCurrent_i02I_maCzVJY_z3COHL6v5Qka" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Accrued liabilities (notes 6 and 13)</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--EpaWaterTreatmentPayableCurrent_i02I_maCzVJY_zrV0JxqgsLRj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--InterestAndDividendsPayableCurrent_i02I_maCzVJY_zpIlp0df4VPd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--OtherLiabilitiesCurrent_i02I_maCzVJY_zZWUjjhtSW47" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">DSU liability (note 12)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,531,409</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--NotesPayableCurrent_i02I_maCzVJY_zBllIjkyJTB1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Promissory notes payable (note 8)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,500,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--EpaCostRecoveryPayableCurrent_i02I_maCzVJY_z2H8krA7Sxl5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">EPA cost recovery payable (note 6)</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maCzVJY_zfjplFDauWQ8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Current portion of lease liability (note 9)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">62,277</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">114,783</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--LiabilitiesCurrent_i02TI_mtCzVJY_maCznyN_z9wkSj8fiL25" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,795,277</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,178,553</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zcFOqmj5Zxh" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maCznyN_zosOtogOTNW1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Lease liability (note 9)</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0108">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">61,824</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--DerivativeLiabilitiesNoncurrent_i02I_maCznyN_zCjKOpchB9Lf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Derivative warrant liability (notes 8 and 10)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,518,887</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,006,236</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--Liabilities_i01TI_mtCznyN_maCzur4_zlWrZY3SCnSd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,314,164</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,246,613</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Shareholders&#8217; Deficiency</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--PreferredStockValue_i02I_maCzES2_zG5N7IHzAPF8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Preferred shares, $<span id="xdx_902_eus-gaap--PreferredStockParOrStatedValuePerShare_c20211231_pdd" title="Preferred stock, par value"><span id="xdx_901_eus-gaap--PreferredStockParOrStatedValuePerShare_c20201231_pdd" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.000001</ix:nonFraction></ix:nonFraction></span></span> par value, <span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_c20211231_pdd" title="Preferred stock, shares authorized"><span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_c20201231_pdd" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></ix:nonFraction></span></span> preferred shares authorized; <span id="xdx_901_eus-gaap--PreferredStockSharesIssued_iI_dxL_c20211231_zpyNYw0NQp49" title="Preferred stock, shares issued::XDX::-"><span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_dxL_c20211231_zkyxGSNid7ud" title="Preferred stock, shares outstanding::XDX::-"><span id="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_dxL_c20201231_zrEONrYTlIPj" title="Preferred stock, shares issued::XDX::-"><span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_dxL_c20201231_zS5jk1Apkpv5" title="Preferred stock, shares outstanding::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0131"><span style="-sec-ix-hidden: xdx2ixbrl0133"><span style="-sec-ix-hidden: xdx2ixbrl0135"><span style="-sec-ix-hidden: xdx2ixbrl0137">Nil</span></span></span></span></span></span></span></span> preferred shares issued and outstanding (note 10)</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0120">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0121">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--CommonStockValue_i02I_maCzES2_zeUWkdlpJlAf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Common shares, $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_c20211231_pdd" title="Common stock, par value"><span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_c20201231_pdd" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.000001</ix:nonFraction></ix:nonFraction></span></span> par value, <span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_c20211231_pdd" title="Common stock, shares authorized"><span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_c20201231_pdd" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">750,000,000</ix:nonFraction></ix:nonFraction></span></span> common shares authorized; <span id="xdx_901_eus-gaap--CommonStockSharesIssued_c20211231_pdd" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_c20211231_pdd" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">164,435,442</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_900_eus-gaap--CommonStockSharesIssued_c20201231_pdd" title="Common stock, shares issued"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_c20201231_pdd" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">143,117,068</ix:nonFraction></ix:nonFraction></span></span> common shares issued and outstanding, respectively (note 10)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">164</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">143</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--AdditionalPaidInCapital_i02I_maCzES2_z6EVQ5ORG8ph" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Additional paid-in-capital (note 10)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,248,618</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">34,551,133</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--SharesToBeIssuedDuringPeriod_i02I_maCzES2_zle8MAoPjtac" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Shares to be issued</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0161">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0162">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maCzES2_zVigTL6MXWp2" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bunker
Hill Mining Corp.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="GV_005"></span>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Expressed
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bunker
Hill Mining Corp.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="GV_006"></span>Consolidated
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in United States Dollars)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_400_eus-gaap--ShareBasedCompensation_i02_maCziAx_z1ARdJbAG3t" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--Depreciation_i02_maCziAx_zPQlYIuE2yg6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Depreciation expense</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--FairValueAdjustmentOfWarrants_i02_maCziAx_ztnRL5RluT88" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Change in fair value of warrant liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,300,453</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--AccretionExpense_i02_maCziAx_zALMVjmCGONa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Accretion expense</td><td>&#160;</td>
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    <td style="padding-left: 10pt; text-align: left">Financing costs</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:FinancingCosts" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">360,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--GainLossOnDispositionOfOtherFinancialAssets_i02N_di_msCziAx_zK0QFM62tZjh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Loss on loan extinguishment</td><td>&#160;</td>
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    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0298">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--FinanceLeaseInterestExpense_i02_pp0p0_maCziAx_zt1ee3G43ve9" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Imputed interest expense on lease liability (note 9)</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--ForeignExchangeGainOnRetranslationOfLeaseLiability_i02N_pp0p0_di_msCziAx_zl3kwucXzAf9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Foreign exchange loss (gain) on re-translation of lease (Note 9)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:ForeignExchangeGainOnRetranslationOfLeaseLiability" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">2,165</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="BHLL:ForeignExchangeGainOnRetranslationOfLeaseLiability" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,766</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i02N_di_msCziAx_zlByub0PAuXc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Loss on debt settlement</td><td>&#160;</td>
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  <tr id="xdx_403_ecustom--LossOnPrivatePlacement_i02_maCziAx_z7FLVNejOErg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Loss on private placement</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:LossOnPrivatePlacement" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">940,290</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0315">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--GainLossOnShareIssuanceCosts_i02_pp0p0_maCziAx_znctKAiXLLYj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Share issuance costs</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0317">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:GainLossOnShareIssuanceCosts" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">947,156</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0319">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zTCTgO51rhv2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msCziAx_zX7oJtFzCP16" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,598</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,340</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,828</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_ecustom--IncreaseDecreaseInLeaseAcquisitionCost_i03N_di_msCziAx_zMwqsLdfuKJb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Prepaid mine acquisition costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="BHLL:IncreaseDecreaseInLeaseAcquisitionCost" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">260,463</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0330">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0331">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--IncreaseDecreaseInPrepaidFinanceCosts_i03N_di_msCziAx_zlanridTDbcd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Prepaid finance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="BHLL:IncreaseDecreaseInPrepaidFinanceCosts" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">393,640</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0334">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0335">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msCziAx_z1aqUI8IO0U2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Prepaid expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">76,112</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">274,211</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">67,542</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_maCziAx_z4edBbjc3gJf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">128,774</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,775,211</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,403,873</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_maCziAx_zBgsDPeJGAV9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Accrued liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">787,363</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">549,489</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,211</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--IncreaseDecreaseInEpaWaterTreatmentPayable_i03_maCziAx_zqbuHwWUyFca" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">EPA water treatment payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:IncreaseDecreaseInEpaWaterTreatmentPayable" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,974,656</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:IncreaseDecreaseInEpaWaterTreatmentPayable" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">826,662</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:IncreaseDecreaseInEpaWaterTreatmentPayable" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,019,878</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--IncreaseDecreaseInEpaCostRecoveryPayable_i03_maCziAx_zm6PqKz63iGh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">EPA cost recovery payable</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOtherOperatingLiabilities_i03_pp0p0_maCziAx_zYP7BCBfAiTj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInInterestPayableNet_i03_maCziAx_zsz7vfdOH7ka" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtCziAx_maCzZi8_zL2xKD62XRve" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zJ2uLQS6cEL3" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--PaymentsToAcquireRoyaltyInterestsInMiningProperties_i01N_pp0p0_di_msCzrEG_zPfIlTtOTiWa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Deposit on mining interest</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--PaymentsToAcquireMachineryAndEquipment_i01N_di_msCzrEG_zDKtxF617w32" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Purchase of machinery and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireMachineryAndEquipment" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">94,693</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtCzrEG_maCzZi8_zqyQBvMkSQw8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">94,693</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,280,701</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zuWxnu8fJ2I7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_pp0p0_maCzVSc_zEvnWwCk5Ch1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from issuance of common stock, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,013,439</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--ProceedsFromWarrantExercises_i01_maCzVSc_zMc0S5zdezZa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds from warrants exercised</td><td>&#160;</td>
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    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0394">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">417,006</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--ProceedsFromStockPlans_i01_pp0p0_maCzVSc_zQt5IOGlrcy9" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Shares to be issued</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0397">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0398">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromStockPlans" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">549,363</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--FinanceLeasePrincipalPayments_i01N_di_msCzVSc_zK444vgdV9il" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">129,191</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">61,504</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">120,690</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--ProceedsFromNotesPayable_i01_maCzVSc_z77lH2hoQfWd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from promissory note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,500,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">840,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,084,536</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--RepaymentsOfNotesPayable_i01N_di_msCzVSc_z3hLq2FnJYdb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Repayment of promissory note</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0409">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfNotesPayable" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,825,920</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfNotesPayable" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">158,094</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtCzVSc_maCzZi8_zCTU3nU3bPyl" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash provided by financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,384,248</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,268,114</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,200,651</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_pp0p0_mtCzZi8_zBWEL0Bw7ATa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net change in cash</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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  <tr id="xdx_407_eus-gaap--StockIssuedDuringPeriodValueNewIssues_z9lKxlLo6ch7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40B_ecustom--StockIssuedDuringPeriodValueDebtSettlement_zGTFrtzWLit8" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedDuringPeriodValueDebtSettlement" contextRef="From2019-07-012020-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,499,034</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--StockIssuedDuringPeriodValueDebtSettlementOne_zmyeWzEWaNL4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Shares issued for debt settlement at $<span id="xdx_904_ecustom--SharesIssuedPerPriceForDebtSettlement_iI_c20200630_z42vqOX3wvhj" title="Debt settlement, per share price"><ix:nonFraction name="BHLL:SharesIssuedPerPriceForDebtSettlement" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.14</ix:nonFraction></span> per share</td><td>&#160;</td>
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    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0482">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedDuringPeriodValueDebtSettlementOne" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">274,918</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_403_ecustom--StockIssuedDuringPeriodValueNewIssuesOne_zU7oBj0NNn1" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--StockIssuedDuringPeriodSharesNewIssuesOne_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGlpKQ_____zrsGoqkzhPE" title="Shares issued, shares" style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedDuringPeriodSharesNewIssuesOne" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember" id="Fact000497" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,098,216</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedDuringPeriodValueNewIssuesOne" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember" id="Fact000489" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0491">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_ecustom--StockIssuedDuringPeriodValueDebtSettlementTwo_z7YOZdX7geEj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares issued for debt settlement at $<span id="xdx_908_ecustom--SharesIssuedPerPriceForDebtSettlement_iI_c20200630__us-gaap--DebtInstrumentAxis__custom--DebtSettlementMember_zbgJJKOPSAGi" title="Shares issued price per share"><ix:nonFraction name="BHLL:SharesIssuedPerPriceForDebtSettlement" contextRef="AsOf2020-06-30_custom_DebtSettlementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.42</ix:nonFraction></span> per share <sup id="xdx_F40_z1ahLUpHiNn8">(ii)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_ecustom--StockIssuedDuringPeriodSharesDebtSettlementTwo_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGlpKQ_____zu074YAlQXUh" title="Shares issued for debt settlement at $0.42 per share, shares" style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedDuringPeriodSharesDebtSettlementTwo" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember" id="Fact000507" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">696,428</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedDuringPeriodValueDebtSettlementTwo" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember" id="Fact000499" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedDuringPeriodValueDebtSettlementTwo" contextRef="From2019-07-012020-06-30_us-gaap_AdditionalPaidInCapitalMember" id="Fact000500" format="ixt:numdotdecimal" decimals="0" unitRef="USD">299,999</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0501">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0502">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedDuringPeriodValueDebtSettlementTwo" contextRef="From2019-07-012020-06-30" id="Fact000503" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueOther_i_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Finder&#8217;s units issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--StockIssuedDuringPeriodSharesOther_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" title="Finder&apos;s units issued, shares" style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,315,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2019-07-012020-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">125,177</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0511">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0512">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">125,180</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--AdjustmentsToAdditionalPaidInCapitalRelatedToFindersWarrantsIssued_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Finder&#8217;s warrants issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0517">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:AdjustmentsToAdditionalPaidInCapitalRelatedToFindersWarrantsIssued" contextRef="From2019-07-012020-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,223</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0519">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0520">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:AdjustmentsToAdditionalPaidInCapitalRelatedToFindersWarrantsIssued" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,223</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--StockIssuedForWarrantsExercisedValue_i_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants exercised at $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zzkrT7MU35Lj" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.18</ix:nonFraction></span> per share <sup id="xdx_F4F_z0WZgaR5w5V1">(iii)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--StockIssuedForWarrantsExercisedShares_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_fKGlpaSk___zGUOeES5oI63" title="Warrants exercised at $0.18 per share, shares" style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedForWarrantsExercisedShares" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember" id="Fact000531" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,332,900</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedForWarrantsExercisedValue" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember" id="Fact000523" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedForWarrantsExercisedValue" contextRef="From2019-07-012020-06-30_us-gaap_AdditionalPaidInCapitalMember" id="Fact000524" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,288,714</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0525">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0526">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="BHLL:StockIssuedForWarrantsExercisedValue" contextRef="From2019-07-012020-06-30" id="Fact000527" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,288,716</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_iN_di_zZiFFPDgd1Z9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_400_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zUvov0ikQlAl" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_403_ecustom--StockIssuedDuringPeriodValueDebtSettlement_zJvQtAFxHNP4" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_401_ecustom--StockIssuedDuringPeriodValueDebtSettlement_z1yvKhAMZ3w7" style="display: none; vertical-align: bottom; background-color: White">
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<tr id="xdx_404_ecustom--StockIssuedDuringPeriodValueDebtSettlementOne_zN0OHeiIyrC" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40B_eus-gaap--AdjustmentsToAdditionalPaidInCapitalWarrantIssued_iN_di_z9m8YHAHYi52" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--NetIncomeLoss_zZbzELJ6q8j2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_438_c20210101__20211231_eus-gaap--StockholdersEquity_iS_zIuEruo958Wl" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_405_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_zZ1QFgkJ7h87" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_ecustom--StockIssuedDuringPeriodValueNewIssuesOne_zGqQhKg00wpf" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40F_ecustom--StockIssuedDuringPeriodValueDebtSettlementOne_zxy6NfgYTJ2k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_408_ecustom--StockIssuedDuringPeriodValueDebtSettlementOne_zS1hG15oROn4" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
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<tr id="xdx_404_ecustom--SharesIssuedDuringPeriodValueForRestrictedStockUnitVested_zwD7mPHsDgwf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_434_c20210101__20211231_eus-gaap--StockholdersEquity_iE_zs0iRiprguBk" style="vertical-align: bottom; background-color: White">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F10_zTxAzzOnyQ07" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000711" xml:lang="en-US">Shares
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zvG85ranNt44">(ii)</sup></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F17_zWDLws8Loc9c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000721" xml:lang="en-US">Shares
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zE22DC1MD9U">(iv)
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    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F18_zdVKGK605rVe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000726" xml:lang="en-US">Units
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_zeye8SmAUbt6">(v)</sup></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zShbnqiRAza4">(vi)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F1D_zIyEOs1GT8Th" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000736" xml:lang="en-US">Units
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_z1oYwSbDss89">(vii)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F14_zNA12zacT0yd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000741" xml:lang="en-US">Units
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_806_eus-gaap--NatureOfOperations_zCXujLIStz5g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="GV_008"></span>1.
<span id="xdx_82B_zn4u9dg773h8">Nature and continuance of operations and going concern</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunker
Hill Mining Corp. (the &#8220;Company&#8221;) was incorporated under the laws of the state of <span id="xdx_90C_edei--EntityIncorporationStateCountryCode_c20210101__20211231_zbKgLVhN3OZb" title="Entity incorporation, state or country code"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Nevada</ix:nonNumeric></span>, U.S.A. on <span title="Date of incorporation::XDX::Feb.%2020%2C%202007">February 20, 2007</span> under
the name Lincoln Mining Corp. Pursuant to a Certificate of Amendment dated February 11, 2010, the Company changed its name to Liberty
Silver Corp., and on September 29, 2017, the Company changed its name to Bunker Hill Mining Corp. The Company&#8217;s registered office
is located at 1802 N. Carson Street, Suite 212, Carson City Nevada 89701, and its head office is located at 82 Richmond Street East,
Toronto, Ontario, Canada, M5C 1P1. As of the date of this Form 10-K, the Company had one subsidiary, Silver Valley Metals Corp. (formerly
American Zinc Corp.), an Idaho corporation created to facilitate the work being conducted at the Bunker Hill Mine in Idaho.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was incorporated for the purpose of engaging in mineral exploration activities. It continues to work at developing its project
with a view towards putting it into production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going
Concern:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting
in an accumulated deficit of $<span id="xdx_902_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20211231_z1RjNNvKxijg"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">72,491,150</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and further losses are anticipated in the
development of its business. Additionally, the Company owes a total of $<span id="xdx_903_eus-gaap--LongTermDebtCurrent_iI_c20211231__dei--LegalEntityAxis__custom--EnvironmentalProtectionAgencyMember_znD9gf7q8Fi8"><ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,417,208</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the EPA (see Note 6) that is classified
as current liability unless the Company can consummate financial assurances that would reclassify $<span id="xdx_901_eus-gaap--LongTermDebtNoncurrent_iI_c20211231__dei--LegalEntityAxis__custom--EnvironmentalProtectionAgencyMember_z7c6RMpJvmCh"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of this liability to long-term debt. The Company
does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on
certain current liabilities and/or raising additional funds. In order to continue to meet its fiscal obligations in the current fiscal
year and beyond, the Company must seek additional financing. This raises substantial doubt about the Company&#8217;s ability to continue
as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations
in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business
operations when they come due. The accompanying consolidated financial statements do not include any adjustments that might result from
the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is considering various financing alternatives including, but not limited to, raising capital through the capital markets and debt financing.
These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded
assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to
continue operations, explore and develop the mineral properties and the discovery, development, and sale of reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations could be significantly adversely affected by the effects of a widespread global outbreak of epidemics, pandemics,
or other health crises, including the recent outbreak of respiratory illness caused by the novel coronavirus (&#8220;COVID-19&#8221;).
The Company cannot accurately predict the impact COVID-19 will have on its operations and the ability of others to meet their obligations
with the Company, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration
of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant
outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies
and financial markets of many countries, resulting in an economic downturn that could further affect the Company&#8217;s operations and
ability to finance its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>The Russia/Ukraine Crisis:</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Company&#8217;s operations could be adversely
affected by the effects of the escalating Russia/Ukraine crisis and the effects of sanctions imposed against Russia or that country&#8217;s
retributions against those sanctions, embargos or further-reaching impacts upon energy prices, food prices and market disruptions. The
Company cannot accurately predict the impact the crisis will have on its operations and the ability of contractors to meet their obligations
with the Company, including uncertainties relating the severity of its effects, the duration of the conflict, and the length and magnitude
of energy bans, embargos and restrictions imposed by governments. In addition, the crisis could adversely affect the economies and financial
markets of the United States in general, resulting in an economic downturn that could further affect the Company&#8217;s operations and
ability to finance its operations. Additionally, the Company cannot predict changes in precious metals pricing or changes in commodities
pricing which may alternately affect the Company either positively or negatively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock"><p id="xdx_800_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zWyqg1qHPld7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
<span id="xdx_82E_zclyv7ETFcx9">Basis of presentation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America applicable to exploration stage enterprises. The consolidated financial statements are expressed in U.S. dollars,
the Company&#8217;s functional currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2021, the Company changed its fiscal year from June 30 to December 31. As a result, in addition to the full calendar year ended
December 31, 2021, the Company is reporting financial information for the transition period from July 1, 2020 to December 31, 2020, and
the preceding full fiscal year of July 1, 2019 to June 30, 2020.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_zpgVDLL71Ly" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span id="xdx_820_zYewehs3fAe9">Significant accounting policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of significant accounting policies used in the preparation of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_840_eus-gaap--ConsolidationPolicyTextBlock_zgrkTzYggdBc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zZuUrsbsHfKc">Basis
of consolidation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements include the assets, liabilities and expenses of the Company and its wholly owned subsidiary, Silver
Valley Metals Corp. (formerly American Zinc Corp.). All intercompany transactions and balances have been eliminated on consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zXVGVr8C2d8g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_znBFQmLovB7">Cash
and cash equivalents</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents may include highly liquid investments with original maturities of three months or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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rights, property and acquisition costs</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has been in the exploration stage since its formation on February 20, 2007 and has not yet realized any revenues from its planned
operations. It is primarily engaged in the acquisition and exploration of mining properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company capitalizes acquisition and option costs of mineral rights as intangible assets when there is sufficient evidence to support
probability of generating positive economic returns in the future. Upon commencement of commercial production, the mineral rights will
be amortized using the unit-of-production method over the life of the mineral rights. If the Company does not continue with exploration
after the completion of the feasibility study, the mineral rights will be expensed at that time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity
of mines, or to develop mine areas in advance of production, are also capitalized once proven and probable reserves exist and the property
is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged
to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized
mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever
events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized
costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance
with Accounting Standards Codification (FASB ASC) 360-10-35, Impairment or Disposal of Long-Lived Assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
is stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated
useful lives of the assets, which range from <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zkMa1n73Yzm6" title="Estimated useful lives of equipment"><ix:nonNumeric contextRef="From2021-01-012021-12-31_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span> to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_za4lZnE3YnKi" title="Estimated useful lives of equipment"><ix:nonNumeric contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric></span> years. The cost of repairs and maintenance is charged to expense as incurred. Upon
sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss
is reflected in other income or gain (expense or loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives
of equipment or whether the remaining balance of the equipment should be evaluated for possible impairment. If events and circumstances
warrant evaluation, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the equipment in measuring
their recoverability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
lease right of use (&#8220;ROU&#8221;) assets represent the right to use the leased asset for the lease term and operating lease liabilities
are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases
do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date
in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over
the lease term and is included in operation and administration expenses in the consolidated statements of loss and comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is required to make additional payments for certain variable costs. These costs are expensed and included in operation and administration
expenses in the consolidated statements of loss and comprehensive loss. Rental income obtained through subleases is recorded as income
over the lease term and is offset against operation and administration expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zgZUrMTbAJz1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zJc9ea9MszN3">Impairment
of long-lived assets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying
amounts may not be recoverable. The assets are subject to impairment consideration under FASB ASC 360, Property, Plant and Equipment,
if events or circumstances indicate that their carrying amount might not be recoverable. When the Company determines that an impairment
analysis should be done, the analysis is performed using the rules of FASB ASC 930-360-35, Extractive Activities &#8211; Mining,
and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
factors could impact the Company&#8217;s ability to achieve forecasted production schedules. Additionally, commodity prices, capital
expenditure requirements and reclamation costs could differ from the assumptions the Company may use in cash flow models used to assess
impairment. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves
further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due
to the lower level of confidence that the identified mineralized material can ultimately be mined economically.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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value of financial instruments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted FASB ASC 820-10, Fair Value Measurement. This guidance defines fair value, establishes a three-level valuation hierarchy
for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined
as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
    are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3 inputs to valuation methodology are unobservable and significant to the fair measurement.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts reported in the consolidated balance sheets for cash, accounts receivable excluding HST, accounts payable, accrued liabilities,
interest payable, convertible loan payable, promissory notes payable, lease liability, and other liabilities, all of which qualify as
financial instruments, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments
and their expected realization and current market rate of interest. The Company measured its DSU liability at fair value on recurring
basis using level 1 inputs and derivative warrant liabilities at fair value on recurring basis using level 3 inputs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:EnvironmentalCostExpensePolicy"><p id="xdx_847_eus-gaap--EnvironmentalCostExpensePolicy_zrkeNIiMLKAh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_z5R0QjaC5YD1">Environmental
expenditures</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operations of the Company have been, and may in the future be, affected from time to time, in varying degrees, by changes in environmental
regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall
effect upon the Company vary greatly and are not predictable. The Company&#8217;s policy is to meet, or if possible, surpass standards
set by relevant legislation, by application of technically proven and economically feasible measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
expenditures that relate to ongoing environmental and reclamation programs are expensed as incurred or capitalized and amortized depending
on their future economic benefits. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably
determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_zjHsdWYsvLej" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_z1L8VLpcnlB7">Income
taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes in accordance with Accounting Standard Codification 740, Income Taxes (&#8220;FASB ASC 740&#8221;),
on a tax jurisdictional basis. The Company files income tax returns in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax bases of
assets and liabilities and the consolidated financial statements reported amounts using enacted tax rates and laws in effect in the year
in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is determined
to be more likely than not that the deferred tax asset will not be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assesses the likelihood of the consolidated financial statements effect of a tax position that should be recognized when it is
more likely than not that the position will be sustained upon examination by a taxing authority based on the technical merits of the
tax position, circumstances, and information available as of the reporting date. The Company is subject to examination by taxing authorities
in jurisdictions such as the United States. Management does not believe that there are any uncertain tax positions that would result
in an asset or liability for taxes being recognized in the accompanying consolidated financial statements. The Company recognizes tax-related
interest and penalties, if any, as a component of income tax expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSAB
ASC 740 prescribes recognition threshold and measurement attributes for the consolidated financial statements recognition and measurement
of a tax position taken, or expected to be taken, in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification,
interest and penalties, accounting in periods, disclosure and transition. At December 31, 2021, December 31, 2020, and June 30, 2020,
the Company has not taken any tax positions that would require disclosure under FASB ASC 740.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_84B_eus-gaap--EarningsPerSharePolicyTextBlock_z2Spp0ry5pqk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zCsZuAqCgaKd">Basic
and diluted net loss per share</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes net loss per share in accordance with FASB ASC 260, Earnings per Share (&#8220;FASB ASC 260&#8221;). Under the provisions
of FASB ASC 260, basic net loss per share is computed using the weighted average number of common shares outstanding during the period.
Diluted net loss per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding
during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants
and the conversion of convertible loan payable. As of December 31, 2021, <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zrmQ1t7oNhPh" title="Anti-dilutive securities excluded from earnings per share"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,053,136</ix:nonFraction></span> stock options, <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zA5SCpeLXfek" title="Anti-dilutive securities excluded from earnings per share"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">111,412,712</ix:nonFraction></span> warrants, and <span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--BrokerOptionsMember_zkKl5fDTRl51" title="Anti-dilutive securities excluded from earnings per share"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,590,907</ix:nonFraction></span>
broker options were considered in the calculation but not included, as they were anti-dilutive (December 31, 2020 &#8211; <span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200101__20201231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zVSTjHUOcGy8" title="Anti-dilutive securities excluded from earnings per share"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-01-012020-12-31_us-gaap_EmployeeStockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,015,159</ix:nonFraction></span> stock
options, <span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200101__20201231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_z7eed3vKDf" title="Anti-dilutive securities excluded from earnings per share"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-01-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">95,777,806</ix:nonFraction></span> warrants, and <span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200101__20201231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--BrokerOptionsMember_zt0SthdKBLEd" title="Anti-dilutive securities excluded from earnings per share"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-01-012020-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,239,907</ix:nonFraction></span> broker options).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPolicyForIssuingSharesUponExercise"><p id="xdx_84E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPolicyForIssuingSharesUponExercise_zHrKcbxODnQ7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_z3D71IXMqjo7">Stock-based
compensation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2004, FASB issued FASB ASC 718, Compensation &#8211; Stock Compensation (&#8220;FASB ASC 718&#8221;), which establishes standards
for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions
in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity&#8217;s equity
instruments or that may be settled by the issuance of those equity instruments. FASB ASC 718 focuses primarily on accounting for transactions
in which an entity obtains employee services in share-based payment transactions. FASB ASC 718 requires that the compensation cost relating
to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the fair
value of the equity or liability instruments issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for stock-based compensation arrangements with non-employees in accordance with ASU 505-50, Equity-Based Payments to
Non-Employees, which requires that such equity instruments are recorded at the value on the grant date based on fair value of the equity
or goods and services whichever is more reliable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:RestrictedShareUnitsPolicyTextBlock"><p id="xdx_847_ecustom--RestrictedShareUnitsPolicyTextBlock_zjtjn5HDfeKa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zqJQLO1V8Pcj">Restricted
share units (&#8220;RSUs&#8221;)</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates the grant date fair value of RSUs using the Company&#8217;s common shares at the grant date. The Company records the
value of the RSUs in paid-in capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:DeferredShareUnitsPolicyTextBlock"><p id="xdx_84B_ecustom--DeferredShareUnitsPolicyTextBlock_zPPaSLFXVPs6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_z4m7kEXLX8sc">Deferred
share units (&#8220;DSUs&#8221;)</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates the grant date fair value of the DSUs using the trading price of the Company&#8217;s common shares on the day of grant.
The Company records the value of the DSUs owing to its directors as DSU liability and measures the DSU liability at fair value at each
reporting date, with changes in fair value recognized as stock-based compensation in profit (loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_847_eus-gaap--UseOfEstimates_z210tn24Yi23" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zMdYaFhtIw75">Use
of estimates and assumptions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of the amounts included in the consolidated financial statements require management to make judgments and/or estimates. These judgments
and estimates are continuously evaluated and are based on management&#8217;s experience and knowledge of the relevant facts and circumstances.
Actual results may differ from the amounts included in the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas
of significant judgment and estimates affecting the amounts recognized in the consolidated financial statements include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going
concern</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assessment of the Company&#8217;s ability to continue as a going concern involves judgment regarding future funding available for its
operations and working capital requirements as discussed in note 1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accrued
liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has to make estimates to accrue for certain expenditures due to delay in receipt of third-party vendor invoices. These
accruals are made based on trends, history and knowledge of activities. Actual results may be different.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Company makes monthly estimates of its
water treatment costs, with a true-up to the annual invoice received from the Idaho Department of Environmental Quality (&#8220;IDEQ&#8221;). Using
the actual costs in the annual invoice, the Company then reassesses its estimate for future periods. Given the nature, complexity and variability of the various actual cost items included in the invoice, the Company
has used the most recent invoice as its estimate of the water treatment costs for future periods.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible
loans, promissory notes and warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimating
the fair value of derivative warrant liability and conversion feature derivative liability requires determining the most appropriate
valuation model, which is dependent on the terms and conditions of the issuance. This estimate also requires determining the most appropriate
inputs to the valuation model including the expected life of the warrants and conversion feature derivative liability, volatility and
dividend yield and making assumptions about them. The assumptions and models used for estimating fair value of warrants and conversion
feature derivative liability are disclosed in notes 8 and 10.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value estimates may differ from actual fair values and these differences may be significant and could have a material impact on
the Company&#8217;s balance sheets and the consolidated statements of operations. Assets are reviewed for an indication of impairment
at each reporting date. This determination requires significant judgment. Factors that could trigger an impairment review include, but
are not limited to, significant negative industry or economic trends, interruptions in exploration activities or a significant drop in
precious metal prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Reclassifications</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Certain reclassifications have been made to conform
prior year&#8217;s data to the current presentation. The reclassifications have no effect on the results of reported operations or stockholders&#8217;
deficit or cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_zXfq7b4LUVxk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_z20E2ivBk972">Concentrations
of credit risk</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash. The Company places
its cash with financial institutions of high credit worthiness. At times, its cash equivalents with a particular financial institution
may exceed any applicable government insurance limits. The Company&#8217;s management also routinely assesses the financial strength
and credit worthiness of any parties to which it extends funds and as such, it believes that any associated credit risk exposures are
limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="us-gaap:RisksAndUncertaintiesInEntitysBusiness"><p id="xdx_841_eus-gaap--RisksAndUncertaintiesInEntitysBusiness_zaAcdV9qm79g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_86D_zsv00ZPpSmZ3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
and uncertainties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates in the mineralized material exploration industry that is subject to significant risks and uncertainties, including financial,
operational, and other risks associated with operating a mineralized material exploration business, including the potential risk of business
failure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_845_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zaItYlfC4ZE5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zPlqoNulfkth">Foreign
currency transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company from time to time will receive invoices from service providers that are presenting their invoices using the Canadian dollar.
The Company will use its U.S. dollars to settle the Canadian dollar liabilities and any differences resulting from the exchange transaction
are reported as gain or loss on foreign exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:LoanCommitmentsPolicy"><p id="xdx_84B_eus-gaap--LoanCommitmentsPolicy_zvy0ebc122qc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zpFOna8i4qve">Convertible
loans and promissory notes payable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reviews the terms of its convertible loans and promissory notes payable to determine whether there are embedded derivatives,
including the embedded conversion option, that are required to be bifurcated and accounted for as individual derivative financial instruments.
In circumstances where the convertible debt or the promissory note contains embedded derivatives that are to be separated from the host
contracts, the total proceeds received are first allocated to the fair value of the derivative financial instruments determined using
the binomial model. The remaining proceeds, if any, are then allocated to the debenture cost contracts, usually resulting in those instruments
being recorded at a discount from their principal amount. This discount is accreted over the expected life of the instruments to profit
(loss) using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
debenture host contracts are subsequently recorded at amortized cost at each reporting date, using the effective interest method. The
embedded derivatives are subsequently recorded at fair value at each reporting date, with changes in fair value recognized in profit
(loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company presents its embedded derivatives and related debenture host contracts as separate instruments on the consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 88; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_85D_zTvYGOl5JLYh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_807_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zDM4CArS4OG6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
<span id="xdx_821_zQXzGlHO00Tc">Equipment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_898_eus-gaap--PropertyPlantAndEquipmentTextBlock_zLnwSCBYGL57" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_ztk8OMVTtlOg" style="display: none">Schedule of Equipment</span></span></p>

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                                                                                <p style="margin-top: 0pt; margin-bottom: 0pt">2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">509,279</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_msPPAENziqe_zZYoOKkfd8nc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">207,078</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">73,552</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pp0p0_mtPPAENziqe_zs19UE0Mi8ha" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Equipment, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">396,894</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">435,727</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A9_zoVUkkVJHl05" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total depreciation expense during the year ended December 31, 2021 was $<span id="xdx_905_eus-gaap--Depreciation_pp0p0_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_z3R3uGv5T6aj"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31_us-gaap_EquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">133,526</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(six months ended December 31, 2020 - $<span id="xdx_908_eus-gaap--Depreciation_pp0p0_c20200701__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zkaeIv85t7V2"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-07-012020-12-31_us-gaap_EquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">52,784</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the year ended June 30, 2020 - $<span id="xdx_903_eus-gaap--Depreciation_pp0p0_c20190701__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zScuvtp8jaj"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2019-07-012020-06-30_us-gaap_EquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">17,577</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:RightOfUseAssetTextBlock"><p id="xdx_80C_ecustom--RightOfUseAssetTextBlock_zx2VoIgW0735" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
<span id="xdx_828_zdTrAjQY7qvg">Right-of-use asset</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfRightofuseAssetTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfRightofuseAssetTableTextBlock_zwEIhkNmghrg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
asset consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zX6qXejN08A9" style="display: none">Schedule of Right-of-use Asset</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49B_20211231_z6nLx5lAmGUk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0pt; margin-bottom: 0pt">December 31,</p>
                                                                                <p style="margin-top: 0pt; margin-bottom: 0pt">2021</p></td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_490_20201231_zG1pkENZ4vh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0pt; margin-bottom: 0pt">December 31,</p>
                                                                                <p style="margin-top: 0pt; margin-bottom: 0pt">2020</p></td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40F_ecustom--OperatingLeaseOfficeLease_iI_pp0p0_maOLROUzOgT_zvkMtn8O82p7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Office lease</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="BHLL:OperatingLeaseOfficeLease" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">319,133</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="BHLL:OperatingLeaseOfficeLease" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">319,133</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--OperatingLeaseAccumulatedDepreciation_iNI_pp0p0_di_msOLROUzOgT_zMp1t990QGD2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="BHLL:OperatingLeaseAccumulatedDepreciation" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">266,780</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="BHLL:OperatingLeaseAccumulatedDepreciation" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">160,402</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseRightOfUseAsset_iTI_pp0p0_mtOLROUzOgT_zKOnvTO5GsJl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Right-of-use asset, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">52,353</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">158,731</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AA_zCLS7nVUIQk9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total depreciation expense during the year ended December 31, 2021 was $<span id="xdx_903_eus-gaap--DepreciationNonproduction_pp0p0_c20210101__20211231_zKAJ9oY6YPDl" title="Depreciation expense"><ix:nonFraction name="us-gaap:DepreciationNonproduction" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">106,378</ix:nonFraction></span> (six months ended December 31, 2020 - $<span id="xdx_901_eus-gaap--DepreciationNonproduction_pp0p0_c20200701__20201231_zPtsqTG3Rwpk" title="Depreciation expense"><ix:nonFraction name="us-gaap:DepreciationNonproduction" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">54,024</ix:nonFraction></span> and the
year ended June 30, 2020 - $<span id="xdx_90D_eus-gaap--DepreciationNonproduction_pp0p0_c20190701__20200630_zMWCQiRGsGCk" title="Depreciation expense"><ix:nonFraction name="us-gaap:DepreciationNonproduction" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">106,378</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:MineralIndustriesDisclosuresTextBlock"><p id="xdx_80F_eus-gaap--MineralIndustriesDisclosuresTextBlock_zoigkdtapKM8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.
<span id="xdx_827_zuumTNDlMuT">Mining Interests</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bunker
Hill Mine Complex</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 27, 2016, the Company entered into a non-binding letter of intent with Placer Mining Corp. (&#8220;Placer Mining&#8221;), which
letter of intent was further amended on March 29, 2017, to acquire the Bunker Hill Mine in Idaho and its associated milling facility
located in Kellogg, Idaho, in the Coeur d&#8217;Alene Basin (as amended, the &#8220;Letter of Intent&#8221;). Pursuant to the terms and
conditions of the Letter of Intent, the acquisition, which was subject to due diligence, would include all mining claims, surface rights,
fee parcels, mineral interests, existing infrastructure, machinery and buildings at the Kellogg Tunnel portal in Milo Gulch, or anywhere
underground at the Bunker Hill Mine Complex. The acquisition would also include all current and historic data relating to the Bunker
Hill Mine Complex, such as drill logs, reports, maps, and similar information located at the mine site or any other location.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2017, the Company made payments totaling $<span id="xdx_90C_eus-gaap--PaymentsToAcquireMiningAssets_c20160701__20170630__us-gaap--TypeOfArrangementAxis__custom--LetterofIntentMember_pp0p0" title="Payments to acquire mining interest"><ix:nonFraction name="us-gaap:PaymentsToAcquireMiningAssets" contextRef="From2016-07-012017-06-30_custom_LetterofIntentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></span> as part of this Letter of Intent. These amounts were initially
capitalized and subsequently written off during fiscal 2018 and were included in exploration expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 28, 2017, the Company announced that it signed a definitive agreement (the &#8220;Agreement&#8221;) for the lease and option to
purchase the Bunker Hill Mine assets (the &#8220;Bunker Assets&#8221;). Under the terms of the Agreement, the Company was required to
make a $<span id="xdx_90F_ecustom--BonusPaymentForMiningAssets_c20171030__20171031__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Bonus payment for mining assets"><ix:nonFraction name="BHLL:BonusPaymentForMiningAssets" contextRef="From2017-10-302017-10-31_custom_DefinitiveAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000,000</ix:nonFraction></span> bonus payment to Placer Mining no later than October 31, 2017, which payment was made, along with two additional $<span id="xdx_90D_ecustom--BonusPaymentForMiningAssets_pp0p0_c20171201__20171231__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zIBsRmhWanFk" title="Bonus payment for mining assets"><ix:nonFraction name="BHLL:BonusPaymentForMiningAssets" contextRef="From2017-12-012017-12-31_custom_DefinitiveAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction></span>
bonus payments in December 2017. The 24-month lease commenced November 1, 2017. During the term of the lease, the Company was to make
$<span id="xdx_90A_eus-gaap--OperatingLeasePayments_c20171030__20171031__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Mining lease payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2017-10-302017-10-31_custom_DefinitiveAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> monthly mining lease payments, paid quarterly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 89; Value: 1 -->
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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had an option to purchase the Bunker Assets at any time before the end of the lease and any extension for a purchase price of
$<span id="xdx_905_ecustom--OptionToPurchaseLeaseAssetPrice_c20210101__20211231__us-gaap--FairValueByAssetClassAxis__custom--BunkerAssetsMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Option to purchase lease asset price"><ix:nonFraction name="BHLL:OptionToPurchaseLeaseAssetPrice" contextRef="From2021-01-012021-12-31_custom_BunkerAssetsMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">45,000,000</ix:nonFraction></span> with purchase price payments to be made over a ten-year period to Placer Mining. Under the terms of the agreement, there
is a<span id="xdx_906_ecustom--RoyaltyPercentageOfNetSmelterReturnOnSales_pid_dp_uPure_c20210101__20211231__us-gaap--FairValueByAssetClassAxis__custom--BunkerAssetsMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zAklzxwm4P1f" title="Royalty percentage of net smelter return on sales"> <ix:nonFraction name="BHLL:RoyaltyPercentageOfNetSmelterReturnOnSales" contextRef="From2021-01-012021-12-31_custom_BunkerAssetsMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span>% net smelter return royalty (&#8220;NSR&#8221;) on sales during the lease and a <span id="xdx_90A_ecustom--RoyaltyPercentageOfNetSmelterReturnAfterPurchaseOption_pid_dp_uPure_c20210101__20211231__us-gaap--FairValueByAssetClassAxis__custom--BunkerAssetsMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zUU9WNYkfVXk" title="Royalty percentage of net smelter return after purchase option"><ix:nonFraction name="BHLL:RoyaltyPercentageOfNetSmelterReturnAfterPurchaseOption" contextRef="From2021-01-012021-12-31_custom_BunkerAssetsMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span>% NSR on the sales after the purchase option
is exercised, which post-acquisition NSR is capped at $<span id="xdx_903_ecustom--PostacquisitionOfNetSmelterReturnCost_pp0p0_c20210101__20211231__us-gaap--FairValueByAssetClassAxis__custom--BunkerAssetsMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_z1nqVXs1xKA6" title="Post-acquisition of net smelter return cost"><ix:nonFraction name="BHLL:PostacquisitionOfNetSmelterReturnCost" contextRef="From2021-01-012021-12-31_custom_BunkerAssetsMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 2, 2018, the Company announced that it was in default of the Agreement. The default arose as a result of missed lease and operating
cost payments, totaling $<span id="xdx_903_eus-gaap--OperatingLeasePayments_c20181001__20181002__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Mining lease payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2018-10-012018-10-02_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">400,000</ix:nonFraction></span>, which were due at the end of September and on October 1, 2018. As per the Agreement, the Company had
15 days, from the date notice of default was provided (September 28, 2018), to remediate the default by making the outstanding payment.
While management worked with urgency to resolve this matter, management was ultimately unsuccessful in remedying the default, resulting
in the Agreement being terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2018, the Company announced that it was successful in renewing the Agreement, effectively with the original Agreement intact,
except monthly payments were reduced to $<span id="xdx_90C_ecustom--ReducationOfMonthlyLeasePayments_c20181113__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0"><ix:nonFraction name="BHLL:ReducationOfMonthlyLeasePayments" contextRef="AsOf2018-11-13_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per month for 12 months, with the accumulated
reduction in payments of $<span id="xdx_907_ecustom--AccumulatedReductionOfLeasePayments_c20181113__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0"><ix:nonFraction name="BHLL:AccumulatedReductionOfLeasePayments" contextRef="AsOf2018-11-13_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">140,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per month (&#8220;deferred payments&#8221;) being
accrued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 1, 2019, the Agreement was amended (the &#8220;Amended Agreement&#8221;). The key terms of the Amended Agreement are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    lease period was extended for an additional period of nine months to August 1, 2020, with <span id="xdx_90C_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20191030__20191101__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember" title="Option to extend lease period"><ix:nonNumeric contextRef="From2019-10-302019-11-01_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" name="us-gaap:LesseeOperatingLeaseOptionToExtend">the option to extend for a further six
    months based upon payment of a one-time $<span id="xdx_903_eus-gaap--ProfessionalFees_c20191030__20191101__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Option extension fee"><ix:nonFraction name="us-gaap:ProfessionalFees" contextRef="From2019-10-302019-11-01_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span> extension fee (extended)</ix:nonNumeric></span>; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company will make monthly care and maintenance payments to Placer Mining of $<span id="xdx_90E_eus-gaap--OperatingLeasePayments_c20191030__20191101__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Mining lease payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2019-10-302019-11-01_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span> until exercising the option to purchase; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purchase price is set at $<span id="xdx_902_ecustom--OptionToPurchaseLeaseAssetPrice_c20191030__20191101__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Option to purchase lease asset price"><ix:nonFraction name="BHLL:OptionToPurchaseLeaseAssetPrice" contextRef="From2019-10-302019-11-01_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,000,000</ix:nonFraction></span> for <span id="xdx_90A_ecustom--RoyaltyPercentageOfNetSmelterReturnOnSales_pid_dp_uPure_c20191030__20191101__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zO8p1ri83Xad" title="Royalty percentage of net smelter return on sales"><ix:nonFraction name="BHLL:RoyaltyPercentageOfNetSmelterReturnOnSales" contextRef="From2019-10-302019-11-01_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the Bunker Assets to be paid with $<span id="xdx_909_ecustom--OptionToPurchaseLeaseAssetPrice_c20191030__20191101__us-gaap--AwardTypeAxis__custom--BunkerAssetsToBePaidInCashMember__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Option to purchase lease asset price"><ix:nonFraction name="BHLL:OptionToPurchaseLeaseAssetPrice" contextRef="From2019-10-302019-11-01_custom_BunkerAssetsToBePaidInCashMember_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,200,000</ix:nonFraction></span> in cash, and $<span id="xdx_906_ecustom--OptionToPurchaseLeaseAssetPrice_c20191030__20191101__us-gaap--AwardTypeAxis__custom--BunkerAssetsToBePaidInSharesMember__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Option to purchase lease asset price"><ix:nonFraction name="BHLL:OptionToPurchaseLeaseAssetPrice" contextRef="From2019-10-302019-11-01_custom_BunkerAssetsToBePaidInSharesMember_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,800,000</ix:nonFraction></span> in common shares.
    The purchase price also includes the negotiable United States Environmental Protection Agency (&#8220;EPA&#8221;) costs of $<span id="xdx_90F_ecustom--OptionToPurchaseLeaseAssetPrice_c20191030__20191101__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Option to purchase lease asset price"><ix:nonFraction name="BHLL:OptionToPurchaseLeaseAssetPrice" contextRef="From2019-10-302019-11-01_custom_EnvironmentalProtectionAgencyMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,000,000</ix:nonFraction></span>.
    The Amended Agreement provides for the elimination of all royalty payments that were to be paid to the mine owner. Upon signing the
    Amended Agreement, the Company paid a one-time, non-refundable cash payment of $<span id="xdx_90D_eus-gaap--PaymentsForParticipationLiabilities_c20191030__20191101__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Cash payment"><ix:nonFraction name="us-gaap:PaymentsForParticipationLiabilities" contextRef="From2019-10-302019-11-01_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></span> to the mine owner. This payment will be applied
    to the purchase price upon execution of the purchase option. In the event the Company elects not to exercise the purchase option,
    the payment shall be treated as an additional care and maintenance payment.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2020, <span id="xdx_904_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20200726__20200727__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember" title="Option to extend lease period"><ix:nonNumeric contextRef="From2020-07-262020-07-27_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" name="us-gaap:LesseeOperatingLeaseOptionToExtend">the Company extended the lease with Placer Mining for a further 18 months for a $<span id="xdx_906_eus-gaap--OperatingLeasePayments_c20200726__20200727__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Mining lease payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2020-07-262020-07-27_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,000</ix:nonFraction></span> extension fee. This extension
expires on August 1, 2022</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2020, the Company signed a further amendment to the Amended Agreement. Under the terms of this amendment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--LesseeOperatingLeaseDescription_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember" title="Lease term description"><ix:nonNumeric contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" name="us-gaap:LesseeOperatingLeaseDescription">The
    Company will continue to make monthly care and maintenance payments to Placer Mining of $<span id="xdx_905_eus-gaap--PaymentsToAcquireMiningAssets_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Payments to acquire mining interest"><ix:nonFraction name="us-gaap:PaymentsToAcquireMiningAssets" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span> until exercising the option to purchase</ix:nonNumeric></span>;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purchase price was reduced to $<span id="xdx_901_eus-gaap--BusinessCombinationConsiderationTransferred1_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Purchases price consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,700,000</ix:nonFraction></span>, with $<span id="xdx_90F_eus-gaap--PaymentsToAcquireBusinessesGross_pp0p0_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zVNjahqY5rri" title="Payable in cash"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,700,000</ix:nonFraction></span> payable in cash (with an aggregate of $<span id="xdx_90C_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pp0p0_c20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_z0DZyFQ2aZM2" title="Aggregate in amount"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></span> to be credited toward the
    purchase price of the Bunker Assets as having been previously paid by the Company and an aggregate of $<span id="xdx_907_ecustom--PaymentsToAcquireBusinessesInCash_pp0p0_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_ztR4WBmv4Iz2" title="Payments for cash outstanding"><ix:nonFraction name="BHLL:PaymentsToAcquireBusinessesInCash" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,400,000</ix:nonFraction></span> payable in cash
    outstanding) and $<span id="xdx_906_eus-gaap--BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Consideration shares"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></span> in common shares. The reference price for the payment in common shares will be based on the common share
    price of the last equity raise before the option is exercised;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&#8217;s contingent obligation to settle $<span id="xdx_903_ecustom--GainOnSettlementOfAccountsPayable_pp0p0_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zo8Gwkjqq2je" title="Gain on settlement of accounts payable"><ix:nonFraction name="BHLL:GainOnSettlementOfAccountsPayable" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,787,300</ix:nonFraction></span> of accrued payments due to Placer Mining has been waived. As a result,
    the Company recorded a gain on settlement of accounts payable of $<span id="xdx_901_ecustom--GainOnSettlementOfAccountsPayable_pp0p0_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_z0YNPhvN4UB" title="Gain on settlement of accounts payable"><ix:nonFraction name="BHLL:GainOnSettlementOfAccountsPayable" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,787,300</ix:nonFraction></span>; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company is to make an advance payment of $<span id="xdx_909_ecustom--AdvancePayment_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Advance payment"><ix:nonFraction name="BHLL:AdvancePayment" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></span> (paid) to Placer Mining which shall be credited toward the purchase price if
    and when the Company elects to exercise its purchase right. In the event that the Company irrevocably elects not to exercise its
    purchase right, the advance payment of $<span id="xdx_90E_eus-gaap--PaymentsToAcquireProductiveAssets_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Payments to Acquire Productive Assets"><ix:nonFraction name="us-gaap:PaymentsToAcquireProductiveAssets" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></span> will be repaid to the Company within twelve months from the date of such election.
    This payment had the effect of decreasing the remaining amount payable to purchase the Bunker Assets to an aggregate of $<span id="xdx_908_eus-gaap--PaymentsToAcquireBusinessesGross_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementsMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_pp0p0" title="Payable in cash"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementsMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,400,000</ix:nonFraction></span>
    payable in cash and $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20201111__20201120__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementsMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zOdyUFPmfwPc" title="Stock Issued During Period, Value, New Issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-11-112020-11-20_custom_OptionToPurchaseAgreementsMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></span> in common shares of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">As at December 31, 2021 and 2020, the Company
accrued for a total of $nil for each year (June 30, 2020 - $<span id="xdx_90B_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_c20200630__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_z2dbgPZjgbid" title="Accrued liabilities in accounts payable"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" contextRef="AsOf2020-06-30_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,847,300</ix:nonFraction></span>), which was included in accounts payable. These monthly payments
will be waived should the Company choose to exercise its option.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 90; Value: 1 -->
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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purchase
of the Bunker Hill Mine:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, the Company announced its intention to purchase the mine complex, which was consummated subsequent to the close
of the period. With the execution of the EPA settlement agreement amendment described below and the expected receipt of $<span id="xdx_901_eus-gaap--ProceedsFromConvertibleDebt_c20211201__20211231__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zLghRsWQ6ySl"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-12-012021-12-31_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">proceeds from the Royalty Convertible Debenture,
the Company has contracted to purchase the Bunker Hill Mine from Placer Mining Corp. and a definitive agreement has been signed by both
parties. The terms of the purchase were modified to a purchase price of $<span id="xdx_901_eus-gaap--PaymentsForPreviousAcquisition_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_z2iukjxv6Ab3" title="Payment for previous lease acquisition"><ix:nonFraction name="us-gaap:PaymentsForPreviousAcquisition" contextRef="From2021-01-012021-12-31_custom_DefinitiveAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,700,000</ix:nonFraction></span>, with $<span id="xdx_901_ecustom--PaymentsForPreviousLeaseAcquisition_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zA2WtEki6zS"><ix:nonFraction name="BHLL:PaymentsForPreviousLeaseAcquisition" contextRef="From2021-01-012021-12-31_custom_DefinitiveAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span> of previous lease payments and a
deposit of $<span id="xdx_907_eus-gaap--OtherPaymentsToAcquireBusinesses_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zmmquoCA9eHc" title="Deposit for acquisition"><ix:nonFraction name="us-gaap:OtherPaymentsToAcquireBusinesses" contextRef="From2021-01-012021-12-31_custom_DefinitiveAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span> applied to the purchase, resulting in cash paid at closing of approximately $<span id="xdx_90B_eus-gaap--PaymentsToAcquireBusinessesGross_c20211201__20211231__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember__srt--RangeAxis__srt--MaximumMember_z9UgQsqxvCL8"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2021-12-012021-12-31_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,400,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in cash, from $<span id="xdx_902_eus-gaap--PaymentsToAcquireBusinessesGross_c20211201__20211231__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember__srt--RangeAxis__srt--MinimumMember_zjp7uKpkwLN6"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2021-12-012021-12-31_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,400,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of cash and $<span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_c20211201__20211231__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_ziJMKzWJzYnh"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" contextRef="From2021-12-012021-12-31_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of common shares in the Company. Purchase
of the mine consists of over 400 patented mining claims and <span id="xdx_90D_eus-gaap--AreaOfLand_iI_uAcre_c20211231__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember__srt--RangeAxis__srt--MaximumMember_zpNyfxUlX6af"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2021-12-31_custom_OptionToPurchaseAgreementMember_custom_PlacerMiningCorpMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">5,800</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">acres of private land.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing
of the transaction occurred in January 2022, concurrent with funding of the Royalty Convertible Debenture, approval of the transaction
by Placer Mining Corp. shareholders, and satisfaction of other closing conditions. See Note 16, Subsequent Events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environmental
Protection Agency Agreement:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the payments to Placer Mining described above, and pursuant to an agreement with the EPA whereby for so long as Bunker leases,
owns and/or occupies the Bunker Hill Mine, the Company will make payments to the EPA on behalf of the current owner in satisfaction of
the EPA&#8217;s claim for cost recovery. These payments, if all are made, will total $<span id="xdx_905_ecustom--PaymentsOfClaimForCostRecovery_iI_pp0p0_c20201231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zDBFJFalIUwe" title="Payments for cost recovery"><ix:nonFraction name="BHLL:PaymentsOfClaimForCostRecovery" contextRef="AsOf2020-12-31_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,000,000</ix:nonFraction></span>. The agreement calls for payments starting
with $<span id="xdx_907_ecustom--PaymentsOfClaimForCostRecovery_iI_pp0p0_c20201231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardTypeAxis__custom--ThirtyDaysMember_zqSDuFVExz1e"><ix:nonFraction name="BHLL:PaymentsOfClaimForCostRecovery" contextRef="AsOf2020-12-31_custom_EnvironmentalProtectionAgencyMember_custom_ThirtyDaysMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000,000</ix:nonFraction></span> 30 days after a fully ratified agreement was signed followed by a payment schedule detailed below:</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EnvironmentalProtectionAgencyMember" escape="true" name="BHLL:ScheduleOfPaymentForMiningTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfPaymentForMiningTableTextBlock_hus-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zNIlv0UjiYak" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zQXJs5mcHmb3" style="display: none">Schedule of Payments for Mining</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Action</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 66%; text-align: justify">Within 30 days of the effective date</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span id="xdx_901_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--AwardDateAxis__custom--WithinThirtyDaysOfTheEffectiveDateMember__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zmvs5wUbwGke" title="Lease liability payments due"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_WithinThirtyDaysOfTheEffectiveDateMember_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 14%; text-align: center"><span id="xdx_901_ecustom--LeaseLiabilityPaymentAction_c20210101__20211231__us-gaap--AwardDateAxis__custom--WithinThirtyDaysOfTheEffectiveDateMember__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zJ7DLRRRYLx6" title="Lease liability payment action"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_WithinThirtyDaysOfTheEffectiveDateMember_custom_EnvironmentalProtectionAgencyMember" name="BHLL:LeaseLiabilityPaymentAction">Paid</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">November 1, 2018</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndEighteenMember_zZ8Tcb9qSGq2" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndEighteenMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_907_ecustom--LeaseLiabilityPaymentAction_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndEighteenMember_zmA8LgNpqKQb" title="Lease liability payment action"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndEighteenMember" name="BHLL:LeaseLiabilityPaymentAction">Not paid</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">November 1, 2019</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--OptionToPurchaseAgreementMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndNineteenMember_zqzEWQqX4MV2" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_OptionToPurchaseAgreementMember_custom_NovemberFirstTwoThousandAndNineteenMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_909_ecustom--LeaseLiabilityPaymentAction_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndNineteenMember_zjmk3P1MBy4k" title="Lease liability payment action"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndNineteenMember" name="BHLL:LeaseLiabilityPaymentAction">Not paid</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">November 1, 2020</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyMember_zdmkmcQPnATc" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndTwentyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90A_ecustom--LeaseLiabilityPaymentAction_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyMember_ztZtFPiEijja" title="Lease liability payment action"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndTwentyMember" name="BHLL:LeaseLiabilityPaymentAction">Not paid</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">November 1, 2021</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyOneMember_zdlMnaOuMbW7" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndTwentyOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90A_ecustom--LeaseLiabilityPaymentAction_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyOneMember_zUbNp8cgpTR2" title="Lease liability payment action"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndTwentyOneMember" name="BHLL:LeaseLiabilityPaymentAction">Not paid</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">November 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyTwoMember_z4d8NkJkjKxl" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndTwentyTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">November 1, 2023</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyThreeMember_zS6Cpz25N5z" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndTwentyThreeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">November 1, 2024</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyFourMember_zXTGdXRDk11" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_NovemberFirstTwoThousandAndTwentyFourMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_z8eINADKjFz6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total unpaid EPA cost recovery payments under the agreement was $<span id="xdx_903_ecustom--PaymentsOnCostRecovery_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zfSylJdD3T67" title="Payments on cost recovery"><ix:nonFraction name="BHLL:PaymentsOnCostRecovery" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461156" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,000,000</ix:nonFraction></span> at December 31, 2021 (December 31, 2020 - $<span id="xdx_90F_ecustom--PaymentsOnCostRecovery_iI_pp0p0_c20201231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zuL2aOEwm7b3"><ix:nonFraction name="BHLL:PaymentsOnCostRecovery" contextRef="AsOf2020-12-31_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,000,000</ix:nonFraction></span> and
June 30, 2020 - $<span id="xdx_90C_ecustom--PaymentsOnCostRecovery_iI_pp0p0_c20200630__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zFdTBllhNKN2"><ix:nonFraction name="BHLL:PaymentsOnCostRecovery" contextRef="AsOf2020-06-30_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000,000</ix:nonFraction></span>, respectively).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to these cost recovery payments, the Company is to make semi-annual payments of $<span id="xdx_90A_ecustom--SemiannualLeasePayments_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember__us-gaap--AwardDateAxis__custom--JuneOneandDecemberOneOfEachYearMember_zFPrU0fQAPlk"><ix:nonFraction name="BHLL:SemiannualLeasePayments" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember_custom_JuneOneandDecemberOneOfEachYearMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">480,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on June 1 and December 1 of each year, to cover
the EPA&#8217;s costs of operating and maintaining the water treatment facility that treats the water being discharged from the Bunker
Hill Mine. The Company also has received invoices from the EPA for additional water treatment charges for the periods from December 2017
to May 2021, and has accrued costs for estimated water treatment costs through December 31, 2021. &#8239;A total of $<span id="xdx_90A_ecustom--OperatingLeaseNetPayments_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zdb185aD9SR2"><ix:nonFraction name="BHLL:OperatingLeaseNetPayments" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,110,706</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was outstanding as at December 31, 2021 (December
31, 2020 - $<span id="xdx_902_ecustom--OperatingLeaseNetPayments_iI_c20201231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zdqRNz46OEdj"><ix:nonFraction name="BHLL:OperatingLeaseNetPayments" contextRef="AsOf2020-12-31_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,136,050</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and June 30, 2020 - $<span id="xdx_90C_ecustom--OperatingLeaseNetPayments_iI_c20200630__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_z2eOK8RzNCGc"><ix:nonFraction name="BHLL:OperatingLeaseNetPayments" contextRef="AsOf2020-06-30_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,309,388</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively). In December 2021, the Company entered into a Settlement Amendment, described below, under which a payment of $<span id="xdx_901_eus-gaap--OtherLiabilities_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zqCuiyABHpZ2"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,963,111</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">would be made toward</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
water treatment liabilities, representing the balance of liabilities owed for the 2020 and earlier invoices, net of payments made
through the end of September 2021. In consultation with the EPA, the Company has committed to meet this obligation by 180 days from the
effective date of the Amended Settlement Agreement. The unpaid EPA balance is subject to interest at the rate specified for interest
on investments of the EPA Hazardous Substance Superfund, which was <span id="xdx_90C_eus-gaap--InvestmentInterestRate_iI_pdp0_dp_uPure_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zzCT2Z89NV99"><ix:nonFraction name="us-gaap:InvestmentInterestRate" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461156" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.10</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
at December 31, 2021. As at December 31, 2021, the interest accrued on the unpaid EPA balance was $<span id="xdx_906_eus-gaap--InterestReceivable_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zJVKhOtk2tcb"><ix:nonFraction name="us-gaap:InterestReceivable" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">306,502</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(December 31, 2020 - $<span id="xdx_905_eus-gaap--InterestReceivable_iI_c20201231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zgH5B89GQur2"><ix:nonFraction name="us-gaap:InterestReceivable" contextRef="AsOf2020-12-31_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">162,540</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and June 30, 2020 - $<span id="xdx_907_eus-gaap--InterestReceivable_iI_c20200630__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zh6OvjxPENob"><ix:nonFraction name="us-gaap:InterestReceivable" contextRef="AsOf2020-06-30_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">89,180</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company has accrued an estimate for additional water treatment charges based on an invoice received
covering the period of November 2019 to October 2020 and a further invoice covering the period of November 2020 to May 2021. The Company
believes that the charges in this latter invoice, of approximately $<span id="xdx_902_ecustom--AccrualAmount_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_z8frvbQCeUaj"><ix:nonFraction name="BHLL:AccrualAmount" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">165,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per month, represent the best estimate of unbilled
charges for the period of June 2021 to December 2021, and has accrued for these charges accordingly. Net of a total of $<span id="xdx_903_ecustom--AnnualAccrualAmount_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zq9LfshUBc6k"><ix:nonFraction name="BHLL:AnnualAccrualAmount" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">880,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash payments made to the EPA during the year,
the total accrual for EPA water treatment charges is $<span id="xdx_901_ecustom--PaymentsOnAnnualAccrualAmount_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zdlVUyG0Ufr4"><ix:nonFraction name="BHLL:PaymentsOnAnnualAccrualAmount" contextRef="From2021-01-012021-12-31_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,110,706</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as of December 31, 2021, before consideration
of unpaid cost recovery payments. The Company has included all unpaid and accrued EPA payments and accrued interest in accounts payable
and accrued liabilities, totaling $<span id="xdx_906_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zEfax1yyvRz4"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,417,208</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">due to the EPA at December 31, 2021 (December
31, 2020 - $<span id="xdx_906_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iI_c20201231__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zckUxH0JJFue"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,298,594</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and June 30, 2020 - $<span id="xdx_908_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iI_c20200630__us-gaap--TypeOfArrangementAxis__custom--EnvironmentalProtectionAgencyMember_zq86tnM3Pvfl"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2020-06-30_custom_EnvironmentalProtectionAgencyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,915,235</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively). For the year ended December 31, 2021, water treatment costs of $<span id="xdx_900_eus-gaap--CostsIncurredExplorationCosts_c20210101__20211231_zT0GEsPQrDT2"><ix:nonFraction name="us-gaap:CostsIncurredExplorationCosts" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,998,615</ix:nonFraction></span> were recognized as part of exploration expense
(six months ended December 31, 2020 &#8211; $<span id="xdx_901_eus-gaap--CostsIncurredExplorationCosts_c20200701__20201231_zC7UxRXdIHye"><ix:nonFraction name="us-gaap:CostsIncurredExplorationCosts" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,873,359</ix:nonFraction></span>, year ended June 30, 2020 &#8211; $<span id="xdx_904_eus-gaap--CostsIncurredExplorationCosts_c20200101__20200630_zIgoI5JMLXSd"><ix:nonFraction name="us-gaap:CostsIncurredExplorationCosts" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,905,235</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EPA
Settlement Agreement Amendment:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, in conjunction with its intention to purchase the mine complex, the Company entered into an amended Settlement Agreement
(the &#8220;Amendment&#8221;) between the Company, Idaho Department of Environmental Quality, US Department of Justice and the EPA,
modifying the payment schedule and payment terms for recovery of historical environmental response costs at Bunker Hill Mine incurred
by the EPA. With the purchase of the mine subsequent to the end of the period, the remaining payments of the EPA cost recovery liability
would be assumed by the Company, resulting in a total of $<span id="xdx_905_ecustom--LiabilityAssumed_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zDUN7CsLu1oi"><ix:nonFraction name="BHLL:LiabilityAssumed" contextRef="AsOf2021-12-31_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">liability to the Company, an increase of
$<span id="xdx_907_ecustom--IncreaseInLiabilityAssumed_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zGmVTzapntG7"><ix:nonFraction name="BHLL:IncreaseInLiabilityAssumed" contextRef="AsOf2021-12-31_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The new payment schedule includes a $<span id="xdx_902_ecustom--PaymentsOfClaimForCostRecovery_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zi0vkcL74QPi"><ix:nonFraction name="BHLL:PaymentsOfClaimForCostRecovery" contextRef="AsOf2021-12-31_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment to the EPA within 30 days of execution
of this amendment, which was paid subsequent to December 31, 2021. The remaining $<span id="xdx_90E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EnvironmentalProtectionAgencyMember_z0w7TptzW9A2"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_EnvironmentalProtectionAgencyMember137461421" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,000,000</ix:nonFraction>
</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">will be paid on the following dates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 91; Value: 1 -->
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<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_EPASettlementAgreementAmendmentMember" escape="true" name="BHLL:ScheduleOfPaymentForMiningTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfPaymentForMiningTableTextBlock_hus-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zIM1yKRRZrui" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zVLMPVeoOGnj" style="display: none">Schedule of Payments for Mining</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">November 1, 2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: right">$</td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyFourMember__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zfxuIPvHCa19" title="Lease liability payments due" style="width: 56%; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_NovemberFirstTwoThousandAndTwentyFourMember_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>November 1, 2025</td><td>&#160;</td>
    <td style="text-align: right">$</td><td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyFiveMember__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zEwoan9sdalk" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_NovemberFirstTwoThousandAndTwentyFiveMember_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>November 1, 2026</td><td>&#160;</td>
    <td style="text-align: right">$</td><td id="xdx_988_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentySixMember__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_z5vkqJWRls9a" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_NovemberFirstTwoThousandAndTwentySixMember_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>November 1, 2027</td><td>&#160;</td>
    <td style="text-align: right">$</td><td id="xdx_986_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentySevenMember__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zSdOC7IS4v5i" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_NovemberFirstTwoThousandAndTwentySevenMember_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>November 1, 2028</td><td>&#160;</td>
    <td style="text-align: right">$</td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyEightMember__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zSP7iu6Lk8s1" title="Lease liability payments due" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_NovemberFirstTwoThousandAndTwentyEightMember_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>November 1, 2029</td><td>&#160;</td>
    <td style="text-align: right">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_c20211231__us-gaap--AwardDateAxis__custom--NovemberFirstTwoThousandAndTwentyNineMember__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_zjGVajQeIj7i" title="Lease liability payments due"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31_custom_NovemberFirstTwoThousandAndTwentyNineMember_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></span> plus accrued interest</span></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zASQCa8Kgm41" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
resumption of payments in 2024 were agreed in order to allow the Company to generate sufficient revenue from mining activities at the
Bunker Hill Mine to address remaining payment obligations from free cash flow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the cost recovery payments outlined above, the Amendment includes payment for outstanding water treatment costs that have
been incurred over the period from 2018 through October 2020. This approximately $<span id="xdx_902_ecustom--SettlementPayment_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_z0fdXA5QWWo8"><ix:nonFraction name="BHLL:SettlementPayment" contextRef="From2021-01-012021-12-31_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,900,000</ix:nonFraction>
</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment would be made within 90 days
of the execution of the Amendment. On March 22, 2022, the Company reported that in consultation with the EPA, it has committed to
meet the approximately $<span id="xdx_905_eus-gaap--LossContingencyAccrualProvision_c20220321__20220322__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_z6ZLTqUuAgAi" title="Loss contingency accrual, provision"><ix:nonFraction name="us-gaap:LossContingencyAccrualProvision" contextRef="From2022-03-212022-03-22_us-gaap_SubsequentEventMember_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,900,000</ix:nonFraction></span> and Financial Assurance obligations by 180 days from the effective date of the Amended Settlement Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The changes in payment
terms and schedule, are contingent upon the Company securing Financial Assurance in the form of performance bonds or letters of credit
deemed acceptable to the EPA totaling $<span id="xdx_906_eus-gaap--LettersOfCreditOutstandingAmount_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--EPASettlementAgreementAmendmentMember_z1NaIY1oUg4f"><ix:nonFraction name="us-gaap:LettersOfCreditOutstandingAmount" contextRef="AsOf2021-12-31_custom_EPASettlementAgreementAmendmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,000,000</ix:nonFraction></span>. These assurances correspond to the Company&#8217;s cost recovery obligations to be paid in 2024 through 2029 as outlined above.
Should the Company fail to make its scheduled payment, the EPA can draw against this financial assurance. The amount of the bonds or
letters of credit will decrease over time as individual payments are made. If the Company fails to post the Final Financial Assurance
within 180 days of the execution of the Amendment, the terms of the original agreement as described above will be reinstated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2021, the Company had not secured the interim financial assurance, and therefore the contingency had not been removed
or satisfied. Further, as of the date of this filing, the financial assurance has not been secured, and as a result, the liability to
the EPA is accounted for with no effectivity of the Amendment, with the liabilities each reflected as current liabilities. See Note 16,
Subsequent Events.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_80A_eus-gaap--DebtDisclosureTextBlock_zRYScdxX5u9e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.
<span id="xdx_82F_zUj0gExtM79a">Convertible loan payable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 13, 2018, the Company entered into a loan and warrant agreement with Hummingbird Resources PLC (&#8220;Hummingbird&#8221;), an arm&#8217;s
length investor, for an unsecured convertible loan in the aggregate sum of $<span id="xdx_905_eus-gaap--UnsecuredDebt_iI_pp0p0_c20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zjqYWdYRdKHi" title="Unsecured convertible loans payable"><ix:nonFraction name="us-gaap:UnsecuredDebt" contextRef="AsOf2018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,500,000</ix:nonFraction></span>, bearing interest at <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zD6a5jVbMNy1" title="Loan interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% per annum, maturing in
<span id="xdx_90C_eus-gaap--DebtInstrumentTerm_c20180612__20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zuLJCQQmBQw6" title="Maturity term"><ix:nonNumeric contextRef="From2018-06-122018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" format="ixt-sec:durwordsen" name="us-gaap:DebtInstrumentTerm">one year</ix:nonNumeric></span>. Contemporaneously, the Company agreed to issue <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_pdd" title="Warrants to purchase shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">229,464</ix:nonFraction></span> share purchase warrants, entitling the lender to acquire <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20180612__20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_pdd" title="Number of shares acquired"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2018-06-122018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">229,464</ix:nonFraction></span> common
shares of the Company, at a price of C$<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uCADPShares_c20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zYE4YIFdp40c" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">8.50</ix:nonFraction></span> per common share, for <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_z1aTBf8FAx34" title="Warrants term"><ix:nonNumeric contextRef="AsOf2018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">two years</ix:nonNumeric></span>. Under the terms of the loan agreement, the lender may, at
any time prior to maturity, convert any or all of the principal amount of the loan and accrued interest thereon, into common shares of
the Company at a price per share equal to C$8.50. <span id="xdx_90A_eus-gaap--DefaultLongtermDebtDescriptionOfViolationOrEventOfDefault_c20180612__20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zmmlLAuBsWka" title="Event of default description"><ix:nonNumeric contextRef="From2018-06-122018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" name="us-gaap:DefaultLongtermDebtDescriptionOfViolationOrEventOfDefault">In the event that a notice of conversion would result in the lender holding 10% or
more of the Company&#8217;s issued and outstanding shares, then, in the alternative, and under certain circumstances, the Company would
be required to pay cash to the lender in an amount equal to C$<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uCADPShares_c20180613__us-gaap--TypeOfArrangementAxis__custom--LoanAndWarrantAgreementMember__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zx4g0hQvTHee"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2018-06-13_custom_LoanAndWarrantAgreementMember_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">8.50</ix:nonFraction></span> multiplied by the number of shares intended to be issued upon conversion.
Further, in the event that the lender holds more than 5% of the issued and outstanding shares of the Company subsequent to the exercise
of any of its convertible securities held under this placement, it shall have the right to appoint one director to the board of the Company.</ix:nonNumeric></span>
Lastly, among other things, the loan agreement further provides that for as long as any amount is outstanding under the convertible loan,
the investor retains a right of first refusal on any Company financing or joint venture/strategic partnership/disposal of assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2018, the amount of the Hummingbird convertible loan payable was increased to $<span id="xdx_909_eus-gaap--ConvertibleDebt_iI_pp0p0_c20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zjtzlEdkR3Rh" title="Convertible loan payable"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2018-08-31_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></span> from its original $<span id="xdx_90F_eus-gaap--DebtConversionOriginalDebtAmount1_pp0p0_c20180801__20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zDlthp2SV6Df" title="Debt conversion original debt amount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2018-08-012018-08-31_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,500,000</ix:nonFraction></span> loan, net
of $<span id="xdx_908_eus-gaap--DeferredFinanceCostsNet_c20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_pp0p0" title="Debt issuance costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2018-08-31_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">45,824</ix:nonFraction></span> of debt issue costs. An additional <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_pdd" title="Warrants to purchase shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2018-08-31_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">116,714</ix:nonFraction></span> warrants with each warrant exercisable at C$<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uCADPShares_c20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zrVFsJJ6vwD7" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2018-08-31_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">4.50</ix:nonFraction></span> were issued. Under the terms of
the amended and restated loan agreement, Hummingbird may, at any time prior to maturity, convert any or all of the principal amount of
the loan and accrued interest thereon, into common shares of Bunker as follows: (i) $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedLoanAgreementMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayableOneMember_zQiJckINS0q6" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2018-08-31_custom_HummingbirdResourcesPLCMember_custom_AmendedAndRestatedLoanAgreementMember_custom_ConvertibleNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500,000</ix:nonFraction></span>, being the original principal amount (the
&#8220;Principal Amount&#8221;), may be converted at a price per share equal to C$<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_uCADPShares_c20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedLoanAgreementMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayableOneMember_zZOwZbvnLjX" title="Conversion price per share"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2018-08-31_custom_HummingbirdResourcesPLCMember_custom_AmendedAndRestatedLoanAgreementMember_custom_ConvertibleNotesPayableOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">8.50</ix:nonFraction></span>; (ii) <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20180801__20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedLoanAgreementMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayableOneMember_zWD44upEbpuf" title="Number of shares acquired"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2018-08-012018-08-31_custom_HummingbirdResourcesPLCMember_custom_AmendedAndRestatedLoanAgreementMember_custom_ConvertibleNotesPayableOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">229,464</ix:nonFraction></span> common shares may be acquired upon
exercise of warrants at a price of C$<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uCADPShares_c20180831__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedLoanAgreementMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayableOneMember_zUgsUat6jkq9" title="Warrants exercise price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2018-08-31_custom_HummingbirdResourcesPLCMember_custom_AmendedAndRestatedLoanAgreementMember_custom_ConvertibleNotesPayableOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">8.50</ix:nonFraction></span> per warrant for a period of two years from the date of issuance; (iii) $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20180831__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedLoanAgreementMember__us-gaap--ExtinguishmentOfDebtAxis__custom--HummingbirdAdditionalAmountMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayableTwoMember_zsh5gvS27EDi" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2018-08-31_custom_AmendedAndRestatedLoanAgreementMember_custom_HummingbirdAdditionalAmountMember_custom_ConvertibleNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span>, being the
additional principal amount (the &#8220;Additional Amount&#8221;), may be converted at a price per share equal to C$<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_uCADPShares_c20180831__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedLoanAgreementMember__us-gaap--ExtinguishmentOfDebtAxis__custom--HummingbirdAdditionalAmountMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayableTwoMember_zPYycBwUNDx5" title="Conversion price per share"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2018-08-31_custom_AmendedAndRestatedLoanAgreementMember_custom_HummingbirdAdditionalAmountMember_custom_ConvertibleNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">4.50</ix:nonFraction></span>; and (iv) <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20180801__20180831__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedLoanAgreementMember__us-gaap--ExtinguishmentOfDebtAxis__custom--HummingbirdAdditionalAmountMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayableTwoMember_zX0Ky5hhdEC" title="Number of shares acquired"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2018-08-012018-08-31_custom_AmendedAndRestatedLoanAgreementMember_custom_HummingbirdAdditionalAmountMember_custom_ConvertibleNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">116,714</ix:nonFraction></span>
common shares may be acquired upon exercise of warrants at a price of C$<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uCADPShares_c20180831__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedLoanAgreementMember__us-gaap--ExtinguishmentOfDebtAxis__custom--HummingbirdAdditionalAmountMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayableTwoMember_z1woNKObO907" title="Warrants exercise price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2018-08-31_custom_AmendedAndRestatedLoanAgreementMember_custom_HummingbirdAdditionalAmountMember_custom_ConvertibleNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">4.50</ix:nonFraction></span> per warrant for a period of two years from the date issuance.
In the event that Hummingbird would acquire common shares in excess of 9.999% through the conversion of the Principal Amount or the Additional
Amount, including interest accruing thereon, or on exercise of the warrants as disclosed herein, the Company shall pay to Hummingbird
a cash amount equal to the common shares exercised in excess of 9.999%, multiplied by the conversion price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 92; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2019, Hummingbird agreed to extend the scheduled maturity date of the loan to <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20180701__20190630__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zysDiMhKJerj" title="Extended maturity date"><ix:nonNumeric contextRef="From2018-07-012019-06-30_custom_HummingbirdResourcesPLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">June 30, 2020</ix:nonNumeric></span>. This was accounted
for as a loan extinguishment which resulted in the recording of a net loss on loan extinguishment of $<span id="xdx_900_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20180701__20190630__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_z5lUsf1pCyc9" title="Loss on loan extinguishment"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2018-07-012019-06-30_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,195,880</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2019, the Company settled $<span id="xdx_90D_eus-gaap--RepaymentsOfConvertibleDebt_pp0p0_c20190602__20190630__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zGrOeob94sM9" title="Repayment of convertible debt"><ix:nonFraction name="us-gaap:RepaymentsOfConvertibleDebt" contextRef="From2019-06-022019-06-30_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> of the Additional Amount by issuing <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190602__20190630__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zh1CK7x2sem5" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-06-022019-06-30_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,660,000</ix:nonFraction></span> common shares, which resulted in the recording
of a net loss on loan extinguishment of $<span id="xdx_900_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20190602__20190630__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zJEmFNAzhTZf" title="Loss on extinguishment of debt"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2019-06-022019-06-30_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,193</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2020, the Company settled $<span id="xdx_90B_eus-gaap--RepaymentsOfConvertibleDebt_c20200201__20200229__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_pp0p0" title="Repayment of convertible debt"><ix:nonFraction name="us-gaap:RepaymentsOfConvertibleDebt" contextRef="From2020-02-012020-02-29_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></span> of the Additional Amount by issuing <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200201__20200229__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_pdd" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-012020-02-29_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">696,428</ix:nonFraction></span> common shares, which resulted in the recording
of a net loss on loan extinguishment of $<span id="xdx_909_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20200201__20200229__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_pp0p0" title="Loss on loan extinguishment"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-02-012020-02-29_custom_HummingbirdResourcesPLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,407</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2020, Hummingbird agreed to extend the scheduled maturity date of the loan to <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20200602__20200630__dei--LegalEntityAxis__custom--HummingbirdResourcesPLCMember_zGIuaWazbot5" title="Maturity date"><ix:nonNumeric contextRef="From2020-06-022020-06-30_custom_HummingbirdResourcesPLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">July 31, 2020</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2020, the Company settled the full amount of the outstanding loan by issuing <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201001__20201031__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zXej364x0Ex6" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-10-012020-10-31_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,572,980</ix:nonFraction></span> common shares at a deemed price of C$<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_uCADPShares_c20201031__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zU9c8P3IcfCb" title="Conversion price per share"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-10-31_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.49</ix:nonFraction></span>
based on the fair value of the shares issued. As a result, the Company recorded a gain on debt settlement of $<span id="xdx_90E_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20201001__20201031__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherIncomeMember_zRIUATvaJBAe" title="Loss on loan extinguishment"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-10-012020-10-31_us-gaap_OtherIncomeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,376</ix:nonFraction></span> on the consolidated
statements of loss and comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has accounted for the conversion features and warrants in accordance with ASC Topic 815. The conversion features and warrants
are considered derivative financial liabilities as they are convertible into common shares at a conversion price denominated in a currency
other than the Company&#8217;s functional currency of the U.S. dollar. The estimated fair value of the conversion features and warrants
was determined on the date of issuance and marks to market at each financial reporting period. As at December 31, 2020, the fair values
of the conversion feature and warrants were $nil (June 30, 2020 - $nil).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
expense for the six months ended December 31, 2020 was $<span id="xdx_90E_eus-gaap--AccretionExpense_dxL_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zmYMBEFrlrW3" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1074">nil</span></span> (year ended June 30, 2020 - $<span id="xdx_905_eus-gaap--AccretionExpense_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zlIIlQkpdJx5" title="Accretion expense"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2019-07-012020-06-30_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,266</ix:nonFraction></span>) based on an effective interest rate
of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zTafDFjpp7p4" title="Loan interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-31_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16</ix:nonFraction></span>% after the loan extension.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense for the six months ended December 31, 2020 was $<span id="xdx_905_eus-gaap--InterestExpense_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_z7GpZnpIUDq9" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-07-012020-12-31_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,767</ix:nonFraction></span> (year ended June 30, 2020 - $<span id="xdx_908_eus-gaap--InterestExpense_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_z4zXwEBUaqsd" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2019-07-012020-06-30_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">179,726</ix:nonFraction></span>). As at December 31, 2020, the Company
has an outstanding interest payable of $<span id="xdx_90F_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_dxL_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zp6SUuC20zC6" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1083">nil</span></span> (June 30, 2020 - $<span id="xdx_905_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zz5MErYfWvqj" title="Interest payable"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2020-06-30_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">381,233</ix:nonFraction></span>).</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ConvertibleDebtTableTextBlock"><p id="xdx_89A_eus-gaap--ConvertibleDebtTableTextBlock_zCi9N7SArb9i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B8_zDmWfwau4vi5" style="display: none">Schedule of Convertible Loan Outstanding Interest Payable</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%; text-align: justify">Balance, June 30, 2019</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ConvertibleDebt_iS_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_z2BCJQt1DXDh" title="Balance, June 30, 2019" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2019-06-30_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,744,327</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Accretion expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--AccretionExpense_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_z8g2PxXn1Xqb" title="Accretion expense" style="text-align: right"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2019-07-012020-06-30_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,266</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Loss on loan extinguishment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_z6qxEMlW5UWl" title="Loss on loan extinguishment" style="text-align: right"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2019-07-012020-06-30_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,407</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Partial extinguishment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_ecustom--GainsLossesOnPartialExtinguishmentOfDebt_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zMruocMWKr25" title="Partial extinguishment" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="BHLL:GainsLossesOnPartialExtinguishmentOfDebt" contextRef="From2019-07-012020-06-30_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">300,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Balance, June 30, 2020</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebt_iS_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_znJYt4qzehPl" title="Balance, June 30, 2020" style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2020-06-30_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,600,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Loan extinguishment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_ecustom--LoanExtinguishment_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_z4HoYDEVTpn4" title="Loan extinguishment" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="BHLL:LoanExtinguishment" contextRef="From2020-07-012020-12-31_custom_ConvertibleLoanPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">1,600,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2020</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--ConvertibleDebt_iE_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleLoanPayableMember_zd7ePhdY84kl" title="Balance, December 31, 2020" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1101">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zHACaFgKaW27" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ShortTermDebtTextBlock"><p id="xdx_808_eus-gaap--ShortTermDebtTextBlock_zHf1IGCeVLhd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.
<span id="xdx_821_zfdXcEwxUC7d">Promissory notes payable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
On November 13, 2019, the Company issued a promissory note in the amount of $<span id="xdx_90F_eus-gaap--UnsecuredDebt_iI_pp0p0_c20191113__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zT6f5kMgv9N8" title="Unsecured promissory notes payable"><ix:nonFraction name="us-gaap:UnsecuredDebt" contextRef="AsOf2019-11-13_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></span>. The note was unsecured, bore interest of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20191113__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zdKm4iNlrTZf" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-11-13_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% monthly,
and is due on demand after 90 days from issuance. In consideration for the loan, the Company issued <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20191113__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zcCVI4JNb2J7" title="Warrants to purchase shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2019-11-13_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> common share purchase warrants
to the lender. Each whole warrant entitles the lender to acquire <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_dc_c20191112__20191113__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_z3Ah6yKUY0ak" title="Number of shares acquired"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2019-11-122019-11-13_custom_PromissoryNoteMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">one</ix:nonFraction></span> common share of the Company at a price of C$<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uCADPShares_c20191113__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zLI6gGO582e1" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2019-11-13_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.80</ix:nonFraction></span> per share for a
period of two years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 24, 2020, the Company extended the maturity date of the promissory note payable to <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20200423__20200424__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zBH6pX6ZiVHe" title="Debt instrument, maturity date"><ix:nonNumeric contextRef="From2020-04-232020-04-24_custom_PromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August 1, 2020</ix:nonNumeric></span>. In consideration, the Company
issued <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20200424__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zqPOm40S9M6i" title="Warrants to purchase shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2020-04-24_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> common share purchase warrants to the lender at an exercise price of C$<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uCADPShares_c20200424__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_z1ETYNh0uUDk" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-04-24_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></span>. The warrants expire on <span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20200424__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zBNqrDHd1re1" title="Warrants and rights outstanding, maturity date"><ix:nonNumeric contextRef="AsOf2020-04-24_custom_PromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">November 13, 2021</ix:nonNumeric></span>.
This was accounted for as a loan modification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2020, the Company repaid $<span id="xdx_907_eus-gaap--RepaymentsOfNotesPayable_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyWarrantsMember_zpGW7lR9Zqza" title="Repaid promissory note"><ix:nonFraction name="us-gaap:RepaymentsOfNotesPayable" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableMember_custom_AugustTwoThousandTwentyWarrantsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">110,658</ix:nonFraction></span> of the promissory note and settled the remaining balance of $<span id="xdx_901_eus-gaap--NotesPayable_iI_c20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyWarrantsMember_z2284gGvqHc4" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_PromissoryNotesPayableMember_custom_AugustTwoThousandTwentyWarrantsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">218,281</ix:nonFraction></span>
(C$<span id="xdx_906_eus-gaap--NotesPayable_iI_uCAD_c20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyWarrantsMember_zKOeazISb965" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_PromissoryNoteMember_custom_AugustTwoThousandTwentyWarrantsMember" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">288,000</ix:nonFraction></span>), which included interest payable of $<span id="xdx_901_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyWarrantsMember_zclKA9qCp5w5" title="Outstanding interest payable"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_PromissoryNotesPayableMember_custom_AugustTwoThousandTwentyWarrantsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">28,939</ix:nonFraction></span>, in full by issuing <span id="xdx_901_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyWarrantsMember_znJkprHbFA53" title="Settlement of promissory note for issuing common stock"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableMember_custom_AugustTwoThousandTwentyWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">822,857</ix:nonFraction></span> August 2020 Units (as defined in note 10), recognizing
a loss on debt settlement of $<span id="xdx_904_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyWarrantsMember_zuMmaufuOi3" title="Loss on debt settlement"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-01-012020-12-31_custom_PromissoryNotesPayableMember_custom_AugustTwoThousandTwentyWarrantsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">335,467</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 93; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative financial liabilities
as they are convertible into common shares at a conversion price denominated in a currency other than the Company&#8217;s functional
currency of the US dollar. The estimated fair value of the warrants was determined on the date of issuance and marks to market at each
financial reporting period.</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfFairValueOfDerivativeWarrantLiabilityAssumptionsTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfFairValueOfDerivativeWarrantLiabilityAssumptionsTableTextBlock_zwtQ47fVV9Jj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B9_zW2SasD9lfXb" style="display: none">Schedule of Fair Value of Derivative Warrant Liability Assumptions</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">November 2019 issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected life</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Risk free interest rate</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20211113__us-gaap--PlanNameAxis__custom--NovemberTwoThousandNineteenssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_znywbG348cpg" title="Risk free interest rate"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-11-13_custom_NovemberTwoThousandNineteenssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.30</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Dividend yield</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20211113__us-gaap--PlanNameAxis__custom--NovemberTwoThousandNineteenssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zmNMz69O4fH5" title="Dividend yield"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-11-13_custom_NovemberTwoThousandNineteenssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--SharePrice_iI_c20201231__us-gaap--PlanNameAxis__custom--NovemberTwoThousandNineteenssuanceMember_zJDqRC7pt2p3" title="Share price" style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_NovemberTwoThousandNineteenssuanceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.41</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--SharePrice_iI_c20211113__us-gaap--PlanNameAxis__custom--NovemberTwoThousandNineteenssuanceMember_zpXUfSh10hXg" title="Share price" style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-11-13_custom_NovemberTwoThousandNineteenssuanceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.18</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_989_ecustom--WarrantLiabilitiesFairValue_iI_c20201231__us-gaap--PlanNameAxis__custom--NovemberTwoThousandNineteenssuanceMember_zHETfFshKxaf" title="Fair value" style="text-align: right"><ix:nonFraction name="BHLL:WarrantLiabilitiesFairValue" contextRef="AsOf2020-12-31_custom_NovemberTwoThousandNineteenssuanceMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,999</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Change in derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">April 2020 issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected life</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtD_c20201231__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zd0bYcg5Ewkl" title="Expected life"><ix:nonNumeric contextRef="AsOf2020-12-31_custom_AprilTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:durday" name="us-gaap:WarrantsAndRightsOutstandingTerm">317</ix:nonNumeric></span> days</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: justify">Volatility</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20211113__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_zHgeENq6Dxf6" title="Volatility"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-11-13_custom_AprilTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputOptionVolatilityMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Risk free interest rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z2t5I8G7GNzk" title="Risk free interest rate"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_AprilTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.27</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20211231__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zZDRtAk4mox1" title="Risk free interest rate"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_AprilTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.30</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zwW2gSUJ9Auf" title="Dividend yield"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_AprilTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--SharePrice_iI_c20201231__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember_zr4IIaRshfv4" title="Share price" style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_AprilTwoThousandTwentyIssuanceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.41</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--SharePrice_iI_c20211113__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember_z0ndiWIBGrH8" title="Share price" style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-11-13_custom_AprilTwoThousandTwentyIssuanceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.18</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_984_ecustom--WarrantLiabilitiesFairValue_iI_pp0p0_c20201231__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember_zSgTIoskC4uf" title="Fair value" style="text-align: right"><ix:nonFraction name="BHLL:WarrantLiabilitiesFairValue" contextRef="AsOf2020-12-31_custom_AprilTwoThousandTwentyIssuanceMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">58,373</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Change in derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeGainLossOnDerivativeNet_c20211112__20211113__us-gaap--PlanNameAxis__custom--AprilTwoThousandTwentyIssuanceMember_zBiAEksmNFh2" title="Change in derivative liability" style="text-align: right">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-11-122021-11-13_custom_AprilTwoThousandTwentyIssuanceMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">58,373</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zxMHoY8Xp6R4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
expense for the year ended December 31, 2021 was $<span id="xdx_90F_eus-gaap--AccretionExpense_pp0p0_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zfMf34N6vcOe">nil</span> compared to $<span id="xdx_902_eus-gaap--AccretionExpense_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zBTHlcEQcpHh" title="Accretion expense"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">51,522</ix:nonFraction></span> for the six months ended December 31, 2020 and $<span id="xdx_90C_eus-gaap--AccretionExpense_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zoxgbW7hKVg2" title="Accretion expense"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">155,001</ix:nonFraction></span> for
the year ended June 30, 2020 based on an effective interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zTsLv70O5UG1" title="Debt Instrument effective interest rate percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-12-31_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16</ix:nonFraction></span>% after the loan extension.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense for the year ended December 31, 2021 was $<span id="xdx_900_eus-gaap--InterestExpense_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zxa4jTNboWHe" title="Interest expense">nil</span> compared to $<span id="xdx_90C_eus-gaap--InterestExpense_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_z2aQEqrMcU8k" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,600</ix:nonFraction></span> for the six months ended December 31, 2020 and $<span id="xdx_90E_eus-gaap--InterestExpense_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zoTKLorJ1Mdg" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">22,700</ix:nonFraction></span> for the
year ended June 30, 2020.</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfShortTermDebtTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfShortTermDebtTextBlock_z8P8Q3yuJnLa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B1_zHJMIQocQma6" style="display: none">Schedule of Promissory Notes Outstanding Interest Payable</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Balance, June 30, 2019</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--NotesPayable_iS_pdp0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zlqKydZxeXbc" title="Beginning Balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1200">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 82%; text-align: justify">Proceeds on issuance</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_z3CIqbfEplFl" title="Proceeds on issuance" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Warrant valuation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--WarrantValuation_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zfKyJMQZ9Bz6" title="Warrant valuation" style="text-align: right">(<ix:nonFraction name="BHLL:WarrantValuation" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">206,523</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Accretion expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--AccretionExpense_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_pp0p0" title="Accretion expense" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">155,001</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Balance, June 30, 2020</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--NotesPayable_iS_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_z1xR5uIGpSnh" title="Beginning Balance" style="text-align: right"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-30_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">248,478</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Accretion expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--AccretionExpense_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_pp0p0" title="Accretion expense" style="text-align: right"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">51,522</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Debt settlement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ExtinguishmentOfDebtAmount_iN_pp0p0_di_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zTJ4y8gTJtH6" title="Debt settlement" style="text-align: right">(<ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">189,342</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Repayment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--RepaymentsOfNotesPayable_iN_pp0p0_di_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_zDXbljdazz63" title="Repayment" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfNotesPayable" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">110,658</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2020</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--NotesPayable_iE_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableMember_z14DtrWzTna1" title="Ending Balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1216">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zg4bcy0k6nm6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
On December 31, 2019, the Company issued a promissory note in the amount of $<span id="xdx_909_eus-gaap--NotesPayable_iI_pp0p0_c20191231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_z3dWkNntjAd2" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2019-12-31_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">82,367</ix:nonFraction></span> (C$<span id="xdx_908_eus-gaap--NotesPayable_iI_pp0p0_uCAD_c20191231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_z3bOCM6cml2g" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2019-12-31_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">107,000</ix:nonFraction></span>). The note bore no interest and was due
on demand. This promissory note was repaid during the year ended June 30, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
On January 29, 2020, the Company issued a promissory note in the amount of $<span id="xdx_907_eus-gaap--NotesPayable_iI_pp0p0_c20200129__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_zeg534ZKvKHd" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-01-29_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,727</ix:nonFraction></span> (C$<span id="xdx_904_eus-gaap--NotesPayable_iI_pp0p0_uCAD_c20200129__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_ziHAqhkCvYbf" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-01-29_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">100,000</ix:nonFraction></span>). The note bore no interest and was due
on demand. This promissory note was repaid during the year ended June 30, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
On May 12, 2020, the Company issued a promissory note in the amount of $<span id="xdx_901_eus-gaap--NotesPayable_iI_pp0p0_c20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_zAvmC3BwPb7f" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-05-12_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">362,650</ix:nonFraction></span> (C$<span id="xdx_905_eus-gaap--NotesPayable_iI_pp0p0_uCAD_c20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_zqJx4APSqyLa" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-05-12_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">500,000</ix:nonFraction></span>), net of $<span id="xdx_903_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_zZ4xvXzUQodl" title="Debt issue costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-05-12_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">89,190</ix:nonFraction></span> of debt issue costs. The
note bore no interest and was due on demand after 90 days after the issue date. This promissory note was repaid during the six months
ended December 31, 2020. Accretion expense for the six months ended December 31, 2020 was $<span id="xdx_90D_eus-gaap--AccretionExpense_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_zbhUvNWJRz23" title="Accretion expense"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">47,737</ix:nonFraction></span> (year ended June 30, 2020 - $<span id="xdx_90C_eus-gaap--AccretionExpense_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_zPznbscnaMq8" title="Accretion expense"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">41,453</ix:nonFraction></span>)
based on effective interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_zfzvFGEMlnil" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-05-12_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 94; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
On May 12, 2020, the Company issued a promissory note in the amount of $<span id="xdx_902_eus-gaap--NotesPayable_iI_pp0p0_c20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableTwoMember_zDvx6oUoQAY8" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-05-12_custom_PromissoryNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">141,704</ix:nonFraction></span> (C$<span id="xdx_908_eus-gaap--NotesPayable_iI_pp0p0_uCAD_c20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableTwoMember_zi4imw2LHsl5" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-05-12_custom_PromissoryNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">200,000</ix:nonFraction></span>), net of $<span id="xdx_909_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableTwoMember_zSDj2r1yv1A4" title="Debt issue costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-05-12_custom_PromissoryNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">35,676</ix:nonFraction></span> of debt issue costs. The
note bore no interest and was due on demand after 90 days after the issue date. During the six months ended December 31, 2020, the Company
settled the promissory note in full by issuing <span id="xdx_90E_eus-gaap--NotesPayable_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableTwoMember_zNEXYWhC7yx3" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_PromissoryNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">714,285</ix:nonFraction></span> common shares (see note 10). As a result, the Company recorded a loss on debt
settlement of $<span id="xdx_90F_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pp0p0_c20200511__20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableOneMember_zO5MgxKL6vUd" title="Loss on loan extinguishment"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-05-112020-05-12_custom_PromissoryNotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">291,203</ix:nonFraction></span> on the consolidated statements of loss and comprehensive loss. Accretion expense for the six months ended December
31, 2020 was $<span id="xdx_903_eus-gaap--AccretionExpense_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableTwoMember_zU49gknjLz2l" title="Accretion expense"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">19,129</ix:nonFraction></span> (year ended June 30, 2020 - $<span id="xdx_901_eus-gaap--AccretionExpense_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableTwoMember_zwKct3MdOduc" title="Accretion expense"><ix:nonFraction name="us-gaap:AccretionExpense" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,547</ix:nonFraction></span>) based on an effective interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20200512__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableTwoMember_zx7honqps0U4" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-05-12_custom_PromissoryNotesPayableTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
On June 30, 2020, the Company issued a promissory note in the amount of $<span id="xdx_908_eus-gaap--NotesPayable_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableThreeMember_zGd7s49hOWgi" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-30_custom_PromissoryNotesPayableThreeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,000</ix:nonFraction></span>, net of $<span id="xdx_90C_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableThreeMember_zZv6NQKCEO45" title="Debt issue costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-06-30_custom_PromissoryNotesPayableThreeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction></span> of debt issue costs. The note bore no
interest and was due on demand. This promissory note was repaid in full during the six months ended December 31, 2020. Financing cost
for the six months ended December 31, 2020 was $<span id="xdx_901_eus-gaap--PaymentsOfFinancingCosts_pp0p0_dxL_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableThreeMember_zVXEgjceG374" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1257">nil</span></span> (year ended June 30, 2020 - $<span id="xdx_90E_eus-gaap--PaymentsOfFinancingCosts_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableThreeMember_zS1LUN3ZYmmi"><ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableThreeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)
On June 30, 2020, the Company issued a promissory note in the amount of $<span id="xdx_906_eus-gaap--NotesPayable_iI_pp0p0_c20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableThreeMember_zpBhSdLDweW5" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-30_custom_PromissoryNotesPayableThreeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,000</ix:nonFraction></span> to a director of the Company. The note bore no interest
and was due on demand. This promissory note was repaid in full during the six months ended December 31, 2020. Financing cost for the
six months ended December 31, 2020 was $<span id="xdx_907_eus-gaap--PaymentsOfFinancingCosts_dxL_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableFourMember_zYPitZWinvRc" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1261">nil</span></span> (year ended June 30, 2020 - $<span id="xdx_905_eus-gaap--PaymentsOfFinancingCosts_pp0p0_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableFourMember_zHEx2Nh90fw2" title="Financing cost"><ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" contextRef="From2019-07-012020-06-30_custom_PromissoryNotesPayableFourMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)
On July 13, 2020, the Company issued a promissory note in the amount of $<span id="xdx_907_eus-gaap--NotesPayable_iI_pp0p0_c20200613__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableFiveMember_zvFztyReFLk4"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-13_custom_PromissoryNotesPayableFiveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,200,000</ix:nonFraction></span>, net of $<span id="xdx_903_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20200613__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableFiveMember_zeSNX11s6xX2"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-06-13_custom_PromissoryNotesPayableFiveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">360,000</ix:nonFraction></span> debt issue costs. The note bore no
interest and was due on August 31, 2020. This promissory note was repaid in full during the six months ended December 31, 2020. Financing
cost for the six months ended December 31, 2020 was $<span id="xdx_90A_eus-gaap--PaymentsOfFinancingCosts_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableFiveMember_zsDDh6hwHkK1"><ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" contextRef="From2020-07-012020-12-31_custom_PromissoryNotesPayableFiveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">360,000</ix:nonFraction></span> (year ended June 30, 2020 - $<span id="xdx_90E_eus-gaap--PaymentsOfFinancingCosts_pp0p0_dxL_c20190701__20200630__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesPayableFiveMember_zAyyB8TFBIGl" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1267">nil</span></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)
On September 22, 2021, the Company issued a non-convertible promissory note in the amount of $<span id="xdx_909_eus-gaap--NotesPayable_iI_pp0p0_c20210922__us-gaap--DebtInstrumentAxis__custom--NonConvertiblePromissoryNotesPayableMember_zVR1Bgabxkof"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-09-22_custom_NonConvertiblePromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">bearing interest of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210922__us-gaap--DebtInstrumentAxis__custom--NonConvertiblePromissoryNotesPayableMember_zZOxubvF90zg"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-09-22_custom_NonConvertiblePromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum and payable at maturity. The promissory note was scheduled to mature on the earlier of <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20210920__20210922__us-gaap--DebtInstrumentAxis__custom--NonConvertiblePromissoryNotesPayableMember_zUQZn18Akrr3"><ix:nonNumeric contextRef="From2021-09-202021-09-22_custom_NonConvertiblePromissoryNotesPayableMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March
15, 2022</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">; however, the note holder agreed
to accept $<span id="xdx_90A_eus-gaap--NotesPayable_iI_pp0p0_c20220415__us-gaap--DebtInstrumentAxis__custom--NonConvertiblePromissoryNotesPayableMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zMHraRTZoSwb"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2022-04-15_custom_NonConvertiblePromissoryNotesPayableMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment by April 15, 2022, and the remaining
principal and interest was deferred to June 20, 2022. See Note 16 Subsequent Events concerning a financing anticipated to close on March
31, 2022.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The Company purchased a land parcel
for approximately $<span id="xdx_905_eus-gaap--PaymentsToAcquireLand_pp0p0_c20210921__20210922__us-gaap--DebtInstrumentAxis__custom--NonConvertiblePromissoryNotesPayableMember_zTANxEystMi4"><ix:nonFraction name="us-gaap:PaymentsToAcquireLand" contextRef="From2021-09-212021-09-22_custom_NonConvertiblePromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">subsequent to December 31, 2021,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
which may be used as security for the promissory note. Interest expense for the year ended December 31, 2021 was $<span id="xdx_901_eus-gaap--InterestExpense_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--NonConvertiblePromissoryNotesPayableMember_zFup6kNT2mj"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-012021-12-31_custom_NonConvertiblePromissoryNotesPayableMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">102,740</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which is reflected in Interest payable on the Company&#8217;s balance sheet at December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$50,000,000
</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Project Finance Package</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 20, 2021, the Company executed a non-binding term sheet with Sprott Resource Streaming and Royalty (&#8220;SRSR&#8221;) and
other investors outlining a $<span id="xdx_90A_ecustom--ProjectFinancePackageConvertibleDebenture_iI_pdp0_c20211220_zxwW4Y8hUlE6" title="Project finance package convertible debenture"><ix:nonFraction name="BHLL:ProjectFinancePackageConvertibleDebenture" contextRef="AsOf2021-12-20" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">project finance package that the Company expects
to fulfill the majority of its funding requirements to restart the mine and reach commercial production in mid-2023. The package consists
of an $<span id="xdx_90D_eus-gaap--ConvertibleDebt_iI_c20211220__srt--ProductOrServiceAxis__us-gaap--RoyaltyMember_zZbFgffEbXTk"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2021-12-20_us-gaap_RoyaltyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000,000</ix:nonFraction>
</span></span> Royalty Convertible Debenture, a $<span id="xdx_905_eus-gaap--ConvertibleDebt_iI_c20211220__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zW7oDXI7oLp9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2021-12-20_custom_ConvertibleDebentureMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction>
</span>Convertible Debenture, and a multi-metals stream of up to $<span id="xdx_90D_eus-gaap--ConvertibleDebt_iI_c20211220__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zHtBUBv7ugSf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2021-12-20_us-gaap_EquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,000,000</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(collectively, the &#8220;Stream&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to settlement of definitive documentation with SRSR, the $<span id="xdx_907_ecustom--AdvancesFromRoyalties_iI_c20220131__srt--ProductOrServiceAxis__us-gaap--RoyaltyMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zWLv5et7FSu7"><ix:nonFraction name="BHLL:AdvancesFromRoyalties" contextRef="AsOf2022-01-31_us-gaap_RoyaltyMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was advanced under the Royalty Convertible Debenture
in January 2022. These proceeds funded the purchase of the Bunker Hill Mine and near-term working capital requirements, including a $<span id="xdx_90C_eus-gaap--PaymentsToAcquireBusinessesGross_c20220101__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zm1DkqZ6z2H6"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2022-01-012022-01-31_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment to the EPA in January 2022. The Royalty
Convertible Debenture will initially bear interest at an annual rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20201231_zQAxIwccAMa7"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
payable in cash or shares at the Company&#8217;s option, until such time that SRSR elects to convert it into a Royalty, with such conversion
option expiring at the earlier of advancement of the Stream or 18 months. In the event of conversion, the Royalty Convertible Debenture
will cease to exist and the Company will grant a Royalty for <span id="xdx_905_ecustom--RoyaltyPercentage_pid_dp_uPure_c20210101__20211231__srt--ProductOrServiceAxis__us-gaap--RoyaltyMember_zSzjsvsDgdRf" title="Royalty percentage"><ix:nonFraction name="BHLL:RoyaltyPercentage" contextRef="From2021-01-012021-12-31_us-gaap_RoyaltyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.85</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development,
and covered by the Company&#8217;s 2021 ground geophysical survey. A 1.35% rate will apply to claims outside of these areas. The Royalty
Convertible Debenture will initially be secured by a share pledge of the Company&#8217;s operating subsidiary, until such time that a
full security package is put in place. In the event of non-conversion, the principal of the Royalty Convertible Debenture will be repayable
in cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to settlement of definitive documentation with SRSR and other investors, the $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_c20211231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zF83MNUjft19"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was increased to $<span id="xdx_90A_eus-gaap--DebtInstrumentIncreaseDecreaseForPeriodNet_c20210101__20211231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zdWQfqvs5re6"><ix:nonFraction name="us-gaap:DebtInstrumentIncreaseDecreaseForPeriodNet" contextRef="From2021-01-012021-12-31_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,000,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
and was advanced under the Convertible Debenture, also in January 2022. These proceeds will fund capital expenditures and working capital
requirements in Q1 2022. The Convertible Debenture will bear interest at an annual rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20211231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z6Mb6a4TvYD6"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-12-31_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
payable in cash or shares at the Company&#8217;s option, and a maturity of 18 months from the closing of the Royalty Convertible Debenture.
Until the closing of the Stream, the Convertible Debenture is convertible into shares of the Company at a share price of CAD <span id="xdx_900_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20211231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zN0WPy8rufpc"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-12-31_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.30</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. Alternatively, SRSR may elect to retire
the Convertible Debenture with the cash proceeds of the Stream. The Company may elect to re-pay the Convertible Debenture early; if SRSR
elects not to exercise its conversion option at such time, a minimum of 12 months of interest would apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to SRSR internal approvals, further technical and other diligence (including confirmation of full project funding by an independent engineer
appointed by SRSR), and satisfactory definitive documentation, the Company expects to close the Stream concurrent with a formal construction
decision being made by Q2 2022. A minimum of $<span id="xdx_908_ecustom--DebtAmountAvailableunderStream_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_z49IDf3m9Tea" title="Debt amount available under stream"><ix:nonFraction name="BHLL:DebtAmountAvailableunderStream" contextRef="From2021-01-012021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and a maximum of $<span id="xdx_90E_ecustom--DebtAmountAvailableunderStream_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zgBo4DR4WY6l" title="Debt amount available under stream"><ix:nonFraction name="BHLL:DebtAmountAvailableunderStream" contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Stream Amount&#8221;) will be
made available under the Stream, at the Company&#8217;s option, once the conditions for availability of the Stream have been satisfied.
<span id="xdx_90D_ecustom--FundingStreamDescription_c20210101__20211231_zleXTksdLZyf" title="Funding stream description"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="BHLL:FundingStreamDescription">Assuming the maximum funding of $37,000,000
is drawn, the Stream would apply to 10% of payable metals sold until a minimum quantity of metal is delivered consisting of, individually,
55 million pounds of zinc, 35 million pounds of lead, and 1 million ounces of silver. Thereafter,
the Stream would apply to 2% of payable metals sold. If the Company elects to draw less than $37,000,000 under the Stream, the
percentage and quantities of payable metals streamed will adjust pro-rata. The delivery price of streamed metals will be 20% of the applicable
spot price.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 95; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may buy back 50% of the Stream Amount at a 1.40x multiple of the Stream Amount between the second and third anniversary of
the date of funding, and at a 1.65x multiple of the Stream Amount between the third and fourth anniversary of the date of funding.
The Company will be permitted to incur additional indebtedness of $<span id="xdx_902_ecustom--DebtadditionalIndebtednessAmount_c20210101__20211231_zIX5RiHn9p9a" title="Additional indebtedness amount"><ix:nonFraction name="BHLL:DebtadditionalIndebtednessAmount" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000,000</ix:nonFraction></span> and
a cost over-run facility of $<span id="xdx_907_ecustom--CostOfOverRunFacility_c20210101__20211231_z3SeDaWfpZIi" title="Cost over-run facility"><ix:nonFraction name="BHLL:CostOfOverRunFacility" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,000,000</ix:nonFraction> </span>from
other financing counterparties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Royalty Convertible Debenture and Convertible Debenture closed subsequent to the end of the year. See Note 16 Subsequent
Events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In support of plans to rapidly restart the Mine,
the Company worked systematically through 2020 and 2021 to delineate mineral resources and conduct various technical studies. Executing
this strategy may require securing additional financing, which may include additional indebtedness of $<span id="xdx_905_ecustom--DebtadditionalIndebtednessAmount_c20210101__20211231_zEmDdrY4V1Qg" title="Additional indebtedness amount"><ix:nonFraction name="BHLL:DebtadditionalIndebtednessAmount" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000,000</ix:nonFraction></span> and a cost over-run
facility of $<span id="xdx_905_ecustom--CostOfOverRunFacility_c20210101__20211231_zWI1oKtPbUZ6" title="Cost over-run facility"><ix:nonFraction name="BHLL:CostOfOverRunFacility" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,000,000</ix:nonFraction></span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_809_eus-gaap--LesseeOperatingLeasesTextBlock_zEZRDxnA3T9i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.
<span id="xdx_829_zvQP0RbNgWb1">Lease liability</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><p id="xdx_892_eus-gaap--OperatingLeaseLeaseIncomeTableTextBlock_zDNE2K8WVoUa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has an operating lease for office space that expires in 2022. Below is a summary of the Company&#8217;s lease liability as of
December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B3_zFi1kFOQuw3c" style="display: none">Schedule of Operating Lease Liability</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Office lease</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%">Balance, December 31, 2019</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Addition</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--AdditionOperatingLeasePayments_pp0p0_c20200101__20201231_zcTCdfQxRZoh" title="Addition" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1309">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--InterestExpenseOther_pp0p0_c20200101__20201231_zt3MyqOfhVW1" title="Interest expense" style="text-align: right"><ix:nonFraction name="us-gaap:InterestExpenseOther" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">22,156</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--OperatingLeasePayments_iN_pp0p0_di_c20200101__20201231_zGdF9QMrShM5" title="Lease payments" style="text-align: right">(<ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">123,098</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Foreign exchange gain</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Balance, December 31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OperatingLeaseLiability_iS_pp0p0_c20210101__20211231_zpl2iava4Kb6" title="Beginning Balance" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">176,607</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Addition</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--AdditionOperatingLeasePayments_pp0p0_c20210101__20211231_zSbIoFIpBR8b" title="Addition" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1319">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--InterestExpenseOther_pp0p0_c20210101__20211231_zelTnyIhxgGg" title="Interest expense" style="text-align: right"><ix:nonFraction name="us-gaap:InterestExpenseOther" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,696</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--OperatingLeasePayments_iN_pp0p0_di_c20210101__20211231_zqmeUx8Zkq5f" title="Lease payments" style="text-align: right">(<ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">129,191</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Foreign exchange loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ForeignCurrencyTransactionGainLossUnrealized_pp0p0_c20210101__20211231_zeIotC73pFl4" title="Foreign exchange loss" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,165</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AC_z9bmAvy8wRp2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
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dollars.</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_89F_eus-gaap--LeaseCostTableTextBlock_z8Yd3LJ4Zujc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8BE_zsmWI5l05Gpj" style="display: none">Schedule of Lease Obligations</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; text-align: justify">Base rent</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--OperatingLeaseBaseRent_pp0p0_c20210101__20211231__srt--StatementScenarioAxis__custom--LessThanOneYearMember_z0Mm6PgKS7V7" title="Base rent" style="width: 14%; text-align: right"><ix:nonFraction name="BHLL:OperatingLeaseBaseRent" contextRef="From2021-01-012021-12-31_custom_LessThanOneYearMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">81,025</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_903_ecustom--OperatingLeaseBaseRent_pp0p0_c20210101__20211231__srt--StatementScenarioAxis__custom--OneToTwoYearsMember_zuuBNBDOSjN6" title="Base rent"><span style="-sec-ix-hidden: xdx2ixbrl1337">-</span></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_908_ecustom--OperatingLeaseBaseRent_pp0p0_c20210101__20211231__srt--StatementScenarioAxis__custom--TwoToThreeYearsMember_zBlOLsgEbkhg" title="Base rent"><span style="-sec-ix-hidden: xdx2ixbrl1339">-</span></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Additional rent</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_905_ecustom--OperatingLeaseAdditionalRent_pp0p0_c20210101__20211231__srt--StatementScenarioAxis__custom--OneToTwoYearsMember_zvcORUcwDs9k" title="Additional rent"><span style="-sec-ix-hidden: xdx2ixbrl1345">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_905_ecustom--OperatingLeaseAdditionalRent_pp0p0_c20210101__20211231__srt--StatementScenarioAxis__custom--TwoToThreeYearsMember_z3pwwK4Gdzgi" title="Additional rent"><span style="-sec-ix-hidden: xdx2ixbrl1347">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--PaymentsForRent_pp0p0_c20210101__20211231__srt--StatementScenarioAxis__custom--LessThanOneYearMember_zVSuJVJi9krk" title="Rent" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-012021-12-31_custom_LessThanOneYearMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">156,055</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_908_eus-gaap--PaymentsForRent_pp0p0_c20210101__20211231__srt--StatementScenarioAxis__custom--OneToTwoYearsMember_zv01pAcXPGD4" title="Rent"><span style="-sec-ix-hidden: xdx2ixbrl1353">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--PaymentsForRent_pp0p0_c20210101__20211231__srt--StatementScenarioAxis__custom--TwoToThreeYearsMember_z7lEi8AT1Sci" title="Rent"><span style="-sec-ix-hidden: xdx2ixbrl1355">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--PaymentsForRent_pp0p0_c20210101__20211231_z5iwyce97rV1" title="Rent" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">156,055</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_zEtD4u2HKdCg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
monthly rental expenses are offset by rental income obtained through a series of short-term subleases held by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zU1PoL7shjk8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>10.
<span><span id="xdx_828_zld6YTdT4yR1">Capital stock, warrants and stock options</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total authorized capital is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231_zAchixJz2udc" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">750,000,000</ix:nonFraction></span>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20211231_zI6u61t8ljre" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span>
    preferred shares with a par value of $<span id="xdx_902_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20211231_zS1IbZ3Ftab1" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.000001</ix:nonFraction></span> per preferred share</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 19, 2019, the Company amended its articles of incorporation to change the total authorized capital and the par values, which have
been retrospectively applied in these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 96; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issued
and outstanding</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 26, 2020, the Company closed a non-brokered private placement, issuing <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200225__20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_ztNIogEMUEf7" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-252020-02-26_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,991,073</ix:nonFraction></span> common shares of the Company at C$<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_uCADPShares_c20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_z3WWzNhqqDvj" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-02-26_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.56</ix:nonFraction></span> per
common share for gross proceeds of C$<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_uCAD_c20200225__20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zBhHHCt39nu" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2020-02-252020-02-26_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">1,675,000</ix:nonFraction></span> ($<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20200225__20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zPNG3rulN72d" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2020-02-252020-02-26_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,256,854</ix:nonFraction></span>) and incurring financing costs of $<span id="xdx_904_ecustom--FinancingCosts_pp0p0_c20200225__20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_z1oX2BZ1bYHk" title="Financing costs"><ix:nonFraction name="BHLL:FinancingCosts" contextRef="From2020-02-252020-02-26_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">95,763</ix:nonFraction></span>, and issuing <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pp0p0_c20200225__20200226__us-gaap--AwardTypeAxis__custom--BrokerWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_znBP0NIpN1b7" title="Issuance of warrants"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-252020-02-26_custom_BrokerWarrantsMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Shares">239,284</ix:nonFraction></span> broker warrants.
<span id="xdx_909_ecustom--IssuanceOfSharesDescription_c20200225__20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zm8zyMydbiug" title="Issuance of shares, description"><ix:nonNumeric contextRef="From2020-02-252020-02-26_custom_NonBrokeredPrivatePlacementMember" name="BHLL:IssuanceOfSharesDescription">Each broker warrant entitles the holder to acquire one common share at a price of C$<span id="xdx_902_eus-gaap--SharePrice_iI_pid_uCADPShares_c20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zLj1DWpOsn63" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-02-26_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.70</ix:nonFraction></span> per common share for a period of <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_z0myMdiHw3q2" title="Warrant term"><ix:nonNumeric contextRef="AsOf2020-02-26_custom_NonBrokeredPrivatePlacementMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">two years</ix:nonNumeric></span>.
The Company also issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200225__20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanFacilityMember_zxSBA0klmmW2" title="Number of common shares held"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-252020-02-26_custom_NonBrokeredPrivatePlacementMember_custom_ConvertibleLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">696,428</ix:nonFraction></span> common shares for $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20200225__20200226__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanFacilityMember_zy3ReivSZwj2" title="Principal amount of convertible loan facility"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-02-252020-02-26_custom_NonBrokeredPrivatePlacementMember_custom_ConvertibleLoanFacilityMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></span> which was applied to reduce the principal amount owing under the convertible
loan facility (see note 7).</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 12, 2020, the Company closed a non-brokered private placement, issuing <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200511__20200512__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zhclU9alFYOb" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-05-112020-05-12_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">107,143</ix:nonFraction></span> common shares of the Company at C$<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_uCADPShares_c20200512__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zgQUqZDddw0l" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-05-12_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.56</ix:nonFraction></span> per common
share for gross proceeds of C$<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_uCAD_c20200511__20200512__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zjDOq1q58kE8" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2020-05-112020-05-12_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">60,000</ix:nonFraction></span> ($<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20200511__20200512__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_z5xsU3a7MS9k" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2020-05-112020-05-12_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">44,671</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 14, 2020, the Company closed the first tranche of a brokered private placement of units of the Company (the &#8220;August 2020
Offering&#8221;), issuing <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200808__20200814__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zdKQfKOzBlZf" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-08-082020-08-14_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">35,212,142</ix:nonFraction></span> units of the Company (&#8220;August 2020 Units&#8221;) at C$<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_uCADPShares_c20200814__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zBhjGyBDj7g4" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-08-14_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.35</ix:nonFraction></span> per August 2020 Unit for gross
proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20200808__20200814__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zweUURwN1M92" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2020-08-082020-08-14_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,301,321</ix:nonFraction></span> (C$<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_uCAD_c20200808__20200814__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zLCRw0bdchQc" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2020-08-082020-08-14_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">12,324,250</ix:nonFraction></span>). Each August 2020 Unit consisted of one common share of the Company and one common share purchase
warrant of the Company (each, an &#8220;August 2020 Warrant&#8221;), which entitles the holder to acquire a common share of the Company
at C$<span id="xdx_90F_eus-gaap--SharePrice_iI_uCADPShares_c20200814__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyWarrantsMember_z5jsMZUhvqV7" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-08-14_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember_custom_AugustTwoThousandTwentyWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></span> per common share until August 31, 2023. In connection with the first tranche of the August 2020 Offering, the Company incurred
share issuance costs of $<span id="xdx_90F_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20200814__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zcfSVYSJYA96" title="Financing costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-08-14_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">709,488</ix:nonFraction></span> (C$<span id="xdx_905_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_uCAD_c20200814__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zIuMPvUSIbj8" title="Financing costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-08-14_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">849,978</ix:nonFraction></span>) and issued <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200808__20200814__us-gaap--AwardTypeAxis__custom--CompensationOptionsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zhWph00RDa99" title="Compensation options, shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-08-082020-08-14_custom_CompensationOptionsMember_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,112,729</ix:nonFraction></span> compensation options (the &#8220;August 2020 Compensation Options&#8221;).
Each August 2020 Compensation Option is exercisable into one August 2020 Unit at an exercise price of C$<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_uCADPShares_c20200813__20200814__us-gaap--AwardTypeAxis__custom--CompensationOptionsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zykyIB0wva31" title="Option exercise price per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2020-08-132020-08-14_custom_CompensationOptionsMember_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.35</ix:nonFraction></span> until August 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 25, 2020, the Company closed the second tranche of the August 2020 Offering, issuing <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200824__20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zMonPFr3NyT7" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-08-242020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,866,292</ix:nonFraction></span> August 2020 Units at C$<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_uCADPShares_c20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zcnQny3azVg4" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.35</ix:nonFraction></span> per
August 2020 Unit for gross proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20200824__20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zn1F3Ovwa5ei" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2020-08-242020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,510,736</ix:nonFraction></span> (C$<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_uCAD_c20200824__20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zdC9WQcgHRqf" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2020-08-242020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">7,303,202</ix:nonFraction></span>). In connection with the second tranche of the August 2020 Offering, the
Company incurred share issuance costs of $<span id="xdx_905_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zYhtgHfh9ip8" title="Financing costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">237,668</ix:nonFraction></span> (C$<span id="xdx_905_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_uCAD_c20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zDyFUV7H5ol3" title="Financing costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">314,512</ix:nonFraction></span>) and issued <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200824__20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_z9Tz98Tu7urd" title="Compensation options, shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-08-242020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,127,178</ix:nonFraction></span> August 2020 Compensation Options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the August 2020 Offering, the fair value of warrants, which are treated as a liability and fair value accounted for, were greater than
gross proceeds. As a result, a loss of $<span id="xdx_906_eus-gaap--EquitySecuritiesFvNiGainLoss_iN_di_c20200824__20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zAoEEaCbyWSa" title="Loss on private placement"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiGainLoss" contextRef="From2020-08-242020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">940,290</ix:nonFraction></span> has been recognized in the consolidated statements of loss and $<span id="xdx_907_eus-gaap--PaymentsOfStockIssuanceCosts_pp0p0_c20200824__20200825__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_ztR7xfWdGQfi" title="Equity issuance cost"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2020-08-242020-08-25_custom_BrokeredPrivatePlacementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">947,156</ix:nonFraction></span> of total share
issue costs were also expensed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also issued <span id="xdx_90A_ecustom--StockIssuedForSettlementOfAccountsPayable_pid_c20200824__20200831__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyOfferingMember_z0V2PjJII7pc" title="Shares issued for settlement of accounts payable"><ix:nonFraction name="BHLL:StockIssuedForSettlementOfAccountsPayable" contextRef="From2020-08-242020-08-31_custom_BrokeredPrivatePlacementMember_custom_AugustTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,205,714</ix:nonFraction></span> August 2020 Units to settle $<span id="xdx_906_ecustom--StockIssuedValueForSettlementOfAccountsPayable_c20200824__20200831__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyOfferingMember_zouDc77BaeMj" title="Value of shares issued for settlement of accounts payable"><ix:nonFraction name="BHLL:StockIssuedValueForSettlementOfAccountsPayable" contextRef="From2020-08-242020-08-31_custom_BrokeredPrivatePlacementMember_custom_AugustTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">177,353</ix:nonFraction></span> of accounts payable, $<span id="xdx_904_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_c20200831__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyOfferingMember_zIGx2JDWnkZi" title="Accrued liabilities"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2020-08-31_custom_BrokeredPrivatePlacementMember_custom_AugustTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">55,676</ix:nonFraction></span> of accrued liabilities, $<span id="xdx_903_eus-gaap--InterestAndDividendsPayableCurrent_iI_pp0p0_c20200831__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyOfferingMember_z1QHaDxuRfI1" title="Interest payable"><ix:nonFraction name="us-gaap:InterestAndDividendsPayableCurrent" contextRef="AsOf2020-08-31_custom_BrokeredPrivatePlacementMember_custom_AugustTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">28,300</ix:nonFraction></span> of interest
payable, and $<span id="xdx_904_eus-gaap--NotesPayable_iI_pp0p0_c20200831__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyOfferingMember_zzuuSRwp55S3" title="Promissory notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-08-31_custom_BrokeredPrivatePlacementMember_custom_AugustTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">344,185</ix:nonFraction></span> of promissory notes payable at a deemed price of $<span id="xdx_908_ecustom--DeemedPrice_iI_pid_c20200831__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyOfferingMember_zGkvyGQuvDFf" title="Deemed price"><ix:nonFraction name="BHLL:DeemedPrice" contextRef="AsOf2020-08-31_custom_BrokeredPrivatePlacementMember_custom_AugustTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.67</ix:nonFraction></span> based on the fair value of the units issued. As a result,
the Company recorded a loss on debt settlement of $<span id="xdx_90A_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pp0p0_c20200824__20200831__us-gaap--SubsidiarySaleOfStockAxis__custom--BrokeredPrivatePlacementMember__us-gaap--PlanNameAxis__custom--AugustTwoThousandTwentyOfferingMember_z7E10CHguTJa" title="Loss on loan extinguishment"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-08-242020-08-31_custom_BrokeredPrivatePlacementMember_custom_AugustTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">899,237</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 9, 2020, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201001__20201009_zSJfcZGSHrp7" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-10-012020-10-09" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,572,980</ix:nonFraction></span> common shares at a deemed price of C$<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_pid_uCADPShares_c20201009_zfpJrAy0zZpl" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-10-09" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.49</ix:nonFraction></span> based on the fair value of the common shares
issued to settle $<span id="xdx_90D_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20201009_zyMSUrpMDWkd" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-10-09" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,600,000</ix:nonFraction></span> of convertible loan payable and $<span id="xdx_90D_eus-gaap--InterestAndDividendsPayableCurrent_iI_pp0p0_c20201009_zINvCQ97pCGd" title="Interest payable"><ix:nonFraction name="us-gaap:InterestAndDividendsPayableCurrent" contextRef="AsOf2020-10-09" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction></span> of interest payable. As a result, the Company recorded a gain on
debt settlement of $<span id="xdx_909_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pp0p0_c20201001__20201009_zarlQJlRh6sb" title="Loss on loan extinguishment"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-10-012020-10-09" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">23,376</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2021, the Company closed a non-brokered private placement of units of the Company (the &#8220;February 2021 Offering&#8221;),
issuing <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210201__20210228__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--FebruaryTwoThousandTwentyOfferingMember_zkP93Ts1TWOd" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-012021-02-28_custom_NonBrokeredPrivatePlacementMember_custom_FebruaryTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">19,576,360</ix:nonFraction></span> units of the Company (&#8220;February 2021 Units&#8221;) at C$<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_uCADPShares_c20210228__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--FebruaryTwoThousandTwentyOfferingMember_zFWS9YigIjpe" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-02-28_custom_NonBrokeredPrivatePlacementMember_custom_FebruaryTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.40</ix:nonFraction></span> per February 2021 Unit for gross proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20210201__20210228__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--FebruaryTwoThousandTwentyOfferingMember_zF1ZcfTJcJS4" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2021-02-012021-02-28_custom_NonBrokeredPrivatePlacementMember_custom_FebruaryTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,168,069</ix:nonFraction></span>
(C$<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_uCAD_c20210201__20210228__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--FebruaryTwoThousandTwentyOfferingMember_ziFzVHlgsTOi" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2021-02-012021-02-28_custom_NonBrokeredPrivatePlacementMember_custom_FebruaryTwoThousandTwentyOfferingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">7,830,544</ix:nonFraction></span>. Each February 2021 Unit consisted of one common share of the Company and one common share purchase warrant of the Company
(each, &#8220;February 2021 Warrant&#8221;), which entitles the holder to acquire a common share of the Company at C$<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uCADPShares_c20210228__us-gaap--StatementEquityComponentsAxis__custom--FebruaryTwoThousandTwentyWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zGdMXWh44ta5" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-02-28_custom_FebruaryTwoThousandTwentyWarrantsMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.60</ix:nonFraction></span> per common
share for a period of <span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20210228__us-gaap--StatementEquityComponentsAxis__custom--FebruaryTwoThousandTwentyWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zvvp78kQYrig" title="Warrant term"><ix:nonNumeric contextRef="AsOf2021-02-28_custom_FebruaryTwoThousandTwentyWarrantsMember_custom_NonBrokeredPrivatePlacementMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">five years</ix:nonNumeric></span>. In connection with the February 2021 Offering, the Company incurred share issuance costs of $<span id="xdx_904_eus-gaap--PaymentsOfStockIssuanceCosts_pp0p0_c20210201__20210228__us-gaap--StatementEquityComponentsAxis__custom--FebruaryTwoThousandTwentyOneCompensationOptionsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_ztgCzqnpuaLg" title="Equity issuance cost"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2021-02-012021-02-28_custom_FebruaryTwoThousandTwentyOneCompensationOptionsMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">154,630</ix:nonFraction></span>
and issued <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20210201__20210228__us-gaap--StatementEquityComponentsAxis__custom--FebruaryTwoThousandTwentyOneCompensationOptionsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_z4HjBmfj6Z0b" title="Compensation options, shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-02-012021-02-28_custom_FebruaryTwoThousandTwentyOneCompensationOptionsMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">351,000</ix:nonFraction></span> compensation options (the &#8220;February 2021 Compensation Options&#8221;). Each February 2021 Compensation Option
is exercisable into one February 2021 Unit at an exercise price of C$<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_uCADPShares_c20210201__20210228__us-gaap--StatementEquityComponentsAxis__custom--FebruaryTwoThousandTwentyOneCompensationOptionsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zU7YsBKlwvn" title="Shares issued price per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2021-02-012021-02-28_custom_FebruaryTwoThousandTwentyOneCompensationOptionsMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.40</ix:nonFraction></span> for a period of three years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also issued <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210201__20210228__us-gaap--AwardTypeAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zXvzUKHLOH73" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-012021-02-28_custom_FebruaryTwoThousandTwentyOneMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">417,720</ix:nonFraction></span> February 2021 Units to settle $<span id="xdx_904_eus-gaap--AccruedLiabilitiesCurrent_iI_pp0p0_c20210228__us-gaap--AwardTypeAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_z0alCIueMGne" title="Accrued liabilities"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-02-28_custom_FebruaryTwoThousandTwentyOneMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">132,000</ix:nonFraction></span> of accrued liabilities at a deemed price of $<span id="xdx_900_ecustom--DeemedPrice_iI_c20210228__us-gaap--AwardTypeAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_zgQIP2xNgXqb" title="Deemed price"><ix:nonFraction name="BHLL:DeemedPrice" contextRef="AsOf2021-02-28_custom_FebruaryTwoThousandTwentyOneMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.45</ix:nonFraction></span> based on the fair
value of the units issued. As a result, the Company recorded a loss on debt settlement of $<span id="xdx_902_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pp0p0_c20210201__20210228__us-gaap--AwardTypeAxis__custom--FebruaryTwoThousandTwentyOneMember__us-gaap--SubsidiarySaleOfStockAxis__custom--NonBrokeredPrivatePlacementMember_z1HNVpTiBkqb" title="Loss on loan extinguishment"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2021-02-012021-02-28_custom_FebruaryTwoThousandTwentyOneMember_custom_NonBrokeredPrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">56,146</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each financing, the Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative instruments
as they were issued in a currency other than the Company&#8217;s functional currency of the U.S. dollar. The estimated fair value of
warrants accounted for as liabilities was determined on the date of issue and marks to market at each financial reporting period. The
change in fair value of the warrant is recorded in the consolidated statement of operations and comprehensive loss as a gain or loss
and is estimated using the Binomial model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
<ix:exclude><!-- Field: Page; Sequence: 97; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>
<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfFairValueOfWarrantLiabilitiesTableTextBlock"><p id="xdx_89A_ecustom--ScheduleOfFairValueOfWarrantLiabilitiesTableTextBlock_zVasCFf0xyG2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial
model to determine the fair value using the following assumptions on the day of issuance and as at December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B6_zFazNPp2lpni" style="display: none">Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">February 2021 issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0pt; margin-bottom: 0pt">February 9 and 16</p>
                                                                                <p style="margin-top: 0pt; margin-bottom: 0pt">2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected life</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtDxL_c20210209__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_z4BIiOw0wNa9" title="Warrant liabilities, fair value measurement input, conversion features term::XDX::1826"><span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtDxL_c20210216__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zQOV0ge5OG21" title="::XDX::1826"><span style="-sec-ix-hidden: xdx2ixbrl1487"><span style="-sec-ix-hidden: xdx2ixbrl1488">1,826</span></span></span></span> days </span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtDxL_c20201231__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zBrQYc0NGupf" title="Warrant liabilities, fair value measurement input, conversion features term::XDX::1501"><span style="-sec-ix-hidden: xdx2ixbrl1490">1,501</span></span>
days </span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%">Volatility</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20210209__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z69AAXZEV1h" title="Volatility"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20210216__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zKlXEcJUxYM" title="Volatility"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-02-09_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputOptionVolatilityMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-02-16_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputOptionVolatilityMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">100</ix:nonFraction></ix:nonFraction></span></span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zP464J9BbJfh" title="Volatility"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputOptionVolatilityMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Risk free interest rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20210209__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z5cm0tPomr84" title="Risk free interest rate"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20210216__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z9vbUpjf979d" title="Risk free interest rate"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-02-09_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-02-16_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.49</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zu0UcGg34dy7" title="Risk free interest rate"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.25</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20210209__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zYAyIz7eAWNf" title="Dividend yield"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20210216__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z8plmepZssql" title="Dividend yield"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-02-09_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-02-16_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zt4D4hG8zXQc" title="Dividend yield"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_FebruaryTwoThousandTwentyOneIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Share price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_901_eus-gaap--SharePrice_iI_pid_c20210209__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z5ajxDXQvsM7" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-02-09_custom_FebruaryTwoThousandTwentyOneIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.27</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20210216__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zLuGJrUiNBM7" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-02-16_custom_FebruaryTwoThousandTwentyOneIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.29</ix:nonFraction></span> </span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_904_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zyYU1suYUc7b" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_custom_FebruaryTwoThousandTwentyOneIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.37</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Fair value</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20210208__20210209__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zSZFf3p17ov7" title="Fair value"><span id="xdx_90E_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20210215__20210216__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z9TSL6L1gVg8" title="Fair value"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-02-082021-02-09_custom_FebruaryTwoThousandTwentyOneIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-02-152021-02-16_custom_FebruaryTwoThousandTwentyOneIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,813,103</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--FairValueAdjustmentOfWarrants_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zoo9j72mOOx7" title="Fair value"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-01-012021-12-31_custom_FebruaryTwoThousandTwentyOneIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,483,745</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change in derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--DerivativeGainLossOnDerivativeNet_pp0p0_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--FebruaryTwoThousandTwentyOneIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zHDWORbFZbzj" title="Change in derivative liability" style="text-align: right">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-01-012021-12-31_custom_FebruaryTwoThousandTwentyOneIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">329,358</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
warrant liabilities as a result of the August 2018, November 2018, June 2019, August 2019, and August 2020 private placements were revalued
as at December 31, 2021 and December 31, 2020 using the Binomial model and the following assumptions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">August 2020 issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected life</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: justify">Volatility</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zw3Xd97vyxYh" title="Volatility"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_AugustTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputOptionVolatilityMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Risk free interest rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zkNrpWUIpd71"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_AugustTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.31</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z3o2Q30msVFh"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_AugustTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.95</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zX13Y69qWnwh"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_AugustTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z6kpQcgN0g4"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_AugustTwoThousandTwentyIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z4Ph8Tmq0aR1"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_AugustTwoThousandTwentyIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.41</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zBYcoIqHQk8l"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_custom_AugustTwoThousandTwentyIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.37</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zV97nQb0rXga" style="text-align: right"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandTwentyIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">14,493,215</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zgG5nUU69BC1" style="text-align: right"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-01-012021-12-31_custom_AugustTwoThousandTwentyIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,790,163</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Change in derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--DerivativeGainLossOnDerivativeNet_pp0p0_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandTwentyIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zM17Ago2paS6" style="text-align: right">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-01-012021-12-31_custom_AugustTwoThousandTwentyIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">7,703,052</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">August 2018 issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Expected life</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtD_c20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandEighteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zqkIxQlrR4P8"><ix:nonNumeric contextRef="AsOf2020-12-31_custom_AugustTwoThousandEighteenIssuanceMember_us-gaap_MeasurementInputExpectedTermMember_custom_WarrantLiabilitiesMember" format="ixt-sec:durday" name="us-gaap:WarrantsAndRightsOutstandingTerm">221</ix:nonNumeric></span> days </span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">expired</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandEighteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zbOtotXyxkp1" title="Volatility"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_AugustTwoThousandEighteenIssuanceMember_us-gaap_MeasurementInputOptionVolatilityMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">100</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">Nil </span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Risk free interest rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandEighteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z1PpIKwXxLVe"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_AugustTwoThousandEighteenIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.23</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">Nil </span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandEighteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zZEYLjRY5Exb"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_AugustTwoThousandEighteenIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">Nil </span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Share price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandEighteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z139NF6Dl3Kk"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_AugustTwoThousandEighteenIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.41</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="font-size: 10pt"> Nil </span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Fair value</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandEighteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zl0f3dlnY6h8"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandEighteenIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="font-size: 10pt">Nil
</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change in derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="font-size: 10pt"> Nil </span></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">November 2018 issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected life</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">expired </span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%">Volatility</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Risk free interest rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--NovemberTwoThousandEighteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zKV3yOClAd49"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_NovemberTwoThousandEighteenIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.09</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">Nil </span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--NovemberTwoThousandEighteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zNAAcqOSN913"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_NovemberTwoThousandEighteenIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">Nil </span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Share price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--DebtInstrumentAxis__custom--NovemberTwoThousandEighteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zrC1DySuukp1"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_NovemberTwoThousandEighteenIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.41</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">Nil </td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Fair value</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--NovemberTwoThousandEighteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zRjILxktsg9" style="text-align: right"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2020-07-012020-12-31_custom_NovemberTwoThousandEighteenIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">52,540</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="font-size: 10pt">Nil
</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change in derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--DerivativeGainLossOnDerivativeNet_pp0p0_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--NovemberTwoThousandEighteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_znp9m4ZtHtNi" style="text-align: right">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-01-012021-12-31_custom_NovemberTwoThousandEighteenIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">52,540</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">June 2019 issuance (i)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_F58_zCLMnyDA1iT6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected life</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtDxL_c20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zAd9cMEawFId" title="Expected life::XDX::1826"><span style="-sec-ix-hidden: xdx2ixbrl1555">1,826</span></span> days</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: justify">Volatility</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_z5uXV0Qyapga" title="Volatility"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_JuneTwoThousandNineteenIssuanceMember_us-gaap_MeasurementInputOptionVolatilityMember_custom_WarrantLiabilitiesMember" id="Fact001559" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zRjIbDr6xex1" title="Volatility"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_JuneTwoThousandNineteenIssuanceMember_us-gaap_MeasurementInputOptionVolatilityMember_custom_WarrantLiabilitiesMember" id="Fact001561" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Risk free interest rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_z6T9DkelV8L7" title="Risk free interest rate"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_JuneTwoThousandNineteenIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" id="Fact001563" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.85</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zBU3g4LEvtMk" title="Risk free interest rate"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_JuneTwoThousandNineteenIssuanceMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantLiabilitiesMember" id="Fact001565" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.02</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zDUW5DCIr4L1" title="Dividend yield"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2020-12-31_custom_JuneTwoThousandNineteenIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" id="Fact001567" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zoty7OmyoZxc" title="Dividend yield"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_custom_JuneTwoThousandNineteenIssuanceMember_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantLiabilitiesMember" id="Fact001569" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zUn0Ex3uoA26" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_JuneTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" id="Fact001571" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.41</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zCKkquCJiVs1" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_custom_JuneTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" id="Fact001573" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.37</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20200701__20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zUcc9sgs2p3e" title="Fair value" style="text-align: right"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2020-07-012020-12-31_custom_JuneTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" id="Fact001575" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,438,839</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_znCdFo8eo9u5" title="Fair value" style="text-align: right"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-01-012021-12-31_custom_JuneTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" id="Fact001577" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,067,493</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Change in derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--DerivativeGainLossOnDerivativeNet_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGkp_zYef6nBgtzOc" title="Change in derivative liability" style="text-align: right">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-01-012021-12-31_custom_JuneTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" id="Fact001579" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,371,346</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F02_zMXljJJvxPt1" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1D_zwFmkMLdNEK7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001580" xml:lang="en-US">During the six
months ended December 31, 2020, the Company amended the exercise price to C$<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uCADPShares_c20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_z5nmWcJhfQkc" title="Warrant exercise price" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEVzdGltYXRlZCBVc2luZyB0aGUgQmlub21pYWwgTW9kZWwgdG8gRGV0ZXJtaW5lIHRoZSBGYWlyIFZhbHVlIG9mIFdhcnJhbnQgTGlhYmlsaXRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-12-31_custom_JuneTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.59</ix:nonFraction></span> per common share and extended the expiry date to <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zdD9YJSmmuS2" title="Warrants maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEVzdGltYXRlZCBVc2luZyB0aGUgQmlub21pYWwgTW9kZWwgdG8gRGV0ZXJtaW5lIHRoZSBGYWlyIFZhbHVlIG9mIFdhcnJhbnQgTGlhYmlsaXRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="AsOf2020-12-31_custom_JuneTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:datemonthdayyearen" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">December
31, 2025</ix:nonNumeric></span> for <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20201231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zG7fL62baQ9k" title="Number of warrants issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEVzdGltYXRlZCBVc2luZyB0aGUgQmlub21pYWwgTW9kZWwgdG8gRGV0ZXJtaW5lIHRoZSBGYWlyIFZhbHVlIG9mIFdhcnJhbnQgTGlhYmlsaXRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2020-12-31_custom_JuneTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,660,000</ix:nonFraction></span> warrants.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 98; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">August 2019 issuance (ii)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Dividend yield</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Change in derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--DerivativeGainLossOnDerivativeNet_pp0p0_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--AugustTwoThousandNineteenIssuanceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_fKGlpKQ_____zdYg17cemhRj" title="Change in derivative liability" style="text-align: right">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-01-012021-12-31_custom_AugustTwoThousandNineteenIssuanceMember_custom_WarrantLiabilitiesMember" id="Fact001614" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">2,744,785</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F00_zb5y1mnQOkA" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1F_z3iObSnJWKY" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001615" xml:lang="en-US">During the six
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</tr></table>

</ix:nonNumeric><p id="xdx_8A7_zkP0tEOR97O3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants</b></span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">grant date</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(C$)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">value ($)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: justify">Balance, June 30, 2019</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDate_iS_pid_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zg9dgFIG6nl6" title="Weighted average grant date, beginning balance" style="width: 12%; text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDate" contextRef="AsOf2019-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.28</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zAF9bOrrHHzd" title="Number of warrants, Issued" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">27,360,284</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zEvTkTGJW4u7" title="Weighted average exercise price, Issued" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageExercisePrice" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.27</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageGrantDate_pid_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z3mVdAjSuuja" title="Weighted average grant date, Issued" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageGrantDate" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.03</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expired</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjODf18ytU98" title="Number of warrants, Expired" style="text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">229,464</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYqUx6CbYS72" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageExercisePrice" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">8.50</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageGrantDate_pid_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zC0uKyBKHfXc" title="Weighted average grant date, Expired" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageGrantDate" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.54</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td id="xdx_F45_z6FcTxIW6ZJ5" style="text-align: justify; padding-bottom: 1.5pt">Exercised (i)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_fKGkp_zocr4uM5YW5g" title="Number of warrants, Excercised" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" id="Fact001641" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,332,900</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExercisedInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_fKGkp_zS3LAUbfow7b" title="Weighted average exercise price, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExercisedInPeriodWeightedAverageExercisePrice" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" id="Fact001643" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.25</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExercisedInPeriodWeightedAverageGrantDate_pid_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_fKGkp_zauxYJlCF2c4" title="Weighted average grant date, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExercisedInPeriodWeightedAverageGrantDate" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" id="Fact001645" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.02</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Balance, June 30, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zFSZbQH9Qb9g" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,844,404</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uCADPShares_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSIYVF8RvVy6" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.43</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDate_iS_pid_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zv1G2qPAcLO7" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDate" contextRef="AsOf2020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIPdjgld7PR1" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2020-07-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">58,284,148</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zZaEsK7GZsKe" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageExercisePrice" contextRef="From2020-07-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageGrantDate_pid_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKGRmpDxvjJe" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageGrantDate" contextRef="From2020-07-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.27</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zABn9Q79ISE7" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2020-07-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">350,746</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zxEINnStstji" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageExercisePrice" contextRef="From2020-07-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">14.84</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageGrantDate_pid_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zl8HSTkFe8I" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageGrantDate" contextRef="From2020-07-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.97</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Balance, December 31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdhokwfZWSYc" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">95,777,806</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uCADPShares_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z9LpWzLzmJqh" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.54</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDate_iS_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zxzSKGeaiji4" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDate" contextRef="AsOf2020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.18</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSGXRNpTA2G2" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember137467359" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">19,994,080</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zlMo2HkqWMic" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember137467359" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.60</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageGrantDate_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ze0NCXf6X5nc" style="text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsIssuedInPeriodWeightedAverageGrantDate" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember137467359" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.19</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7vxlIedwMb4" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember137467359" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,359,174</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSZ9AxCNlQX7" title="Weighted average exercise price, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember137467359" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.59</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageGrantDate_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIHuqfsXs1t3" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredInPeriodWeightedAverageGrantDate" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember137467359" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.19</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zVWOFJhvyk4g" title="Number of warrants, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">111,412,712</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uCADPShares_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zwCgqHBM8H9d" title="Weighted average exercise price, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.54</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0E_zzBgAqusuLQc" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F16_zP08p8tuCxyi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001671" xml:lang="en-US">During the year
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six
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</tr></table>

</ix:nonNumeric><p id="xdx_8A6_z9E8ug0mWucd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfWarrantsOutstandingExercisePricesTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfWarrantsOutstandingExercisePricesTableTextBlock_zYO6lOYsb1K6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8BF_z1Md3uPU5jBb" style="display: none">Schedule of Warrants Outstanding Exercise Price</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantTwoMember_pdd" title="Number of warrants" style="text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31_custom_WarrantTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">58,284,148</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantThreeMember_z7qGpWa8ESW8" title="Expiry date"><ix:nonNumeric contextRef="AsOf2021-12-31_custom_WarrantThreeMember" format="ixt:datemonthdayyearen" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">December 31, 2025</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uCADPShares_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantThreeMember_z8MNTCPOrcAg" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_WarrantThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.59</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantThreeMember_pdd" title="Number of warrants" style="text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31_custom_WarrantThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,895,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantFourMember_zIQ3rUIh3TUh" title="Expiry date"><ix:nonNumeric contextRef="AsOf2021-12-31_custom_WarrantFourMember" format="ixt:datemonthdayyearen" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">February 9, 2026</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uCADPShares_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantFourMember_zrjW0ZdP0PKa" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_WarrantFourMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.60</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantFourMember_pdd" title="Number of warrants" style="text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31_custom_WarrantFourMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,112,500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantFiveMember_pdd" title="Number of warrants exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_custom_WarrantFiveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,881,580</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_c20211231_pdd" title="Number of warrants" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">111,412,712</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20211231_pdd" title="Number of warrants exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">111,412,712</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A1_zDUCF09iKQaf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--AugustTwoThousandEighteenWarrantMember_zrYLxtiohjze" title="Number of warrants, Expired"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2021-01-012021-12-31_custom_AugustTwoThousandEighteenWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">160,408</ix:nonFraction></span> August 2018 warrants expired, <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--AugustTwoThousandNineteenWarrantMember_zoTortJTZFWi"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2021-01-012021-12-31_custom_AugustTwoThousandNineteenWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,752,900</ix:nonFraction></span> August 2019 warrants expired, <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--NovemberTwoThousandEighteenWarrantMember_zBBVKjKbFfkh"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2021-01-012021-12-31_custom_NovemberTwoThousandEighteenWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">645,866</ix:nonFraction></span> November 2018
warrants expired, <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--NovemberTwoThousandNineteenWarrantMember_zAD5rVvnZRmj"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2021-01-012021-12-31_custom_NovemberTwoThousandNineteenWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> November 2019 warrants expired, and <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--AprilTwoThousandTwentyLoanExtensionWarrantMember_zwAyS9PmaeKl"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2021-01-012021-12-31_custom_AprilTwoThousandTwentyLoanExtensionWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> April 2020 loan extension warrants expired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 99; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Broker
options</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfBrokerOptionsTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfBrokerOptionsTableTextBlock_zhTz8ULwS235" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the following broker options were outstanding:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B3_z7SCDfoozGnk" style="display: none">Schedule of Broker Options</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">average</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">exercise price</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">options</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(C$)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Balance, June 30, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20200701__20201231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zI5dXgFbN4Lh" title="Number of stock options, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1744">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uCADPShares_c20200701__20201231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zwUQuwpPZkBa" title="Weighted Average exercise price beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1746">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td id="xdx_F44_zwYTqsGStkbh" style="width: 68%; text-align: justify; padding-bottom: 1.5pt">Issued - August 2020 Compensation Options</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200701__20201231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zCCQzci1OhS3" title="Issued - Compensation Options" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-07-012020-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,239,907</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Balance, December 31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20210101__20211231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zmtrpu8c3Ie6" title="Number of stock options, Beginning balance" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,239,907</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uCADPShares_c20210101__20211231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zwEKndsQvD0a" title="Weighted Average exercise price beginning balance" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.35</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Issued &#8211; February 2021 Compensation Options</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zjt0zq2D8GO5" title="Issued - Compensation Options" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_custom_BrokerOptionsMember137467890" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">351,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20210101__20211231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zzUnxt5Vgpq9" title="Weighted Average exercise price Issued - Compensation Options" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_custom_BrokerOptionsMember137467890" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.40</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20210101__20211231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zv3711USJzm1" title="Number of stock options, Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,590,907</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uCADPShares_c20210101__20211231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zFuXLu7lNCk2" title="Weighted Average exercise price ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.35</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zbk76K2bm9c3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F07_zKMSs2WixRxe" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1E_ztKbcxQYaH6i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001763" xml:lang="en-US">The grant date
fair value of the August 2020 and February 2021 Compensation Options were estimated at $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20211231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyMember_pdd" title="Number of warrants exercisable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJyb2tlciBPcHRpb25zIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_custom_AugustTwoThousandTwentyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">521,993</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20211231__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember_pdd" title="Number of warrants exercisable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEJyb2tlciBPcHRpb25zIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_custom_FebruaryTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">68,078</ix:nonFraction></span>, respectively, using the
Black-Scholes valuation model with the following underlying assumptions:</ix:footnote></span></td>
</tr></table>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfEstimatedUsingBlackscholesValuationModelForFairValueOfBrokerOptionsTableTextBlock"><p id="xdx_89B_ecustom--ScheduleOfEstimatedUsingBlackscholesValuationModelForFairValueOfBrokerOptionsTableTextBlock_z6JP46LjuJgc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B8_z4oeAKBDnedg" style="display: none">Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0pt; margin-bottom: 0pt">average life</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>February 2021</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A5_zrO5v02k6t36" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfWarrantsOutstandingBrokerOptionsExercisePricesTableTextBlock"><p id="xdx_894_ecustom--ScheduleOfWarrantsOutstandingBrokerOptionsExercisePricesTableTextBlock_zFg5DISJ5QM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_zWpW36xpmjB8" style="display: none">Schedule of Warrants Outstanding Broker Option Exercise Prices</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Expiry date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">broker options</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td id="xdx_F47_zOfx9wSuU4Pd" style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_981_ecustom--NumberOfBrokerOptions_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--AugustThirtyOneTwoThousandTwentyThreeMember_fKGkp_z1isccvErvS8" title="Number of broker options" style="width: 12%; text-align: right"><ix:nonFraction name="BHLL:NumberOfBrokerOptions" contextRef="AsOf2021-12-31_custom_AugustThirtyOneTwoThousandTwentyThreeMember" id="Fact001796" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,239,907</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--AugustThirtyOneTwoThousandTwentyThreeMember_fKGkp_zaQlmopygvah" title="Number of warrants exercisable" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_custom_AugustThirtyOneTwoThousandTwentyThreeMember" id="Fact001798" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">521,993</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20211231__us-gaap--AwardDateAxis__custom--FebruarySixteenTwoThousandTwentyFourMember_fKGlpKQ_____zO0HCUAuqtW" title="Expiry date"><ix:nonNumeric contextRef="AsOf2021-12-31_custom_FebruarySixteenTwoThousandTwentyFourMember" format="ixt:datemonthdayyearen" id="Fact001800" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">February 16, 2024</ix:nonNumeric></span> <sup>(ii)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uCADPShares_c20211231__us-gaap--AwardDateAxis__custom--FebruarySixteenTwoThousandTwentyFourMember_fKGlpKQ_____zzuWxhYeUO5b" title="Exercise price" style="padding-bottom: 1.5pt; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_FebruarySixteenTwoThousandTwentyFourMember" id="Fact001802" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.40</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_ecustom--NumberOfBrokerOptions_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--FebruarySixteenTwoThousandTwentyFourMember_fKGlpKQ_____zgZCYFyizGHi" title="Number of broker options" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="BHLL:NumberOfBrokerOptions" contextRef="AsOf2021-12-31_custom_FebruarySixteenTwoThousandTwentyFourMember" id="Fact001804" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">351,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--FebruarySixteenTwoThousandTwentyFourMember_fKGlpKQ_____zBvXAMqgDIB" title="Number of warrants exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_custom_FebruarySixteenTwoThousandTwentyFourMember" id="Fact001806" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">68,078</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_986_ecustom--NumberOfBrokerOptions_iI_pid_c20211231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zCI6Pu1MQPe9" title="Number of broker options" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="BHLL:NumberOfBrokerOptions" contextRef="AsOf2021-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,590,907</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20211231__us-gaap--AwardTypeAxis__custom--BrokerOptionsMember_zLgPF5Xr4hBk" title="Number of warrants exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_custom_BrokerOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">590,071</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F04_zJScvZfT3Eda" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F12_zppcp9JrtME4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001811" xml:lang="en-US">Exercisable into
one August 2020 Unit</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0E_zyVJ1vQvmeDa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_zwVtfEknKvSf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001812" xml:lang="en-US">Exercisable into
one February 2021 Unit</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AC_zfAn9NETc6oi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
options</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zzO5QBmXVOq8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the stock option activity during the year ended December 31, 2021, the six months ended December 31, 2020
and the year ended June 30, 2020:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B7_zd20Si71e2sd" style="display: none">Schedule of Stock Options</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">average</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td id="xdx_F4A_zJ1YIUN0YJPj" style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Granted (i)(ii)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Balance, June 30, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20200701__20201231_zKmugbKx0agh" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,580,159</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Granted (iii)(iv)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200701__20201231_fKGlpaSkoaXYp_zUuJCTvzX3q" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-07-012020-12-31" id="Fact001829" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">435,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20200701__20201231_fKGlpaSkoaXYp_zhOZA3bXf0Pc" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-07-012020-12-31" id="Fact001830" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.55</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Balance, December 31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20210101__20211231_zBRzO04xL8e7" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,015,159</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uCADPShares_c20210101__20211231_zbCrvOMjZQ5c" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.62</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Granted (v)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231_fKHYp_zMUfMrsiNMJ1" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-01to2021-12-31" id="Fact001833" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,037,977</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20210101__20211231_fKHYp_zofYwa9WMA18" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-01to2021-12-31" id="Fact001834" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.34</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20210101__20211231_zfZ9CFjgTeT5" title="Number of stock options, Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,053,136</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uCADPShares_c20210101__20211231_ze1F0FDIA2v" title="Weighted average exercise price ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.58</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0A_zCbQNFDBjLj2" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1C_zWXRf50kAtCj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001839" xml:lang="en-US">On October 24,
2019, <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20191023__20191024__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_z6gDeqV4a6pi" title="Number of vested stock option shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2019-10-232019-10-24_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,575,000</ix:nonFraction></span> stock options were issued to directors and officers of the Company. These options have a <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20191023__20191024__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_z65GLfb7raNj" title="Stock option expiration term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-10-232019-10-24_custom_DirectorsAndOfficersMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">5</ix:nonNumeric></span>-year life and are exercisable
at C$<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20191023__20191024__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_zqri63evjkSd" title="Weighted average exercise price, Granted" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2019-10-232019-10-24_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.60</ix:nonFraction></span> per share. The grant date fair value of the stock options was estimated at $<span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20191023__20191024__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_pp0p0" title="Fair value of stock option vested" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2019-10-232019-10-24_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">435,069</ix:nonFraction></span>. The vesting of these options resulted
in stock-based compensation of $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_pp0p0" title="Stock based compensation expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,909</ix:nonFraction></span> for the year ended December 31, 2021, $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_z2v8R4VfSSO7" title="Stock based compensation expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">74,949</ix:nonFraction></span> for the six months ended December 31, 2020 and $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_zUVM3bW5LpP6" title="Stock based compensation expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2019-07-012020-06-30_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">309,211</ix:nonFraction></span>
for the year ended June 30, 2020, which is included in operation and administration expenses on the consolidated statements of loss and
comprehensive loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 100; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F04_zNb3DLtY8J1l" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_zLU0iSz0ZGqd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001854" xml:lang="en-US">On April 20, 2020,
<span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20200419__20200420__srt--TitleOfIndividualAxis__custom--DirectorsMember_z0OFUfS0Kvv9" title="Number of vested stock option shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2020-04-192020-04-20_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,957,659</ix:nonFraction></span> stock options were issued to certain directors of the Company. Each stock option entitles the holder to acquire one common
share of the Company at an exercise price of C$<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_uCADPShares_c20200419__20200420__srt--TitleOfIndividualAxis__custom--DirectorsMember_zwy7PN9O4n39" title="Weighted average exercise price, Granted" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-04-192020-04-20_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.55</ix:nonFraction></span>. The stock options vest in one fourth increments upon each anniversary of the grant
date and expire in <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20200419__20200420__srt--TitleOfIndividualAxis__custom--DirectorsMember_zFCLUbt8pQi1" title="Stock option expiration term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2020-04-192020-04-20_custom_DirectorsMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">5</ix:nonNumeric></span> years. The grant date fair value of the stock options was estimated at $<span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20200419__20200420__srt--TitleOfIndividualAxis__custom--DirectorsMember_pp0p0" title="Fair value of stock option vested" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2020-04-192020-04-20_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,536,764</ix:nonFraction></span>. The vesting of these options
results in stock-based compensation of $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DirectorsMember_pp0p0" title="Stock based compensation expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">531,925</ix:nonFraction></span> for the year ended December 31, 2021, $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__custom--DirectorsMember_z9QHbwsuOfw2" title="Stock based compensation expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">403,456</ix:nonFraction></span> for the six months ended December 31,
2020 and $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__custom--DirectorsMember_zysrnejObr81" title="Stock based compensation expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2019-07-012020-06-30_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">162,855</ix:nonFraction></span> for the year ended June 30, 2020, which is included in operation and administration expenses on the consolidated statements
of loss and comprehensive loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0F_zQTY6u3J6Kk3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F19_zq24KPH2gT2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001869" xml:lang="en-US">On September 30,
2020, <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20200926__20200930__srt--TitleOfIndividualAxis__custom--ConsultantMember_zZVrTiEPZxBa" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2020-09-262020-09-30_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> stock options were issued to a consultant. Each stock option entitles the holder to acquire one common share of the Company
at an exercise price of C$<span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20200926__20200930__srt--TitleOfIndividualAxis__custom--ConsultantMember_zev3DsaGvpz8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-09-262020-09-30_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.60</ix:nonFraction></span>. The stock options vest <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_c20200926__20200930__srt--TitleOfIndividualAxis__custom--ConsultantMember_zsK7bnLAMb67" title="Vesting percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" contextRef="From2020-09-262020-09-30_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% at 6 months and <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_c20191001__20200930__srt--TitleOfIndividualAxis__custom--ConsultantMember_z20keZuH5meg" title="Vesting percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" contextRef="From2019-10-012020-09-30_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% at 12 months from the grant date and expire in <span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20200926__20200930__srt--TitleOfIndividualAxis__custom--ConsultantMember_zMYy9RAw2Or2" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2020-09-262020-09-30_custom_ConsultantMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">3</ix:nonNumeric></span> years.
The grant date fair value of the options was estimated at $<span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20200926__20200930__srt--TitleOfIndividualAxis__custom--ConsultantMember_pp0p0" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2020-09-262020-09-30_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">52,909</ix:nonFraction></span>. The vesting of these options resulted in stock-based compensation
of $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ConsultantMember_zz3SfZMuWUib" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">32,651</ix:nonFraction></span> for the year ended December 31, 2021, $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__custom--ConsultantMember_zNftMrzOdrU8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,259</ix:nonFraction></span> for the six months ended December 31, 2020, and $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_dxL_c20190701__20200630__srt--TitleOfIndividualAxis__custom--ConsultantMember_zunzLozC9av7" title="::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1880">nil</span></span> for the year ended June
30, 2020, which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F09_zvPXXu0ZIzo4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1E_zGPM8u4vikU3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001881" xml:lang="en-US">On October 30,
2020, <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20201028__20201030__srt--TitleOfIndividualAxis__custom--FormerDirectorMember_z5CpoS9Ursk5" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2020-10-282020-10-30_custom_FormerDirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">235,000</ix:nonFraction></span> stock options were issued to a former director. Each stock option entitles the holder to acquire one common share of the
Company at an exercise price of C$<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20201028__20201030__srt--TitleOfIndividualAxis__custom--FormerDirectorMember_zBboIz3bIAl8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-10-282020-10-30_custom_FormerDirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></span>. The stock options vested immediately and expire on <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_dd_c20201028__20201030__srt--TitleOfIndividualAxis__custom--FormerDirectorMember_zJxnqapOrNU6" title="Expiration date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2020-10-282020-10-30_custom_FormerDirectorMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">December 31, 2022</ix:nonNumeric></span>. The grant date fair value
of the options was estimated at $<span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pp0p0_c20201028__20201030__srt--TitleOfIndividualAxis__custom--FormerDirectorMember_zVXYPkIi5TL1" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2020-10-282020-10-30_custom_FormerDirectorMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">46,277</ix:nonFraction></span>. The vesting of these options resulted in stock-based compensation of $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__custom--FormerDirectorMember_z138XFRZjC5k" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_custom_FormerDirectorMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">46,277</ix:nonFraction></span> for the six months
ended December 31, 2020, which is included in operation and administration expenses on the consolidated statements of loss and comprehensive
loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0E_zv31R3EA6qsg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F13_zg9t4BRYpq12" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001888" xml:lang="en-US">On
                                            February 19, 2021, </ix:footnote></span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20210218__20210219__srt--TitleOfIndividualAxis__srt--OfficerMember_pdd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2021-02-182021-02-19_srt_OfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,037,977</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stock
                                            options were issued to an officer of the Company, of which </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20210218__20210219__srt--StatementScenarioAxis__custom--VestImmediatelyMember__srt--TitleOfIndividualAxis__srt--OfficerMember_zUot1BOgU1gj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2021-02-182021-02-19_custom_VestImmediatelyMember_srt_OfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">273,271</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stock
                                            options vested immediately and the balance of </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20210218__20210219__srt--TitleOfIndividualAxis__srt--OfficerMember__us-gaap--AwardDateAxis__custom--DecemberThirtyOneTwoThousandTwentyOneMember_z7XtaRq3aQud" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2021-02-182021-02-19_srt_OfficerMember_custom_DecemberThirtyOneTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">764,706</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stock
                                            options vested on December 31, 2021. These options have a </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210218__20210219__srt--TitleOfIndividualAxis__srt--OfficerMember_z7oWevommEek" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2021-02-182021-02-19_srt_OfficerMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">5</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-year
                                            life and are exercisable at C$</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uCADPShares_c20210218__20210219__srt--TitleOfIndividualAxis__srt--OfficerMember_zNPK6l59qRjf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-02-182021-02-19_srt_OfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.335</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            common share. The grant date fair value of the options was estimated at $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20190218__20190219__srt--StatementScenarioAxis__custom--VestImmediatelyMember__srt--TitleOfIndividualAxis__srt--OfficerMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2019-02-182019-02-19_custom_VestImmediatelyMember_srt_OfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">204,213</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
                                            The vesting of these options resulted in stock-based compensation of $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFN0b2NrIE9wdGlvbnMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__srt--OfficerMember_zh94tP5uaeAi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_srt_OfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">204,213</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                            the year ended December 31, 2021, which is included in operation and administration expenses
                                            on the consolidated statements of income (loss) and comprehensive income (loss).</span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A5_zWDTnTUdDT44" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_z1h8PCRUdRHa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following
underlying assumptions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B1_zQzvM6zLarUi" style="display: none">Schedule of Estimated Using Black-Scholes Valuation Model for Fair value of Stock Options</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Volatility</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Stock price</td><td>&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin-top: 0pt; margin-bottom: 0pt">Weighted</p>
                                                                     <p style="margin-top: 0pt; margin-bottom: 0pt">average&#160;life</p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 14%; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeOneMember_z0qFw713MjKi" title="Weighted average life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_RangeOneMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5</ix:nonNumeric></span> years</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">(ii)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeTwoMember_z6z2mEVMGuK3" title="Risk free interest rate" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-12-31_custom_RangeTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.44</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeTwoMember_z7ktTfVIFZf3" title="Dividend yield" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31_custom_RangeTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeTwoMember_zvATF3jE351b" title="Volatility" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_custom_RangeTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeTwoMember_z5RNvpbZokCl" title="Weighted average life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_RangeTwoMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5</ix:nonNumeric></span> years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">(iii)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeThreeMember_zsZH0j2VD59k" title="Risk free interest rate" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-12-31_custom_RangeThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.25</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeThreeMember_z20q3l3rI213" title="Dividend yield" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31_custom_RangeThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeThreeMember_z7lHG2s3Hlmf" title="Volatility" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_custom_RangeThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$<span id="xdx_90C_eus-gaap--SharePrice_iI_pid_uCADPShares_c20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeThreeMember_zdVhKMGXoFLe" title="Stock price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_custom_RangeThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.58</ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeThreeMember_zi0yOBFcPjwl" title="Weighted average life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_RangeThreeMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">3</ix:nonNumeric></span> years</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">(iv)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeFourMember_zwSDdcP08ong" title="Risk free interest rate" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-12-31_custom_RangeFourMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.26</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeFourMember_zCvRyNG9kGtj" title="Dividend yield" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31_custom_RangeFourMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeFourMember_z04CVsKP3pd3" title="Volatility" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_custom_RangeFourMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">(v)</td><td>&#160;</td>
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  </table>



</ix:nonNumeric><p id="xdx_8A8_z09JH6Lpeo2j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfStockOptionIssuedAndOutstandingTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfStockOptionIssuedAndOutstandingTableTextBlock_zM5JUgHLEUUg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects the actual stock options issued and outstanding as of December 31, 2021:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_80F_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zbrPKlVm0I99" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.
<span id="xdx_82D_znZbpiOAllY4">Restricted share units</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
March 25, 2020, the Board of Directors approved a Restricted Share Unit (&#8220;RSU&#8221;) Plan to grant RSUs to its officers, directors,
key employees and consultants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock_zlm6hC199KMj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the RSU activity during the year ended December 31, 2021, the six months ended December 31, 2020, and the
year ended June 30, 2020:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zKxaF4GTNmne" style="display: none">Schedule of Restricted Share Units</span></span></p>

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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">grant date</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(C$)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td id="xdx_F48_zDXE0tYxaPp2" style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Unvested as at June 30, 2019</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20190701__20200630_zS8uPwPOwJQg" title="Number of shares, Unvested, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2015">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uCADPShares_c20190701__20200630_zN1VYfsPa1tj" title="Weighted average grant date fair value per share, Unvested, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2017">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 68%; text-align: justify">Granted (i)(ii)</td><td style="width: 2%">&#160;</td>
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  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Vested</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pid_c20190701__20200630_fKGkpKGlpKQ_____z5Ep2gYzxnN" title="Number of shares, Vested" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2023">-</span></td><td style="text-align: left"></td><td>&#160;</td>
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<tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Forfeited</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pid_c20190701__20200630_fKGkpKGlpKQ_____z4cXupZxWiCk" title="Number of shares, Forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2027">-</span></td><td style="text-align: left"></td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uCADPShares_c20190701__20200630_fKGkpKGlpKQ_____zuECH3jpLPok" title="Weighted average grant date fair value per share, Forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2029">-</span></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Unvested as at June 30, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20200701__20201231_zpuBXjg2NEe9" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">600,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20200701__20201231_zbvGkeDIrE3" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.40</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Granted (iii)(iv)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20200701__20201231_fKGlpaSkoaXYp_zCAziyYPTA7f" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-07-012020-12-31" id="Fact002032" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">388,990</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Unvested as at December 31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20210101__20211231_zsLKzhpSPlf6" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">988,990</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Granted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Vested</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20210101__20211231_fKGkpKGlpKQ_____zeg4ZpLXgtW6" title="Number of shares, Vested" style="text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="From2021-01-01to2021-12-31" id="Fact002039" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,516,299</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Forfeited</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20210101__20211231_fKGkpKGlpKQ_____z5ykhAI8PBN3" title="Number of shares, Forfeited" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" contextRef="From2021-01-01to2021-12-31" id="Fact002043" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">245,125</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uCADPShares_c20210101__20211231_fKGkpKGlpKQ_____z58A31SVmaD9" title="Weighted average grant date fair value per share, Forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" contextRef="From2021-01-01to2021-12-31" id="Fact002045" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.52</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Unvested as at December 31, 2021</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20210101__20211231_zv8OrM1OWeR5" title="Number of shares, Unvested, Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">576,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uCADPShares_c20210101__20211231_z7N9xF9zNEM4" title="Weighted average grant date fair value per share, Unvested, Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.62</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F08_zyNn2WEPLTc9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F18_zR3yJfMl3ggb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002050" xml:lang="en-US">On April 14, 2020,
the Company granted <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20200413__20200414__srt--TitleOfIndividualAxis__srt--OfficerMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zH13YexS37X7" title="Share based payment award, grants in period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-04-132020-04-14_srt_OfficerMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of
the grant date. The vesting of these RSUs resulted in stock-based compensation of $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__srt--OfficerMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z20V6IT2OBk1" title="Stock based compensation expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_srt_OfficerMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">71,829</ix:nonFraction></span> for the year ended December 31, 2021, $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__srt--OfficerMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zltiS6E4sA6c" title="Stock based compensation expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_srt_OfficerMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">55,135</ix:nonFraction></span>
for the six months ended December 31, 2020, and $<span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__srt--OfficerMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zWhnj4vfOBO4" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2019-07-012020-06-30_srt_OfficerMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">23,073</ix:nonFraction></span> for the year ended June 30, which is included in operation and administration
expenses on the consolidated statements of loss and comprehensive loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0F_zd4WH7LvNTCa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1A_zAX1mU1SZXEk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002058" xml:lang="en-US">On April 20, 2020,
the Company granted <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20200419__20200420__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXILtAb2gsng" title="Share based payment award, grants in period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-04-192020-04-20_srt_DirectorMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of
the grant date. The vesting of these RSUs resulted in stock-based compensation of $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zijq9ZKDJSC8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_srt_DirectorMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">24,659</ix:nonFraction></span> for the year ended December 31, 2021, $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zB4PMvYvIIL1" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_srt_DirectorMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,703</ix:nonFraction></span>
for the six months ended December 31, 2020, and $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190701__20200630__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxzAbqJbEBU4" title="Share-based Payment Arrangement, Expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2019-07-012020-06-30_srt_DirectorMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,217</ix:nonFraction></span> for the year ended June 30, 2020, which is included in operation and administration
expenses on the consolidated statements of loss and comprehensive loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F09_zaQ9qg97Nl6k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F15_zYjSNTWAhU68" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002065" xml:lang="en-US">On November 16,
2020, the Company granted <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20201114__20201116__srt--TitleOfIndividualAxis__custom--DirectorsMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zo4T7MQc7wRg" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-11-142020-11-16_custom_DirectorsMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">168,000</ix:nonFraction></span> RSUs to certain directors of the Company. The RSUs vest in one fourth increments upon each anniversary
of the grant date. The vesting of these RSUs resulted in stock-based compensation of $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DirectorsMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zW5ePaNYuKx5" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_DirectorsMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">30,510</ix:nonFraction></span> for the year ended December 31, 2021, and
$<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__custom--DirectorsMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zDz5IkbBBJxh" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_custom_DirectorsMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,998</ix:nonFraction></span> for the six months ended December 31, 2020, which is included in operation and administration expenses on the consolidated statements
of loss and comprehensive loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F04_zgw6RHHCccre" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1D_zPNXp7imKxgd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002069" xml:lang="en-US">On December 6,
2020, the Company granted <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20201205__20201206__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_pdd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-12-052020-12-06_custom_ConsultantMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">220,990</ix:nonFraction></span> RSUs to a consultant of the Company. The RSUs vest in one sixth increments per month. The vesting of
these RSUs resulted in stock-based compensation of $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zqkOLebJYro3" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_ConsultantMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">58,740</ix:nonFraction></span> for the year ended December 31, 2021, and $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zEcmRiUlSfB9" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_custom_ConsultantMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">29,304</ix:nonFraction></span> for the six months ended
December 31, 2020, which is included in operation and administration expenses on the consolidated statements of loss and comprehensive
loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F02_zp2YeMVkJrp6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1C_zrNWIH7fNIeg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002073" xml:lang="en-US">On
                                                                                                                                                                                          January 1, 2021, the Company granted <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20201229__20210102__srt--TitleOfIndividualAxis__custom--ConsultantOneMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zL1QFJ5SAuZ8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-12-292021-01-02_custom_ConsultantOneMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">735,383</ix:nonFraction></span>
                                                                                                                                                                                          RSUs to a consultant of the Company. <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pid_c20201229__20210102__srt--StatementScenarioAxis__custom--VestImmediatelyMember__srt--TitleOfIndividualAxis__custom--ConsultantOneMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zdl7MVRpvkSl" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="From2020-12-292021-01-02_custom_VestImmediatelyMember_custom_ConsultantOneMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">245,128</ix:nonFraction></span>
                                                                                                                                                                                          RSUs vested immediately with the remaining RSUs vesting in one twelfth increments per month. During the year ended 2021, a total of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ConsultantOneMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zci7rWRVaaNb" title="Share based payment award, vested in period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="From2021-01-012021-12-31_custom_ConsultantOneMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">490,258</ix:nonFraction></span>
                                                                                                                                                                                          RSUs vested, and in July 2021, the consultant forfeited the remaining <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pid_c20210701__20210731__srt--StatementScenarioAxis__custom--VestInHalfIncrementsPerMonthMember__srt--TitleOfIndividualAxis__custom--ConsultantOneMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zb7pZJfkooJk" title="Share based payment award, forfeited in period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" contextRef="From2021-07-012021-07-31_custom_VestInHalfIncrementsPerMonthMember_custom_ConsultantOneMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">245,125</ix:nonFraction></span>
                                                                                                                                                                                          unvested RSUs, resulting in a reversal of share-based compensation of $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20201229__20210102__srt--TitleOfIndividualAxis__custom--ConsultantOneMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLozp3VZdqm3"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-12-292021-01-02_custom_ConsultantOneMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">64,870</ix:nonFraction></span>. The vesting of these RSUs resulted in stock-based
                                                                                                                                                                                          compensation of $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ConsultantOneMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zi9EMLqQty22" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_ConsultantOneMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">199,542</ix:nonFraction></span>
                                                                                                                                                                                          for the year ended December 31, 2021, which is included in operation and administration expenses on the consolidated statements of
                                                                                                                                                                                          loss and comprehensive loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 102; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F07_zLnH3KrFngr4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F15_z298cqC0UW7j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002082" xml:lang="en-US">On July 1, 2021,
the Company granted <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20210629__20210702__srt--TitleOfIndividualAxis__custom--ConsultantTwoMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXJpNEm1vFCj" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2021-06-292021-07-02_custom_ConsultantTwoMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,823</ix:nonFraction></span> RSUs to a consultant of the Company, vesting immediately. The vesting of these RSUs resulted in stock-based
compensation of $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ConsultantTwoMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zzHqCmKNo4m6" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_ConsultantTwoMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,026</ix:nonFraction></span> for the year ended December 31, 2021, which is included in operation and administration expenses on the consolidated
statements of loss and comprehensive loss.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F01_zKQVyJTIVwUl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F12_zoGv7M4GlvO7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002085" xml:lang="en-US">On August 5, 2021,
the Company granted <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20210803__20210805__srt--TitleOfIndividualAxis__custom--ConsultantThreeMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zUzIcGUOfYZ" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2021-08-032021-08-05_custom_ConsultantThreeMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">595,228</ix:nonFraction></span> RSUs to consultants of the Company, vesting immediately. The vesting of these RSUs resulted in stock-based
compensation of $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ConsultantThreeMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zs1U3t33zHv4" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlc3RyaWN0ZWQgU2hhcmUgVW5pdHMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_ConsultantThreeMember_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,022</ix:nonFraction></span> for the year ended December 31, 2021, which is included in operation and administration expenses on the consolidated
statements of loss and comprehensive loss.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AF_zqAEPlTsLDhh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:DeferredShareUnitsTextBlock"><p id="xdx_800_ecustom--DeferredShareUnitsTextBlock_zJbPMwh0UbKa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.
<span id="xdx_826_z6RxZNJAmYQe">Deferred share units</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
April 21, 2020, the Board of Directors approved a Deferred Share Unit (&#8220;DSU&#8221;) Plan to grant DSUs to its directors. The DSU
Plan permits the eligible directors to defer receipt of all or a portion of their retainer or compensation until termination of their
services and to receive such fees in the form of cash at that time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
vesting of the DSUs or termination of service as a director, the director will be able to redeem DSUs based upon the then market price
of the Company&#8217;s common share on the date of redemption in exchange for cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="BHLL:ScheduleOfDeferredShareUnitsTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfDeferredShareUnitsTableTextBlock_zhWHX3YuDWY3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the DSU activity during the years ended December 31, 2021 and 2020:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zTjvgm9OssEe" style="display: none">Schedule of Deferred Share Units</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">fair value</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">per share</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">shares</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(C$)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td id="xdx_F48_z5igD7vz1LTh" style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Unvested as at June 30, 2019</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uCADPShares_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__custom--DeferredShareUnitMember_zwU6RZm0m5Qa" title="Weighted average grant date fair value per share, Unvested, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2096">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 68%; text-align: justify">Granted (i)</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20190701__20200630__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_fKGkp_z6wX7WIzjetl" title="Number of shares, Granted" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2019-07-012020-06-30_custom_DeferredShareUnitMember" id="Fact002098" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,500,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uCADPShares_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__custom--DeferredShareUnitMember_fKGkp_z4djXp6ccE14" title="Weighted average grant date fair value per share, Granted" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2019-07-012020-06-30_custom_DeferredShareUnitMember137471109" id="Fact002100" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1.03</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Vested</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20210101__20211231__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_z7MHC28K2NJ1" title="Number of shares, Granted" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="From2021-01-012021-12-31_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uCADPShares_c20190101__20200630__us-gaap--StatementEquityComponentsAxis__custom--DeferredShareUnitMember_zz0Eus56pdXj" title="Weighted average grant date fair value per share, vested" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" contextRef="From2019-01-012020-06-30_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.65</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Unvested as at June 30, 2020 and December 31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20190701__20200630__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_zvfzIWKFizJ7" title="Number of shares, Unvested, Ending balance" style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20210101__20211231__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_zswfgN1ac2Nc" title="Number of shares, Unvested, Beginning balance"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2020-06-30_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2020-12-31_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,500,000</ix:nonFraction></ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uCADPShares_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__custom--DeferredShareUnitMember_ztwp3UvEC0l7" title="Weighted average grant date fair value per share, Unvested, Ending balance" style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uCADPShares_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--DeferredShareUnitMember_zqOXXHRFMzua"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2020-06-30_custom_DeferredShareUnitMember137471218" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2020-12-31_custom_DeferredShareUnitMember137471234" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1.03</ix:nonFraction></ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Vested</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20210101__20211231__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_zJcVumjQSU59" title="Number of shares, Vested" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="From2021-01-012021-12-31_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uCADPShares_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--DeferredShareUnitMember_zgc3403YIqB6" title="Weighted average grant date fair value per share, vested" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" contextRef="From2021-01-012021-12-31_custom_DeferredShareUnitMember137471250" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1.03</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Unvested as at December 31, 2021</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20210101__20211231__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_z0LrIcTqfiv5" title="Number of shares, Unvested, Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2021-12-31_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,625,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uCADPShares_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--DeferredShareUnitMember_zPUJsmohDEF" title="Weighted average grant date fair value per share, Unvested, Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2021-12-31_custom_DeferredShareUnitMember137471281" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1.03</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F07_zVHA7tvio4wc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F19_z0CGZDx2UETa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002120" xml:lang="en-US">On April 21, 2020, the Company granted <span id="xdx_90C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsDeferredShareUnitsGrantsInPeriod_pid_c20200419__20200421__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_zjIyDCc5bxxf" title="Number of shares, granted in deferred share units" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlZmVycmVkIFNoYXJlIFVuaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="BHLL:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsDeferredShareUnitsGrantsInPeriod" contextRef="From2020-04-192020-04-21_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,500,000</ix:nonFraction> </span>DSUs. The DSUs vest in one fourth increments
                                            upon each anniversary of the grant date and expire in <span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardDeferredShareUnitsExpiration_dtY_c20200419__20200421__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_zXN7JmhrSqL6" title="Grant date and expire in deferred share units" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlZmVycmVkIFNoYXJlIFVuaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2020-04-192020-04-21_custom_DeferredShareUnitMember" format="ixt-sec:duryear" name="BHLL:SharebasedCompensationArrangementBySharebasedPaymentAwardDeferredShareUnitsExpiration">5</ix:nonNumeric></span> years. During the year ended December
                                            31, 2021, the Company recognized $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_c20210101__20211231__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_pp0p0" title="Share-based Payment Arrangement, Expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlZmVycmVkIFNoYXJlIFVuaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">421,284</ix:nonFraction></span> stock-based compensation related to the DSUs (six
                                            months ended December 31, 2020 - $<span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_c20200701__20201231__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_pp0p0" title="Share-based Payment Arrangement, Expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlZmVycmVkIFNoYXJlIFVuaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012020-12-31_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">560,461</ix:nonFraction></span> and the year ended June 30, 2020 - $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_c20190701__20200630__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_pp0p0" title="Share-based Payment Arrangement, Expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlZmVycmVkIFNoYXJlIFVuaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2019-07-012020-06-30_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">549,664</ix:nonFraction></span>), which
                                            is included in operation and administration expenses on the consolidated statements of loss
                                            and comprehensive loss. The fair value at December 31, 2021 was $<span id="xdx_909_eus-gaap--OtherLiabilitiesCurrent_iI_pp0p0_c20211231__us-gaap--AwardTypeAxis__custom--DeferredShareUnitMember_zYtrgX6OoEb2" title="Other liabilities current" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlZmVycmVkIFNoYXJlIFVuaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2021-12-31_custom_DeferredShareUnitMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,531,409</ix:nonFraction></span>.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AA_zx2cLEc14qf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_801_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zxXPxQmAvy4a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.
<span id="xdx_821_zrOBVJgU2dIe">Commitments and contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
stipulated by the agreements with Placer Mining as described in note 6, the Company is required to make a monthly payment of $<span id="xdx_900_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20210101__20211231__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zf5wIP9SjHK5"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-01-012021-12-31_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for care and maintenance for the mine, up
to the date of acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
stipulated in the agreement with the EPA and as described in Note 6, the Company is required to make two types of payments to
the EPA, one for cost-recovery, and the other for water treatment. The EPA invoices the Company on an annual basis for the actual
water treatment costs, which may exceed the recognized estimated costs significantly. When the Company receives the water treatment invoices,
it records any liability for actual costs over and above any estimates made, and adjusts future estimates as required based on these
actual invoices received. The Company is required to pay for the actual costs regardless of the periodic required estimated accruals
and payments made each year. As at December 31, 2021, $<span id="xdx_905_eus-gaap--OperatingLeasePayments_pp0p0_c20210101__20211231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableAndAccruedLiabilitiesMember_zRbNRULUWJ5g"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-01-012021-12-31_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,417,208</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payable to the EPA has been included in accounts
payable and accrued liabilities (December 31, 2020 - $<span id="xdx_901_eus-gaap--OperatingLeasePayments_pp0p0_c20200701__20201231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableAndAccruedLiabilitiesMember_z5Din1Y5aBM2"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2020-07-012020-12-31_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,298,594</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and June 30, 2021 &#8211; $<span id="xdx_90A_eus-gaap--OperatingLeasePayments_pp0p0_c20190701__20200630__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableAndAccruedLiabilitiesMember_zdgymS7SIVW9"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2019-07-012020-06-30_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,915,235</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">respectively). An amended agreement has been signed
to modify the payment amounts and terms to settle amounts outstanding under the original agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has entered into a lease agreement which <span id="xdx_906_eus-gaap--LesseeOperatingLeaseDescription_c20210101__20211231_zcdIaNdJPvme" title="Lease expires, description"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="us-gaap:LesseeOperatingLeaseDescription">expires in May 2022</ix:nonNumeric></span>. Monthly rental expenses are approximately C$<span id="xdx_904_eus-gaap--PaymentsForRent_pp0p0_uCAD_c20210101__20211231_zXqOHO5NhAqe" title="Rent expenses"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">26,000</ix:nonFraction></span> and are offset
by rental income obtained through a series of short-term subleases held by the Company. See note 9.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about June 14, 2021, a lawsuit was filed in the US District Court for the District of Idaho brought by a purported personal representative
of the estate of a minority shareholder of Placer Mining. The named defendants include Placer Mining, certain of Placer Mining&#8217;s
shareholders, the Company, and certain of the Company&#8217;s shareholders. The lawsuit alleges that Placer Mining entered into a series
of transactions, including amendments to the Company&#8217;s lease with Placer Mining, in breach of an agreement dated August 31, 2018,
which allegedly restricted the sale of shares in Placer Mining by certain shareholders. On August 13, 2021, the Company filed a motion
to dismiss the claim for lack of jurisdiction and standing. On September 3, 2021, the plaintiff responded to the motion to dismiss and
agreed that Placer Mining should be dismissed for lack of jurisdiction. The Company, as well as other named defendants, filed replies
in support of the motions to dismiss and argued that Placer Mining is an indispensable party and with dismissal of Placer Mining the
lawsuit should be dismissed. The US District Court has not ruled on the motions to dismiss but the Company believes the motion to dismiss
will be granted and the lawsuit dismissed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On July 28, 2021, a lawsuit was filed in the US
District Court for the District of Idaho brought by Crescent Mining, LLC (&#8220;Crescent&#8221;). The named defendants include Placer
Mining, Robert Hopper Jr., and the Company. The lawsuit alleges that Placer Mining and Robert Hopper Jr. intentionally flooded the Crescent
Mine during the period from 1991 and 1994, and that the Company is jointly and severally liable with the other defendants for unspecified
past and future costs associated with the presence of acid mine drainage (&#8220;AMD&#8221;) in the Crescent Mine. The plaintiff has
requested unspecified damages. On September 20, 2021, the Company filed a motion to dismiss Crescent&#8217;s claims against it, contending
that such claims are facially deficient.&#8239; On March 2, 2022, Chief US District Court Judge, David C. Nye granted in part and denied
in part the Company&#8217;s motion to dismiss. The court granted the Company&#8217;s motion to dismiss Crescent&#8217;s Cost Recovery
claim under CERCLA Section 107(a), Declaratory Judgment, Tortious Interference, Trespass, Nuisance and Negligence claims. These claims
were dismissed without prejudice. The court demined the motion to dismiss filed by Placer Mining Corp. for Crescent&#8217;s trespass,
nuisance and negligence claims. If Crescent seeks to amend its complaint, it must do so within 30 days of the court&#8217;s judgement
on March 2, 2022. The Company believes Crescent Mining LLC&#8217;s lawsuit against Placer Mining Corp. is without merit and intends to
defend Placer Mining Corp. vigorously pursuant to the Company&#8217;s indemnification of Placer Mining Corp in the Sale and Purchase
agreement executed between the companies for Bunker Hill Mine on December 15, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes the claims in both lawsuits, as they relate to Bunker Hill, are without merit and intends to defend them vigorously.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_809_eus-gaap--IncomeTaxDisclosureTextBlock_z8rTccrHuYv3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.
<span id="xdx_822_zLc5CDbXYCCa">Income taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zAxPsZs8Yyb7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2021, December 31, 2020, and June 30, 2020, the Company had no accrued interest and penalties related to uncertain tax
positions. The income tax provision differs from the amount of income tax determined by applying the U.S. federal tax rate of <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20210101__20211231_z0KD4Lbtxmx">21.0</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
(December 31, 2020 &#8211; <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_c20180701__20190630_pdd">21.0%)
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
pretax loss from operations for the periods ended December 31, 2021 and December 31, 2020 and year ended June 30, 2020 due to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B4_zRmFvhdQnCH2" style="display: none">Schedule of Income Tax Provision</span></b></span></p>

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  <tr style="vertical-align: bottom">
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    <td colspan="2" id="xdx_49C_20210101__20211231_zKsiwjz41UF8" style="font-weight: bold; text-align: center">Year</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_492_20200701_20201231" style="font-weight: bold; text-align: center">Six Months</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49C_20190701_20200630" style="font-weight: bold; text-align: center">Year</td><td style="font-weight: bold">&#160;</td></tr>
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    <td colspan="2" style="font-weight: bold; text-align: center">Ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Ended</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,164,454</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">31,321,791</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: justify">Total</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A5_zP7fT5y1tfn5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt">Unrealized foreign exchange loss</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2223">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A4_z3RHa2D1x1n9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zWgOoM1WAEga" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BE_zz7GIVvBBrrc" style="display: none">Schedule of Components of Deferred Tax Assets and Liabilities</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; width: 55%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%">&#160;</td>
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    <td style="padding-left: 10pt; text-align: left">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl2232">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,809</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,241</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,910</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--DeferredTaxLiabilitiesUnrealizedCurrencyTransactionGains_iNI_pp0p0_di_msDTANz3tZ_zugdf0lmebE9" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesUnrealizedCurrencyTransactionGains" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">41,146</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl2241">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl2242">&#160;</span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">-</p></td><td style="text-align: left"></td></tr>
  <tr id="xdx_40B_ecustom--DeferredTaxLiabilitiesRightOfUseAssetsAndLeaseObligations_iNI_pp0p0_di_msDTANz3tZ_z5ELh8VDgU3b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Right of use assets and lease obligations</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl2244">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl2245">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="BHLL:DeferredTaxLiabilitiesRightOfUseAssetsAndLeaseObligations" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">56,322</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iTI_pp0p0_mtDTANz3tZ_zbxQjBoNMkoc" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net deferred tax asset</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2248">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2249">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2250">-</span></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AB_zvtjOPnfX8zc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
potential income tax benefit of these losses has been offset by a full valuation allowance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, December 31, 2020 and June 30, 2020, the Company has an unused net operating loss carryforward balance of $<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20211231_zLTrhsUrDeWe"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">26,356,908</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_906_eus-gaap--OperatingLossCarryforwards_c20201231_pp0p0"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,310,259</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_c20200630_pp0p0"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">19,775,710</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, that is available to offset future taxable income. <span id="xdx_900_eus-gaap--LessorOperatingLeaseDescription_c20210101__20211231_zM5SIIrEEquk"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="us-gaap:LessorOperatingLeaseDescription">The
net operating loss carryforwards generated before 2018 expire between 2031 and 2037. The losses generated in 2018 and later tax years
do not expire.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly
increase or decrease within the next 12 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax years that remain subject to examination by major taxing jurisdictions are those for the year ended December 31, 2021, period
ended December 31, 2020 and years ended June 30, 2020, 2019, 2018, 2017, 2016, 2015, and 2014.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z0kyqCJq4YQl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.
<span id="xdx_826_zJFIToUHCc7d">Related party transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
During the year ended December 31, 2021, John Ryan (Director and former CEO) billed $<span id="xdx_906_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_dxL_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnRyanMember_zZ11Vgf3PjHj" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2257">nil</span></span> (six months ended December 31, 2020 - $<span id="xdx_903_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20200701__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnRyanMember_pp0p0"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2020-07-012020-12-31_custom_JohnRyanMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,500</ix:nonFraction></span>,
year ended June 30, 2020 - $<span id="xdx_901_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20190701__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnRyanMember_zCiI71DLfafb" title="Related party transactions"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2019-07-012020-06-30_custom_JohnRyanMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">51,500</ix:nonFraction></span>, respectively) for consulting services to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
During the year ended December 31, 2021, Wayne Parsons (Director and former CFO) billed $<span id="xdx_906_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WayneParsonsMember_zz9Jjk2PYDdf"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2021-01-012021-12-31_custom_WayneParsonsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,127</ix:nonFraction>
</span>(six months ended December 31, 2020 - $</span><span id="xdx_904_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20200701__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WayneParsonsMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2020-07-012020-12-31_custom_WayneParsonsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">71,390</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
year ended June 30, 2020 - $</span><span id="xdx_90B_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20190701__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WayneParsonsMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2019-07-012020-06-30_custom_WayneParsonsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">136,045</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively) for consulting services to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
During the year ended December 31, 2021, Hugh Aird (former Director) billed $<span id="xdx_905_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HughAirdMember_zZrtBKyV5Tih">nil</span> (six months ended December 31, 2020 - $<span id="xdx_902_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20200701__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HughAirdMember_z9c7PA5WfgZ4" title="Related party transactions"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2020-07-012020-12-31_custom_HughAirdMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,223</ix:nonFraction></span>, year
ended June 30, 2020 - $<span id="xdx_90D_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20190701__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HughAirdMember_pp0p0" title="Related party transactions"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2019-07-012020-06-30_custom_HughAirdMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,774</ix:nonFraction></span>, respectively) for consulting services to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
During the year ended December 31, 2021, Richard Williams (Director and Executive Chairman) billed $<span id="xdx_904_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_zcJwBGueYevg"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2021-01-012021-12-31_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">179,605</ix:nonFraction></span> (six
months ended December 31, 2020 - $</span><span id="xdx_908_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20200701__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2020-07-012020-12-31_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">78,201</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
year ended June 30, 2020 - $</span><span id="xdx_902_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20190701__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2019-07-012020-06-30_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">134,927</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively) for consulting services to the Company. At December 31, 2021, $</span><span id="xdx_905_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_zC9wPx9W7Kbc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">108,719</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
owed to Mr. Williams (December 31, 2020 - $</span><span id="xdx_902_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_c20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">45,000</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
June 30, 2020 - $</span><span id="xdx_908_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_zmejkJTasnXc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2020-06-30_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">121,161</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively) with all amounts included in accounts payable and accrued liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2020, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200701__20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_zulbiNAsddQe" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">214,286</ix:nonFraction></span> August 2020 Units at $<span id="xdx_907_ecustom--DeemedPrice_iI_pid_c20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_z9PlyumC9Rcg" title="Deemed price"><ix:nonFraction name="BHLL:DeemedPrice" contextRef="AsOf2020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.67</ix:nonFraction></span> to settle $<span id="xdx_909_eus-gaap--ExtinguishmentOfDebtAmount_c20200701__20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_pp0p0" title="Settlement of debt"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">56,925</ix:nonFraction></span> of debt owed to Mr. Williams.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2020, the Company issued a promissory note in the amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_zurye9vMz6Nl" title="Promissory note"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-06-30_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,000</ix:nonFraction></span>, net of $<span id="xdx_90F_eus-gaap--UnamortizedDebtIssuanceExpense_iI_pp0p0_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RichardWilliamsMember_zXFrswScx0bd" title="Debt issue costs"><ix:nonFraction name="us-gaap:UnamortizedDebtIssuanceExpense" contextRef="AsOf2020-06-30_custom_RichardWilliamsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction></span> debt issue costs, to Mr. Williams. The promissory
note has been repaid in full. See Note 8(vii).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
During the year ended December 31, 2021, the Company incurred $<span id="xdx_902_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SamAshMember_z7RruDVXqZT2"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2021-01-012021-12-31_custom_SamAshMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span> in payroll expense for Sam Ash (President and CEO) (six
months ended December 31, 2020 - $<span id="xdx_901_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20200701__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SamAshMember_pp0p0"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2020-07-012020-12-31_custom_SamAshMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">125,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
year ended June 30, 2020 - $<span id="xdx_904_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20190701__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SamAshMember_zh9FlMKq6Y6d"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2019-07-012020-06-30_custom_SamAshMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively) for services to the Company. At December 31, 2021, $<span id="xdx_902_eus-gaap--AccruedSalariesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SamAshMember_zqonVMVp6lpf" title="Service expense payable"><ix:nonFraction name="us-gaap:AccruedSalariesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_SamAshMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">62,500</ix:nonFraction></span> is payable and included in accrued liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 105; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2020, the Company issued <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200701__20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SamAshMember_pdd" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_SamAshMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">77,143</ix:nonFraction></span> August 2020 Units at a deemed price of $<span id="xdx_908_ecustom--DeemedPrice_iI_pid_c20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SamAshMember_zafy1bVPtmk7" title="Deemed price"><ix:nonFraction name="BHLL:DeemedPrice" contextRef="AsOf2020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_SamAshMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.67</ix:nonFraction></span> to settle $<span id="xdx_906_eus-gaap--ExtinguishmentOfDebtAmount_c20200701__20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SamAshMember_pp0p0" title="Settlement of debt"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_SamAshMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,000</ix:nonFraction></span> of debt
owed to Mr. Ash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
During the year ended December 31, 2021, Pam Saxton (Director) billed $<span id="xdx_901_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PamSaxtonMember_zxTyL9wOGFRl"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2021-01-012021-12-31_custom_PamSaxtonMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">37,669</ix:nonFraction>
</span>(six months ended December 31, 2020 - $</span><span id="xdx_905_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20200701__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PamSaxtonMember_z98VSnDDNew3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2020-07-012020-12-31_custom_PamSaxtonMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,000</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
year ended June 30, 2020 - $nil) for consulting services to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)
During the year ended December 31, 2021, Cassandra Joseph (Director) billed $<span id="xdx_90E_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CassandraJosephMember_zYmjyFhQjtIl" title="Related party transactions"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2021-01-012021-12-31_custom_CassandraJosephMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">37,494</ix:nonFraction></span> (six months ended December 31, 2020 - $<span id="xdx_905_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20200701__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CassandraJosephMember_pp0p0" title="Related party transactions"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2020-07-012020-12-31_custom_CassandraJosephMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,290</ix:nonFraction></span>, year
ended June 30, 2020 - $<span id="xdx_900_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_dxL_c20190701__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CassandraJosephMember_zMbB3GNAPSW4" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2302">nil</span></span>) for consulting services to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)
During the six months ended December 31, 2020, the Company issued <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200701__20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShareholderMember_pdd" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_ShareholderMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000</ix:nonFraction></span> August 2020 Units at a deemed price of $<span id="xdx_90B_ecustom--DeemedPrice_iI_pid_c20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShareholderMember_zK5MeYVHk0i6" title="Deemed price"><ix:nonFraction name="BHLL:DeemedPrice" contextRef="AsOf2020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_ShareholderMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.67</ix:nonFraction></span> to settle $<span id="xdx_901_eus-gaap--ExtinguishmentOfDebtAmount_c20200701__20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShareholderMember_pp0p0" title="Settlement of debt"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_ShareholderMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">77,696</ix:nonFraction></span>
(C$<span id="xdx_907_eus-gaap--ExtinguishmentOfDebtAmount_pp0p0_uCAD_c20200701__20201231__us-gaap--AwardDateAxis__custom--AugustTwoThousandTwentyUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShareholderMember_zq3jk4HBENyb" title="Settlement of debt"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2020-07-012020-12-31_custom_AugustTwoThousandTwentyUnitsMember_custom_ShareholderMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">105,000</ix:nonFraction></span>) of debt owed to a shareholder of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">(ix) During the year ended December 31, 2021,
the Company incurred $<span id="xdx_908_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp0p0_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_zYOcNvTn3lGc"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" contextRef="From2021-01-012021-12-31_custom_DavidWiensMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">276,315</ix:nonFraction></span> in payroll expense for David Wiens (CFO) (six months ended December 31, 2021, $nil, year ended June 30,
2020 - $nil) for services to the Company. At December 31, 2021, $<span id="xdx_901_eus-gaap--AccruedSalariesCurrentAndNoncurrent_iI_pp0p0_c20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_zZ5TVusRShx3"><ix:nonFraction name="us-gaap:AccruedSalariesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_DavidWiensMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">108,335</ix:nonFraction></span> is payable, including reimbursable expenses, and included in accrued liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">During the year ended December 31, 2021, <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_zqAxiOc81OHi" title="Number of stock options, Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_custom_DavidWiensMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,037,977</ix:nonFraction></span>
stock options were issued to Mr. Wiens, of which <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_z3TKqygNDVPa" title="Number of vested stock option shares"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2021-01-012021-12-31_custom_DavidWiensMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">273,271</ix:nonFraction></span> stock options vested immediately and the balance of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_zjuaTXgMCIvh" title="Number of option vested"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" contextRef="AsOf2021-12-31_custom_DavidWiensMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">764,706</ix:nonFraction></span> stock options vested
on December 31, 2021. These options have a <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_zWIbx5LIQ3K8"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_DavidWiensMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">5</ix:nonNumeric></span>-year life and are exercisable at C$<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_uCADPShares_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_zOHipxPXU4oc"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_custom_DavidWiensMember" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.335</ix:nonFraction></span> per common share. The grant date fair value of
the options was estimated at $<span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_zylf8w3BGa44"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-01-012021-12-31_custom_DavidWiensMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">204,213</ix:nonFraction></span>. The vesting of these options resulted in stock-based compensation of $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DavidWiensMember_zZANWugwkpI9"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_DavidWiensMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">204,213</ix:nonFraction></span> for the year ended
December 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_805_eus-gaap--SubsequentEventsTextBlock_z2mcfCMGInBf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.
<span id="xdx_82F_zm3NyjK1UDx6">Subsequent events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the approval of the transaction by Placer Mining Corp. shareholders and satisfaction of other closing conditions, the purchase of the
Bunker Hill Mine closed on January 7, 2022. Concurrently, definitive documentation and all closing conditions were met for the $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20211231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_z665qts0ifia"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_us-gaap_ConvertibleDebtMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000,000</ix:nonFraction>
</span>Royalty Convertible Debenture. The Royalty Convertible Debenture funds the purchase of the Bunker Hill Mine, a $<span id="xdx_90D_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20210101__20211231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__dei--LegalEntityAxis__custom--PlacerMiningCorpMember_zEUtaKzuD4q8"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-01-012021-12-31_us-gaap_ConvertibleDebtMember_custom_PlacerMiningCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment to the EPA, and near-term
working capital requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
$<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20211231__us-gaap--DebtInstrumentAxis__custom--RoyaltyConvertibleDebentureMember_zUvckoOhgg63"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_RoyaltyConvertibleDebentureMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000,000</ix:nonFraction></span> Royalty Convertible Debenture will initially bear interest at an annual rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20211231__us-gaap--DebtInstrumentAxis__custom--RoyaltyConvertibleDebentureMember_zIdJbbvpoXol"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-31_custom_RoyaltyConvertibleDebentureMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.0</ix:nonFraction></span>% payable in cash or Common Shares
at the Company&#8217;s option, until such time that SRSR elects to convert to a royalty, with such conversion option expiring at the
earlier of advancement of the Stream or 18 months. In the event of conversion, the Royalty Convertible Debenture will cease to exist
and the Company will grant a royalty for <span id="xdx_909_ecustom--RoyaltyPercentage_pid_dp_uPure_c20210101__20211231__srt--ProductOrServiceAxis__us-gaap--RoyaltyMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zAQpQD7RMIv6" title="Royalty percentage"><ix:nonFraction name="BHLL:RoyaltyPercentage" contextRef="From2021-01-012021-12-31_us-gaap_RoyaltyMember_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.85</ix:nonFraction></span>% of life-of-mine gross revenue from mining claims considered to be historically worked,
contiguous to current accessible underground development, and covered by the Company&#8217;s 2021 ground geophysical survey. A 1.35%
rate will apply to claims outside of these areas. The Royalty Convertible Debenture will initially be secured by a share pledge of
the Company&#8217;s operating subsidiary, Silver Valley, until such time that a full security package is put in place.  In
the event of non-conversion, the principal of the Royalty Convertible Debenture will be repayable in cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
January 2022, the Company</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">also closed the
$<span id="xdx_906_eus-gaap--PaymentsToAcquireBusinessesGross_c20220101__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_ziwG8K5Vllle"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2022-01-012022-01-31_us-gaap_SubsequentEventMember_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,000,000</ix:nonFraction></span> Convertible Debenture</span><span style="background-color: white">, which was increased from a previously-announced
$<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_c20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zyv69J2kBIEd"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-01-31_us-gaap_SubsequentEventMember_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction></span>.</span><span style="background-color: white">The Convertible Debenture funds near-term working capital requirements, mine
development, and the advancement of its Prefeasibility Study, including engineering studies for the demobilization and construction of
the Pend Oreille Process Plant at Bunker Hill. The $<span id="xdx_90C_eus-gaap--PaymentsToAcquireBusinessesGross_pp0p0_c20220101__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zz7XVo08iYc3"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2022-01-012022-01-31_us-gaap_SubsequentEventMember_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,000,000</ix:nonFraction>
</span></span><span style="background-color: white">Convertible Debenture will initially bear interest at an annual rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zgUrAhWZA5m7"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-01-31_us-gaap_SubsequentEventMember_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span></span><span style="background-color: white">%,
payable in cash or shares at the Company&#8217;s option, and a maturity of 18 months from the closing of the Royalty Convertible Debenture.
Until the closing of the Stream, the Convertible Debenture is convertible into Common Shares at a price of C$<span id="xdx_908_eus-gaap--SharePrice_iI_pid_c20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z3qfDabElNm9"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-01-31_us-gaap_SubsequentEventMember_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.30</ix:nonFraction>
</span></span><span style="background-color: white">per Common Share, subject to stock exchange approval. Alternatively, SRSR
may elect to retire the Convertible Debenture with the cash proceeds from the Stream. The Company may elect to repay the Convertible
Debenture early; if SRSR elects not to exercise its conversion option at such time, a minimum of 12 months of interest would apply.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white">On January 7, 2022, the
Company closed the purchase of the Bunker Hill Mine. See Note 6 Mining Interests. Mine assets were purchased for $<span id="xdx_907_eus-gaap--BusinessCombinationConsiderationTransferred1_pp0p0_c20220106__20220107__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z76fhkjA1ot7"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2022-01-062022-01-07_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,700,000</ix:nonFraction></span>,
with $<span id="xdx_906_eus-gaap--OperatingLeasePayments_pp0p0_c20220106__20220107__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zjgrXnZmVgg8"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-01-062022-01-07_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction>
</span>of previous lease payments and a deposit of $<span id="xdx_90A_eus-gaap--Deposits_iI_pp0p0_c20220107__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zxCCLUHEKbB6"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2022-01-07_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction>
</span>applied to the purchase, resulting in cash paid at closing of approximately $<span id="xdx_901_eus-gaap--PaymentsToAcquireMiningAssets_pp0p0_c20220106__20220107__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zxCMuqF4Tjdb"><ix:nonFraction name="us-gaap:PaymentsToAcquireMiningAssets" contextRef="From2022-01-062022-01-07_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,400,000</ix:nonFraction></span>.
The EPA obligation of $<span id="xdx_907_ecustom--LiabilityAssumed_iI_pdp0_c20220107__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z0RNBSuzPJc4"><ix:nonFraction name="BHLL:LiabilityAssumed" contextRef="AsOf2022-01-07_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">19,000,000</ix:nonFraction>
</span>was assumed by Bunker Hill as part of the acquisition. The restructuring of the EPA Settlement payment stream under the
Amendment does not occur unless and until the Company puts the financial assurances in place. On March 22, 2022, the Company reported
that in consultation with the EPA, it has committed to meet the approximately $<span id="xdx_903_ecustom--SettlementPayment_pdp0_c20220106__20220107__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRMtJNLmzNB2"><ix:nonFraction name="BHLL:SettlementPayment" contextRef="From2022-01-062022-01-07_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,900,000</ix:nonFraction>
</span>and Financial Assurance obligations by 180 days from the effective date of the Amended Settlement Agreement.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On January 31, 2022, the Company entered into
a non-binding Memorandum of Understanding (&#8220;MOU&#8221;) with Teck Resources Limited (&#8220;Teck&#8221;) for the purchase of
a comprehensive package of equipment and parts inventory from its Pend Oreille site (the &#8220;Pend Oreille Process Plant&#8221;) in
eastern Washington State. <span id="xdx_90F_ecustom--DescriptionForPackageComprisesOfProperty_c20220130__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRfuUhGsAyG8"><ix:nonNumeric contextRef="From2022-01-302022-01-31_us-gaap_SubsequentEventMember" name="BHLL:DescriptionForPackageComprisesOfProperty">The
package comprises substantially all processing equipment of value located at the site, including complete crushing, grinding and flotation
circuits.</ix:nonNumeric> </span> The MOU outlines a purchase price under two scenarios,
at Teck&#8217;s option: an all-cash $<span id="xdx_907_eus-gaap--CashAcquiredFromAcquisition_c20220130__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--BusinessAcquisitionAxis__custom--TeckResourcesLimitedMember_pp0p0"><ix:nonFraction name="us-gaap:CashAcquiredFromAcquisition" contextRef="From2022-01-302022-01-31_us-gaap_SubsequentEventMember_custom_TeckResourcesLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,750,000</ix:nonFraction>
</span>purchase price, or a $<span id="xdx_90B_eus-gaap--PaymentsToAcquireBusinessesGross_c20220130__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--BusinessAcquisitionAxis__custom--TeckResourcesLimitedMember_pp0p0"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2022-01-302022-01-31_us-gaap_SubsequentEventMember_custom_TeckResourcesLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000,000</ix:nonFraction>
</span>purchase price comprised of cash and Bunker Hill shares. Each option includes a $<span id="xdx_904_ecustom--NonrefundableDeposit_c20220130__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--BusinessAcquisitionAxis__custom--TeckResourcesLimitedMember_pp0p0"><ix:nonFraction name="BHLL:NonrefundableDeposit" contextRef="From2022-01-302022-01-31_us-gaap_SubsequentEventMember_custom_TeckResourcesLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction>
</span>non-refundable deposit, which has been paid by the Company subsequent to the end of the year. On March 7, 2022, the Company announced
the signing of an Asset Purchase agreement for the purchase of the Pend Oreille Process Plant. Closing of the transaction remains subject
to certain conditions, including payment of the remaining purchase price by May 15, 2022.&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 106; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On March 3, 2022, the Company closed the purchase
of a 225-acre surface land parcel for a cash payment of approximately $<span id="xdx_908_eus-gaap--PaymentsToAcquireMiningAssets_pp0p0_c20220302__20220303__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zD2c2rOvuA6d"><ix:nonFraction name="us-gaap:PaymentsToAcquireMiningAssets" contextRef="From2022-03-022022-03-03_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200,000</ix:nonFraction></span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="background-color: white">On
March 9, 2022, the Company entered into an agreement with a syndicate of agents led by Echelon Wealth Partners Inc. (collectively, the
&#8220;Agents&#8221;), which have agreed to act as agents for and on behalf of the Company, on a commercially reasonable &#8220;best
efforts&#8221; agency basis, without underwriter liability, in connection with a proposed private placement (the &#8220;Offering&#8221;)
of up to C$<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220308__20220309__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zWi0x7xFdRZe"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2022-03-082022-03-09_us-gaap_PrivatePlacementMember_us-gaap_WarrantMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000,000</ix:nonFraction>
</span></span><span style="background-color: white">of special warrants of the Company (the &#8220;Special Warrants&#8221;) which
will entitle the holders to receive up to <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220308__20220309__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zEOaMi4QzaZ1"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-03-082022-03-09_us-gaap_PrivatePlacementMember_us-gaap_WarrantMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction>
</span></span><span style="background-color: white">units of the Company at a price of C$<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220309__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zdV2ttKuLnA7"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-03-09_us-gaap_PrivatePlacementMember_us-gaap_WarrantMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.30</ix:nonFraction>
</span></span><span style="background-color: white">(the &#8220;Issue Price&#8221;) per Special Warrant, subject to adjustment
in certain events. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="background-color: white">Each
Special Warrant shall be exercisable, for no additional consideration and with no further action on the part of the holder thereof, into
one unit (each, a &#8220;Unit&#8221;) of the Company, subject to adjustment described below, on the earlier of: (i) the third business
day after the date upon which both (A) a receipt for a (final) Prospectus (the &#8220;Qualification Prospectus&#8221;) qualifying
the distribution of the Units issuable upon exercise of the Special Warrants has been issued by the applicable securities regulatory
authorities in the Canadian jurisdictions in which purchasers of the Special Warrants are resident (the &#8220;Canadian Jurisdictions&#8221;),
and (B) the registration statement (the &#8220;Registration Statement&#8221;) of the Company filed with the Securities and Exchange Commission
(the &#8220;SEC&#8221;) registering the Units issuable upon exercise of the Special Warrants has been declared effective by the SEC;
and (ii) the date that is six months following the Closing Date , which is expected to close on March 31, 2022. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="background-color: white">Each
Unit will consist of one common share of the Company (a &#8220;Common Share&#8221;) and one common share purchase warrant (each whole
common share purchase warrant, a &#8220;Warrant&#8221;). Each Warrant will entitle the holder to acquire one Common Share for C$<span id="xdx_90B_eus-gaap--SharePrice_iI_pid_c20220309__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z62fxeTKINE4" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-03-09_us-gaap_WarrantMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.37</ix:nonFraction></span>
for a period of <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dtM_c20220308__20220309__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zahRW0cuQK78" title="Closing date"><ix:nonNumeric contextRef="From2022-03-082022-03-09_us-gaap_WarrantMember_us-gaap_SubsequentEventMember" format="ixt-sec:durmonth" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod">36</ix:nonNumeric></span> months following the Closing Date. The Warrants shall also be exercisable on a cashless basis in the event the Registration
Statement has not been made effective by the SEC prior to the date of exercise. In the event that a receipt for the Qualification Prospectus
has not been obtained and the Registration Statement has not been deemed effective on or before 5:00 p.m. (EST) on the date that is 60
days following the Closing Date, each unexercised Special Warrant will thereafter entitle the holder thereof to receive, upon the exercise
thereof, at no additional cost<span style="background-color: white">,</span> 1.1 Units (instead of one Unit). </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="background-color: white">The
Company has also granted to the Agents an option (the &#8220;Agents&#8217; Option&#8221;) which shall allow the Agents to sell up to
an additional <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20220308__20220309__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zw4LDdZ7f5u4" title="Share issue percentage"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2022-03-082022-03-09_us-gaap_WarrantMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15.0</ix:nonFraction></span>% of the Special Warrants sold pursuant to the Offering at the Issue Price. The Agent&#8217;s Option may be exercised
in whole or in part as determined by the Agents upon written notice to the Company at any time up to 48 hours prior to the Closing Date.
In consideration for their services, subject to the terms of the agreement with the Agents and adjustments in certain circumstances,
the Agents will receive a cash commission equal to <span id="xdx_905_ecustom--CashCommissionReceivedPercentage_iI_pid_dp_c20220309__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3H5yRwINYqh" title="Cash commission received percentage"><ix:nonFraction name="BHLL:CashCommissionReceivedPercentage" contextRef="AsOf2022-03-09_us-gaap_WarrantMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.0</ix:nonFraction></span>% of the gross proceeds of the Offering (including the Agents&#8217; Option), and
shall be issued that number of compensation options (the &#8220;Compensation Options&#8221;) as is equal to <span id="xdx_90A_ecustom--CashCommissionReceivedPercentage_iI_pid_dp_c20220309__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zonqbBzeT1ci"><ix:nonFraction name="BHLL:CashCommissionReceivedPercentage" contextRef="AsOf2022-03-09_us-gaap_WarrantMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.0</ix:nonFraction></span>% of the number of Special
Warrants sold pursuant to the Offering (including the Agents&#8217; Option). Each Compensation Option shall be exercisable to acquire
one Unit at the Issue Price for a period of 24 months from the closing date of the Offering, subject to adjustment in certain events. </span><span style="background-color: white">
</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


</ix:nonNumeric><p id="xdx_810_zVCzjPV7JEX4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 107; Value: 1 -->
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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
II. INFORMATION NOT REQUIRED IN PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
13. Other Expenses of Issuance and Distribution.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated expenses of the offering (assuming all shares are sold), all of which are to be paid by the Registrant, are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">SEC Registration Fee</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">US$</td><td style="width: 20%; text-align: right">740</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Printing Expenses</td><td>&#160;</td>
    <td style="text-align: left">US$</td><td style="text-align: right">1500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accounting Fees and Expenses</td><td>&#160;</td>
    <td style="text-align: left">US$</td><td style="text-align: right">3500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Legal Fees and Expenses</td><td>&#160;</td>
    <td style="text-align: left">US$</td><td style="text-align: right">20000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Blue Sky Fees/Expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfer Agent Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">TOTAL</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">26,040</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. Indemnification of Directors and Officers.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
only statute, charter provision, bylaw, contract, or other arrangement under which any controlling person, director or officer of the
Registrant is insured or indemnified in any manner against any liability which he may incur in his capacity as such, is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nevada
Law</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.7502 of the Nevada Revised Statutes permits a corporation to indemnify any person who was or is a party or is threatened to be made
a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative,
except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses, including attorneys&#8217; fees, judgments, fines and amounts
paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not liable pursuant to Nevada Revised Statute 78.138, or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">acted
    in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and,
    with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Section 78.7502 permits a corporation to indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses,
including amounts paid in settlement and attorneys&#8217; fees actually and reasonably incurred by him in connection with the defense
or settlement of the action or suit if he:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not liable pursuant to Nevada Revised Statute 78.138; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">acted
    in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of
any action, suit or proceeding referred to above, or in defense of any claim, issue or matter, the corporation is required to indemnify
him against expenses, including attorneys&#8217; fees, actually and reasonably incurred by him in connection with the defense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.751 of the Nevada Revised Statutes provides that such indemnification may also include payment by the Company of expenses incurred
in defending a civil or criminal action or proceeding in advance of the final disposition of such action or proceeding upon receipt of
an undertaking by the person indemnified to repay such payment if he shall be ultimately found not to be entitled to indemnification
under Section 78.751. Indemnification may be provided even though the person to be indemnified is no longer a director, officer, employee
or agent of the Company or such other entities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.752 of the Nevada Revised Statutes allows a corporation to purchase and maintain insurance or make other financial arrangements on
behalf of any person who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise for
any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee or agent,
or arising out of his status as such, whether or not the corporation has the authority to indemnify him against such liability and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
financial arrangements made by the corporation pursuant to Section 78.752 may include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    creation of a trust fund;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    establishment of a program of self-insurance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    securing of its obligation of indemnification by granting a security interest or other lien on any assets of the corporation; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    establishment of a letter of credit, guaranty or surety</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
financial arrangement made pursuant to Section 78.752 may provide protection for a person adjudged by a court of competent jurisdiction,
after exhaustion of all appeals, to be liable for intentional misconduct, fraud or a knowing violation of law, except with respect to
the advancement of expenses or indemnification ordered by a court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
discretionary indemnification pursuant to NRS 78.7502, unless ordered by a court or advanced pursuant to an undertaking to repay the
amount if it is determined by a court that the indemnified party is not entitled to be indemnified by the corporation, may be made by
the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee
or agent is proper in the circumstances. The determination must be made:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent
    legal counsel in a written opinion, or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal
    counsel in a written opinion.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
articles of incorporation and bylaws limit director liability and provide for indemnification to the fullest extent provided by Nevada
law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
15 Recent Sales of Unregistered Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2017, the Company issued 1,366,320 (non-consolidated) shares in a private placement transaction at a purchase price of C
$1.25 per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of
1933 or Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 1, 2017, the Company issued 204,000 (non-consolidated) shares in a private placement transaction at a purchase price of C $1.25
per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of 1933 or
Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 6, 2017, the Company issued 4,000,000 (non-consolidated) shares in a private placement transaction at a purchase price of C
$1.25 per share in a transaction that was exempt from registration under Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 11, 2017, the Company issued 390,000 (non-consolidated) shares in a private placement transaction at a purchase price of C $1.25
per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of 1933 or
Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2018, the Company issued 1,604,076 (non-consolidated) shares in a private placement transaction at a purchase price of C $0.45
per share in a transaction that was exempt from registration under Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 27, 2018, the Company issued 6,058,664 (non-consolidated) shares in a private placement transaction at a purchase price of C
$0.075 per share in a transaction that was exempt from registration under Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2018, the Company issued 400,000 (non-consolidated) shares in a private placement transaction at a purchase price of C $0.075
per share in a transaction that was exempt from registration under Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 27, 2019, the Company issued 11,660,000 shares in a private placement transaction at a purchase price of C $0.05 per share in a
transaction that was exempt from registration under Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2019, the Company issued 23,005,800 shares in a private placement transaction at a purchase price of C $0.05 per share in a
transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of 1933 or Regulation S
for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 23, 2019, the Company issued 30,000,000 shares in a private placement transaction at a purchase price of C $0.05 per share in
a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of 1933 or Regulation
S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 30, 2019, the Company issued 1,000,000 shares in a private placement transaction at a purchase price of C $0.05 per share in a
transaction that was exempt from registration under Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 25, 2020, the Company issued 3,687,501 shares in a private placement transaction at a purchase price of C $0.56 per share in
a transaction that was exempt from registration under Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 12, 2020, the Company issued 3,687,501 shares in a private placement transaction at a purchase price of C $0.56 per share in a transaction
that was exempt from registration under Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 14, 2020, the Company issued 35,212,142 shares and 35,212,142 warrants in a private placement transaction at a purchase price
of C $0.35 per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act
of 1933 or Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 25, 2020, the Company issued 10,940,534 shares and 10,940,534 warrants in a private placement transaction at a purchase price
of C $0.35 per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act
of 1933 or Regulation S for transactions outside of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sprott
Capital Partners LP and Cormark Securities Inc. (the &#8220;Agents&#8221;) acted as agents in connection with the latter two placements
and were paid a cash commission of C$1,086,685 in the aggregate and were issued 3,239,907 compensation warrants (&#8220;Broker Warrants&#8221;)
as compensation for their services. Broker Warrants are exercisable into Units at an exercise price equal to C$0.35 until August 31,
2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"></p>

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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 24, 2021, the Company closed a non-brokered private placement of 19,994,080 Units of the Company at $0.40 per Unit for gross
proceeds of approximately C$8,000,000 in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of
the Securities Act of 1933 or Regulation S for transactions outside of the United States. Each Unit consists of one Common Share of the
Company and one Common Share purchase warrant. Each whole warrant entitles the holder to acquire one Common Share of the Company at a
price of C$0.60 per Common Share for a period of five years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16. Exhibits.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000117625608000398/exhibit31.htm" style="-sec-extract: exhibit">Articles
    of Incorporation (included as exhibit to Form S-1 filed with the Securities and Exchange Commission on April 1, 2008).</a></span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000117625608000398/exhibit32.htm" style="-sec-extract: exhibit">Bylaws
    (included as exhibit to Form S-1 filed with the Securities and Exchange Commission on April 1, 2008).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705010000021/articlesofamendment.htm" style="-sec-extract: exhibit">Articles
    of Amendment (included as exhibit to Form 8-K filed with the Securities and Exchange Commission on February 12, 2010).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705010000221/libertysilvercorpamendedbyla.htm" style="-sec-extract: exhibit">Amended
    Bylaws (included as exhibit to Form 8-K filed with the Securities and Exchange Commission on October 25, 2010).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705011000398/exhibit_34libertysilveramend.htm" style="-sec-extract: exhibit">Amended
    and Restated Bylaws of Liberty Silver Corp., December 14, 2011 (included as exhibit to Form 8-K filed with the Securities and Exchange
    Commission on December 14, 2011).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705012000501/exhibit35amendedandrestateda.htm" style="-sec-extract: exhibit">Amended
    and Restated Articles of Incorporation of Liberty Silver Corp, (included as exhibit to Form 8-K filed with the Securities and Exchange
    Commission on December 28, 2012)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705012000501/exhibit36libertysilveramende.htm" style="-sec-extract: exhibit">Amended
    and Restated Bylaws of Liberty Silver Corp., dated December 21, 2012. (included as exhibit to Form 8-K filed with the Securities and
    Exchange Commission on December 28, 2012)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315217010710/ex3-7.htm" style="-sec-extract: exhibit">Certificate
    of Amendment to Articles of Incorporation for Nevada Profit Corporations, effective September 29, 2017 (included as an exhibit to
    the Form 8-K filed with the Securities and Exchange Commission on September 18, 2017).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315220019971/ex3-8.htm" style="-sec-extract: exhibit">Amended
    and Restated Articles of Incorporation of Liberty Silver Corp. (incorporated by reference to Form S-1 filed on October 27, 2020)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315220019971/ex3-9.htm" style="-sec-extract: exhibit">Amended
    and Restated Articles of Incorporation of Liberty Silver Corp. (incorporated by reference to Form S-1 filed on October 27, 2020)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315220019971/ex3-10.htm" style="-sec-extract: exhibit">Certificate
    of Change dated May 1, 2019 (incorporated by reference to Form S-1 filed on October 27, 2020)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315220019971/ex3-11.htm" style="-sec-extract: exhibit">Certificate
    of Amendment dated September 11, 2020 (incorporated by reference to Form S-1 filed on October 27, 2020)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315220019971/ex4-1.htm" style="-sec-extract: exhibit">Warrant
    Indenture dated as of August 14, 2020 (incorporated by reference to Form S-1 filed on October 27, 2020)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></td>
    <td style="padding-left: -20pt; text-align: justify"><a href="ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion regarding Legality*</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000117625608000398/exhibit101.htm" style="-sec-extract: exhibit">Mineral
    Property Purchase Agreement corporation (included as exhibit to Form S-1 filed with the Securities and Exchange Commission on April
    1, 2008).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705013000071/exhibit102earninagreement_co.htm" style="-sec-extract: exhibit">Exploration
    Earn-In Agreement dated March 29, 2010, by and between Liberty Silver Corp, a Nevada corporation, and AuEx Ventures, Inc., a Nevada
    corporation (included as exhibit to Form S-1/A filed with the Securities and Exchange Commission on February 19, 2013).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705013000028/exhibit1015_purchaseagreemen.htm" style="-sec-extract: exhibit">Purchase
    Agreement Hi Ho Silver Mining Claims dated October 15, 2012 (included as exhibit to Form S-1/A filed with the Securities and Exchange
    Commission on January 24, 2013).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705012000413/exhibit1016registrationright.htm" style="-sec-extract: exhibit">Registration Rights Agreement dated October 15, 2012 (included as exhibit to Form 8-K filed with the Securities and Exchange Commission on October 16, 2012).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705013000028/exhibit1017_memorandumexplor.htm" style="-sec-extract: exhibit">Memorandum of Exploration Earn-In Agreement, effective March 29, 2010 (included as exhibit to Form S-1/A filed with the Securities and Exchange Commission on January 24, 2013).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000113705013000028/exhibit1018_assignmentofexpl.htm" style="-sec-extract: exhibit">Letter Agreement re Assignment of Exploration Earn-In Agreement, effective July 1, 2010 (included as exhibit to Form S-1/A filed with the Securities and Exchange Commission on January 24, 2013).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000105291817000449/liberty_ex10z1.htm" style="-sec-extract: exhibit">Mining Lease with Option to Purchase, by and between Liberty Silver Corp. and Placer Mining Corporation, dated August 17, 2017 (included as exhibits to Form 8-K filed with the Securities and Exchange Commission on August 23, 2017).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315217005887/ex10-1.htm" style="-sec-extract: exhibit">Standstill Agreement dated May 16, 2017 (included as an exhibit to Form 8-K filed with the Securities and Exchange Commission on May 25, 2017).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315217000753/ex10-1.htm" style="-sec-extract: exhibit">First Amendment to the Amended and Restated Loan Agreement and Notice, dated January 20, 2017 (included as exhibits to the Form 8-K filed with the Securities and Exchange Commission on January 24, 2017).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315222000142/ex10-1.htm" style="-sec-extract: exhibit">Settlement Agreement with EPA (incorporated by reference to Form 8-K dated January 3, 2022).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315222000142/ex10-2.htm" style="-sec-extract: exhibit">Purchase Agreement with respect to the Bunker Hill Mine (incorporated by reference to Form 8-K dated January 3, 2022).</a></span></td></tr>
</table>

<p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</span></td>
    <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="ex10-12.htm">Special Warrant Indenture between the Company and Capital Transfer Agency dated April 1, 2022*</a></p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <td style="text-align: justify"><a href="ex10-13.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underlying Warrant Indenture between the Company and Capital Transfer Agency dated April 1, 2022*</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315222003146/ex10-1.htm" style="-sec-extract: exhibit">Form of Secured Convertible Note (incorporated by reference to the Form 8-K filed on February 3, 2022)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1407583/000149315222003146/ex10-2.htm" style="-sec-extract: exhibit">Secured Royalty Convertible Debenture (incorporated by reference to the Form 8-K filed on February 3, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-1.htm">Consent of MNP LLP**</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex5-1.htm">Consent of J.P. Galda &amp; Co. (Included in Exhibit 5)*</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-3.htm">Consent of Deepak Malhotra, PhD.**</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-4.htm">Consent of Robert H. Todd**</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-5.htm">Consent of Scott E. Wilson**</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex96-1.htm">Technical Report and Preliminary Economic Assessment for Underground Milling and Concentration of Lead, Zinc and Silver at the Bunker Hill Mine, December 29, 2021.*</a></span></td></tr>

  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex107.htm">Filing Fee Table</a></span></p></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
filed herewith</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. Undertakings.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
</b>The undersigned Registrant hereby undertakes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
To file, during any period in which offers or sales are being made, a posteffective amendment to this Registration Statement to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
include any Prospectus required by Section 10(a)(3) of the Securities Act&#894;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
reflect in the Prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of Prospectus filed with the Commission pursuant to Rule 424(b) under the
Securities Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in maximum aggregate offering
price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective Registration Statement&#894; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
include any additional or changed material information with respect to the plan of distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
That, for the purpose of determining any liability under the Securities Act, each such posteffective amendment shall be deemed to be
a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
To remove from registration by means of a post effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
For purposes of determining any liability under the Securities Act, the information omitted from the form of Prospectus filed
as part of a registration statement in reliance upon Rule 430A and contained in the form of Prospectus filed by the Registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the
time it was declared effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
For the purpose of determining any liability under the Securities Act, each post effective amendment that contains a form of Prospectus
shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)
For the purpose of determining liability under the Securities Act to any purchaser:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering,
other than registration statements relying on Rule 430B or other than Prospectuses filed in reliance on Rule 430A (&#167;&#167;230.430A
of this chapter), shall be deemed to be part of and included in the Registration Statement as of the date it is first used after effectiveness.
Provided however, that no statement made in a registration statement or Prospectus that is part of the Registration Statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or Prospectus that is part
of the Registration Statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any
statement that was made in the registration statement or Prospectus that was part of the Registration Statement or made in any
such document immediately prior to such date of first use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)
For the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant undertakes that in a primary offering of securities of the Registrant pursuant to this Registration Statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the Registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Any preliminary Prospectus or Prospectus of the Registrant relating to the offering required to be filed pursuant to Rule
424 of this chapter&#894;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Any free writing Prospectus relating to the offering prepared by or on behalf of the Registrant or used or referred to by the
Registrant&#894;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The portion of any other free writing Prospectus relating to the offering containing material information about the Registrant
or its securities provided by or on behalf of the Registrant&#894; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Any other communication that is an offer in the offering made by the Registrant to the purchaser.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
</b>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the small business issuer of expenses
incurred or paid by a director, officer or controlling person of the small business issuer in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the
final adjudication of such issue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
</b>The undersigned Registrant hereby undertakes that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of Prospectus
filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of Prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of
the time it was declared effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
For the purpose of determining any liability under the Securities Act of 1933, each posteffective amendment that contains a form of Prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <i>bona fide </i>offering thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_012"></span>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Toronto, Province of Ontario, on April 29, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunker Hill Mining Corp.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#160;</td>
    <td style="width: 3%; padding-bottom: 1.5pt"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 47%"><span style="font-size: 10pt"><i>/s/ Sam Ash</i></span></td>
    </tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">Sam Ash</span></p>
        <p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">Chief Executive Officer</span></p></td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER
OF ATTORNEY</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
person whose signature appears below hereby constitutes and appoints David Wiens and Joseph P. Galda, and each of them, as his true and
lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead, in
any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file
the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
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{"company-data": {"conformed-name": "Bunker Hill Mining Corp.", "cik": "0001407583", "assigned-sic": "1000", "irs-number": "320196442", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-264602", "film-number": "22878910"}, "business-address": {"street1": "82 RICHMOND STREET EAST", "street2": "TORONTO", "city": "ONTARIO", "state": "A6", "zip": "M5C 1P1", "phone": "416-477-7771"}, "mail-address": {"street1": "82 RICHMOND STREET EAST", "street2": "TORONTO", "city": "ONTARIO", "state": "A6", "zip": "M5C 1P1"}, "former-company": [{"former-conformed-name": "LIBERTY SILVER CORP", "date-changed": "20100406"}, {"former-conformed-name": "Liberty Silver Corp", "date-changed": "20100212"}, {"former-conformed-name": "Lincoln Mining Corp", "date-changed": "20070723"}]}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
BUNKER
HILL MINING CORP.
(Exact
name of registrant as specified in its charter)
nevada
(Jurisdiction
of incorporation or organization)
1041
32-0196442
(Primary
    Standard Industrial
Classification
    Code Number)
(I.R.S.
    Employer
Identification
    Number)
82
Richmond Street East
,
Toronto
,
Ontario
, Canada
M5C 1P1
(Address
of principal business offices)
416
-
477-7771
(Registrant's
telephone number, including area code)
J.P.
Galda
c/o
J.P. Galda & Co., 40 E. Lancaster Avenue LTW 22, Ardmore, PA 19003
(Name,
address of agent for service)
Copies
of Communications to:
J.P.
Galda & Co. Attn: J.P. Galda, Esq.
40
East Montgomery Avenue LTW 220
Ardmore,
PA 19003
Tel:
(215) 815-1534
Email:
jpjalda@jpgaldaco.com
Approximate
date of commencement of proposed sale of the securities to the public: From time to time commencing as soon as possible after the registration
statement becomes effective.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. ☒
If
the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance
with General Instruction G, check the following box: ☐
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
THE
REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE
REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE
IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE
AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.
The
information in this Prospectus is not complete and may be changed. The selling shareholders named herein may not sell these securities
until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer
to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not
permitted.
Subject
to Completion, Dated April 29, 2022
PRELIMINARY
PROSPECTUS
PROSPECTUS
BUNKER
HILL MINING CORP.
48,874,228
Common Shares
37,849,325
Common Shares Issuable Pursuant to Special
Warrants
164,593,324
Common Shares Issuable Pursuant to Common
Share Purchase Warrants (including Common Share Purchase Warrants Issued Pursuant to Exercise of Special Warrants)
This Prospectus (this
"
Prospectus
") relates to the resale of common shares in the capital of Bunker Hill Mining Corp. ("
we
",
"
our
" or the "
Company
") ("
Common Shares
") and Common Shares issuable upon exercise
of Common Share purchase warrants (the "
Warrants
") held by selling shareholders which were issued by the Company in
previous private placement transactions by the selling security holders named herein under "
Selling Shareholders and Certain
Beneficial Owners
" (the "
Selling Shareholders
"), including Common Shares issuable upon exercise of Special
Warrants issued on April 1, 2022 which will be automatically exercised (without payment of any further consideration ‎and
subject to customary anti-dilution adjustments) into one unit of the Company (a "
Unit
") comprised on Common Share
and one Warrant on the ‎date (the "
Automatic Exercise Date
") that is the earlier of: (i) the date that is three
business days ‎following the date on which we have obtained both (A) a receipt from the Canadian securities ‎regulatory authorities
in each of the jurisdictions in Canada ‎where the Special Warrants were sold for a (final) short-form Prospectus qualifying the distribution
of the ‎Common Shares and Warrants issuable upon exercise of the Special Warrants (the "
Final Qualification ‎Prospectus
");
and (B) notification that the registration statement of which this Prospectus is a part has been declared effective by the SEC (as hereinafter
defined); and (ii) October 1, 2022. We will not receive any proceeds from the resale of these Common Shares, although we may receive
proceeds from the exercise of the warrants.
The
selling shareholders may offer all or part of the Common Shares for resale from time to time through public or private transactions,
at either prevailing market prices or at privately negotiated prices. The Company is paying for all registration, listing and qualification
fees, printing fees and legal fees.
Our
Common Shares are quoted on the OTC QB under the ticker symbol "BHLL." On April 28, 2022, the closing price of our
Common Shares was U.S. $0.2152 per Common Share.
We
are a "smaller reporting company" as defined under the federal securities laws and, as such, may elect to comply with certain
reduced public company reporting requirements. The purchase of the securities offered through this Prospectus involves a high degree
of risk. See section entitled "Risk Factors" starting on page 13.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES
OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Dated:
2
TABLE
OF CONTENTS
PROSPECTUS SUMMARY
5
SUMMARY OF FINANCIAL INFORMATION
12
RISK FACTORS
13
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
26
USE OF PROCEEDS
27
DESCRIPTION OF THE COMPANY'S BUSINESS
27
DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
50
EXECUTIVE COMPENSATION
52
DESCRIPTION OF SECURITIES TO BE REGISTERED
60
PLAN OF DISTRIBUTION
71
LEGAL PROCEEDINGS
73
INTERESTS OF NAMED EXPERTS AND COUNSEL
73
DISCLOSURE OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
74
WHERE YOU CAN FIND MORE INFORMATION
75
FINANCIAL STATEMENTS
F-1
3
ABOUT
THIS PROSPECTUS
This
Prospectus is part of a registration statement that we have filed with the Securities and Exchange Commission (the "
SEC
")
pursuant to which the selling shareholders named herein may, from time to time, offer and sell or otherwise dispose of the shares of
our common stock covered by this Prospectus. You should not assume that the information contained in this Prospectus is
accurate on any date subsequent to the date set forth on the front cover of this Prospectus or that any information we have incorporated
by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this Prospectus
is delivered or common shares are sold or otherwise disposed of on a later date. It is important for you to read and consider all
information contained in this Prospectus in making your investment decision. You should also read and consider the information
in the documents to which we have referred you under "Where You Can Find Additional Information."
We
have not authorized anyone to give any information or to make any representation to you other than those contained in this Prospectus.
You must not rely upon any information or representation not contained in this Prospectus. This Prospectus does not
constitute an offer to sell or the solicitation of an offer to buy any of our common shares other than the shares of our common stock
covered hereby, nor does this Prospectus constitute an offer to sell or the solicitation of an offer to buy any securities in
any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. Persons who come into
possession of this Prospectus in jurisdictions outside the United States are required to inform themselves about, and to observe,
any restrictions as to the offering and the distribution of this Prospectus applicable to those jurisdictions.
4
PROSPECTUS
SUMMARY
This
summary description about us and our business highlights selected information contained elsewhere in this Prospectus To understand
this offering fully, you should read carefully the entire Prospectus, including "Risk Factors" and "Cautionary
Note Regarding Forward-Looking Statements." Unless the context indicates or suggests otherwise, references to "we,"
"our," "us," the "Company," or the "Registrant" refer to Bunker Hill Mining Corp., a
Nevada corporation, and its subsidiaries. References to "$" refer to monetary amounts expressed in U.S. dollars. All references
to "C$" refer to monetary amounts expressed in Canadian dollars.
Note
Regarding Financial Statements
On
February 12, 2021, the Company's Board of Directors (the "
Board
") approved a change in our fiscal year end from
the last day of June to a calendar fiscal year ending on the last day of December of each year, effective January 1, 2021. In this Prospectus,
references to "fiscal year" refer to years ending December 31, 2021 and June 30, 2020. References in this report to the "transition
period" refer to the six-month period ended December 31, 2020.
Our
Business
The
Company was incorporated for the purpose of engaging in mineral exploration and development activities. The Company's sole focus
is the Bunker Hill mine (the "
Mine
"), as described below.
Recent
Developments, Mine Purchase and Process Plant Purchase Background
On
August 28, 2017, the Company announced that it signed a definitive agreement with Placer Mining Corporation ("
Placer Mining
"),
the current owner of the Mine, for the lease and option to purchase the Mine in Idaho (the "
Lease and Option Agreement
").
The Mine remains the largest single producing mine by tonnage in the Coeur d'Alene lead, zinc and silver mining district in Northern
Idaho. Historically and according to the Bunker Hill Mines Annual Report 1980, the Mine produced over 35,000,000 tons of ore grading
on average 8.76% lead, 3.67% zinc, and 155 g/t silver. The Mine is the Company's only focus, with a view to raising capital to
rehabilitate the mine and put it back into production.
On
November 1, 2019, the Lease and Option Agreement was amended (the "
Amended Agreement
"). Under the terms of the Amended
Agreement, the Company has an option to purchase the marketable assets of the Mine for a purchase price of $11,000,000 at any time prior
to the expiration of the Amended Agreement, payable $6,200,000 in cash, and $4,800,000 in unregistered Common Shares of the Company (calculated
using the market price at the time of exercise of the purchase option). Upon signing the Amended Agreement, the Company paid a one-time,
non-refundable cash payment of $300,000 to Placer Mining. This payment will be applied to the cash portion of the purchase price upon
execution of the purchase option. In the event the Company elects not to exercise the purchase option, the payment shall be treated as
an additional care and maintenance payment. An additional term of the Amended Agreement provides for the elimination of all royalty payments
that were to be paid to Placer Mining.
Under
the terms of the Amended Agreement, during the term of the lease, the Company must make care and maintenance payments in the amount of
$60,000 monthly plus other expenses, i.e. taxes, utilities and mine rescue payments.
On
July 27, 2020, the Company announced that it secured, for a $150,000 cash payment, a further extension to the Lease and Option, Amended
and Extension Agreements to purchase the Mine from Placer Mining (the "Second Extension"). The Second Extension is for a
further 18 months and is in addition to the 6-month extension. This Second Extension expires on August 1, 2022. This Second Extension
provides the Company with more time to invest the proceeds of the ongoing financing in ways that compile and digitize fully over 95 years
of historical and geological data, verify the historical reserves, and explore the high-grade silver targets within the Mine complex.
5
On
November 20, 2020 the Company renegotiated the Amended Agreement. Under the new terms, the purchase price was decreased from $11,000,000
to $7,700,000, with $5,700,000 payable in cash (with an aggregate of $300,000 to be credited toward the purchase price of the Mine as
having been previously paid by the Company and an aggregate of $5,400,000 payable in cash outstanding) and $2,000,000 in Common Shares
of the Company. The reference price for the payment in Common Shares will be based on the share price of the last equity raise before
the option is exercised. The Company will continue to make a monthly care and maintenance payment of $60,000 to the Lessor in return
for on-going technical support to the Company. Under this amendment to the Amended Agreement, the Company's contingent obligation
to settle $1,787,300 of accrued payments due to the Lessor was waived. Further, under the amendment to the Amended Agreement,
the Company is to make an advance payment of $2,000,000 to Placer Mining, which shall be credited toward the purchase price of the Mine
when the Company elects to exercise its purchase right. In the event that the Company irrevocably elects not to exercise its purchase
right, the advance payment of $2,000,000 will be repaid to the Company within twelve months from the date of such election. The Company
made this advance payment, which had the effect of decreasing the remaining amount payable to purchase the Mine to an aggregate of $3,400,000
payable in cash and $2,000,000 in Common Shares of the Company.
As
a part of the purchase price, the Amended Agreement also required payments pursuant to an agreement with the U.S. Environmental
Protection Agency ("
EPA
") whereby for so long as the Company leases, owns and/or occupies the Mine, the Company will
make payments to the EPA on behalf of Placer Mining in satisfaction of the EPA's claim for cost recovery. These payments, if all
are made, will total $20,000,000. The agreement calls for payments starting with $1,000,000 30 days after a fully ratified agreement
was signed (which payment was made) followed by $2,000,000 on November 1, 2018 and $3,000,000 on each of the next five anniversaries
with a final $2,000,000 payment on November 1, 2024. In addition to these payments, the Company is to make semi-annual payments of $480,000
on June 1 and December 1 of each year, to cover the EPA's estimated costs of maintaining and treating water at the water treatment
facility with a true-up to be paid by the Company once the actual costs are determined. The November 1, 2018, December 1, 2018, June
1, 2019, November 1, 2019, November 1, 2020, and November 1, 2021 payments were not made, and the Company engaged in discussions with
the EPA in an effort to reschedule these payments in ways that enable the sustainable operation of the Mine as a viable long-term business.
On
December 20, 2021, the Company announced the execution of a non-binding term sheet outlining a $50 million project finance package with
Sprott Private Resource Streaming and Royalty Corp. ("
SRSR
"), the execution of a settlement agreement amendment
with the EPA, and the execution of an agreement to purchase  the Bunker Hill Mine.
The
non-binding term sheet with
SRSR
outlined a $50,000,000 project financing package that the Company expects to fulfill the majority
of its funding requirements to restart the Bunker Hill Mine. The financing package consisted of an $8,000,000 royalty convertible
debenture (the "
Royalty Convertible Debenture
"), a $5,000,000 convertible debenture (the "
Convertible Debenture
"),
and a multi-metals stream of up to $37,000,000 (the "
Stream
", together with the Royalty Convertible Debenture and
the Convertible Debenture, the "
Project Financing Package
").
The
Company
closed
the $8,000,000 Royalty Convertible Debenture in January 2022.
The
Royalty Convertible Debenture bears interest at an annual rate of 9.0%, payable in cash or Common Shares at the Company's
option, until such time that SRSR elects to convert a royalty, with such conversion option expiring at the earlier of advancement of
the Stream or 18 months. In the event of conversion, the Royalty Convertible Debenture will cease to exist and the Company will grant
a royalty for 1.85% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible
underground development, and covered by the Company's 2021 ground geophysical survey (the "
SRSR Royalty
"). A
1.35% rate will apply to claims outside of these areas. The Royalty Convertible Debenture is secured by a share pledge of the
Company's operating subsidiary, Silver Valley, until a full security package was put in place concurrent with the consummation
of the Convertible Debenture. In the event of non-conversion, the principal of the Royalty Convertible Debenture will be repayable
in cash.
The
Company also
closed
the $6,000,000 Convertible Debenture in January 2022, which was increased from the previously-announced $5,000,000.
The Convertible Debenture bears interest
at an annual rate of 7.5%, payable in cash or shares at the Company's option, and matures on July 7, 2023. Until
the closing of the Stream, the Convertible Debenture is convertible into Common Shares at a price of C$0.30 per Common Share, subject
to stock exchange approval. Alternatively, SRSR may elect to retire the Convertible Debenture with the cash proceeds from the Stream.
The Company may elect to repay the Convertible Debenture early; if SRSR elects not to exercise its conversion option at such time, a
minimum of 12 months of interest would apply.
6
Subject
to SRSR internal approvals, further technical and other diligence, and satisfactory definitive documentation, the Company expects to
close the Stream concurrent with a formal construction decision being made by the end of Q2 2022. A minimum of $27,000,000 and
a maximum of $37,000,000 (the "
Stream Amount
") will be made available under the Stream, at the Company's option,
once the conditions of availability of the Stream have been satisfied. Assuming the maximum funding of $37,000,000 is drawn, the Stream
would apply to 10% of payable metals sold until a minimum quantity of metal is delivered consisting of, individually, 55 million pounds
of zinc, 35 million pounds of lead, and 1 million ounces of silver. Thereafter, the Stream would apply to 2% of payable metals sold.
If the Company elects to draw less than $37,000,000 under the Stream, the percentage and quantities of payable metals streamed will adjust
pro-rata. The delivery price of streamed metals will be 20% of the applicable spot price. The Company may buy back 50% of the Stream
Amount at a 1.40x multiple of the Stream Amount between the second and third anniversary of the date of funding, and at a 1.65x multiple
of the Stream Amount between the third and fourth anniversary of the date of funding. The Company will be permitted to incur additional
indebtedness of $15,000,000 and a cost over-run facility of $13,000,000 from other financing counterparties.
Effective
December 19, 2021, the Company entered into an amended Settlement Agreement between the Company, Idaho Department of Environmental Quality,
US Department of Justice and the EPA (the "
Amended Settlement
"). Upon entering the Amended Settlement, the Company
became fully compliant with its payment obligations to these parties. The Amended Settlement modified the payment schedule
and payment terms for recovery of historical environmental response costs at Bunker Hill Mine by the EPA. Pursuant to the terms of
the Amended Settlement, the Company paid $2,000,000 to the EPA in January 2022. Pursuant to the terms of the Amended Settlement, an additional
$17,000,000 will be paid by the Company to the EPA on the following dates:
Date
Amount
November
    1, 2024
$3,000,000
November
    1, 2025
$3,000,000
November
    1, 2026
$3,000,000
November
    1, 2027
$3,000,000
November
    1, 2028
$3,000,000
November
    1, 2029
$2,000,000
    plus accrued interest
The
Amended Settlement included additional payment for outstanding water treatment costs that have been incurred over the period from
2018 through 2020. This $2,900,000 payment was to be made within 90 days of execution of the Amended Settlement.
In
addition to the changes in payment terms and schedule, the Amended Settlement included a commitment by the Company to secure $17,000,000
of financial assurance in the form of performance bonds or letters of credit deemed acceptable to the EPA. The financial assurance
can be drawn on by the EPA in the event of non-performance by the Company of its payment obligations under the Amended Settlement
(the "
Financial Assurance
"). The amount of the bonds will decrease over time as individual payments are made.
If the Company does not post the Financial Assurance within 90 days of execution of the Amended Settlement, it must issue an irrevocable
letter of credit for $9,000,000. The EPA may draw on this letter of credit after an additional 90 days if the Company is unable to either
put the Financial Assurance in place or make payment for the full $17,000,000 of remaining historical cost recovery sums. In the event
neither occurs, the terms of the initial Settlement Agreement will be reinstated. On March 22, 2022, the Company reported that in
consultation with the EPA, it has committed to meet the $2,900,000 payment and Financial Assurance obligations by 180 days from the effective
date of the Amended Settlement Agreement.
The
Company completed the purchase of the Bunker
Hill Mine on January 7, 2022. The terms of the purchase price were modified to $5,400,000 in cash, from $3,400,000 of cash and $2,000,000
of Common Shares.
On
January 25, 2022, the Company announced that it had entered into a non-binding Memorandum of Understanding ("
MOU
")
with Teck Resources Limited ("
Teck
") for the purchase of a comprehensive package of equipment and parts inventory
from its Pend Oreille site (the "
Pend Oreille Process Plant
") in eastern Washington State, approximately 145 miles
from the Bunker Hill Mine by road. The package comprises substantially all processing equipment of value located at the site, including
complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at Bunker Hill, and total inventory
of nearly 10,000 components and parts for mill, assay lab, conveyer, field instruments, and electrical spares. The MOU outlined a purchase
price under two scenarios, at Teck's option: an all-cash $2,750,000 purchase price, or a $3,000,000 purchase price comprised of
cash and Bunker Hill shares. Each option includes a $500,000 non-refundable deposit, which has been paid by the Company. On March 7, 2022, the Company announced the signing of an Asset Purchase agreement for the purchase of the Pend
Oreille Process Plant.
On January 31, 2022, the Company announced
the issuance and sale of the Convertible Debenture. The parties agreed to increase the principal amount of the Convertible
Debenture to $6,000,000
On
March 3, 2022, the Company announced the purchase of a 225-acre surface land parcel for approximately $200,000. The Company intends this
to serve as a strategic asset for the  restart of the Mine, optimizing construction efficiency and costs while providing improved
access to prospective areas identified by our recent geophysics survey.
On March 31, 2022, the Company announced that
it had reached an agreement with a subsidiary of Teck to satisfy the remaining purchase price for the Pend Oreille Mill by way of an
equity issuance of the Company. Teck will receive 10,416,667 units of the Company (the "
Teck Units
") at a deemed issue
price of C$0.30 per unit. Each Teck Unit consists of one Common Share and one Common Share purchase warrant (the
"Teck Warrants"
).
Each whole Teck Warrant entitles the holder to acquire one Common Share at a price of C$0.37 per Common Share for a period of three years.
On
April 1, 2022, the Company announced that it had closed the private placement of 37,849,325 Special Warrants, and concurrent non-brokered
private placement of 1,471,644 units of the Company (the "
Non-Brokered Units
") for aggregate gross proceeds of approximately
$11,796,297 (the "
Offering
").
7
Pursuant
to the Offering, the Company issued 37,849,325 Special Warrants at a price of $0.30 per Special Warrant. Each Special Warrant is
automatically exercisable (without payment of any further consideration and subject to customary anti-dilution adjustments) into one
unit of the Company (a "
Brokered Unit
") on the date that is the earlier of: (i) the date that is three business days
following the date on which the Company has obtained both (A) a receipt from the Canadian security commission in each of the each of
the provinces of Canada in which the purchasers of the Special Warrants were sold for a (final) short-form Prospectus
qualifying the distribution of the common stock of the Company ("
Common Shares
") and common stock purchase warrants
of the Company (the "
Warrants
") issuable upon exercise of the Special Warrants (the
"Final
Qualification Prospectus"
); and (B) notification that the registration statement, of which this Prospectus is a part, has been
declared effective by the SEC (the "
Registration Statement
"); and (ii) October 1, 2022.
Each
Brokered Unit consists of one Common Share and one Warrant. Each whole Warrant will entitle the holder to acquire one Common Share (a
"
Warrant Share
") for C$0.37 until April 1, 2025. The Warrants shall also be exercisable on a cashless basis in the
event the Registration ‎Statement has not been made effective by the SEC prior to the date of exercise.
In
addition, pursuant to the Offering the Company issued 1,471,644 Non-Brokered Units at a price of $0.30 per Non-Brokered Units. Each Non-Brokered
Unit consists of one Common Share and one Warrant. Each whole Warrant will entitle the holder to acquire one Warrant Share for C$0.37
until April 1, 2025.
The
Company intends to use the net proceeds of the Offering to fund the restart and development of the Mine, outstanding obligations to the
EPA, and for general corporate purposes.
2020,
2021 and 2022 Developments
In
support of plans to rapidly restart the Mine, the Company worked systematically through 2020 and 2021 to delineate mineral resources
and conduct various technical studies. If successful in closing the $50 million Project Financing Package, together with securing
additional financing requirements, management believes that it is well positioned to execute this strategy.
Between
April and July 2020, the Company worked to validate, in accordance with National Instrument 43-101 –
Standards of Disclosure
for Mineral Projects
("
NI 43-101
") standards, up to 9 million tons of primarily zinc ore contained within
the UTZ, Quill and Newgard Ore Bodies. This involved over 9,000 feet of drilling from underground and extensive sampling from
the many open stopes above the water-level.
On
September 28, 2020, the Company announced its maiden mineral resources estimate consisting of a total of 8.9 million tons in the Inferred
category, containing 11 million ounces of silver, 880 million pounds of zinc, and 410 million pounds of lead, which represented the result
of the Company's  drilling and sampling efforts conducted between April and July 2020.
On
November 12, 2020, the Company announced the launch of a Preliminary Economic Assessment ("
PEA
") to assess the potential
for a rapid restart of the Mine for minimal capital by focusing on the de-watered upper areas of the Mine, utilizing existing infrastructure,
and based on truck haulage and toll milling methods.
On
January 26, 2021, the Company reported continued progress towards completing the previously announced PEA, and further detail regarding
the potential parameters of the restart, including: i) low up-front capital costs through utilization of existing infrastructure, potentially
enabling a rapid production restart; ii) a staged approach to mining, potentially supporting a long-life operation; iii) underground
processing and tailings deposition with potential for high recovery rates; iv) development of a sustainable operation with minimal environmental
footprint; and v) potential increase in the existing resource base.
On
March 19, 2021, the Company announced a mineral resource estimate consisting of a total of: 4.4 million tons in the Indicated category,
containing 3.0 million ounces of silver, 487 million pounds of zinc, and 176 million pounds of lead; 5.6 million tons in the Inferred
category, containing 8.3 million ounces of silver, 548 million pounds of zinc, and 312 million pounds of lead.
On
April 20, 2021, the Company announced the results of its PEA for the Mine. The PEA contemplates a $42 million initial capital cost (including
20% contingency) to rapidly restart the Mine, generating approximately $20 million of annual average free cash flow over a 10-year mine
life, and producing over 550 million pounds of zinc, 290 million pounds of lead, and 7 million ounces of silver at all-in sustaining
costs of $0.65 per payable pound of zinc (net of by-products). The PEA contemplates a low environmental footprint, long-term water management
solution, and significant positive economic impact for the Shoshone County, Idaho community. The PEA is based on the Mineral Resource
Estimate described above and published on May 3, 2021, following the drilling program conducted in 2020 and early 2021 to validate the
historical reserves. The PEA includes a mining inventory of 5.5Mt, which represents a portion of the 4.4Mt Indicated mineral resource
and 5.6Mt Inferred mineral resource that comprise the Mineral Resource Estimate. The PEA is preliminary in nature and includes Inferred
mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is no certainty that the project described in the PEA will be realized. Mineral resources
that are not mineral reserves do not have demonstrated economic viability.
8
On
May 3, 2021, the Company filed a technical report with further detail regarding the mineral resource estimate announced on March 19,
2021, entitled "Technical Report for the Bunker Hill Mine, Coeur d'Alene Mining District, Shoshone County, Idaho, USA"
with an effective date of March 22, 2021. This technical report was prepared in accordance with the requirements of subpart 1300 of Regulation
S-K (the "
SEC Mining Modernization Rules
") and NI 43-101.
On
June 4, 2021, the Company filed a technical report entitled "Technical Report And Preliminary Economic Assessment For Underground
Milling And Concentration Of Lead, Silver And Zinc At The Bunker Hill Mine, Bunker Hill Mine, Coeur d'Alene Mining District, Shoshone
County, Idaho, USA" in support of the PEA that it announced on April 20, 2021 (as described above). This technical report was prepared
in accordance with the requirements of the SEC Mining Modernization Rules and NI 43-101
On
September 20, 2021, the Company announced the results of an updated PEA for the Mine. The updated PEA contemplates a $44 million initial
capital cost (including 20% contingency) to rapidly restart the Mine, generating approximately $25 million of annual average free cash
flow over an 11-year mine life, and producing over 590 million pounds of zinc, 320 million pounds of lead, and 8 million ounces of silver
at all-in sustaining costs of $0.47 per payable pound of zinc (net of by-products). As with the PEA published on June 4, 2021, the updated
PEA is based on the Mineral Resource Estimate described above and published on May 3, 2021, following the drilling program conducted
in 2020 and early 2021 to validate the historical reserves. The PEA includes a mining inventory of 6.4Mt, which represents a portion
of the 4.4Mt Indicated mineral resource and 5.6Mt Inferred mineral resource that comprise the Mineral Resource Estimate.
On
November 3, 2021, the Company filed a technical report entitled "Technical Report And Preliminary Economic Assessment For Underground
Milling And Concentration Of Lead, Silver And Zinc At The Bunker Hill Mine, Bunker Hill Mine, Coeur d'Alene Mining District, Shoshone
County, Idaho, USA" in support of the updated PEA that it announced on September 20, 2021 (as described above).
On
November 30, 2021, the Company announced the completion of an updated mineral resource estimate (the "
Mineral Resource Estimate
"
or "
MRE
") for the Bunker Hill Mine consisting of a total of: 6.6 million tons in the Measured and Indicated category,
containing 6.8 million ounces of silver, 740 million pounds of zinc, and 324 million pounds of lead; 6.7 million tons in the Inferred
category, containing 10.4 million ounces of silver, 669 million pounds of zinc, and 392 million pounds of lead.
On
December 29, 2021, the Company filed a technical report entitled "Technical Report And Preliminary Economic Assessment For Underground
Milling And Concentration Of Lead, Silver And Zinc At The Bunker Hill Mine, Bunker Hill Mine, Coeur d'Alene Mining District, Shoshone
County, Idaho, USA" (the "
Technical Report
" or "
Bunker Hill Technical Report
") in support
of the updated MRE that it announced on November 30, 2021 (as described above). This technical report was prepared in accordance with
the requirements of the SEC Mining Modernization Rules and NI-43-101 and is filed as an exhibit to the Registration Statement of which
this Prospectus is a part.
On
February 25, 2022, the Company announced the filing of an amended technical report for the Bunker Hill Mine to address comments from
the Ontario Securities Commission (the "OSC Staff") as a result of a voluntary application by the Company for a review of
its technical disclosure by the OSC Staff. The Amended Technical Report addresses comments requesting clarification, formatting and additional
disclosure in a number of areas, including the property description, treatment of historical estimates, and sampling and verification
methods. It also includes updated disclosure reflecting the Company's ownership of the Bunker Hill Mine, which did not become effective
until after the Bunker Hill Technical Report had been published. The Mineral Resource Estimate and financial assumptions in the Preliminary
Economic Assessment are unchanged from the Bunker Hill Technical Report. The Amended Technical Report (the "Amended Technical Report")
is titled "Technical Report and Preliminary Economic Assessment For Underground Milling and Concentration of Lead, Silver and Zinc
at the Bunker Hill Mine, Coeur d'Alene Mining District, Shoshone County, Idaho, USA", with an effective date of January 7,
2022.
9
Water
Management Optimization
In
September 2020, the Company began its water management program with the goal of improving the understanding of the Mine's water
system and enacting immediate improvement in the water quality of effluent leaving the Mine for treatment at the Central Treatment Plant
("
CTP
"). Informed by historical research provided by the EPA, the Company initiated a study of the water system of
the Mine to: i) identify of the areas where sulphuric acid (Acid Mine Drainage, or "
AMD
") is generated in the greatest
and most concentrated quantities, and ii) understand the general flow paths of AMD on its way through and out of the mine as it travels
to the CTP.
On
February 11, 2021, the Company announced the  commissioning of a water pre-treatment plant located within the Mine,
designed to significantly improve the quality of Mine water discharge, which in turn would support a restart of the Mine. Specifically,
the water pre-treatment plant achieves this goal by reducing significantly the amount of treatment required at the CTP, and the associated
costs, before the Mine water is discharged into the south fork of the Coeur D'Alene River, removing over 70% of the metals from
water before it leaves the Mine, with the potential for further improvements.
In
an effort to improve transparency to all stakeholders with regard to the results of this system, the Company launched a water quality
tracking platform on its website on March 15, 2021, which uploads real-time data every five minutes and provides an interactive database
to allow detailed historical analysis.
Smaller
Reporting Company Status
Rule
12b-2 of the Securities Exchange Act of 1934, as amended (the "
Exchange Act
") defines a "smaller reporting company"
as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller
reporting company and that:
●
had
    a public float of less than $75,000,000 as of the last business day of its most recently completed second fiscal quarter, computed
    by multiplying the aggregate worldwide number of shares of its voting and non-voting common equity held by non-affiliates by the
    price at which the common equity was last sold, or the average of the bid and asked prices of common equity, in the principal market
    for the common equity; or
●
in
    the case of an initial registration statement under the United States Securities Act of 1933, as amended (the "
Securities
    Act
") or Exchange Act for shares of its common equity, had a public float of less than $75,000,000 as of a date within
    30 days of the date of the filing of the registration statement, computed by multiplying the aggregate worldwide number of such shares
    held by non-affiliates before the registration plus, in the case of a Securities Act registration statement, the number of such shares
    included in the registration statement by the estimated public offering price of the shares; or
●
in
    the case of an issuer whose public float as calculated under the first and second bulleted paragraph above of this definition
    was zero, had annual revenues of less than $50,000,000 during the most recently completed fiscal year for which audited financial
    statements are available.
10
As
a smaller reporting company, we will not be required and may not include a Compensation Discussion and Analysis section in our proxy
statements; we will provide only two years of financial statements; and we need not provide the table of selected financial data. We
also will have other "scaled" disclosure requirements that are less comprehensive than issuers that are not smaller reporting
companies which could make our Common Shares less attractive to potential investors, which could make it more difficult for our shareholders
to sell their shares.
SUMMARY
OF THE OFFERING
Common
    Shares offered by Selling Shareholders and Certain Beneficial Owners
251,182,877
Common Shares, including:
●
86,589,553
to include Special Warrant Shares and Units
      Shares including 37,849,325 Common Shares to be issued on exercise of the Special Warrants
●
39,320,939
    Common Shares issuable upon exercise of the Warrants partially comprising the Units issuable upon exercise of the Special
    Warrants, and the Non-Brokered Units in the Offering, each of which is exercisable at a price of C$0.37 per share
    until April 1, 2025
●
19,994,080
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on February 24, 2021 and
    exercisable at a price of C$0.60 per share until February 23, 2026
●
35,212,142
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on August 14, 2020 and
    exercisable at a price of C$0.50 per Share until August 31, 2023;
●
2,112,729
                                            Common Shares issuable upon exercise of Common Share purchase warrants held by selling brokers
                                            issued on August 14, 2020 and exercisable at a price of C$0.35 per share until
                                            August 31, 2023.
●
20,866,292
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on August 25, 2020 and
    exercisable at a price of C$0.50 per Share until August 31, 2023;
●
1,127,178
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling brokers issued on August 25, 2020 and exercisable
    at a price of C$0.35 per share until August 31, 2023;
●
2,205,714
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on August 25, 2020 and
    exercisable at a price of C$0.35 per Share until August 31, 2023;
●
239,284
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on February 26, 2020 and
    exercisable at a price of C$0.70 per Share until February 26, 2022.
●
640,000
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on August 23, 2019 and
    exercisable at a price of C$0.25 per Share until February 7, 2022.
●
31,240,249
    Common Shares issuable upon exercise of Common Share purchase warrants held by selling shareholders issued on August 23, 2019, which
    have been amended to become exercisable at a price of C$0.59 per Share until December 31, 2025.
11
Common
    Shares outstanding before the offering
167,991,712
Common Shares as of the date hereof (not including
    shares issuable upon exercisable warrants).
Offering
    Price
Determined
    at the time of sale by the selling shareholders.
Use
    of proceeds
We
    will not receive any proceeds from the sale of shares by the selling shareholders, although we may receive proceeds from the exercise
    of common share purchase warrants. Any such proceeds will we used for general working capital purposes.
CSE
    Trading Symbol
BNKR
OTC
    QB Trading Symbol
BHLL
Risk
    Factors
The
    Common Shares offered hereby involves a high degree of risk and should not be purchased by investors who cannot afford the loss of
    their entire investment. See "
Risk Factors
".
SUMMARY
OF FINANCIAL INFORMATION
The
following selected financial information is derived from the Financial Statements appearing elsewhere in this Prospectus and should be
read in conjunction with the Financial Statements, including the notes thereto, appearing elsewhere in this Prospectus. The amounts below
are expressed in United States dollars.
Year
Ended
Year (Six Months)
Ended
(As restated)Year Ended
31-Dec-21
31-Dec-20
30-Jun-20
($)
($)
($)
Operating Statement Data:
Revenues
Nil
Nil
Nil
Loss from operations
18,752,504
9,454,396
10,793,823
Net loss
6,402,277
2,164,454
31,321,791
Net loss per common share – basic and fully diluted
0.04
0.02
0.47
Balance Sheet Data:
Total assets
4,071,796
6,709,016
732,884
Total liabilities
38,314,164
38,246,613
33,974,803
Total shareholders' deficiency
34,242,368
31,537,597
33,241,919
Total number of common shares issued and outstanding
164,435,442
143,117,068
79,259,940
As
described in the notes to the Financial Statements, the Financial Statements for the year ended June 30, 2020 have been restated.
12
RISK
FACTORS
You
should carefully consider the risks described below together with all other information included in our public filings before making
an investment decision with regard to our securities. The statements contained in or incorporated into this Prospectus that are not historic
facts are forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially from
those set forth in or implied by forward- looking statements. While the risks described below are the ones we believe are most important
for you to consider, these risks are not the only ones that we face. If any of the following events described in these risk factors actually
occurs, our business, financial condition or results of operations could be harmed. In that case, the trading price of our Common Shares
could decline, and you may lose all or part of your investment.
General
Risk Factors
The
Company's ability to operate as a going concern is in doubt.
The
audit opinion and notes that accompany the Company's Financial Statements disclose a going concern qualification to its ability
to continue in business. The accompanying Financial Statements have been prepared under the assumption that the Company will continue
as a going concern. The Company is an exploration and development stage company and has incurred losses since its inception. The Company
has incurred losses resulting in an accumulated deficit of $72,491,150 as of December 31, 2021 and further losses are anticipated in
the development of its business.
The
Company currently has no historical recurring source of revenue and its ability to continue as a going concern is dependent on its ability
to raise capital to fund its future exploration and working capital requirements or its ability to profitably execute its business plan.
The Company's plans for the long-term return to and continuation as a going concern include financing its future operations through
sales of its Common Shares and/or debt and the eventual profitable exploitation of the Mine. Additionally, the volatility in capital
markets and general economic conditions in the U.S. and elsewhere can pose significant challenges to raising the required funds. These
factors raise substantial doubt about the Company's ability to continue as a going concern.
The
Company's consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge
its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying Financial
Statements.
The
Company will require significant additional capital to fund its business plan.
The
Company will be required to expend significant funds to determine whether proven and probable mineral reserves exist at its properties,
to continue exploration and, if warranted, to develop its existing properties, and to identify and acquire additional properties to diversify
its property portfolio. The Company anticipates that it will be required to make substantial capital expenditures for the continued exploration
and, if warranted, development of the Mine. The Company has spent and will be required to continue to expend significant amounts of capital
for drilling, geological, and geochemical analysis, assaying, and feasibility studies with regard to the results of its exploration at
the Mine. The Company may not benefit from some of these investments if it is unable to identify commercially exploitable mineral reserves.
Neither
the Company nor any of the directors of the Company nor any other party can provide any guarantee or assurance, that the Company will
be able to raise sufficient capital to satisfy the Company's short-term obligations. The Company does not have sufficient funds
to satisfy its short-term financial obligations, as at December 31, 2021, the Company has $486,063 in cash and total current liabilities
of $22,795,277 and total liabilities of $38,314,164.
If
the Company cannot raise additional capital, the Company will be in breach of its debt obligations, including under the Royalty Convertible
Debenture and the Convertible Debenture. Further, pursuant to the terms of the Company's agreement with the EPA, the Company is
required to make certain payments to the EPA on behalf of Placer Mining in the amount of $20,000,000 for cost recovery. If the Company
is unable to raise sufficient capital, the Company may be unable to pay the cost of recovery resulting in a breach of its obligations
and the failure to pay may be considered a default under the terms of the Amended Settlement with the EPA and the Amended Agreement with
Placer Mining.
Neither
the Company nor any of the directors of the Company nor any other party can provide any guarantee or assurance that the full $50,000,000
project financing package will be finalized or close, as the Project Financing Package remains subject to SRSR internal approvals, further
technical and other due diligence and satisfactory documentation. Approximately $14,000,000 of the project financing closed in January
2022, subsequent to the close of the year. If the full Project Financing Package does not close there is no guarantee that capital can
be raised on terms favorable to the Company, or at all. Any additional equity funding will dilute existing shareholders.
In
support of plans to rapidly restart the Mine, the Company worked systematically through 2020 and 2021 to delineate mineral resources
and conduct various technical studies. Executing this strategy may require securing additional financing, which may include additional
indebtedness of $15,000,000 and a cost over-run facility of $13,000,000.
The
Company's ability to obtain necessary funding for these purposes, in turn, depends upon a number of factors, including the status
of the national and worldwide economy and the price of metals. Capital markets worldwide were adversely affected by substantial losses
by financial institutions, caused by investments in asset-backed securities and remnants from those losses continue to impact the ability
for the Company to raise capital. The Company may not be successful in obtaining the required financing or, if it can obtain such financing,
such financing may not be on terms that are favorable to us.
13
The
Company's inability to access sufficient capital for its operations could have a material adverse effect on its financial condition,
results of operations, or prospects. Sales of substantial amounts of securities may have a highly dilutive effect on the Company's
ownership or share structure. Sales of a large number of shares of the Company's Common Shares in the public markets, or the potential
for such sales, could decrease the trading price of the Common Shares and could impair the Company's ability to raise capital through
future sales of Common Shares. The Company has not yet commenced commercial production at any of its properties and, therefore, has not
generated positive cash flows to date and has no reasonable prospects of doing so unless successful commercial production can be achieved
at the Mine. The Company expects to continue to incur negative investing and operating cash flows until such time as it enters into successful
commercial production. This will require the Company to deploy its working capital to fund such negative cash flow and to seek additional
sources of financing. There is no assurance that any such financing sources will be available or sufficient to meet the Company's
requirements. There is no assurance that the Company will be able to continue to raise equity capital or to secure additional debt financing,
or that the Company will not continue to incur losses.
The
Company has a limited operating history on which to base an evaluation of its business and prospects.
Since
its inception, the Company has had no revenue from operations. The Company has no history of producing products from the Bunker Hill
property. The Mine is a historic, past producing mine with very little recent exploration work. Advancing the Mine into the development
stage will require significant capital and time, and successful commercial production from the Mine will be subject to completing feasibility
studies, permitting and re-commissioning of the Mine, constructing processing plants, and other related works and infrastructure. As
a result, the Company is subject to all of the risks associated with developing and establishing new mining operations and business enterprises,
including:
●
completion
    of feasibility studies to verify reserves and commercial viability, including the ability to find sufficient ore reserves to support
    a commercial mining operation;
●
the
    timing and cost, which can be considerable, of further exploration, preparing feasibility studies, permitting and construction of
    infrastructure, mining and processing facilities;
●
the
    availability and costs of drill equipment, exploration personnel, skilled labor, and mining and processing equipment, if required;
●
the
    availability and cost of appropriate smelting and/or refining arrangements, if required;
●
compliance
    with stringent environmental and other governmental approval and permit requirements;
●
the
    availability of funds to finance exploration, development, and construction activities, as warranted;
●
potential
    opposition from non-governmental organizations, local groups or local inhabitants that may delay or prevent development activities;
●
potential
    increases in exploration, construction, and operating costs due to changes in the cost of fuel, power, materials, and supplies; and
●
potential
    shortages of mineral processing, construction, and other facilities related supplies.
The
costs, timing, and complexities of exploration, development, and construction activities may be increased by the location of its properties
and demand by other mineral exploration and mining companies. It is common in exploration programs to experience unexpected problems
and delays during drill programs and, if commenced, development, construction, and mine start-up. In addition, the Company's management
and workforce will need to be expanded, and sufficient housing and other support systems for its workforce will have to be established.
This could result in delays in the commencement of mineral production and increased costs of production. Accordingly, the Company's
activities may not result in profitable mining operations and it may not succeed in establishing mining operations or profitably producing
metals at any of its current or future properties, including the Mine.
The
Company has a history of losses and expects to continue to incur losses in the future.
The
Company has incurred losses since inception, has had negative cash flow from operating activities, and expects to continue to incur losses
in the future. The Company has incurred the following losses from operations during each of the following periods:
●
$18,752,504
    for the year ended December 31, 2021; and
●
$9,454,396
    for the transition period ended December 31, 2020
●
$10,793,823
    for the year ended June 30, 2020
The
Company expects to continue to incur losses unless and until such time as the Mine enters into commercial production and generates sufficient
revenues to fund continuing operations. The Company recognizes that if it is unable to generate significant revenues from mining operations
and dispositions of its properties, the Company will not be able to earn profits or continue operations. At this early stage of its operation,
the Company also expects to face the risks, uncertainties, expenses, and difficulties frequently encountered by smaller reporting companies.
The Company cannot be sure that it will be successful in addressing these risks and uncertainties and its failure to do so could have
a materially adverse effect on its financial condition.
14
Epidemics,
pandemics or other public health crises, including COVID-19, could adversely affect the Company's business.
The
Company's operations could be significantly adversely affected by the effects of a widespread outbreak of epidemics, pandemics
or other health crises, including the recent outbreak of respiratory illness caused by the novel coronavirus ("
COVID-19
"),
which was declared a pandemic by the World Health Organization on March 12, 2020. The Company cannot accurately predict the impact COVID-19
will have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to
the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and
quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the
human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries,
resulting in an economic downturn that could further affect the Company's operations and ability to finance its operations.
The
Russia/Ukraine crisis, including the impact of sanctions or retributions thereto, could adversely affect the Company's business.
The
Company's operations could be adversely affected by the effects of the escalating Russia/Ukraine crisis and the effects of sanctions
imposed against Russia or that country's retributions against those sanctions, embargos or further-reaching impacts upon energy
prices, food prices and market disruptions. The Company cannot accurately predict the impact the crisis will have on its operations and
the ability of contractors to meet their obligations with the Company, including uncertainties relating the severity of its effects,
the duration of the conflict, and the length and magnitude of energy bans, embargos and restrictions imposed by governments. In addition,
the crisis could adversely affect the economies and financial markets of the United States in general, resulting in an economic downturn
that could further affect the Company's operations and ability to finance its operations. Additionally, the Company cannot predict
changes in precious metals pricing or changes in commodities pricing which may alternately affect the Company either positively or negatively.
Risks
Related to Mining and Exploration
The
Mine is in the exploration stage. There is no assurance that the Company can establish the existence of any mineral reserve on the Mine
or any other properties the Company may acquire in commercially exploitable quantities. Unless and until the Company does so, the Company
cannot earn any revenues from these properties and if the Company does not do so, the Company will lose all of the funds that it expends
on exploration. If the Company does not discover any mineral reserve in a commercially exploitable quantity, the exploration component
of its business could fail.
The
Company has not established that any of its mineral properties contain any mineral reserve according to recognized reserve guidelines,
nor can there be any assurance that the Company will be able to do so.
The
Company has not established that any of its mineral properties contain any mineral reserve according to recognized reserve guidelines,
nor can there be any assurance that the Company will be able to do so. In general, the probability of any individual prospect having
a "reserve" that meets the requirements of the SEC is small, and the Mine may not contain any "reserves" and
any funds that the Company spends on exploration could be lost. Even if the Company does eventually discover a mineral reserve on the
Mine, there can be no assurance that it can be developed into a producing mine and that the Company can extract those minerals. Both
mineral exploration and development involve a high degree of risk, and few mineral properties that are explored are ultimately developed
into producing mines.
The
commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade,
and other attributes of the mineral deposit, the proximity of the mineral deposit to infrastructure such as processing facilities, roads,
rail, power, and a point for shipping, government regulation, and market prices. Most of these factors will be beyond its control, and
any of them could increase costs and make extraction of any identified mineral deposit unprofitable.
15
The
nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses.
Exploration
for and the production of minerals is highly speculative and involves much greater risk than many other businesses. Most exploration
programs do not result in the discovery of mineralization, and any mineralization discovered may not be of sufficient quantity or quality
to be profitably mined. The Company's operations are, and any future development or mining operations the Company may conduct will
be, subject to all of the operating hazards and risks normally incidental to exploring for and development of mineral properties, including,
but not limited to:
●
economically
    insufficient mineralized material;
●
fluctuation
    in production costs that make mining uneconomical;
●
labor
    disputes;
●
unanticipated
    variations in grade and other geologic problems;
●
environmental
    hazards;
●
water
    conditions;
●
difficult
    surface or underground conditions;
●
industrial
    accidents;
●
metallurgic
    and other processing problems;
●
mechanical
    and equipment performance problems;
●
failure
    of dams, stockpiles, wastewater transportation systems, or impoundments;
●
unusual
    or unexpected rock formations; and
●
personal
    injury, fire, flooding, cave-ins and landslides.
Any
of these risks can materially and adversely affect, among other things, the development of properties, production quantities and rates,
costs and expenditures, potential revenues, and production dates. If the Company determines that capitalized costs associated with any
of its mineral interests are not likely to be recovered, the Company would incur a write-down of its investment in these interests. All
of these factors may result in losses in relation to amounts spent that are not recoverable, or that result in additional expenses.
Commodity
price volatility could have dramatic effects on the results of operations and the Company's ability to execute its business plan.
The
price of commodities varies on a daily basis. The Company's future revenues, if any, will likely be derived from the extraction
and sale of base and precious metals. The price of those commodities has fluctuated widely, particularly in recent years, and is affected
by numerous factors beyond its control including economic and political trends, expectations of inflation, currency exchange fluctuations,
interest rates, global and regional consumptive patterns, speculative activities and increased production due to new extraction developments
and improved extraction and production methods. The effect of these factors on the price of base and precious metals, and therefore the
economic viability of the Company's business, could negatively affect its ability to secure financing or its results of operations.
The
Company's production, development plans and cost estimates in the PEA may vary and/or not be achieved.
The
PEA is preliminary in nature and will include Inferred mineral resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as mineral reserves. Consequently, there is no certainty
that the PEA will be realized. The decision to implement the Mine restart scenario to be included in the PEA will not be based on a feasibility
study of mineral reserves demonstrating economic and technical viability, and therefore there is increased risk that the PEA results
will not be realized. If the Company is unable to achieve the results in the PEA, it may have a material negative impact on the Company
and its capital investment to implement the restart scenario may be lost.
(including
changes to the taxation regime) or regulations imposed by governmental or regulatory authorities, including permitting and environmental
regulations, or other changes in the regulatory environments. Failure to achieve estimates or material increases in costs could have
a material adverse impact on the Company's future cash flows, profitability, results of operations and financial condition.
Costs
charged to the Company by the Idaho Department of Environmental Quality ("IDEQ") for treatment of waste water fluctuate a
great deal and are not within the Company's control.
The
Company is billed annually for water treatment activities performed by the IDEQ for the EPA. The water treatment costs that Bunker Hill
is billed for are partially related to the EPA's direct cost of treating the water emanating from the Bunker Hill Mine, which are
comprised of lime and flocculant usage, electricity consumption, maintenance and repair, labor and some overhead. Rate of discharge of
effluent from the Bunker Hill Mine is largely dependent on the level of precipitation within a given year and how close in the calendar
year the Company is to the spring run-off. Increases in water infiltrations and gravity flows within the mine generally increase after
winter and result in a peak discharge rate in May. Increases in gravity flow and consequently the rate of water discharged by the mine
have a highly robust correlation with metal concentrations and consequently metals loads of effluent.
16
Hydraulic
loads (quantities of water per unit of time) and metal loads (quantities of metals per unit of volume of effluent per unit of time) are
the two main determinants of cost of water treatment by the EPA in the relationship with the Bunker Hill Mine because greater metal loads
consume more lime and more flocculent and more electricity to remove the increased levels of metals and make the water clean. The scale
of the treatment plant is determined by how much total water can be processed (hydraulic load) at any one point in time. This determines
how much labor is required to operate the plant and generally determine the amount of overhead required to run the EPA business.
The
EPA has completed significant upgrades to the water treatment capabilities of the CTP and is now capable of producing treated water than
can meet a much higher discharge standard (which Bunker Hill will be forced to meet beyond May 2023). While it was understood that improved
performance capability would increase the cost of operating the plant, it was unclear to EPA, and consequently to Bunker Hill, how much
the costs would increase by.
These
elements described above, and others, impact the direct costs of water treatment. A significant portion of the total amount invoiced
by EPA each year is indirect cost that is determined as a percentage of the direct cost. Each year the indirect costs percentage changes
within each region of the EPA. Bunker Hill has no ability to impact the percentage of indirect cost that is set by the EPA regional office.
Bunker Hill also has no advanced notice of what the percentage of indirect cost will be until it receives its invoice in June of the
year following the billing period. The Company remains unable to estimate EPA billings to a high degree of accuracy.
Estimates
of mineralized material and resources are subject to evaluation uncertainties that could result in project failure.
Its
exploration and future mining operations, if any, are and would be faced with risks associated with being able to accurately predict
the quantity and quality of mineralized material and resources/reserves within the earth using statistical sampling techniques. Estimates
of any mineralized material or resource/reserve on the Mine would be made using samples obtained from appropriately placed trenches,
test pits, underground workings, and intelligently designed drilling. There is an inherent variability of assays between check and duplicate
samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, there also may be
unknown geologic details that have not been identified or correctly appreciated at the current level of accumulated knowledge about the
Mine. This could result in uncertainties that cannot be reasonably eliminated from the process of estimating mineralized material and
resources/reserves. If these estimates were to prove to be unreliable, the Company could implement an exploitation plan that may not
lead to commercially viable operations in the future.
17
Any
material changes in mineral resource/reserve estimates and grades of mineralization will affect the economic viability of placing a property
into production and a property's return on capital.
As
the Company has not commenced actual production, mineralization resource estimates may require adjustments or downward revisions. In
addition, the grade of ore ultimately mined, if any, may differ from that indicated by future feasibility studies and drill results.
Minerals recovered in small scale tests may not be duplicated in large scale tests under on-site conditions or in production scale.
The
Company's exploration activities may not be commercially successful, which could lead the Company to abandon its plans to develop
the Mine and its investments in exploration.
The
Company's long-term success depends on its ability to identify mineral deposits on the Mine and other properties the Company may
acquire, if any, that the Company can then develop into commercially viable mining operations. Mineral exploration is highly speculative
in nature, involves many risks, and is frequently non-productive. These risks include unusual or unexpected geologic formations, and
the inability to obtain suitable or adequate machinery, equipment, or labor. The success of commodity exploration is determined in part
by the following factors:
●
the
    identification of potential mineralization based on surficial analysis;
●
availability
    of government-granted exploration permits;
●
the
    quality of its management and its geological and technical expertise; and
●
the
    capital available for exploration and development work.
Substantial
expenditures are required to establish proven and probable reserves through drilling and analysis, to develop metallurgical processes
to extract metal, and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral
deposit will be commercially viable depends on a number of factors that include, without limitation, the particular attributes of the
deposit, such as size, grade, and proximity to infrastructure; commodity prices, which can fluctuate widely; and government regulations,
including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals,
and environmental protection. The Company may invest significant capital and resources in exploration activities and may abandon such
investments if the Company is unable to identify commercially exploitable mineral reserves. The decision to abandon a project may have
an adverse effect on the market value of the Company's securities and the ability to raise future financing.
The
Company is subject to significant governmental regulations that affect its operations and costs of conducting its business and may not
be able to obtain all required permits and licenses to place its properties into production.
The
Company's current and future operations, including exploration and, if warranted, development of the Mine, do and will require
permits from governmental authorities and will be governed by laws and regulations, including:
●
laws
    and regulations governing mineral concession acquisition, prospecting, development, mining, and production;
●
laws
    and regulations related to exports, taxes, and fees;
●
labor
    standards and regulations related to occupational health and mine safety; and
●
environmental
    standards and regulations related to waste disposal, toxic substances, land use reclamation, and environmental protection.
Companies
engaged in exploration activities often experience increased costs and delays in production and other schedules as a result of the need
to comply with applicable laws, regulations, and permits. Failure to comply with applicable laws, regulations, and permits may result
in enforcement actions, including the forfeiture of mineral claims or other mineral tenures, orders issued by regulatory or judicial
authorities requiring operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation
of additional equipment, or costly remedial actions. The Company cannot predict if all permits that it may require for continued exploration,
development, or construction of mining facilities and conduct of mining operations will be obtainable on reasonable terms, if at all.
Costs related to applying for and obtaining permits and licenses may be prohibitive and could delay its planned exploration and development
activities. The Company may be required to compensate those suffering loss or damage by reason of the mineral exploration or its mining
activities, if any, and may have civil or criminal fines or penalties imposed for violations of, or its failure to comply with, such
laws, regulations, and permits.
18
Existing
and possible future laws, regulations, and permits governing operations and activities of exploration companies, or more stringent implementation
of such laws, regulations and permits, could have a material adverse impact on the Company's business and cause increases in capital
expenditures or require abandonment or delays in exploration. The Mine is located in Northern Idaho and has numerous clearly defined
regulations with respect to permitting mines, which could potentially impact the total time to market for the project.
The
Company's activities are subject to environmental laws and regulations that may increase its costs of doing business and restrict
its operations.
Both
mineral exploration and extraction require permits from various federal, state, and local governmental authorities and are governed by
laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation,
labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters.
There can be no assurance that the Company will be able to obtain or maintain any of the permits required for the exploration of the
mineral properties or for the construction and operation of the Mine at economically viable costs. If the Company cannot accomplish these
objectives, its business could fail. The Company believes that it is in compliance with all material laws and regulations that currently
apply to its activities but there can be no assurance that the Company can continue to remain in compliance. Current laws and regulations
could be amended, and the Company might not be able to comply with them, as amended. Further, there can be no assurance that the Company
will be able to obtain or maintain all permits necessary for its future operations, or that it will be able to obtain them on reasonable
terms. To the extent such approvals are required and are not obtained, the Company may be delayed or prohibited from proceeding with
planned exploration or development of the mineral properties.
The
Company's activities are subject to extensive laws and regulations governing environment protection. The Company is also subject
to various reclamation related conditions. Although the Company closely follows and believes it is operating in compliance with all applicable
environmental regulations, there can be no assurance that all future requirements will be obtainable on reasonable terms. Failure to
comply may result in enforcement actions causing operations to cease or be curtailed and may include corrective measures requiring capital
expenditures. Intense lobbying over environmental concerns by non-governmental organizations has caused some governments to cancel or
restrict development of mining projects. Current publicized concern over climate change may lead to carbon taxes, requirements for carbon
offset purchases or new regulation. The costs or likelihood of such potential issues to the Company cannot be estimated at this time.
The
legal framework governing this area is constantly developing, therefore the Company is unable to fully ascertain any future liability
that may arise from the implementation of any new laws or regulations, although such laws and regulations are typically strict and may
impose severe penalties (financial or otherwise). The proposed activities of the Company, as with any exploration company, may have an
environmental impact which may result in unbudgeted delays, damage, loss and other costs and obligations including, without limitation,
rehabilitation and/or compensation. There is also a risk that the Company's operations and financial position may be adversely
affected by the actions of environmental groups or any other group or person opposed in general to the Company's activities and,
in particular, the proposed exploration and mining by the Company within the state of Idaho and the United States.
Environmental
hazards unknown to the Company, which have been caused by previous or existing owners or operators of the Mine, may exist on the properties
in which the Company holds an interest. Many of its properties in which the Company has ownership rights are located within the Coeur
d'Alene Mining District, which is currently the site of a Federal Superfund cleanup project. It is possible that environmental
cleanup or other environmental restoration procedures could remain to be completed or mandated by law, causing unpredictable and unexpected
liabilities to arise.
Regulations
and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material
adverse effect on the Company's business.
A
number of governments or governmental bodies have introduced or are contemplating legislative and/or regulatory changes in response to
concerns about the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant
costs on the Company, on its future venture partners, if any, and on its suppliers, including costs related to increased energy requirements,
capital equipment, environmental monitoring and reporting, and other costs necessary to comply with such regulations. Any adopted future
climate change regulations could also negatively impact the Company's ability to compete with companies situated in areas not subject
to such limitations. Given the emotional and political significance and uncertainty surrounding the impact of climate change and how
it should be dealt with, the Company cannot predict how legislation and regulation will ultimately affect its financial condition, operating
performance, and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the
global marketplace about potential impacts on climate change by the Company or other companies in its industry could harm the Company's
reputation. The potential physical impacts of climate change on its operations are highly uncertain, could be particular to the geographic
circumstances in areas in which the Company operates and may include changes in rainfall and storm patterns and intensities, water shortages,
changing sea levels, and changing temperatures. These impacts may adversely impact the cost, production, and financial performance of
the Company's operations.
19
There
are several governmental regulations that materially restrict mineral exploration. The Company will be subject to the federal regulations
(environmental) and the laws of the State of Idaho as the Company carries out its exploration program. The Company may be required to
obtain additional work permits, post bonds and perform remediation work for any physical disturbance to the land in order to comply with
these laws. While the Company's planned exploration program budgets for regulatory compliance, there is a risk that new regulations
could increase its costs of doing business and prevent it from carrying out its exploration program.
Land
reclamation requirements for the Company's properties may be burdensome and expensive.
Although
variable depending on location and the governing authority, land reclamation requirements are generally imposed on mineral exploration
companies (as well as companies with mining operations) in order to minimize long term effects of land disturbance.
Reclamation
may include requirements to:
●
control
    dispersion of potentially deleterious effluents;
●
treat
    ground and surface water to drinking water standards; and
●
reasonably
    re-establish pre-disturbance landforms and vegetation.
In
order to carry out reclamation obligations imposed on the Company in connection with its potential development activities, the Company
must allocate financial resources that might otherwise be spent on further exploration and development programs. The Company plans to
set up a provision for its reclamation obligations on its properties, as appropriate, but this provision may not be adequate. If the
Company is required to carry out unanticipated reclamation work, its financial position could be adversely affected.
Social
and environmental activism may have an adverse effect on the reputation and financial condition of the Company or its relationship
with the communities in which it operates.
There
is an increasing level of public concern relating to the effects of mining on the nature landscape, in communities and on the environment.
Certain non-governmental organizations, public interest groups and reporting organizations ("
NGOs
") who oppose resource
development can be vocal critics of the mining industry. In addition, there have been many instances in which local community groups
have opposed resource extraction activities, which have resulted in disruption and delays to the relevant operation. While the Company
seeks to operate in a socially responsible manner and believes it has good relationships with local communities in the regions in which
it operates, NGOs or local community organizations could direct adverse publicity against and/or disrupt the operations of the Company
in respect to one or more of its properties, regardless of its successful compliance with social and environmental best practices, due
to political factors, activities of unrelated third parties on lands in which the Company has an interest or the Company's operations
specifically. Any such actions and the resulting media coverage could have an adverse effect on the reputation and financial condition
of the Company or its relationships with the communities in which it operates, which could have a material adverse effect on the Company's
business, financial condition, results of operations, cash flows or prospects.
The
mineral exploration and mining industry is highly competitive.
The
mining industry is intensely competitive in all of its phases. As a result of this competition, some of which is with large established
mining companies with substantial capabilities and with greater financial and technical resources than the Company's, the Company
may be unable to acquire additional properties, if any, or financing on terms it considers acceptable. The Company also competes with
other mining companies in the recruitment and retention of qualified managerial and technical employees. If the Company is unable to
successfully compete for qualified employees, its exploration and development programs may be slowed down or suspended. The Company competes
with other companies that produce its planned commercial products for capital. If the Company is unable to raise sufficient capital,
its exploration and development programs may be jeopardized or it may not be able to acquire, develop, or operate additional mining projects.
The
silver industry is highly competitive, and the Company is required to compete with other corporations and business entities, many of
which have greater resources than its does. Such corporations and other business entities could outbid the Company for potential projects
or produce minerals at lower costs, which would have a negative effect on the Company's operations.
Metal
prices are highly volatile. If a profitable market for its metals does not exist, the Company may have to cease operations.
Mineral
prices have been highly volatile and are affected by numerous international economic and political factors over which the Company has
no control. The Company's long-term success is highly dependent upon the price of silver, as the economic feasibility of any ore
body discovered on its current property, or on other properties the Company may acquire in the future, would, in large part, be determined
by the prevailing market price of the minerals. If a profitable market does not exist, the Company may have to cease operations.
A
shortage of equipment and supplies could adversely affect the Company's ability to operate its business.
The
Company is dependent on various supplies and equipment to carry out its mining exploration and, if warranted, development operations.
Any shortage of such supplies, equipment, and parts could have a material adverse effect on the Company's ability to carry out
its operations and could therefore limit, or increase the cost of, production.
20
Joint
ventures and other partnerships, including offtake arrangements, may expose the Company to risks.
The
Company may enter into joint ventures, partnership arrangements, or offtake agreements, with other parties in relation to the exploration,
development, and production of the properties in which the Company has an interest. Any failure of such other companies to meet their
obligations to the Company or to third parties, or any disputes with respect to the parties' respective rights and obligations,
could have a material adverse effect on the Company, the development and production at its properties, including the Mine, and on future
joint ventures, if any, or their properties, and therefore could have a material adverse effect on its results of operations, financial
performance, cash flows and the price of its Common Shares.
The
Company may experience difficulty attracting and retaining qualified management to meet the needs of its anticipated growth, and the
failure to manage its growth effectively could have a material adverse effect on its business and financial condition.
The
success of the Company is currently largely dependent on the performance of its directors and officers. The loss of the services of any
of these persons could have a materially adverse effect on the Company's business and prospects. There is no assurance the Company
can maintain the services of its directors, officers or other qualified personnel required to operate its business. As the Company's
business activity grows, the Company will require additional key financial, administrative and mining personnel as well as additional
operations staff. There can be no assurance that these efforts will be successful in attracting, training and retaining qualified personnel
as competition for persons with these skill sets increase. If the Company is not successful in attracting, training and retaining qualified
personnel, the efficiency of its operations could be impaired, which could have an adverse impact on the Company's operations and
financial condition. In addition, the COVID-19 pandemic may cause the Company to have inadequate access to an available skilled workforce
and qualified personnel, which could have an adverse impact on the Company's financial performance and financial condition.
The
Company is dependent on a relatively small number of key employees, including its Chief Executive Officer (the "
CEO
")
and Chief Financial Officer (the "
CFO
"). The loss of any officer could have an adverse effect on the Company. The
Company has no life insurance on any individual, and the Company may be unable to hire a suitable replacement for them on favorable terms,
should that become necessary.
21
The
Company may be subject to potential conflicts of interest with its directors and/or officers.
Certain
directors and officers of the Company are or may become associated with other mining and/or mineral exploration and development companies
which may give rise to conflicts of interest. Directors who have a material interest in any person who is a party to a material contract
or a proposed material contract with the Company are required, subject to certain exceptions, to disclose that interest and generally
abstain from voting on any resolution to approve such a contract. In addition, directors and officers are required to act honestly and
in good faith with a view to the best interests of the Company. Some of the directors and officers of the Company have either other full-time
employment or other business or time restrictions placed on them and accordingly, the Company will not be the only business enterprise
of these directors and officers. Further, any failure of the directors or officers of the Company to address these conflicts in an appropriate
manner or to allocate opportunities that they become aware of to the Company could have a material adverse effect on the Company's
business, financial condition, results of operations, cash flows or prospects.
The
Company's results of operations could be affected by currency fluctuations.
The
Company's properties are currently all located in the U.S. and while most costs associated with these properties are paid in U.S.
dollars, a significant amount of its administrative expenses are payable in Canadian dollars. There can be significant swings in the
exchange rate between the U.S. dollar and the Canadian dollar. There are no plans at this time to hedge against any exchange rate fluctuations
in currencies.
Title
to the Company's properties may be subject to other claims that could affect its property rights and claims.
There
are risks that title to the Company's properties may be challenged or impugned. The Mine is located in Northern Idaho and may be
subject to prior unrecorded agreements or transfers and title may be affected by undetected defects.
The
Company may be unable to secure surface access or purchase required surface rights.
Although
the Company obtains the rights to some or all of the minerals in the ground subject to the mineral tenures that the Company acquires,
or has the right to acquire, in some cases the Company may not acquire any rights to, or ownership of, the surface to the areas covered
by such mineral tenures. In such cases, applicable mining laws usually provide for rights of access to the surface for the purpose of
carrying on mining activities; however, the enforcement of such rights through the courts can be costly and time consuming. It is necessary
to negotiate surface access or to purchase the surface rights if long-term access is required. There can be no guarantee that, despite
having the right at law to access the surface and carry on mining activities, the Company will be able to negotiate satisfactory agreements
with any such existing landowners/occupiers for such access or purchase of such surface rights, and therefore the Company may be unable
to carry out planned mining activities. In addition, in circumstances where such access is denied, or no agreement can be reached, the
Company may need to rely on the assistance of local officials or the courts in such jurisdiction, the outcomes of which cannot be predicted
with any certainty. The Company's inability to secure surface access or purchase required surface rights could materially and adversely
affect its timing, cost, or overall ability to develop any mineral deposits the Company may locate.
The
Company's properties and operations may be subject to litigation or other claims.
From
time to time the Company's properties or operations may be subject to disputes that may result in litigation or other legal claims.
The Company may be required to take countermeasures or defend against these claims, which will divert resources and management time from
operations. The costs of these claims or adverse filings may have a material effect on its business and results of operations.
22
There
are amounts due and owing under the Company's agreement with the EPA that have not been paid in accordance with the agreed upon
payment schedule. In the event that the EPA or Placer Mining assert default under the terms of the agreement or the Amended Agreement,
respectively, the Company may lose its ability to exercise its right to purchase the Mine, which would have a material adverse impact
on the Company.
Pursuant
to the terms of the Company's agreement with the EPA, the Company is required to make certain payments to the EPA on behalf of
Placer Mining in the amount of $20,000,000 for cost recovery. The Company has made one payment of $1,000,000 but has not paid the other
payments as they have become due.
The
Company entered into an amended Settlement Agreement between the Company, Idaho Department of Environmental Quality, US Department of
Justice and the EPA. The Company is now fully compliant with its payment obligations to these parties. The Amended Settlement
modified the payment schedule and payment terms for recovery of historical environmental response costs at Bunker Hill Mine by
the EPA. A total of $17,000,000 remains to be paid by the Company following the payment of $2,000,000 by the Company in January
2022. The remaining $17,000,000 is to be paid in annual instalments until November 1, 2029.
Failure
to pay could be considered a default under the terms of the Amended Settlement with the EPA.
Mineral
exploration and development is subject to extraordinary operating risks. The Company currently insures against these risks on a limited
basis. In the event of a cave-in or similar occurrence, the Company's liability may exceed its resources and insurance coverage,
which would have an adverse impact on the Company.
Mineral
exploration, development and production involve many risks. The Company's operations will be subject to all the hazards and risks
inherent in the exploration for mineral resources and, if the Company discovers a mineral resource in commercially exploitable quantity,
its operations could be subject to all of the hazards and risks inherent in the development and production of resources, including liability
for pollution, cave-ins or similar hazards against which the Company cannot insure or against which the Company may elect not to insure.
Any such event could result in work stoppages and damage to property, including damage to the environment. As of the date hereof, the
Company currently maintains commercial general liability insurance and umbrella liability insurance against these operating hazards,
in connection with its exploration program. The payment of any liabilities that arise from any such occurrence that would not otherwise
be covered under the current insurance policies would have a material adverse impact on the Company.
Mineral
exploration and development are depended on adequate infrastructure.
Exploration,
development and processing activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources
and water supply are important elements of infrastructure, which affect access, capital and operating costs. The lack of availability
on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration or development
of the Company's mineral properties. If adequate infrastructure is not available in a timely manner, there can be no assurance
that the exploration or development of the Company's mineral properties will be commenced or completed on a timely basis, if at
all. Furthermore, unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision
of necessary infrastructure could adversely affect its operations.
Exploration
operations depend on adequate infrastructure. In particular, reliable power sources, water supply, transportation and surface facilities
are necessary to explore and develop mineral projects. Failure to adequately meet these infrastructure requirements or changes in the
cost of such requirements could affect the Company's ability to carry out exploration and future development operations and could
have a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects
The
Company may purchase additional mining properties.
If
the Company loses or abandons its interests in its mineral properties, there is no assurance that it will be able to acquire another
mineral property of merit or that such an acquisition would be approved by the CSE, OTCQB or any other applicable security exchanges.
There is also no guarantee that the CSE, OTCQB or any other applicable security exchanges, will approve the acquisition of any additional
properties by the Company, whether by way of an option or otherwise, should the Company wish to acquire any additional properties.
The
Company's operations are dependent on information technology systems that may be subject to network disruptions
The
Company's operations depend on information technology ("
IT
") systems. These IT systems could be subject to network
disruptions caused by a variety of sources, including computer viruses, security breaches and cyber-attacks, as well as disruptions resulting
from incidents such as cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, vandalism and theft. The
Company's operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software,
as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures,
delays and/or increase in capital expenses. The failure of information systems or a component of information systems could, depending
on the nature of any such failure, adversely impact the Company's reputation and results of operations.
23
Although
to date the Company has not experienced any material losses relating to cyber-attacks or other information security breaches, there can
be no assurance that the Company will not incur such losses in the future. The Company's risk and exposure to these matters cannot
be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cyber security and the continued
development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks
from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, the Company may be required to expend
additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.
The
Company is a reporting issuer and reporting requirements under applicable securities laws may increase legal and financial
compliance costs
The
Company is subject to reporting requirements under applicable securities law, the listing requirements of the CSE, the OTCQB, the SEC
and other applicable securities rules and regulations. Compliance with these requirements can increase legal and financial compliance
costs, make some activities more difficult, time consuming or costly, and increase demand on existing systems and resources. Among other
things, the Company is required to file annual, quarterly and current reports with respect to its business and results of operations
and maintain effective disclosure controls and procedures and internal controls over financial reporting. In order to maintain and, if
required, improve disclosure controls and procedures and internal controls over financial reporting to meet this standard, significant
resources and management oversight is required. As a result, management's attention may be diverted from other business concerns,
which could harm the Company's business and results of operations. The Company may need to hire additional employees to comply
with these requirements in the future, which would increase its costs and expenses.
R
isks
Related to the Common Shares
The
Company's Common Share price may be volatile and as a result investor could lose all or part of their investment.
In
addition to volatility associated with equity securities in general, the value of an investor's investment could decline due to
the impact of any of the following factors upon the market price of the Common Shares:
●
disappointing
    results from the Company's exploration efforts;
●
decline
    in demand for its Common Shares;
●
downward
    revisions in securities analysts' estimates or changes in general market conditions;
●
technological
    innovations by competitors or in competing technologies;
●
investor
    perception of the Company's industry or its prospects; and
●
general
    economic trends.
The
Company's Common Share price on the CSE has experienced significant price and volume fluctuations. Stock markets in general have
experienced extreme price and volume fluctuations, and the market prices of securities have been highly volatile. These fluctuations
are often unrelated to operating performance and may adversely affect the market price of the Common Shares. As a result, an investor
may be unable to sell any Common Shares such investor acquires at a desired price.
Potential
future sales under Rule 144 may depress the market price for the Company's Common Shares.
In
general, under Rule 144, a person who has satisfied a minimum holding period of between six months and one-year and any other
applicable requirements of Rule 144, may thereafter sell such shares publicly. A significant number of the Company's currently
issued and outstanding Common Shares held by existing shareholders, including officers and directors and other principal shareholders,
are currently eligible for resale pursuant to and in accordance with the provisions of Rule 144. The possible future sale of the Company's
Common Shares by its existing shareholders, pursuant to and in accordance with the provisions of Rule 144, may have a depressive effect
on the price of its Common Shares in the over-the-counter market.
24
The
Company's Common Shares currently deemed a "penny stock", which may make it more difficult for investors to sell their
Common Shares.
The
SEC has adopted regulations which generally define "penny stock" to be any equity security that has a market price less than
$5.00 per Common Share or an exercise price of less than $5.00 per Common Share, subject to certain exceptions. The Company's s
securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons
other than established customers and "accredited investors". The term "accredited investor" refers generally
to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000, exclusive of their principal
residence, or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer,
prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a
form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The
broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer
and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's
account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer
orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's
confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these
rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and
receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the
level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny
stock rules may affect the ability of broker-dealers to trade its securities. The Company believes that the penny stock rules may discourage
investor interest in and limit the marketability of its Common Shares.
The
Company has never paid dividends on its Common Shares.
The
Company has not paid dividends on its Common Shares to date, and it does not expect to pay dividends for the foreseeable future. The
Company intends to retain its initial earnings, if any, to finance its operations. Any future dividends on Common Shares will depend
upon the Company's earnings, its then-existing financial requirements, and other factors, and will be at the discretion of the
Board.
FINRA
has adopted sales practice requirements, which may also limit an investor's ability to buy and sell the Company's Common
Shares.
In
addition to the "penny stock" rules described above, FINRA has adopted rules that require that in recommending an investment
to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to
recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain
information about the customer's financial status, tax status, investment objectives and other information. Under interpretations
of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least
some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy the Company's
Common Shares, which may limit an investor's ability to buy and sell its stock and have an adverse effect on the market for the
Common Shares.
25
Investors'
interests in the Company will be diluted and investors may suffer dilution in their net book value per share of Common Shares if the
Company issues additional employee/director/consultant options or if the Company sells additional Common Shares and/or warrants to finance
its operations.
In
order to further expand the Company's operations and meet its objectives, any additional growth and/or expanded exploration activity
will likely need to be financed through sale of and issuance of additional Common Shares, including, but not limited to, raising funds
to explore the Mine. Furthermore, to finance any acquisition activity, should that activity be properly approved, and depending on the
outcome of its exploration programs, the Company likely will also need to issue additional Common Shares to finance future acquisitions,
growth, and/or additional exploration programs of any or all of its projects or to acquire additional properties. The Company will also
in the future grant to some or all of its directors, officers, and key employees and/or consultants options to purchase Common Shares
as non-cash incentives. The issuance of any equity securities could, and the issuance of any additional Common Shares will, cause the
Company's existing shareholders to experience dilution of their ownership interests.
If
the Company issues additional Common Shares or decides to enter into joint ventures with other parties in order to raise financing through
the sale of equity securities, investors' interests in the Company will be diluted and investors may suffer dilution in their net
book value per share of Common Shares depending on the price at which such securities are sold.
The
issuance of additional shares of Common Shares may negatively impact the trading price of the Company's securities.
The
Company has issued Common Shares in the past and will continue to issue Common Shares to finance its activities in the future. In addition,
newly issued or outstanding options, warrants, and broker warrants to purchase Common Shares may be exercised, resulting in the issuance
of additional Common Shares. Any such issuance of additional Common Shares would result in dilution to the Company's shareholders,
and even the perception that such an issuance may occur could have a negative impact on the trading price of the Common Shares.
The
Common Shares could be influenced by research and reports that industry or securities analyst may be published.
The
trading market for the Common Shares could be influenced by research and reports that industry and/or securities analysts may publish
about the Company, its business, the market or its competitors. The Company does not have any control over these analysts and cannot
assure that such analysts will cover the Company or provide favorable coverage. If any of the analysts who may cover the Company's
business change their recommendation regarding the Company's stock adversely, or provide more favorable relative recommendations
about its competitors, the stock price would likely decline. If any analysts who may cover the Company's business were to cease
coverage or fail to regularly publish reports on the Company, it could lose visibility in the financial markets, which in turn could
cause the stock price or trading volume to decline.
The
Company is subject to the continued listing criteria of the CSE and the OTC QB, and its failure to satisfy these criteria may result
in delisting of its Common Shares from the CSE and the OTC QB.
The
Company's Common Shares are currently listed for trading on the CSE and quoted on the OTC QB. In order to maintain the listing
on the CSE and the quotation on the OTC QB or any other securities exchange the Company may trade on, the Company must maintain certain
financial and share distribution targets, including maintaining a minimum number of public shareholders. In addition to objective standards,
these exchanges may delist the securities of any issuer if, in the exchange's opinion: its financial condition and/or operating
results appear unsatisfactory; if it appears that the extent of public distribution or the aggregate market value of the security has
become so reduced as to make continued listing inadvisable; if the Company sells or disposes of its principal operating assets or ceases
to be an operating company; if the Company fails to comply with the listing requirements; or if any other event occurs or any condition
exists which, in their opinion, makes continued listing on the exchange inadvisable.
If
the CSE, the OTC QB or any other exchange or quotation service were to delist the Common Shares, investors may face material adverse
consequences, including, but not limited to, a lack of trading market for the Common Shares, reduced liquidity, decreased analyst coverage,
and/or an inability for the Company to obtain additional financing to fund its operations.
The
Company faces risks related to compliance with corporate governance laws and financial reporting standards.
The
Sarbanes-Oxley Act of 2002, as well as related new rules and regulations implemented by the SEC and the Public Company Accounting Oversight
Board, require changes in the corporate governance practices and financial reporting standards for public companies. These laws, rules
and regulations, including compliance with Section 404 of the Sarbanes-Oxley Act of 2002 relating to internal control over financial
reporting, referred to as Section 404, materially increase the Company's legal and financial compliance costs and make certain
activities more time-consuming and burdensome.
DISCLOSURE
REGARDING FORWARD-LOOKING STATEMENTS
Except
for statements of historical facts, this Prospectus contains forward-looking statements involving risks and uncertainties. The words
"anticipate," "believe," "estimate," "expect," "future," "intend,"
"plan" or the negative of these terms and similar expressions or variations thereof are intended to forward looking statements.
Such statements reflect the current view of the Registrant with respect to future events and are subject to risks, uncertainties, assumptions
and other factors (including the risks contained in the section of this registration statement on Form S-1 entitled "Risk Factors")
relating to the Registrant's industry, the Registrant's operations and results of operations and any businesses that may
be acquired by the Registrant. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove
incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
26
Although
the Registrant believes that the expectations reflected in the forward-looking statements are reasonable, the Registrant cannot guarantee
future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws
of the United States, the Registrant does not intend to update any of the forward-looking statements to conform these statements to actual
results. The following discussion should be read in conjunction with the Registrant's financial statements and the related notes
included in this registration statement on Form S-1.
USE
OF PROCEEDS
This
Prospectus relates to the sale or other disposition of Common Shares by the selling shareholders listed in the "
Selling shareholders
and Certain Beneficial Owners
" section below, and their transferees. We will not receive any proceeds from any sale of the
Common Shares by the selling shareholders. We will receive the exercise price of the warrants. Any proceeds received from exercise of
warrants will be used for payment of general corporate and operating expenses.
DESCRIPTION
OF THE COMPANY'S BUSINESS
The
Bunker Hill Mine
The
Mine is one of the most well-known base metal and silver mines in American history. Initial discovery and development of the Mine property
began in 1885, and from that time until the Mine closed in 1981 it produced over 35.8 million tons of ore at an average mined grade of
8.76% lead, 4.52 ounces per ton silver, and 3.67% zinc, which represented 162Moz of silver, 3.16M lbs. of lead and 1.35M lbs. of zinc
(Bunker Limited Partnership, 1985). Throughout the 95-year operating history of the mine, there were over 40 different orebodies discovered
and mined, consisting of lead-silver-zinc mineralization. Although known for its significant lead and zinc production, 45-50% of the
Net Smelter Value of its historical production came from its silver. The Company and Sullivan Mining Company had a strong history of
regular dividend payments to shareholders from the time the Company went public in 1905 until it was acquired in a hostile takeover by
Gulf Resources in 1968.
When
the Mine first closed in 1981, it was estimated to still contain significant resources (Bunker Limited Partnership, 1985). The Mine and
Smelter Complex were closed in 1981 when Gulf Resources was not able to continue to comply with new regulatory structures brought on
by the passage of environmental statutes and as then enforced by the EPA. The Bunker Hill Lead Smelter, Electrolytic Zinc Plant and historic
milling facilities were demolished about 25 years ago, and the area became part of the "National Priority List" for cleanup
under EPA regulations, thereby pausing development of the Mine for over 30 years.
The
cleanup of the old smelter, zinc plant, and associated sites has now been completed and the Mine is now poised for development and an
eventual return to production. The Company has been in contact with government officials and other local stakeholders who have expressed
strong support and cooperation for the Company in its efforts to return the mine to a productive, modern and sustainable mining asset.
Geology
and Mineralization
Geology
The
Coeur d'Alene Mining District is one of the most prolific mining districts in North America. It has been in constant production
since its discovery in the 1880s, historically is the second largest silver-producing area in the world, and is one of the largest zinc
and lead producers, as well. Over 100 mines historically have reached commercial production in the District, which currently hosts two
major mines, the Lucky Friday/Gold Hunter owned by Hecla Mining Company, and the Galena Mine, owned by America's Silver. A number
of other mines including the Sunshine, the Crescent, and the Coeur Mine have the potential to be re-started should silver prices rise
sufficiently to justify reactivation.
27
The
geology of the Silver Valley district occurs within the Precambrian meta-sedimentary rocks of the Belt-Purcell Supergroup, a Middle Proterozoic
sedimentary basin occurring primarily in western Montana, Idaho and Southeastern British Columbia. In the Coeur d'Alene region
these comprise a 21,000' thick sequence of clastic, (argillites, siltites, and quartzites) and carbonate sedimentary rocks.
These
rocks have been metamorphosed and strongly deformed by compressional tectonics during the Sevier Orogenic event of the cretaceous age.
Following this, later in the cretaceous age, the Bitterroot Lobe of the Idaho Batholith was emplaced to the south of the Coeur d'Alene
district which was accompanied by dike emplacement.
The
mining district lies within the west-central part of a regional tectonic lineament known as the Lewis and Clark line, a major fault system,
consisting of numerous faults that display strike slip, normal and reverse movements over a protracted geological history.
The
Bunker Hill deposit occurs within the Revett and St Regis formations of the Ravalli Group, with the quartzites and siltites of the Middle
Revett formation dominating. Most significant, and the common host to the larger Bunker Hill ore bodies is the M2 Unit of the Middle
Revett formation, which is the thickest and most continuous quartzite package in the formation.
The
Mine area lies on the north limb of an anticline fold in these rocks, which establishes a west-northwest to northeast trend for bedding
planes. With the axis of this anticline inclined southwesterly, the formations on the north limb dip steeply upright to the northwest
or are overturned steeply to the south or southwest.
The
structural features that dominate the broad framework in which the Mine is located are the Osburn Fault to the North, which has a right-lateral
offset of several miles bringing the older Prichard formation rocks opposite the mine formations, the Alhambra Fault to the east, and
the large Anticline to the west and south.
The
structure of the Bunker Hill deposits is associated with this anticline and are hosted by the fold-generated fractures and brecciation
in the quartzite beds created in the hinge and near-hinge limbs of the broad flexure.
Fold-associated
elements include sphalerite-pyrite-siderite filled reverse shears, replacement mineralization of stratiform-like fabric composed of both
sphalerite and galena, and principally sphalerite replacement as fine "crackle breccia" and irregular dense soaking. The
development of these various fabrics appears to be dependent on location relative to the hinge, lithology of the host unit, and the stratigraphic
horizon in the Revett formation
Mineralization
Mineralization
is hosted by parallel mesothermal veins related to metamorphic/hydrothermal events that sourced metals from the Belt sediments. This
consists of wide veins with variable proportions of sphalerite, galena and tetrahedrite in either a quartz or siderite gangue.
The
individual deposits that form the Mine are numerous and relatively large with strike lengths up to 900 ft (274 m) with plunge lengths
up to 3,000 ft (914 m) with many open at depth. Wall rock alteration associated with veining consists of changes in carbonate mineralogy
plus sulfidation and silicification. Pyritization of wall rocks is locally strong. Bleached halos resulting from destruction of hematite
by hydrothermal fluids are also characteristic. The mineralization is partly oxidized to a depth of approximately 1,800 ft (549 m). There
are three distinct types of mineralization at the Mine:
●
The
    NW trending Bluebird mineral zones are zinc rich and consist of sphalerite in excess of galena with variable amount of pyrite in
    a gangue of greyish quartz and minor siderite. This mineralized material is commonly localized in smaller parasitic folds, broken
    by reverse shears (Meyer, 1982).
●
The
    Jersey type mineral bodies consist principally of veins containing galena with lesser amounts of sphalerite, chalcopyrite and tetrahedrite
    (Meyer, 1981). These NE to N trending veins are referred to as "link" veins as they extend between the NW trending Cate
    and Dull faults, or other faults in the mine. Gangue minerals are primarily white quartz with lesser siderite.
28
●
"Hybrid"
    mineral bodies comprise the third type and are associated with zones of brecciation located at the junctions of major faults. These
    are multi-stage systems where "Bluebird" type fracture zones were reopened and brecciated prior to flooding by galena
    from the newly opened "link" veins. The galena penetrated and partially replaced the previous minerals and filled remaining
    open spaces (Meyer, 1981).
Many
of the deposits, and especially those of the Bluebird system, may have originally comprised a parallel set of only four or five persistent
fracture sets. However, extremely complex post-mineralization shearing has segmented and displaced the deposits.
Mine
and Mill Operations
Starting
with the original Bunker Hill and Sullivan claims, the Mine eventually encompassed 620 patented mining claims totaling 6,200 acres. From
the discovery cuts some 3600 feet above sea level, over 20 major ore zones were mined to nearly 1600 feet below sea level, a vertical
distance of about one mile.
Four
major mining methods were historically employed in the Mine. The oldest is square set or cut and fill. These methods employ support of
the stope where the vein is mined with sets of timbers and/or rock bolts, and then sand-fill is pumped from the surface as the mining
activity moves to a higher elevation. The broken ore was scraped into chutes by compressed air powered slushers and dropped into ore
pockets on the level below.
The
second method called shrink stoping is similar to the above, but no ground support is required. Instead, the broken ore is used as both
ground support and a mining floor and the full mining cut is completed prior to withdrawing the ore from the stope. Air powered slushers
or compressed air operated mucking machines on rubber tires were historically used.
A
third mining method is known as room and pillar mining. In this operation, no timber is required but pillars of ore are left in place
as supports until the stoping moves to a higher elevation, at which time sand fill is pumped in to provide the floor for the next cut.
As the ore is broken, rubber tired, compressed air operated mucking machines picked it up putting it into a box on the back of the loader.
It was then transported to a chute in the stope where it dropped into the ore pocket on a lower level.
The
fourth method is sublevel blasthole stoping. Diesel powered equipment cuts horizontal slices every forty feet in the ore zones. Then
long holes are drilled in the pillars between horizontal slices. The holes are blasted allowing the ore to fall to the bottom slice and
scooped up by diesel powered loaders and transported to ore passes. This method was used above the Kellogg Tunnel, and ore was transported
by gravity to the tunnel and hauled out by train to the surface.
From
the ore pockets on the various levels of the mine below the Kellogg Tunnel, ore trains powered by battery driven locomotives transported
the ore to ore pockets located at the shaft. In the shaft, large steel buckets, called skips, were loaded and hoisted to the Kellogg
Tunnel level where the ore was dumped into two large concrete bins. Drawn from these storage areas by gravity, the ore was next transported
two miles to the surface in 22-car ore trains pulled by trolley and diesel locomotives.
Blasthole
stoping, cut and fill, and shrinkage stoping methods are likely to be employed in the re-start of the Mine. The main improvement and
productivity gain over historic operations will be the widespread use of rubber-tired equipment, which will be used for mucking and transport
of the broken mineralized material. The upper part of the Mine is largely already developed with ramps, which will be used by the Company
for rubber-tired access. Most of these ramps were completed by the Bunker Hill Company and ramp expansion also occurred during the BLP
mine reopening.
Company
engineers have already inspected many portions of the ramp system in the upper part of the Mine and the ramps are generally in very good
shape and will only require minor repair and clean-up.
29
Historically,
the Mine ore was milled in the milling facility located approximately 2,000 yards from the main Kellogg Tunnel portal and the concentrate
was treated at the nearby smelting and refining complex, which was located approximately one mile to the west of the mill. The milling
facility and smelting complex have all been razed and remediation of these sites has been largely completed.
An
existing water treatment plant, the CTP, which was originally built by the Bunker Hill Company remains in operation and is operated by
the EPA through a local contractor. This plant has received numerous upgrades and capacity improvements in the last twenty-five years.
All mine water which is discharged from the Mine has been treated by the EPA during the ownership of the mine by Placer Mining.
Index
of Geologic and Mining Terms
TERM
DEFINITION
Argillite
A
    fine-grained sedimentary rock composed predominantly of indurated muds and oozes.
Breccia
A
    rock composed of broken fragments of minerals or rock cemented together by a fine-grained matrix, which can be either similar to
    or different from the composition of the fragments.
Chalcopyrite
A
    major ore mineral containing copper, iron, and sulfur.
Cretaceous
A
    geologic period from 145 to 65 million years ago.
Dikes
A
    type of sheet intrusion referring to any geologic body that cuts discordantly across rock structures.
Galena
The
    natural mineral form of lead sulfide.
Hydrothermal
Relating
    to or produced by hot water, especially water heated underground by the Earth's internal heat.
Mineral
A
    mineral is a naturally occurring solid chemical substance having characteristic chemical composition, highly ordered atomic structure,
    and specific
Mineralization
The
    act or process of mineralizing.
Ore
Mineralized
    material that can be mined and processed at a positive cash flow.
Oxidized
A
    process whereby the sulfur in a mineral has been removed and replaced by oxygen.
Pyrite
A
    very common sulfide mineral consisting of iron and sulfur found in a wide variety of geological occurrences. Commonly known as "Fools
    Gold"
Quartzite
A
    hard metamorphic rock which was originally sandstone
Silicification
A
    hydrothermal or metamorphic process involving the introduction of, alteration to, or replacement by silica.
Sphalerite
A
    mineral containing zinc and sulfur.
Sulfides
Sulfide
    minerals are a class of minerals containing sulfur with sulfide (S
2−
) as the major anion.
Tetrahedrite
A
    sulfosalt mineral containing copper, antimony, and sulfur.
Completed
Work and Future Development Plans
Mineral
Resources and Exploration
Concurrent
with the digitization work, and since March 2020, the Company has been working systematically to bring a number of mineralized zones
into accordance with NI 43-101 through drilling and channel sampling of the open stopes. This work focused upon the mineralization that
is closest to the existing infrastructure and above the current water-level.
In
doing so, the Company's first objective was to validate in accordance with NI 43-101 standards up to 9 million tons of primarily
zinc ore contained within the UTZ, Quill and Newgard Ore Bodies. This was conducted between April and July 2020, and involved over 9,000
feet of drilling from Underground and extensive sampling from the many open stopes above the water-level. These zones could provide the
majority of the early feed if the Company were to achieve a re-start of the Mine.
On
September 28, 2020, the Company announced its maiden mineral resources estimate consisting of a total of 8.9 million tons in the Inferred
category, containing 11 million ounces of silver, 880 million pounds of zinc, and 410 million pounds of lead, which represented the result
of the Company's  drilling and sampling efforts conducted between April and July 2020.
30
Following
the program as described above, through February 2021 the Company conducted approximately 10,000 feet of additional drilling, primarily
focused on expanding and upgrading its maiden mineral resources estimate in support of its intention to target a rapid re-start of the
Mine, as announced on November 12, 2020.
On
March 19, 2021, the Company announced an updated mineral resources estimate consisting of a total of 4.4 million tons in the Indicated
category, containing 3.0 million ounces of silver, 487 million pounds of zinc, and 176 million pounds of lead; and a total of 5.6 million
tons in the Inferred category, containing 8.3 million ounces of silver, 548 million pounds of zinc, and 312 million pounds of lead.
Further
details regarding the Company's mineral resources as noted above, including estimation methodologies, can be found in the news
releases dated September 28, 2020, and March 19, 2021 on EDGAR, SEDAR and the Company's website www.bunkerhillmining.com.
It
should be noted that mineral resources as stated above, including those delineated in the Inferred, Measured and Indicated categories,
are not mineral reserves as defined by SEC guidelines, and do now show demonstrated economic viability. Due to the uncertainty that may
be attached to Inferred mineral resources, it cannot be assumed that all or any part of an Inferred mineral resource will be upgraded
to an Indicated or Measured mineral resource as a result of continued exploration.
Exploration
activities will focus on high-grade lead-silver mineralization targets, in the upper levels of the mine and identified by the data review
and digitization process. On March 19, 2021, the Company announced the identification of a new silver exploration opportunity
in the hanging wall of the Cate Fault which it intends to include in its ongoing drilling campaign.
On
March 29, 2021, the Company announced multiple high-grade silver mineralization results through chip-channel sampling of newly accessible
areas of the Mine identified through the Company's proprietary 3D digitization program, and as part of its ongoing silver-focused
drilling program. An area was identified on the 9-level that resulted in ten separate chip samples greater than 900 g/t AgEq
(1)
,
each with minimum 0.6m length. Mineralization remains open up dip, down dip and along strike from the sampling location. The Company
also reported drill results including a 3.8m intercept with a grade of 996.6 g/t AgEq
(1)
, intersected at the down-dip extension
of the UTZ zone at the 5-level. The Company will continue to report mineralized drill intercepts concurrent with its ongoing exploration
program that is currently envisaged to comprise 10,000 to 12,000 feet in 2021.
(1)
Prices
    used to calculate Ag Eq are as follows: Zn=$1.16/lb; Pb=$0.92/lb; and Ag=$20/oz, which are the prices used in the March 2021 technical
    report
On
December 29, 2021, the Company filed the Bunker Hill Technical Report in support of the updated MRE that it announced on November
30, 2021 (as described above).
On
February 25, 2022, the Company filed the Amended Technical Report. The Amended Technical Report was prepared in accordance with the requirements
of the SEC Mining Modernization Rules and NI-43-101 and is filed as an exhibit to the Registration Statement of which this Prospectus
is a part.
31
Technical
Report Summary
The
following summary is extracted from the Amended Technical Report. The following information does not purport to be a complete
summary of the Amended Technical Report, is subject to all the assumptions, qualifications and procedures set out in the Amended
Technical Report and is qualified in its entirety with reference to the full text of the Amended Technical Report. Each of
the authors of the Amended Technical Report is independent qualified person under NI 43-101 (each a "
Qualified Person
",
and together the "
Qualified Persons
") and have approved the summary of the Amended Technical Report below.
The effective date of the technical report was January 7, 2022.
Summary
The
Amended Technical Report describes the mining and processing operations at the Bunker Hill Mine located near the town of Kellogg
Idaho, for the Company. The Company has the exclusive rights to acquire 100% ownership of the Bunker Hill Mine.
The
Amended Technical Report considers a processing approach at Bunker Hill Mine where lead ("
Pb
"), silver ("
Ag
")
and zinc ("
Zn
") mineralization is mined and processed entirely underground. Mineralized material would be conventionally
milled and then concentrated by flotation of PbAg followed by flotation of ZnAg. Metal rich concentrates could then be sold to smelters
in North America or overseas. Mill tailings will be deposited underground in the historic mining voids located throughout the Bunker
Hill Mine. The only envisioned surface facilities would be offices, warehouses and loading docks.
Highlights
of the Amended Technical Report, including the preliminary economic assessment ("
Technical Report PEA
"), are
listed in Table 1-2 and Table 1-3. Table 1-1 lists the Mineral Resource estimate for the Bunker Hill Mine. Mineral Resources are reported
according to the CIM Definition Standards of May 10, 2014 ("
CIM
"). The guidance and definitions of CIM are incorporated
by reference in NI 43-101. Mineral Resources are geologically constrained and defined at economic cutoff grades that demonstrate reasonable
prospects of eventual economic extraction. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
Resource
Estimate
Geostatistics
and estimates of mineralization were prepared by Mr. Scott Wilson, C.P.G., SME. Industry accepted grade estimation techniques were used
to develop global mineralization block models for the Newgard, Quill and UTZ zones. The Mineral Resource estimate considers underground
mining and mill processing as a basis for reasonable prospects of eventual economic extraction. The total Mineral Resource estimate for
the Bunker Hill Mine is listed in Table 1-1 at a cutoff grade of NSR 70 $/ton.
32
Table
1-1 Bunker Hill Mine Mineral Resource Estimate – NSR $70/ton cut off – Ag selling price of $20/oz (troy), Lead selling price
of $0.90/lb, Zn selling price of $1.15/lb. Effective date of November 29, 2021)
(1)
The
    Qualified Person for the above estimate is Scott Wilson, C.P.G., SME; effective November 29, 2021
(2)
Measured,
    Indicated and Inferred classifications are based on the 2014 CIM Definition Standards. The Company has chosen to no longer classify
    Mineral Resources as "ZnAg Resources" or "PbAg Resources", as was done for the Mineral Resource Update effective
    March 22, 2021
(3)
Mineral
    Resources that are not Mineral Reserves do not have demonstrated economic viability
(4)
Net
    smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t, ie: NSR = (Contained metal) * (Metallurgical
    recoveries) * (Metal Payability %) * (Metal prices) – (Treatment, refining, transport and other selling costs). For the Mineral
    Resource Estimate, NSR values were calculated using updated open-cycle metallurgical results including recoveries of 92%, 82% and
    88% for Zn, Ag and Pb respectively, and concentrate grades of 54.7% Zn in zinc concentrate, and 59.7% Pb and 14.18 oz/ton Ag in lead
    concentrate. All other relevant assumptions are as described in Table 16-1 of the Company's Updated PEA filed on SEDAR on November
    3, 2021
(5)
The
    Qualified Person for the above metallurgical data is Deepak Malhotra, SME of Pro Solv LLC Mineral Resources are estimated using a
    zinc price of $1.15 per pound, silver price of $20.00 per ounce, and lead price of $0.90 per pound.
(6)
Historic
    mining voids, stopes and development drifting have been accounted for in the mineral resource estimate
(7)
Columns
    may not add up due to rounding
Preliminary
Economic Assessment
The
summary of the current projected financial performance of the Bunker Hill Mine is listed in Table 1-2. Sensitivities are summarized in
Table 1-3.
The
preliminary economic assessment is preliminary in nature, and there is no certainty that the reported results will be realized. The Mineral
Resource estimate used for the Technical Report PEA includes Inferred Mineral Resources which are considered too speculative geologically
to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty
that the projected economic performance will be realized. The purpose of the Technical Report PEA is to demonstrate the economic viability
of the Bunker Hill Mine, and the results are only intended as an initial, first-pass review of the Bunker Hill Mine economics based on
preliminary information. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability
.
33
Estimated
Bunker Hill production for Life of Mine
Metal
    Pr'
Zinc
    ($/lb)
1.15
Lead
    ($/lb)
0.90
Silver
    ($/oz)
20.00
Mine
    Plan
Ore
    mined (kt)
6,377
Average
    annual mineralized material mined (kt)
Ill
580
Zinc
    grade (%)
5.0
%
Lead
    grade (%)
2.8
%
Silver
    grade (oz/t)
1.5
Zinc
    eq grade (%)
(2i
8.7
%
Silver
    eq grade (oz/t)
j3i
10.0
Zinc
    produced - Zn conc (klbs)
591,140
Lead
    produced - Pb conc (klbs)
323,116
Silver
    produced - Pb conc (koz)
8,418
Zinc
    eq produced (klbs)
t21
990,416
Silver
    eq produced (koz)
43)
56,949
Key
    Cost Met
Opex
    - total ($/t)
62
Sustaining
    capex ($/t)
10
Cash
    costs: by-product ($/lb Zn payable)
0.33
AISC:
    by-product ($/lb Zn payable)
0.47
Cash
    costs: co-product ($/lb Zn payable)
0.69
AISC:
    co-product ($/lb Zn payable)
0.77
EBITDA
$'000
383,378
Pre-tax
    free cash flow
lsi
$'000
284,999
Free
    cash flow
isl
$'000
233,310
NPV
    (5%)
143,471
NPV
    (8%)
107,790
IRR
    (%)
35.2
%
Payback
    (years)
2.6
(1)
Annualize
    averages excluded the first and last years of mine life
(2)
Zinc
    equivalency calculated using metal prices shown above.
(3)
Silver
    equivalency calculated using metal prices shown above.
(4)
Includes
    zinc produced in zinc concentrate, lead and silver produced in lead concentrate
(5)
Life
    of mine ("
LOM
") includes initial capital expenditure Note: Cash Cost Includes mining, processing, G&A, smelter
    charges and freight.
34
Table
1-3 Economic Sensitivity to Zinc Price, Opex and Capex
Technical
Report Summary
The following summary is extracted from the Amended
Technical Report. The following information does not purport to be a complete summary of the Amended Technical Report, is
subject to all the assumptions, qualifications and procedures set out in the Amended Technical Report and is qualified in its
entirety with reference to the full text of the Amended Technical Report. Each of the authors of the Amended Technical Report
is independent qualified person under NI 43-101 (each a "
Qualified Person
", and together the "
Qualified
Persons
") and have approved the summary of the Amended Technical Report below. The effective date of the technical report
was January 7, 2022.
Summary
The
Amended Technical Report describes the mining and processing operations at the Bunker Hill Mine located near the town of Kellogg
Idaho, for the Company. The Company has the exclusive rights to acquire 100% ownership of the Bunker Hill Mine.
35
The
Amended Technical Report considers a processing approach at Bunker Hill Mine where lead ("
Pb
"), silver ("
Ag
")
and zinc ("
Zn
") mineralization is mined and processed entirely underground. Mineralized material would be conventionally
milled and then concentrated by flotation of PbAg followed by flotation of ZnAg. Metal rich concentrates could then be sold to smelters
in North America or overseas. Mill tailings will be deposited underground in the historic mining voids located throughout the Bunker
Hill Mine. The only envisioned surface facilities would be offices, warehouses and loading docks.
Highlights
of the Amended Technical Report, including the preliminary economic assessment ("
Technical Report PEA
"), are
listed in Table 1-2 and Table 1-3. Table 1-1 lists the Mineral Resource estimate for the Bunker Hill Mine. Mineral Resources are reported
according to the CIM Definition Standards of May 10, 2014 ("
CIM
"). The guidance and definitions of CIM are incorporated
by reference in NI 43-101. Mineral Resources are geologically constrained and defined at economic cutoff grades that demonstrate reasonable
prospects of eventual economic extraction. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
Resource
Estimate
Geostatistics
and estimates of mineralization were prepared by Mr. Scott Wilson, C.P.G., SME. Industry accepted grade estimation techniques were used
to develop global mineralization block models for the Newgard, Quill and UTZ zones. The Mineral Resource estimate considers underground
mining and mill processing as a basis for reasonable prospects of eventual economic extraction. The total Mineral Resource estimate for
the Bunker Hill Mine is listed in Table 1-1 at a cutoff grade of NSR 70 $/ton.
Table
1-1 Bunker Hill Mine Mineral Resource Estimate – NSR $70/ton cut off – Ag selling price of $20/oz (troy), Lead selling price
of $0.90/lb, Zn selling price of $1.15/lb. Effective date of November 29, 2021)
(1)
The
    Qualified Person for the above estimate is Scott Wilson, C.P.G., SME; effective November 29, 2021
(2)
Measured,
    Indicated and Inferred classifications are based on the 2014 CIM Definition Standards. The Company has chosen to no longer classify
    Mineral Resources as "ZnAg Resources" or "PbAg Resources", as was done for the Mineral Resource Update effective
    March 22, 2021
(3)
Mineral
    Resources that are not Mineral Reserves do not have demonstrated economic viability
(4)
Net
    smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t, ie: NSR = (Contained metal) * (Metallurgical
    recoveries) * (Metal Payability %) * (Metal prices) – (Treatment, refining, transport and other selling costs). For the Mineral
    Resource Estimate, NSR values were calculated using updated open-cycle metallurgical results including recoveries of 92%, 82% and
    88% for Zn, Ag and Pb respectively, and concentrate grades of 54.7% Zn in zinc concentrate, and 59.7% Pb and 14.18 oz/ton Ag in lead
    concentrate. All other relevant assumptions are as described in Table 16-1 of the Company's Updated PEA filed on SEDAR on November
    3, 2021
(5)
The
    Qualified Person for the above metallurgical data is Deepak Malhotra, SME of Pro Solv LLC Mineral Resources are estimated using a
    zinc price of $1.15 per pound, silver price of $20.00 per ounce, and lead price of $0.90 per pound.
(6)
Historic
    mining voids, stopes and development drifting have been accounted for in the mineral resource estimate
(7)
Columns
    may not add up due to rounding
36
Preliminary
Economic Assessment
The
summary of the current projected financial performance of the Bunker Hill Mine is listed in Table 1-2. Sensitivities are summarized in
Table 1-3.
The
preliminary economic assessment is preliminary in nature, and there is no certainty that the reported results will be realized. The Mineral
Resource estimate used for the Technical Report PEA includes Inferred Mineral Resources which are considered too speculative geologically
to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty
that the projected economic performance will be realized. The purpose of the Technical Report PEA is to demonstrate the economic viability
of the Bunker Hill Mine, and the results are only intended as an initial, first-pass review of the Bunker Hill Mine economics based on
preliminary information. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability
.
Estimated
Bunker Hill production for Life of Mine
Metal
    Pr'
Zinc
    ($/lb)
1.15
Lead
    ($/lb)
0.90
Silver
    ($/oz)
20.00
Mine
    Plan
Ore
    mined (kt)
6,377
Average
    annual mineralized material mined (kt)
Ill
580
Zinc
    grade (%)
5.0
%
Lead
    grade (%)
2.8
%
Silver
    grade (oz/t)
1.5
Zinc
    eq grade (%)
(2i
8.7
%
Silver
    eq grade (oz/t)
j3i
10.0
Zinc
    produced - Zn conc (klbs)
591,140
Lead
    produced - Pb conc (klbs)
323,116
Silver
    produced - Pb conc (koz)
8,418
Zinc
    eq produced (klbs)
t21
990,416
Silver
    eq produced (koz)
43)
56,949
Key
    Cost Met
Opex
    - total ($/t)
62
Sustaining
    capex ($/t)
10
Cash
    costs: by-product ($/lb Zn payable)
0.33
AISC:
    by-product ($/lb Zn payable)
0.47
Cash
    costs: co-product ($/lb Zn payable)
0.69
AISC:
    co-product ($/lb Zn payable)
0.77
EBITDA
$'000
383,378
Pre-tax
    free cash flow
lsi
$'000
284,999
Free
    cash flow
isl
$'000
233,310
NPV
    (5%)
143,471
NPV
    (8%)
107,790
IRR
    (%)
35.2
%
Payback
    (years)
2.6
(1)
Annualize
    averages excluded the first and last years of mine life
(2)
Zinc
    equivalency calculated using metal prices shown above.
(3)
Silver
    equivalency calculated using metal prices shown above.
(4)
Includes
    zinc produced in zinc concentrate, lead and silver produced in lead concentrate
(5)
Life
    of mine ("
LOM
") includes initial capital expenditure Note: Cash Cost Includes mining, processing, G&A, smelter
    charges and freight.
37
Table
1-3 Economic Sensitivity to Zinc Price, Opex and Capex
Property
Description and Ownership
The
Bunker Hill Mine is located in the cities of Kellogg and Wardner of Shoshone County, Idaho. On August 17, 2017, Bunker Hill and Placer
Mining, entered into a two-year Mining Lease with Option to Purchase (together, the "
Lease
"). The Lease became effective
on November 1, 2017. The lease provides that Bunker Hill will operate the Bunker Hill Mine and make certain improvements on the Mine
along with making monthly $60,000 payments to Placer Mining over the term of the lease.
On
November 1, 2019, Bunker Hill and the current owner signed an amendment to its Lease for the Bunker Hill Mine. Under the new amended
agreement, the lease period has been extended for an additional period of nine months through August 1, 2020.
On
July 27, 2020, this Lease was further extended until August 1, 2022.
On
November 20, 2020, the parties amended the Lease. Under the amended terms, the purchase price was decreased to $7,700,000, with $5,700,000
payable in cash (with an aggregate of $300,000 to be credited toward the purchase price of the Mine as having been previously paid by
Bunker Hill and an aggregate of $5,400,000 payable in cash outstanding) and $2,000,000 in common shares of Bunker Hill. Further, under
the amendment to the Lease, Bunker Hill was to make an advance payment of $2,000,000 to Placer Mining, which shall be credited toward
the purchase price of the Bunker Hill Mine when Bunker Hill elects to exercise its purchase right. Bunker Hill made this advance payment,
which had the effect of decreasing the remaining amount payable to purchase the Mine to an aggregate of $3,400,000 payable in cash and
$2,000,000 in common shares of Bunker Hill.
On
January 7, 2022, the Company closed the purchase of the Bunker Hill Mine. Mine assets were purchased for $7,700,000, with $300,000 of
previous lease payments and a deposit of $2,000,000 applied to the purchase, resulting in cash paid at closing of approximately $5,400,000.
The EPA obligation of $19,000,000 was assumed by Bunker Hill as part of the acquisition
Geology
and Mineralization
The
Northern Idaho Panhandle Region in which the Bunker Hill Mine is located is underlain by the Middle Proterozoic-aged Belt-Purcell Supergroup
of fine-grained, dominantly siliciclastic sedimentary rocks which extends from western Montana (locally named the Belt Supergroup) to
southern British Columbia (locally named the Purcell Supergroup) and is collectively over 23,000 feet in total stratigraphic thickness.
Mineralization
at the Bunker Hill Mine is hosted almost exclusively in the Upper Revett formation of the Ravalli Group, a part of the Belt Supergroup
of Middle Proterozoic-aged, fine-grained sediments. Geologic mapping and interpretation progressed by leaps and bounds following the
recognition of a predictable stratigraphic section at the Bunker Hill Mine and enabled the measurement of specific offsets across major
faults, discussed in the following section. From an exploration and mining perspective, there were two critical conclusions from this
research: all significant mineralized shoots are hosted in quartzite units where they are cut by vein structures, and the location of
the quartzite units can be projected up and down section, and across fault offsets, to target extensions and offsets of known mineralized
shoots and veins.
Mineralization
at Bunker Hill Mine falls in four categories, described below from oldest to youngest events:
Bluebird
Veins (BB):
W—NW striking, SW-dipping (Fig. 7-11), variable ratio of sphalerite-pyrite-siderite mineralization. Thick, tabular
cores with gradational margins bleeding out along bedding and fractures. Detailed description in Section 7.2.2.
38
Stringer/Disseminated
Zones:
Disseminated, fracture controlled and bedding controlled blebs and stringer mineralization associated with Bluebird Structures,
commonly as halos to vein-like bodies or as isolated areas where brecciated quartzite beds are intersected by the W-NW structure and
fold fabrics.
Galena-Quartz
Veins (GQ):
E to NE striking, S to SE dipping (Fig. 7-11), quartz-argentiferous galena +/-siderite-sphalerite-chalcopyrite-tetrahedrite
veins, sinuous-planar with sharp margins, cross-cut Bluebird Veins. Detailed description in Section 7.2.2.
Hybrid
Zones:
Formed at intersections where GQ veins cut BB veins (Fig. 7-11), with open space deposition of sulfides and quartz in the
vein refraction in quartzite beds, and replacement of siderite in the BB vein structure by argentiferous galena from the GQ Vein.
Environmental
Studies and Permitting
Because
the mine is on patented mining claims (privately-owned land), only a limited number of permits are required for mining and milling operations.
These relate to: (1) air quality and emissions from crushing, milling and processing and (2) any refurbishment of surface buildings that
may require construction permits.
The
Bunker Hill Mine is located within the Bunker Hill Superfund site (EPA National Priorities Listing IDD048340921). Cleanup activities
have been completed in Operable Unit 2 of the Bunker Hill Superfund Site where the mine is located though water treatment continues at
the Central Treatment Plant (the "
CTP
") located near Bunker Hill Mine. The CTP is owned by the EPA and is operated
by its contractors.
Bunker
Hill entered into a Settlement Agreement and Order on Consent with the EPA on May 15, 2018. This agreement limits the Company's
exposure to the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") liability for past environmental
damage to the mine site and surrounding area to obligations that include:
●
Payment
    of $20,000,000 for historical water treatment cost recovery for amount paid by the EPA from 1995 to 2017.
●
Payment
    of for water treatment services provided by the EPA at the CTP in Kellogg, Idaho until such time that Bunker Hill either purchases
    or leases the CTP or builds a separate EPA-approved water treatment facility.
●
Conducting
    a work program as described in the Ongoing Environmental Activities section of this study
In
December 2021, in conjunction with its intention to purchase the mine complex, the Company entered into an amended Settlement Agreement
(the "Amendment") between the Company, Idaho Department of Environmental Quality, US Department of Justice and the EPA modifying
the payment schedule and payment terms for recovery of historical environmental response costs at Bunker Hill Mine incurred by the EPA.
With the purchase of the mine subsequent to the end of the period, the remaining payments of the EPA cost recovery liability would be
assumed by the Company, resulting in a total of $19,000,000 liability to the Company, an increase of $8,000,000. The new payment schedule
included a $2,000,000 payment to the EPA within 30 days of execution of this amendment, which was made. The remaining $17,000,000 will
be paid on the following dates:
Date
Amount
November 1, 2024
$
3,000,000
November 1, 2025
$
3,000,000
November 1, 2026
$
3,000,000
November 1, 2027
$
3,000,000
November 1, 2028
$
3,000,000
November 1, 2029
$
2,000,000 plus accrued interest
The
resumption of payments in 2024 were agreed in order to allow the Company to generate sufficient revenue from mining activities at the
Bunker Hill Mine to address remaining payment obligations from free cash flow.
In
addition to the cost recovery payments outlined above, the Amendment includes an inital payment for outstanding water treatment costs
that have been incurred over the period from 2018 through 2021. This approximately $2,900,000 settlement payment would be made within
90 days of the execution of the Amendment.
39
The
changes in payment terms and schedule, are contingent upon the Company securing Financial Assurance in the form of performance bonds
or letters of credit deemed acceptable to the EPA totaling $17,000,000. These assurances correspond to the Company's cost recovery
obligations to be paid in 2024 through 2029 as outlined above. Should the Company fail to make its scheduled payment, the EPA can draw
against this financial assurance. The amount of the bonds or letters of credit will decrease over time as individual payments are made.
If the Company does not post an Interim Financial Assurance within 90 days of execution of the Amendment, or fail to post the Final Financial
Assurance within 180 days of the execution of the Amendment, the terms of the original agreement will be reinstated.
As
at December 31, 2021, the Company had not secured the interim financial assurance, and therefore the contingency had not been removed
or satisfied. Further, as of the date of this filing, the financial assurance has not been secured, and as a result, the liability to
the EPA is accounted for with no effectivity of the Amendment, with the liabilities each reflected as current liabilities. On March 22,
2022, the Company reported that in consultation with the EPA, it has committed to meet the $2,900,000 payment and Financial Assurance
obligations by 180 days from the effective date of the Amended Settlement Agreement.
Bunker
Hill will initiate a full Environmental, Social and Health Impact Assessment for the activities described in this Technical Report PEA
and for its business model as a whole in 2021. This study is projected for completion in 2022.
Metallurgical
Testing
RDi
initiated metallurgical test work on three samples designated Newgard, Quill and Utz with the primary objective of determining the process
flowsheet and the metal recoveries and concentrate grades. The test work is on-going, and the highlights of the results so far indicate
the following:
●
The
    composite samples assayed 2.9% to 8.6% Zn, 1.6% to 4.9% Pb and 21 g/mt to 69 g/mt Ag
●
The
    sample had ±66% of sulfur present as sulfide sulfur
●
Bond's
    ball mill work index for the composite samples ranged from 13.73 to 15.58 thereby indicating the rock to be relatively hard
●
Rougher
    flotation tests indicated that
P80
of 150 mesh to 200 mesh was optimum for flotation of desired minerals
●
The
    sequential flotation scheme employed historically is amenable for production of Pb/Ag and Zn concentrates
Mining
Method
Long-hole
stoping with fill (LHOS), cut-and-fill and possibly room-and-pillar mining with fill are the only methods viable for sustained operations
today. LHOS is the preferred mining method with limited cut-and-fill mining at Bunker Hill Mine. Room-and-pillar mining is not in the
current plan. Timbered ground support has been replaced with newer ground support technology of rock bolts, mesh, shotcrete and steel
sets as required. Ground conditions are generally good to excellent at Bunker Hill Mine and the rest of the mines in the Silver Valley.
Bunker Hill Mine does not have a history of rock burst events that are frequent in the deeper mines to the east.
40
Recovery
Methods
Historical
and on-going current test work at RDi indicates that sequential flotation process can produce marketable-grade Pb/Ag and Zn concentrates.
A conceptual process flowsheet was developed based on limited test work, historical plant flowsheet and plants processing similar polymetallic
mineralized material. Process flowsheets consist of two-stage crushing to produce a feed of
P80
of 0.5 inch for the milling
circuit. Material will be ground in a ball mill to
P80
of 270 mesh with sodium cyanide and zinc sulfate. Resulting ground
slurry will be subjected to rougher flotation of lead and silver minerals using xanthate and MIBC. Concentrates could be reground and
cleaned up to three times to produce a lead/silver concentrate.
Lead
rougher- and first-cleaner tailings will be combined and conditioned with copper sulfate and then pH adjusted, and zinc minerals floated
with xanthate and MIBC. Zinc rougher concentrates could be reground and cleaned up to three times to produce marketable zinc concentrate.
Current
Exploration and Development
Bunker
Hill has a rare exploration opportunity available at the Bunker Hill Mine and has embarked on a new path to fully maximize the potential.
A treasure trove of geologic and production data has been organized and preserved in good condition in the mine office since the shutdown
of major mine operations in the early 1980s. This data represents 70+ years of proper scientific data and sample collection, with high
standards of accuracy and precision that were generally at or above industry standards at the time.
The
Company saw the wealth of information that was available but not readily usable and embarked on a scanning and digitizing program. From
this they were able to build a 3D digital model of the mine workings and 3D surfaces and solids of important geologic features. To add
to this, all of the historic drill core lithology logs and assay data (>2900 holes) was entered into a database and imported with
the other data into Maptek Vulcan 3D software.
Exploration
activities at the Bunker Hill Mine are focused on core drilling to confirm presence of siler-rich mineralization and wide bluebird style
mineralization, as well as finding un-mined offset segments of known mineralized structures.
41
Conclusions
Bunker
Hill continues investment in the advancement of the Bunker Hill Mine through drilling, tunnel refurbishment and technical evaluations
both internally and with the assistance of reputable consulting firms. RDA is of the opinion that the current Mineral Resources at Bunker
Hill Mine are sufficient to warrant continued planning and effort to explore, permit and develop the Bunker Hill Mine, and that it supports
the conclusions herein.
RDA
is of the opinion that with a historic silver production of over 160 million ounces, silver mineralization should be investigated with
vigorous exploration programs. While base metals are a very important component of the Bunker Hill Mine and drilling resources are recommended
to be allocated to the further delineation and addition of base metal dominant resource, the recent selling price of silver demands attention.
The confirmation drilling program identified intercepts of 10 to 20 ounces per ton of silver. The J vein and Francis stopes hosted high
grade silver mineralization and the near-surface historic Caledonia and Sierra Nevada Mines were bonanza grade silver producers in the
past. These and other known occurrences of silver must be followed up on to determine that economic silver occurrences exist on the Bunker
Hill Mine land package
Recommendations
Exploration
programs should focus on the definition of silver resources. Silver resources that demonstrate the reasonable prospects of eventual economic
extraction have been identified within the current mineral resource estimate. Significant silver mineralization encountered through exploration
and past production suggests that these zones should be given as much weight as past Pb and Zn exploration and resource definition programs.
Metallurgical
test work should be completed and the results thoroughly analyzed in order to further refine metallurgical recovery and concentrate grade
assumptions, and optimize flowsheet characteristics.
Digitization
of nearly 100 years of paper maps is nearing completion. In addition to unlocking the understanding of the geometry of the mineral deposit
much of the information describes the mined-out portion of the Bunker Hill Mine. This will be critical for future mineral resource estimates
as mined out voids need to be accurately defined.
Results
from the Technical Report PEA indicate that the Bunker Hill Mine may support a Preliminary Feasibility Study. Plant and backfill engineering
and metallurgical testing are recommended. Used equipment estimates should also be procured.
The
Newgard, Quill and UTZ block model portion of the mine was initially scheduled based on a 5.0% zinc cutoff grade (not zinc equivalent)
for the June 2021 Restart PEA in the upper majority zinc mineralization. The lower majority lead and silver mineralization used a 5.0%
zinc equivalent. This lower section is not included in the block model and represents Bunker Hill Mine records at the time of closure.
It is classified as inferred resource. The Newgard, Quill and UTZ block model has been updated with NSR values to better represent actual
zinc, lead and silver revenues. The block model NSR valuation change and the majority use of longhole stoping methods are the subject
of this report.
Additional
drilling and mine block modeling should continue to increase the conversion of Inferred to Indicated Resources.
Based
on the aforementioned, the authors are not recommending successive phases of the work for the advancement of the project.
Table
1-4 Proposed Budget for Project Advancement
Activity
Amount
Exploration Drilling (includes labor and assaying)
$
0.50
M
Metallurgical definition characteristics
$
0.50
M
Surface Geophysics
$
0.40
M
Ongoing Digital compilation of historical information
$
0.25
M
Environmental Studies as part of care and maintenance
$
0.80
M
Rehabilitation and Infrastructure Improvements
$
1.30
M
Plant Engineering
$
0.50
M
Hydraulic Backfill and Tailing Placement Engineering
$
0.25
M
Mine Rehabilitation, Care and Maintenance
$
0.75
M
42
Further
details regarding the MRE, including estimation methodologies, can be found in the technical report which is filed as an exhibit to the
Registration Statement of which this Prospectus is a part.
Infrastructure
Review
The
Mine main level is termed the nine level and is the largest level in the Mine. It is connected to the surface by the approximately 12,000
foot-long Kellogg Tunnel. Three major inclined shafts with associated hoists and hoistrooms are located on the nine level. These are
the No. 1 shaft, which is used for primary muck hoisting in the main part of the Mine; the No. 2 shaft, which is a primary shaft for
men and materials in the main part of the Mine; and the No. 3 Shaft, which is used for personnel, materials and muck hoisting for development
in the northwest part of the Mine.
The
top stations of these shafts and the associated hoistrooms and equipment have all been examined by Company personnel and are in moderately
good condition. The Company believes that all three shafts remain in a condition that they are repairable and can be bought back into
good working order over the next few years.
The
water level in the Mine is held at approximately the ten level of the Mine, roughly 200 feet below the nine level. The Mine was historically
developed to the 27 level, although the 25 level was the last major level that underwent significant development and past mining. Each
level is approximately 200 feet vertically apart.
The
southeastern part of the Mine was historically serviced by the Cherry Raise, which consisted of a two-compartment shaft with double drum
hoisting capability that ran at an incline up from the nine level to the four level. The central part of the Mine was serviced upward
by the Last Chance Shaft from the nine level to the historic three or four level. Neither the Cherry Raise or the Last Chance shaft are
serviceable at this time. However, the upper part of the Mine from eight level up to the four level has been developed by past operators
by a thorough-going rubber tire ramp system, which is judged to be about 65% complete.
The
Company has repaired the first several thousand feet of the Russell Tunnel, which is a large rubber-tire capable tunnel with an entry
point at the head of Milo Gulch. This tunnel will provide early access to the UTZ Zone, and Quill and Newgard Zones, following ramp and
access development. The Company has made development plans to provide interconnectivity of the ramp system from the Russell Tunnel at
the four level down to the eight level, with further plans to extend the ramp down to the nine level. Thus rubber-tired equipment will
be used for mining and haulage throughout the upper Mine mineral zones, which have already been identified, and for newly found zones.
The
Kellogg Tunnel will be used as a tracked rail haulage tunnel for supply of personnel and materials into the Mine and for haulage of mined
material out of the Mine. Historically, the Kellogg Tunnel was used in this manner when the Mine was producing upwards of 3,000 tons
per day of mined material. The Company has inspected the Kellogg Tunnel for its entire length and has determined that significant timbered
sections of the tunnel will need extensive repairs. These are areas that intersect various faults passing through the Kellogg Tunnel
at normal to oblique angles and create unstable ground.
The
Company has determined that all of the track, as well as spikes, plates and ties holding the track will need to be replaced, and has
started that process in support of the on-going exploration program. Additionally, the water ditch that runs parallel to the track will
need to be thoroughly cleaned out and new timber supports and boards that keep the water contained in its path will need to be installed.
All new water lines, compressed air lines and electric power feeds will also need to be installed. The total cost estimate for this Kellogg
Tunnel work is still in process as of the date hereof, but the time estimate for these repairs is approximately twelve months.
Restart
Project Update:
On
March 22, 2022, the Company announced its plans to continue to advance technical studies to a level that will enable a construction decision
to be made and a Pre-Feasibility Study ("
PFS
") to be published during Q2 2022. The PFS will focus upon mining of Measured
and Indicated Resources that maximize cash flow and returns on initial capital invested, leveraging existing infrastructure and the Pend
Oreille process plant once it has been relocated to the Bunker Hill site. The Company aims to have the mine in commercial production
by the end of 2023, in accordance with the summary timetable shown below.
43
Figure
1: Bunker Hill Planned Development Timeline
The
technical studies to support both a PFS and a Construction Decision remain on track, with updates to some of the key and supporting activities
detailed below:
Figure
2: Technical Studies Update
Project
Work
    Currently In-Progress
Completion
    %
(To PFS)
Process
    Plant Engineering
(a)   GA
    drawings for processing plant and crushing gallery complete. Multiple simulation exercises have indicated reduced initial construction
    capital expenditures from PEA estimates.
(b)   Trade-off
    studies complete. These affirm preference for an underground location for the primary crushing circuit on Level 9, with milling and
    flotation circuits on surface within existing building.
(c)   Final
    cost analysis, detailed construction planning and construction contractor negotiations on-going.
80
Tailings
    and Backfill Plant Engineering
(a)   Final
    paste plant design and location trade-offs on-going.
(b)   Opex
    trade-off analysis and mine scheduling on-going.
(c)   Geotechnical
    analysis of back-fill requirements indicates significant cost savings from PEA estimates.
85
Metallurgy
(1)   Metallurgical
    studies continue to further optimize the mill and process flow sheet used in the PEA.
(2)   Final
    Lock-Cycle Testing (LCT) on-going.
80
Geotechnical
    Study
● Golder and Associates study complete, supporting geotechnical assumptions made within the PEA.
100
Mine
    Planning
(d)   Detailed
    stope sequencing and optimization on-going.
(e)   Ore
    haulage trade-off studies complete. Crushed ore to be moved from UG crushing gallery to surface processing circuits via conveyor
    within the Kellogg Tunnel.
85
44
Pend
    Oreille Plant Demobilization
●
                                                              Project/process plant manager appointed.
●
         Final demobilization planning on-going, set to meet timelines agreed with Teck, with cost estimates in line with PEA.
85
Current
    Mining and Rehabilitation Activities
●
                                                             CMC (mining contractor) building organic capacity on site. This includes adding local staff and acquiring mining equipment including
                                                         LHDs.
●
        Rehabilitation of UTZ drift on 5-Level completed on schedule.
●
        Initiating construction of decline ramp to connect 5-Level with existing 6-level spiral ramp for rubber-tired equipment.
N/A
Bunker
    Hill Surface Upgrades
●
                                                             Mine yard and surface facilities now cleared to accept Pend Oreille plant equipment.
●
        Finalizing plans to upgrade electrical infrastructure to both Kellogg and Wardner Portal yards.
N/A
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SPECIAL
NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements in this report, including statements in the following discussion, are what are known as "forward looking statements",
which are basically statements about the future. For that reason, these statements involve risk and uncertainty since no one can accurately
predict the future. Words such as "plans," "intends," "will," "hopes," "seeks,"
"anticipates," "expects "and the like often identify such forward looking statements, but are not the only indication
that a statement is a forward-looking statement. Such forward looking statements include statements concerning the company's plans
and objectives with respect to the present and future operations of the company, and statements which express or imply that such present
and future operations will or may produce revenues, income or profits. Numerous factors and future events could cause the company to
change such plans and objectives or fail to successfully implement such plans or achieve such objectives, or cause such present and future
operations to fail to produce revenues, income or profits. Therefore, the reader is advised that the following discussion should be considered
in light of the discussion of risks and other factors contained in this report and in the company's other filings with the sec.
No statements contained in the following discussion should be construed as a guarantee or assurance of future performance or future results.
Background
and Overview
On
August 28, 2017, the Company announced that it signed the Lease and Option Agreement for the lease and option to purchase the Mine in
Idaho. The Lease and Option Agreement is between the Company and Placer Mining, the current owner of the Mine.
Highlights
of the Agreement are as follows:
●
Effective
    date: November 1, 2017;
●
Initial
    lease term: 24 months;
●
The
    Company shall pay Placer Mining US$100,000 monthly mining lease payments, which shall be paid quarterly;
●
The
    lease can be extended for another 12 months at any time by the Company by paying Placer Mining a US$600,000 bonus payment and by
    continuing to pay the monthly US$100,000 lease payments;
●
The
    option to purchase is exercisable at the Company's discretion; and
●
Purchase
    by the Company can be made at any time during lease period and any extension thereto.
On
October 2, 2018, the Company announced that it was in default of the Lease and Option Agreement. The default arose as a result of missed
lease and operating cost payments, totaling $400,000, which were due at the end of September and on October 1, 2018. As per the Lease
and Option Agreement, the Company had 15 days, from the date the notice of default was provided (September 28, 2018), to remediate the
default by making the outstanding payment. While management worked with urgency to resolve this matter, management was ultimately unsuccessful
in remedying the default, resulting in the Lease and Option Agreement being terminated.
On
November 13, 2018, the Company announced that it was successful in renewing the Lease and Option Agreement, effectively with the original
Lease and Option Agreement intact, except monthly payments were reduced to $60,000 per month for 12 months, with the accumulated reduction
in payments of $140,000 per month added to the purchase price of the Mine should the Company choose to exercise its option.
45
On
November 1, 2019, the Amended Agreement became effective. The key terms of the Amended Agreement are as follows:
●
The
    lease period was extended for an additional period of nine months to August 1, 2020, with the option to extend for a further 6 months
    based upon payment of a one-time $60,000 extension fee;
●
The
    Company will continue to make monthly care and maintenance payments to Placer Mining of $60,000 until exercising the option to purchase;
    and
●
The
    purchase price is set at $11,000,000 for 100% of the marketable assets of the Mine to be paid with $6,200,000 in cash, and $4,800,000
    in Common Shares. The purchase price also includes the negotiable EPA costs of $20,000,000. The Amended Agreement provides for the
    elimination of all royalty payments that were to be paid to the mine owner. Upon signing the amended agreement, the Company paid
    a one-time, non-refundable cash payment of $300,000 to the mine owner. This payment will be applied to the purchase price upon execution
    of the purchase option. In the event the Company elects not to exercise the purchase option, the payment shall be treated as an additional
    care and maintenance payment.
On
November 20, 2020, the Company signed a further amendment to the Amended Agreement. Under the terms of the amendment:
●
The
    Company will continue to make monthly care and maintenance payments to Placer Mining of $60,000 until exercising the option to purchase;
●
The
    purchase price was reduced to $7,700,000, with $5,700,000 in cash (with an aggregate of $300,000 to be credited toward the purchase
    price of the Mine as having been previously paid by the Company and an aggregate of $5,400,000 payable in cash outstanding) and $2,000,000
    in Common Shares. The reference price for the payment in Common Shares will be based on the Common Share price of the Company's
    last equity raise before the option is exercised;
●
The
    Company's contingent obligation to settle $1,787,300 of accrued payments due to Placer Mining has been waived; and
●
The
    Company is to make an advance payment of $2,000,000 (paid) to Placer Mining, which shall be credited toward the purchase price if
    and when the Company elects to exercise its purchase right. In the event that the Company irrevocably elects not to exercise its
    purchase right, the advance payment of $2,000,000 will be repaid to the Company within twelve months from the date of such election.
    This payment had the effect of decreasing the remaining amount payable to purchase the Mine to an aggregate of $3,400,000 payable
    in cash and $2,000,000 in Common Shares of the Company.
On
December 20, 2021, the Company announced its intention to purchase the mine complex, which was consummated on January 7, 2022.
With the execution of the EPA settlement agreement amendment and the expected receipt of $8,000,000 proceeds from the Royalty Convertible
Debenture, the Company contracted to purchase the Bunker Hill Mine from Placer Mining Corp. and a definitive agreement was signed by
both parties. The terms of the purchase were modified to $5,400,000 in cash, from $3,400,000 of cash and $2,000,000 of common shares
in the Company. Purchase of the mine consists of over 400 patented mining claims and 5,800 acres of private land.
Closing
of the transaction occurred on January 7, 2022, concurrent with funding of the Royalty Convertible Debenture, approval of the transaction
by Placer Mining Corp. shareholders, and satisfaction of other closing conditions. See "
Subsequent Events
".
Results
of Operations
The
following discussion and analysis provide information that is believed to be relevant to an assessment and understanding of the results
of operation and financial condition of the Company for the year ended December 31, 2021, the six-month period ended December 31, 2020,
and the fiscal year ended June 30, 2020. Unless otherwise stated, all figures herein are expressed in U.S. dollars, which is the Company's
functional currency.
Comparison
of the year ended December 31, 2021 and the six months ended December 31, 2020
Revenue
During
the year ended December 31, 2021 the Company generated no revenue (six months ended December 31, 2020 - $nil).
Expenses
During
the year ended December 31, 2021, the Company reported total operating expenses of $18,752,504 (six months ended December 31, 2020 -
$9,454,396).
The
increase in total operating expenses is due to an increase in operation and administration expenses, exploration expenses, legal and
accounting expenses and consulting expenses when compared to the six-month period ended December 31, 2020.
For
financial accounting purposes, the Company reports all direct exploration expenses under the exploration expense line item of the statement
of operations. Certain indirect expenses may be reported as operation and administration expense or consulting expense on the statement
of operations.
46
Net
Loss and Comprehensive Loss
The
Company had a net loss and comprehensive loss of $6,402,277 for the year ended December 31, 2021 (six months ended December 31, 2020
- $2,164,454). The increase in net loss compared to the six-month period ended December 31, 2020 was a result of increased operating
expenses during the twelve-month period when compared to the six-month period. Additionally, there was accretion and interest from debt
and a loss on debt settlement during the year ended December 31, 2021.
Special
note should be made of the fact that the period ended December 31, 2021 was a twelve-month year, while the comparative transition period
ended December 31, 2020 was a six-month period, with variations in all categories of expense varying as a natural function of the differences
in length of time periods.
Comparison
of the six months ended December 31, 2020 and the year ended June 30, 2020
Revenue
During
the six months ended December 31, 2020 and June 30, 2020, the Company generated no revenue.
Expenses
During
the six months ended December 31, 2020, the Company reported total operating expenses of $9,454,396 as compared to $10,793,823 during
the year ended June 30, 2020. Increases in operation and admin expenses, legal and accounting expenses and consulting expenses for the
six-month period was offset by a decrease in exploration expenses and recognition of a gain on settlement of accounts payable.
Net
Loss and Comprehensive Loss
The
Company had a net loss and comprehensive loss of $2,164,454 for the six months ended December 31, 2020, as compared to a net loss and
comprehensive loss of $31,321,791 for the year ended June 30, 2020. The change in net loss between the two periods was largely affected
by the change in derivative liabilities. A gain related to the change in derivative liability for the six-month period ended December
31, 2020 was $10,503,941 compared to a loss related to the change in derivative liability for the year ended June 30, 2020 of $18,843,947,
a total change of $29,347,888 between the two comparative periods.
Special
note should be made of the fact that the transition period ended December 31, 2020 was a six-month period, while the comparative period
ended June 30, 2020 was a twelve-month year, with variations in all categories of expense varying as a natural function of the differences
in length of time periods.
Liquidity
and Capital Resources
At
December 31, 2021, the Company had total assets of $4,071,796 and total liabilities of $38,314,164. This compares to total assets of
$6,709,016 and total liabilities of $38,246,613 at December 31, 2020. The decrease in current assets is primarily related to a $3,082,598
net decrease in cash in 2021 which was the result of an $11,372,153 cash use for operating activities, which was partially offset by
the proceeds from the issuance of common stock and warrants for net proceeds of $6,013,439 in February 2021 and $2,500,000 of proceeds
from a promissory note in September 2021.
As
of December 31, 2021, the Company had negative working capital of $19,172,729 compared to negative working capital of $10,132,935 as
of December 31, 2020. This increase is primarily the result of the $3,082,598 net decrease in cash and an increase in the amount due
to the EPA of $5,945,280.
In
December 2021, the Company executed a non-binding term sheet with SRSR and other
investors outlining a $50,000,000 project finance package that the Company expects to fulfill the majority of its funding requirements
to restart the mine and reach commercial production in mid-2023. The package consists of an $8,000,000 Royalty Convertible Debenture,
a $5,000,000 Convertible Debenture, and a multi-metals stream of up to $37,000,000 (the "Stream"). In January 2022, subject
to settlement of definitive documentation with SRSR, the $8,000,000 was advanced under the Royalty Convertible Debenture and $6,000,000
was advanced under the Convertible Debenture, which was increased from $5,000,000.
Subject
to SRSR internal approvals, further technical and other diligence (including confirmation of full project funding by an independent engineer
appointed by SRSR), and satisfactory definitive documentation, the Company expects to close the Stream concurrent with a formal construction
decision being made by Q2 2022. A minimum of $27,000,000 and a maximum of $37,000,000 (the "Stream Amount") will be made
available under the Stream, at the Company's option, once the conditions for availability of the Stream have been satisfied. There
can be no assurance that the Stream will close as anticipated. See Notes 8 and 16 to the consolidated financial statements for further
information regarding this project finance package.
47
In
December 2021, in conjunction with its intention to purchase the Bunker Hill mine complex, the Company entered into an amended Settlement
Agreement (the "Amendment") between the Company, Idaho Department of Environmental Quality, US Department of Justice and
the EPA, modifying the payment schedule and payment terms for recovery of historical environmental response costs at Bunker Hill Mine
incurred by the EPA. Upon the purchase of the Bunker Hill mine complex, the remaining payments of the EPA cost recovery liability would
be assumed by the Company, resulting in a total of $19,000,000 liability to the Company, an increase of $8,000,000. The new payment schedule
includes a $2,000,000 payment to the EPA within 30 days of execution of this amendment, which was paid subsequent to December 31, 2021.
The remaining $17,000,000 will be paid on the following dates:
Date
Amount
November 1, 2024
$
3,000,000
November 1, 2025
$
3,000,000
November 1, 2026
$
3,000,000
November 1, 2027
$
3,000,000
November 1, 2028
$
3,000,000
November 1, 2029
$
2,000,000 plus accrued interest
The
resumption of payments in 2024 were agreed in order to allow the Company to generate sufficient revenue from mining activities at the
Bunker Hill Mine to address remaining payment obligations from free cash flow.
In
addition to the cost recovery payments outlined above, the Amendment includes an initial payment of $2,900,000 of outstanding water treatment
costs that have been incurred over the period from 2018 through 2020, to be made within 90 days of the execution of the Amendment.
On March 22, 2022, the Company reported that in consultation with the EPA, it has committed to meet the $2,900,000 payment and Financial
Assurance obligations by 180 days from the effective date of the Amended Settlement Agreement.
The
changes in payment terms and schedule, are contingent upon the Company securing Financial Assurance in the form of performance bonds
or letters of credit deemed acceptable to the EPA totaling $17,000,000. These assurances correspond to the Company's cost recovery
obligations to be paid in 2024 through 2029 as outlined above. Should the Company fail to make its scheduled payment, the EPA can draw
against this financial assurance. The amount of the bonds or letters of credit will decrease over time as individual payments are made.
If the Company fails to post the Final Financial Assurance within 180 days of the execution of the Amendment, the terms of the original
agreement as described above will be reinstated (see Note 6 to the consolidated financial statements).
Following
the approval of the transaction by Placer Mining Corp. shareholders and satisfaction of other closing conditions, the purchase of the
Bunker Hill Mine closed on January 7, 2022.
Mine assets
were purchased for $7,700,000, with $300,000 of previous lease payments and a deposit of $2,000,000 applied to the purchase, resulting
in cash paid at closing of approximately $5,400,000.
Concurrently, definitive documentation and
all closing conditions were met for the $8,000,000 Royalty Convertible Debenture. The Royalty Convertible Debenture funded the purchase
of the Bunker Hill Mine, the $2,000,000 payment to the EPA, and near-term working capital requirements. In January 2022, the Company
also closed the $6,000,000 Convertible Debenture, which will
fund near-term working capital requirements, mine development, and
the advancement of its Prefeasibility Study, including engineering studies for the demobilization and construction of the Pend Oreille
Process Plant at Bunker Hill. See Note 16 to the consolidated financial statements for further detail regarding these two financings
and the purchase of the Bunker Hill Mine.
On
April 1, 2022, the Company announced that it had closed the private placement of 37,849,325 special warrants of the Company (the "Special
Warrants"), and a concurrent non-brokered private placement of 1,471,644 units of the Company (the "Non-Brokered Units")
for aggregate gross proceeds of approximately C$11,796,297.at a price of C$0.30 (the "Issue Price") per Special Warrant,
subject to adjustment in certain events.
Each
Special Warrant shall be exercisable, for no additional consideration and with no further action on the part of the holder thereof, into
one unit (each, a "Unit") of the Company, subject to adjustment described below, on the earlier of: (i) the third business
day after the date upon which both (A) a receipt for a (final) (the
"Qualification Prospectus"
) qualifying the distribution
of the Units issuable upon exercise of the Special Warrants has been issued by the applicable securities regulatory authorities in the
Canadian jurisdictions in which purchasers of the Special Warrants are resident, and (B) the registration statement (the
"Registration
Statement"
) of the Company filed with the Securities and Exchange Commission (the
"SEC"
) registering the
Units issuable upon exercise of the Special Warrants has been declared effective by the SEC; and (ii) the date that is six months following
the Closing Date (as defined below).
48
Each
Unit will consist of one common share of the Company (a
"Unit Share"
) and one common share purchase warrant
(each whole common share purchase warrant, a
"Warrant"
). Each Warrant will entitle the holder to acquire one Common
Share for C$0.37 for a period of 36 months following the Closing Date. The Warrants shall also be exercisable on a cashless basis in
the event the Registration Statement has not been made effective by the SEC prior to the date of exercise. In the event that a receipt
for the Qualification Prospectus has not been obtained and the Registration Statement has not been deemed effective on or before 5:00
p.m. (EST) on the date that is 60 days following the Closing Date, each unexercised Special Warrant will thereafter entitle the holder
thereof to receive, upon the exercise thereof, at no additional cost 1.1 Units (instead of one Unit).
In
support of plans to rapidly restart the Mine, the Company worked systematically through 2020 and 2021 to delineate mineral resources
and conduct various technical studies. Executing this strategy may require securing additional financing, which may include additional
indebtedness of $15,000,000 and a cost over-run facility of $13,000,000.
The
Company has incurred losses since inception resulting in an accumulated deficit of $72,491,150 and further losses are anticipated in
the development of its business. Additionally, as of December 31, 2021, the Company owes a total of $16,417,208 to the EPA that is classified
as current liability unless the Company can consummate financial assurances that would reclassify $11,000,000 of this liability to long-term
debt. Additionally, the Company expects to close the Stream in 2022 in order to fulfill the majority of its remaining funding requirements
to restart the mine and reach commercial production, but there can be no assurance that this financing transaction will close as expected.
In order to continue to meet its fiscal obligations in the current fiscal year and beyond, the Company must consummate these transactions
as anticipated to meet its financial obligations over the next twelve months. This raises substantial doubt about the Company's
ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate
profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising
from normal business operations when they come due. The accompanying consolidated financial statements do not include any adjustments
relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might
be necessary in the event the Company cannot continue in existence.
Subsequent
Events
Events
occurring subsequent to December 31, 2021 as disclosed above in the Liquidity and Capital Resources section. In addition, the Company
had the following subsequent events.
On
January 7, 2022, the Company closed the purchase of the Bunker Hill Mine. Mine assets were purchased for
$7,700,000, with $300,000 of previous lease payments and a deposit of $2,000,000 applied to the purchase, resulting in cash paid at closing
of approximately $5,400,000. The EPA obligation of $19,000,000 was assumed by Bunker Hill as part of the acquisition. The restructuring
of the EPA Settlement payment stream under the Amendment does not occur unless and until the Company puts the financial assurances in
place. On March 22, 2022, the Company reported that in consultation with the EPA, it has committed to meet the approximately $2,900,000
and Financial Assurance obligations by 180 days from the effective date of the Amended Settlement Agreement.
On
January 25, 2022, the Company announced that it had entered into a non-binding Memorandum of Understanding (
"MOU"
)
with Teck Resources Limited (
"Teck"
) for the purchase of a comprehensive package of equipment and parts inventory
from its Pend Oreille site (the
"Pend Oreille Process Plant"
) in eastern Washington State, approximately 145 miles
from the Bunker Hill Mine by road. The package comprises substantially all processing equipment of value located at the site, including
complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at Bunker Hill, and total inventory
of nearly 10,000 components and parts for mill, assay lab, conveyer, field instruments, and electrical spares. The MOU outlines a purchase
price under two scenarios, at Teck's option: an all-cash $2,750,000 purchase price, or a $3,000,000 purchase price comprised of
cash and Bunker Hill shares. Each option includes a $500,000 non-refundable deposit, which has been paid by the Company subsequent to
the end of the year. On March 7, 2022, the Company announced the signing of an Asset Purchase agreement for the purchase of the Pend
Oreille Process Plant. Closing of the transaction remains subject to certain conditions, including payment of the remaining purchase
price by May 15, 2022.
On
March 3, 2022, the Company closed the purchase of a 225-acre surface land parcel for a cash payment of approximately $200,000.
On March 31, 2022, the Company announced that
it had reached an agreement with a subsidiary of Teck to satisfy the remaining purchase price for the Pend Oreille Mill in an equity
issuance of the Company. Teck will receive 10,416,667 Units of the Company priced at C$0.30. Each Unit consists of one Common Share and
one Teck Warrant. Each whole Teck Warrant entitles the holder to acquire one Common
Share at a price of C$0.37 per Common Share for a period of three years.
On April 1, 2022, the Company closed the brokered
private placement of 37,849,325 special warrants, and concurrent non-brokered private placement of 1,471,644 units of the Company for
aggregate gross proceeds of approximately $11,796,297. The Offering was conducted through a syndicate of agents led by Echelon Wealth
Partners Inc. and including BMO Nesbitt Burns Inc. and Laurentian Bank Securities Inc. (collectively, the "
Agents
").
In connection with the Offering, the Agents and other eligible parties received (i) a cash commission in the amount of $563,968; and
(ii) compensation options exercisable to acquire an aggregate of 1,879,892 units of the Company (a "
Compensation Unit
")
at C$0.30 per unit until April 1, 2024 (the "
Agents' Compensation Options
"). Each Compensation Unit consists
of one Common Share and one Warrant. Each Warrant entitles the holder thereof to acquire one Warrant Share at a price of $0.37 per Warrant
Share until April 1, 2024. The Company agreed it would use its commercially reasonable efforts to obtain a receipt for the Qualification
Prospectus in ‎each of the Qualifying Jurisdictions, and will file and use its commercially reasonable efforts to have the Registration
‎Statement deemed effective by the SEC, on or before October 1, 2022. The Company intends to use the net proceeds of the Offering
to fund the restart and development at the Company's Bunker Hill Mine, for the outstanding payment due to the US Environmental
Protection Agency, and for general corporate purposes.
49
Critical
accounting estimates
The
preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements
and reported amounts of expenses during the reporting period. Estimates and judgments are continuously evaluated and are based on management's
experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual
outcomes can differ from these estimates. The key sources of estimation uncertainty that have a significant risk of causing material
adjustment to the amounts recognized in the financial statements are:
Share-based
payments
Management
determines costs for share-based payments using market-based valuation techniques. The fair value of the share awards and warrant liabilities
are determined at the date of grant using generally accepted valuation techniques and for warrant liabilities at each balance sheet date
thereafter. Assumptions are made and judgment used in applying valuation techniques. These assumptions and judgments include estimating
the future volatility of the stock price and expected dividend yield. Such judgments and assumptions are inherently uncertain. Changes
in these assumptions affect the fair value estimates.
Warrants
and accrued liabilities
Estimating
the fair value of derivative warrant liability requires determining the most appropriate valuation model, which is dependent on the terms
and conditions of the issuance. This estimate also requires determining the most appropriate inputs to the valuation model including
the expected life of the warrants and conversion feature derivative liability, volatility and dividend yield and making assumptions about
them.
The
Company has to make estimates to accrue for certain expenditures due to delay in receipt of third-party vendor invoices. These accruals
are made based on trends, history and knowledge of activities. Actual results may be different.
The
Company makes monthly estimates of its water treatment costs, with a true-up to the annual invoice received from the IDEQ. Using the
actual costs in the annual invoice, the Company will then reassess its estimate for future periods. Given the nature, complexity and
variability of the various actual cost items included in the invoice, the Company has used the most recent invoice as its estimate of
the water treatment costs for future periods.
Off-Balance
Sheet Arrangements
The
Company has no off-balance sheet arrangements.
DIRECTORS,
EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
Directors
and Executive Officers
The
following table sets forth the directors, executive officers, their ages, and all offices and positions held within the Company as of
December 31, 2021. Directors are elected for a period of one year and thereafter serve until their successor is duly elected by the stockholders
and qualified. Officers and other employees serve at the will of the Board.
Name
Position
    Held with the Company
Age
Date
    First Elected or Appointed
Sam
    Ash
President,
    CEO and Director
43
April
    14, 2020
Richard
    Williams
Executive
    Chairman and Director
55
March
    27, 2020
David
    Wiens
CFO
    and Corporate Secretary
42
January
    12, 2021
Wayne
    Parsons
Director
59
January
    5, 2018
Cassandra
    Joseph
Director
50
November
    2, 2020
Dickson
    Hall
Director
69
January
    5, 2018
Pamela
    Saxton
Director
69
October
    30, 2020
50
Biographical
Information
Sam
Ash
was a Partner from 2015 at Barrick Gold Corp. ("
Barrick
") and held various roles over the nine years employed
there. This includes three years as General Manager of the Lumwana Copper Mine in Zambia, Technical Support Manager to Barrick's
Copper Business Unit, General Support Manager on the Cortez Mine in Nevada and Chief Engineer leading the roll-out of new Underground
Mining standards in the USA and Tanzania. Prior to his time at Barrick, Mr. Ash served as Manager of New Operations for Veris Gold Corp.
(formerly, Yukon-Nevada Gold Corp.) primarily on the Jerritt Canyon Mine in Nevada, and also as an Underground Mine Supervisor with Drummond
Company, Inc. He has recently completed his Masters' Degree in Leadership and Strategy at the London Business School and has a
BS in Mining Engineering from the University of Missouri Rolla.
Richard
Williams
is an executive with an established track-record of transformational leadership within the mining industry and other
demanding environments. He is currently a Non-Executive Director of Trevali Mining Corporation and an advisor to companies facing complex
operational, political or ESG challenges. Formerly the Chief Operating Officer of Barrick and the company's Executive Envoy to
Tanzania, he has also served as Chief Executive Officer of the Afghan Gold and Minerals Company and as a Non-Executive Director of Gem
Diamonds Limited. Prior to his commercial mining experience, Mr. Williams served as the Commanding Officer of the British Army's
Special Forces Regiment, the SAS. He holds an MBA from Cranfield University, a BSc in Economics from University College London and an
MA in Security Studies from Kings College London.
David
Wiens
is the Company's Chief Financial Officer and Corporate Secretary. Mr. Wiens is an experienced mining executive with
over 18 years' experience in corporate finance, financial planning & analysis, treasury and
investor relations. Mr. Wiens spent the last eight years with Americas-focused precious metals companies, including over six years at
SSR Mining Inc. where he was part of a team that transformed the company from a single asset silver producer with limited mine life to
a diversified long-life precious metals company, while meeting production and cost guidance seven years in a row. As Director, Corporate
Finance, he led a number of functions including corporate finance, FP&A, treasury, investor relations, concentrate marketing and
gold dore sales. SSR Mining Inc. completed a $5 billion merger with Alacer Gold Corp. in September 2020. Prior to his corporate roles,
he was an investment banker at a number of financial institutions, including Deutsche Bank AG in London, United Kingdom. Mr. Wiens earned
his Bachelor of Commerce with a Finance specialization at the University of British Columbia in Canada, is a CFA® Charterholder,
and is completing the CPA designation.
Wayne
Parsons
is a Director of the Company. Mr. Parsons has 30 years of investment industry experience, having served with numerous
Canadian financial institutions, including Nesbitt Thomson Bongard, RBC Dominion Securities, and National Bank Financial Services. Previously
Mr. Parsons served on boards of Intertainment Media Inc., American Paramount Gold Corp. and Yappn Corp. He is the owner and founder of
Parsons Financial Consulting, a consulting company focused on the technology and mining sectors. Mr. Parsons has an HBA degree from University
of Western Ontario.
Cassandra
Joseph
is an American lawyer with extensive experience managing the commercial relationship between mining companies and environmental
regulators. She is currently Senior Vice President, General Counsel and Corporate Secretary for Nevada Copper Corp., having previously
been Associate General Counsel for Tahoe Resources Inc. until it was acquired by Pan American Silver Corp. in 2019. Before this, she
worked for the Attorney Generals of California and Nevada, as Deputy and Senior Deputy Attorney General, and as a partner in Watson Rounds
PLC (now Brownstein Hyatt Farber Schreck LLP). Educated at Santa Clara University, and University of California at Berkeley, she was
called to the State Bar of California in 1999; the US Court of Appeals, Ninth Circuit in 2001; State Bar of Nevada in 2005; and the US
Supreme Court, US Court of Appeals and Federal Circuit in 2007.
Dickson
Hall
currently serves as a Director. He is a partner in Valuestone Advisory Limited and manager of Valuestone Global Resources
Fund 1, a mining fund associated with Jiangxi Copper Corporation and China Construction Bank International. Mr. Hall has more than 40
years' experience in the resource field, much of it in Asia. From 2005 to 2016 he directed corporate development efforts in Asia
for Hunter Dickinson Inc. (HDI) raising capital, establishing strategic partnerships and broadening the Asian shareholder base for HDI
public companies. He was Senior Vice President of Continental Minerals Corporation which developed the Xietongmen copper-gold project
in Tibet, China before selling to China's Jinchuan Group in 2011 for $446 million. Mr. Hall is also a director and Investment Committee
member of Can-China Global Resources Fund, an energy and mining fund backed by the Export-Import Bank of China. He is or has been a director
of various resource and non-resource companies. Mr. Hall is a graduate of the University of British Columbia (BA, MA) and has diplomas
from Beijing University and Beijing Language Institute.
51
Pam
Saxton
is an experienced mining company executive and Director. She is currently on the Board of Aquila Resources Inc. and serving
on a North American Advisory Board for Damstra Technology – Damstra Holdings Limited and was previously a Board Member and Audit
Committee Chair at Pershing Gold Corporation. As an Executive, she has served as CFO for Thompson Creek Metals Company and NewWest Gold
Corporation, both in Colorado. Having started her professional life working as an auditor for Arthur Anderson LLP in Denver, her career
has included senior finance appointments in the American Natural Resources Industry including serving as VP Finance for Franco-Nevada
Corporation's U.S. Operations.
Family
Relationships
There
are no family relationships between any of the current directors or officers of the Company.
Involvement
in Certain Legal Proceedings
Neither
the Company nor its property is the subject of any other pending legal proceedings, and no other such proceeding is known to be contemplated
by any governmental authority. The Company is not aware of any other legal proceedings in which any director, officer or affiliate of
the Company, any owner of record or beneficially of more than 5% of any class of the Company's voting securities, or any associate
of any such director, officer, affiliate or security holder of the Company, is a party adverse to the Company or any of its subsidiaries
or has a material interest adverse to the Company or any of its subsidiaries.
Directorships
None
of the Company's executive officers or directors is a director of any company with a class of equity securities registered pursuant
to Section 12 of the Exchange Act or subject to the requirements of the Exchange Act or any company registered as an investment company
under the Investment Company Act of 1940.
Code
of Ethics
The
Company's Board has adopted a code of ethics that will apply to its principal executive officer, principal financial officer and
principal accounting officer or controller and to persons performing similar functions. The code of ethics is designed to deter wrongdoing
and to promote honest and ethical conduct, full, fair, accurate, timely and understandable disclosure, compliance with applicable laws,
rules and regulations, prompt internal reporting of violations of the code and accountability for adherence to the code. The Company
will provide a copy of its code of ethics, without charge, to any person upon receipt of written request for such, delivered to our corporate
headquarters. All such requests should be sent care of Bunker Hill Mining Corp., Attn: Corporate Secretary, 82 Richmond Street East,
Toronto, Ontario, Canada, M5C 1P1.
EXECUTIVE
COMPENSATION
.
Summary
Compensation Table
The
following table sets forth, for the years indicated, all compensation paid, distributed or accrued for services, including salary and
bonus amounts, rendered in all capacities by the Company's principal executive officer, chief financial officer and all other executive
officers; the information contained below represents compensation paid, distributed or accrued to the Company's officers for their
work related to the Company.
52
Name and
Principal Position
Year
(1)
Salary
($)
Bonus
($)
Stock
Awards
($)
Option
Awards
(2)
($)
Non-Equity
Incentive
Plan
Compensation
(#)
Non-qualified
Deferred
Compensation
Earnings
($)
All other
Compensation
($)
Total
($)
David Wiens
(3)
December 31, 2021
209,995
66,000
(4)
—
204,213
—
—
—
480,208
Chief Financial Officer
December 31, 2020
—
—
—
—
—
—
—
—
June 30, 2020
—
—
—
—
—
—
—
—
John Ryan
(5)
December 31, 2021
—
—
—
—
—
—
—
—
Former Chief Executive Officer
December 31, 2020
13,500
—
—
—
—
—
—
13,500
June 30, 2020
51,500
—
—
107,731
—
—
71,240
(8)
230,471
Wayne Parsons
(6)
December 31, 2021
120,000
—
—
—
—
—
—
120,000
Former Chief Financial Officer
December 31, 2020
71,390
—
—
—
—
—
—
71,390
June 30, 2020
136,045
—
—
630,532
—
—
1,144,163
(9)
1,910,740
Richard Williams
180,000
—
—
—
—
—
—
180,000
Executive Chairman
December 31, 2020
78,201
—
—
—
—
—
—
78,201
June 30, 2020
134,927
—
—
1,020,869
—
—
2,288,325
(10)
3,444,121
Sam Ash
(7)
December 31, 2021
250,000
—
—
—
—
—
—
250,000
Chief Executive Officer
December 31, 2020
125,000
—
—
—
—
—
—
125,000
June 30, 2020
60,000
—
—
—
—
—
158,228
(8)
218,228
(1)
The
    period ended December 31, 2020 refers to the six-month period ended December 31, 2020.
(2)
Option
    awards reflect the aggregate grant date fair value computed using the Black-Scholes model; for a discussion, please refer to Note
    10 in the Notes to the Financial Statements herein.
(3)
David
    Wiens appointed as the Company's CFO on January 1, 2021. On February 19, 2021, 1,037,977 stock options were issued to David
    Wiens, of which 273,271 stock options vested immediately and the balance of 764,706 stock options vested on December 31, 2021. These
    options have a 5-year life and are exercisable at C$0.335 per common share. The grant date fair value of the options was estimated
    at $204,213.
(4)
In
    February 2021, the Company issued 208,860 February 2021 Units at a deemed price of $0.45 to settle $66,000 (C$83,544) of bonus owed
    to David Wiens. Each February 2021 Unit consisted of one common share and one common share purchase warrant, which entitles the holder
    to acquire a common share of the Company at C$0.60 per common share for a period of five years until February 16, 2026.
(5)
John
    Ryan was the Company's CEO from October 12, 2018 to April 14, 2020.
(6)
Wayne
    Parsons was the Company's CFO from May 22, 2019 to December 31, 2020.
(7)
Sam
    Ash became the Company's CEO on April 14, 2020.
(8)
Restricted
    share units ("RSUs") granted to Mr. Ryan are calculated using a share price of C$0.50 on the applicable grant date. RSUs
    granted to Mr. Ash are calculated using a share price of C$0.73 on the applicable grant date.
(9)
DSUs
    granted to Mr. Parsons are calculated as follows: 2,500,000 * C$0.65 * 0.7041 (the foreign exchange rate as of date of grant).
(10)
DSUs
    granted to Mr. Williams are calculated as follows: 5,000,000 * C$0.65 * 0.7041 (the foreign exchange rate as of date of grant)
53
Grant
of Plan Based Awards
On
October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and
are exercisable at C$0.60 per Common Share.
On
April 20, 2020, 5,957,659 stock options were issued to certain directors of the Company. Each stock option entitles the holder to acquire
one Common Share of the Company at an exercise price of C$0.55. The stock options vest in one fourth increments upon each anniversary
of the grant date and expire in 5 years.
On
September 30, 2020, 200,000 stock options were issued to a consultant of the Company. These options have a 3-year life and are exercisable
at C$0.60 per Common Share.
On
October 30, 2020, 235,000 stock options were issued to a consultant of the Company. These options expire on December 31, 2022 and are
exercisable at C$0.50 per Common Share.
On
February 19, 2021, 1,037,977 stock options were issued to an officer of the Company, of which 273,271 stock options vest immediately
and the balance of 764,706 stock options shall vest on December 31, 2021. These options have a 5-year life and are exercisable at C$0.335
per Common Share.
Outstanding
Stock Options Awards At Fiscal Year End
The
following table provides a summary of equity awards outstanding at December 31, 2021, for each of the named executive officers.
Option Awards
Stock Awards
Name
Number of Securities Underlying Unexercised Options (#) Exercisable
Number of Securities Underlying Unexercised Options (#) Unexercisable
Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)
Option Exercise Price
(C$)
Option
Expiration
Date
Number of Shares or Units of Stock That Have Not Vested
(#)
Market Value of Shares or Units of Stock That Have Not Vested
($)
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested
(#)
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested
($)
John Ryan
40,000
—
—
10.00
May 2, 2022
390,000
—
—
0.60
October 24, 2024
—
—
—
—
Wayne Parsons
415,000
—
—
0.60
October 24, 2024
500,000
1,500,000
—
0.55
April 20, 2025
—
—
—
—
Richard Williams
989,415
2,968244
—
0.55
April 20, 2025
—
—
—
—
David Wiens
1,037,977
—
—
0.335
February 19, 2026
—
—
—
—
54
Long-Term
Incentive and Compensation Plans
In
May 2020, and as part of its overall compensation planning, the Board introduced a long term incentive plan (the "
Long Term
Incentive Plan
" or "
LTIP
") that provides for time-based RSUs, DSUs, options ("
Options
")
and performance-based share unit awards ("
PSUs
", and collectively with RSUs, DSUs and Options, "
Awards
")
that may be granted to employees, officers and eligible consultants and directors of the Company and its affiliates. Recipients of Awards
are defined as "Participants".
The
aim of the Company's compensation program is to attract and retain highly qualified executives and to link compensation to performance
and shareholder value. This must ensure that the compensation is sufficiently competitive to achieve this objective. The Board considers
a number of factors in order to determine compensation, including the Company's contractual obligations, the individual's
performance and other qualitative aspects of the individual's performance and achievements, the amount of time and effort the individual
will devote to the Company and the Company's financial resources.
The
Company's compensation program is comprised of:
(a)
A
    base salary or management fee arrangement and benefits
. The base salaries or management fee arrangements and benefits paid to
    the key executives are not based on any specific formula and are set so as to be competitive with other companies of similar size
    and state of development in the mineral industry. This base salary also includes sign-on incentives, which may be issued in the form
    of cash, RSUs, DSUs or Options.
(b)
A
    short-term incentive program in the form of bonuses
. Bonuses are paid to key executives based on individual, team and Company
    performance and the executive's position in the Company. Any bonus awards are at the sole discretion of the Board.
(c)
Long
    Term Incentive Plan
. The LTIP consists of DSUs, RSUs, PSUs, and Options which provide the Board with additional long term incentive
    mechanisms to align the interests of the directors, officers, employees or consultants of the Company with shareholder interests.
    The LTIP also provides for, among other things, an accelerated vesting of awards in the event of a change in control, thereby aligning
    the Company's practices with current corporate governance best practices respecting a change in control.
The
Board believe that equity-based compensation plans are the most effective way to align the interests of management with those of shareholders.
Long-term incentives must also be competitive and align with the Company's compensation philosophy.
The
Company does not have a pension plan that provides for payments or benefits to its executive officers.
Change
of Control Agreements
The
Company has provided change of control benefits to certain senior officers to encourage them to continue their employment in the event
of a purchase, sale, reorganization, or other significant change in the business. These benefits have a "double trigger"
meaning that an event of termination is also required in a change of control to trigger a severance payment.
If
the employment agreement of the senior officer is terminated by the (a) Company without just cause, or (b) senior officer for good reason
pursuant to the terms of the employment agreement, at any time within 12 months of a change of control, the Company is required to make
a lump sum severance payment equal to 24 months of base salary. In addition, at such time all Awards shall be deemed to have vested,
and all restrictions and conditions applicable to such Awards shall be deemed to have lapsed and the Awards shall be issued and delivered.
55
Employment
Agreements
The
Company has various employment agreements with certain executives, which provide for compensation and certain other benefits and for
severance payments under certain circumstances. Certain employment agreements also contain clauses that become effective upon a change
of control of the Company, as described above. The Company may be obligated to pay certain amounts to such employees upon the occurrence
of any of the defined events in the various employment agreements.
Equity
Compensation Plan Information
On
April 19, 2011, subject to shareholder approval, which was obtained at the Company's annual and special meeting of shareholders
held on December 21, 2012, the Board approved the adoption of the Liberty Silver Corp. Incentive Share Plan (the "Plan")
under which Common Shares of the Company's common stock have been reserved for purposes of possible future issuance of incentive
stock options, non-qualified stock options, and stock grants to employees, directors and certain key individuals. Under the Plan, the
maximum number of Common Shares reserved for issuance shall not exceed 10% of the Common Shares of the Company outstanding from time
to time. The purpose of the Plan shall be to advance the interests of the Company by encouraging equity participation in the Company
through the acquisition of Common Shares of the Company. In order to maintain flexibility in the award of stock benefits, the Plan constitutes
a single plan, but is composed of two parts. The first part is the Share Option Plan which provides grants of both incentive stock options
under Section 422A of the Internal Revenue Code of 1986, as amended, and nonqualified stock options. The second part is the Share Bonus
Plan which provides grants of shares of Company common stock. The following is intended to be a summary of some of the material terms
of the Plan, and is subject to, and qualified in its entirety, by the full text of the Plan.
The
Plan
The
Plan is a rolling plan, under which the maximum number of Common Shares reserved for issuance under the Share Option Plan, together with
the Share Bonus Plan, shall not exceed 10% of the Common Shares outstanding (on a non-diluted basis) at any given time. The purpose of
the Plan is to advance the interests of the Company by: (i) providing certain employees, senior officers, directors, or consultants of
the Company (collectively, the "
Optionees
") with additional performance incentives; (ii) encouraging share ownership
by the Optionees; (iii) increasing the proprietary interest of the Optionees in the success of the Company; (iv) encouraging the Optionees
to remain with the Company; and (v) attracting new employees, officers, directors and consultants to the Company.
Share
Option Plan
The
following information is intended to be a brief description and summary of the material features of the Share Option Plan:
(a)
The
    aggregate maximum number of Common Shares available for issuance from treasury under the Share Option Plan, together with the Share
    Bonus Plan, at any given time is 10% of the outstanding Common Shares as at the date of grant of an option under the Plan, subject
    to adjustment or increase of such number pursuant to the terms of the Plan. Any Common Shares subject to an option which has been
    granted under the Share Option Plan and which has been surrendered, terminated, or expired without being exercised, in whole or in
    part, will again be available under the Plan.
(b)
The
    exercise price of an option shall be determined by the Board at the time each option is granted, provided that such price shall not
    be less than the closing price of the Common Shares on the principal stock exchange(s) upon which the Common Shares are listed and
    posted for trading on the trading day immediately preceding the day of the grant of the option.
(c)
Options
    granted to persons conducting Investor Relations Activities (as defined in the Plan) for the Company must vest in stages over twelve
    months with no more than ¼ of the options vesting in any three-month period.
(d)
In
    the event an Optionee ceases to be eligible for the grant of options under the Share Option Plan, options previously granted to such
    person will cease to be exercisable within a period of 12 months following the date such person ceases to be eligible under the Plan.
(e)
In
    the event that a take-over bid or issuer bid is made for all or any of the issued and outstanding Shares, then the Board may, by
    resolution, permit all options outstanding to become immediately exercisable in order to permit Common Shares issuable under such
    options to be tendered to such bid.
56
Share
Bonus Plan
The
following information is intended to be a brief description and summary of the material features of the Share Bonus Plan:
(a)
Participants
    in the Share Bonus Plan shall be directors, officers, employees, or consultants of the Company who, by the nature of their positions
    are, in the opinion of the Board and upon the recommendation of the President of the Company, in a position to contribute to the
    success of the Company.
(b)
The
    determination regarding the amount of bonus Common Shares issued pursuant to the Share Bonus Plan will take into consideration the
    Optionee's present and potential contribution to the success of the Company and shall be determined from time to time by the
    Board. However, in no event shall the number of bonus Common Shares pursuant to the Share Bonus Plan, together with the Share Option
    Plan, exceed 10% of the issued and outstanding Common Shares in the aggregate.
General
Features of the Plan
In
addition to the above summaries of the Share Option Plan and the Share Bonus Plan, the following is intended to be a brief description
and summary of some of the general features of the Plan:
(a)
The
    aggregate number of Common Shares reserved pursuant to the Plan for issuance to insiders of the Company within any twelve-month period,
    under all security-based compensation arrangements of the Company, shall not exceed 10% of the total number of Common Shares then
    outstanding.
(b)
The
    aggregate number of Common Shares reserved for issuance pursuant to the Plan to any one person in any twelve-month period shall not
    exceed 5% of the total number of Common Shares outstanding from time to time, unless disinterested shareholder approval is obtained
    pursuant to the policies of the Company's principal stock exchange(s) upon which the Common Shares are listed and posted for
    trading or any stock exchange or regulatory authority having jurisdiction over the securities of the Company. No more than 2% of
    the outstanding Common Shares may be granted to any one Consultant (as defined in the Plan) in any twelve-month period, or to persons
    conducting Investor Relations Activities (as defined in the Plan) in any twelve-month period.
RSU
Plan
On
March 25, 2020, the Board of the Company approved the adoption of the Company's Restricted Stock Unit Incentive Plan (the "
RSU
Plan
") under which RSUs of the Company, whereby each RSU represents the right to receive one Common Share, have been reserved
for purposes of possible future issuances of RSUs. The RSU Plan is intended to enhance the Company's ability to attract and retain
highly qualified officers, directors, key employees, consultants and other persons, and to motivate such officers, directors, key employees,
consultants and other persons to serve the Company and to expend maximum effort to improve the business results and earnings of the Company
by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success
of the Company. To this end, the RSU Plan provides for the grant of RSUs and any of these awards of RSUs ("
RSU Awards
")
may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals of the Company.
The
following information is intended to be a brief description and summary of the material features of the RSU Plan:
(a)
The
    maximum number of Common Shares available for issuance under the RSU Plan shall be 7,249,278, subject to adjustment or increase of
    such number pursuant to the terms of the RSU Plan.
(b)
The
    number of Common Shares to be issued under the RSU Plan shall not exceed 10% of the total number of the issued and outstanding Common
    Shares.
57
(c)
In
    the event that an RSU Award is exercised for Common Shares, the Common Shares reserved for issuance in connection with such RSU Award
    will be returned to the pool of available Common Shares authorized for issuance under the RSU Plan and will be available for reservation
    pursuant to a new RSU Award grant.
(d)
RSU
    Awards may be made under the RSU Plan to any employee, director or consultant of the Company, as the Board shall determine and designate
    from time to time.
(e)
RSU
    Awards granted under the RSU Plan may, in the discretion of the Board, be granted either alone or in addition to, in tandem with,
    or in substitution or exchange for, any other RSU Award or any award granted under another plan of the Company.
(f)
At
    the time a grant of RSUs is made, the Board may, in its sole discretion, establish a vesting period applicable to such RSUs, and
    each RSU Award may be subject to a different vesting period.
DSU
Plan
On
April 21, 2020, the Board approved the adoption of the Company's Deferred Share Unit Plan (the "
DSU Plan
"),
pursuant to which the Board may grant DSUs to eligible persons under the DSU Plan. Each DSU entitles the grantee to receive on vesting
an amount equal to: (A) the number of vested DSUs elected to be redeemed multiplied by (B) the fair market value of the Common Shares
less (C) any applicable withholdings pursuant to the DSU Plan. The purposes of the DSU Plan are to: (i) align the interests of directors
of the Company with the long term interests of shareholders of the Company; and (ii) allow the Company to attract and retain high quality
directors.
The
following information is intended to be a brief description and summary of the material features of the DSU Plan:
(a)
A
    committee of directors of the Company appointed by the Board to administer the DSU Plan may grant DSUs to any director of the Company
    in its sole discretion.
(b)
Awards
    may be made under the DSU Plan to any director of the Company, as the committee appointed by the Board shall determine and designate
    from time to time.
(c)
Should
    the Common Shares no longer be publicly traded at the relevant time such that the fair market value of the Common Shares cannot be
    determined in accordance with the formula set out in the definition of that term pursuant to the DSU Plan, the fair market value
    of a Common Share shall be determined by the committee appointed by the Board in its sole discretion.
(d)
At
    the time a grant of DSUs is made, the committee appointed by the Board may, in its sole discretion, establish a vesting period applicable
    to such DSUs.
Director
Compensation
The
general policy of the Board is that compensation for independent directors should be a fair mix between cash and equity-based compensation.
Additionally, the Company reimburses directors for reasonable expenses incurred during the course of their performance. There are no
long-term incentive or medical reimbursement plans. The Company does not pay directors, who are part of management, for Board service
in addition to their regular employee compensation. The Board determines the amount of director compensation. The board may appoint a
compensation committee to take on this role.
58
The
following table provides a summary of compensation paid to directors during the year ended December 31, 2021.
Director
Fees Earned or Paid in Cash
($)
Stock
Awards
($)
Option
Awards
($)
Non-Equity
Incentive Plan
Compensation
($)
Nonqualified
Deferred
Compensation
Earnings
All Other
Compensation
($)
(1)
Total
($)
Dickson Hall
—
—
—
—
—
—
—
Wayne Parsons
120,000
—
—
—
—
—
120,000
Richard Williams
180,000
—
—
—
—
—
180,000
Pam Saxton
37,490
—
—
—
—
7,784
45,274
Cassandra Joseph
37,490
—
—
—
—
7,784
45,274
(1)
RSUs
    granted to each of Mses. Saxton and Joseph are calculated using a share price of C$0.485 on the applicable grant date.
Equity
Compensation Plan
The
following table gives information about the Company's Equity Compensation Plan as of December 31, 2021:
Number of securities to be issued upon exercise of outstanding options, warrants
Weighted average exercise price of outstanding options, warrants
Number of securities remaining available for future issuances under equity compensation plans, excluding securities reflected in column (a)
Plan category
(a)
(b)
(c)
Equity compensation plans approved by security holders
9,053,136
$
0.58
7,390,408
Equity compensation plans not approved by security holders
-
-
-
Total
9,053,136
$
0.58
7,390,408
Number of securities to be issued upon exercise of outstanding RSUs and DSUs
Weighted average grant date price of outstanding RSUs and DSUs
Number of securities remaining available for future issuances under equity compensation plans, excluding securities reflected in column (a)
Plan category
(a)
(b)
(c)
RSU Plan
576,000
$
0.62
6.673,278
DSU Plan
7,500,000
$
1.03
N/A
Total
8,076,000
$
0.63
6,372,288
59
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Certain
Relationships and Related Transactions
There
were no material transactions, or series of similar transactions, during the Company's last fiscal year, or any currently proposed
transactions, or series of similar transactions, to which the Company was or is to be a party, in which the amount involved exceeded
the lesser of $120,000 or one percent of the average of the small business issuer's total assets at year-end for the last three
completed fiscal years and in which any director, executive officer or any security holder who is known to the Company to own of record
or beneficially more than five percent of any class of the Company's common stock, or any member of the immediate family of any
of the foregoing persons, had an interest.
Director
Independence
The
Company's common stock is currently traded on the CSE, under the symbol BNKR, and as such, is not subject to the rules of any national
securities exchange which requires that a majority of a listed company's directors and specified committees of its board of directors
meet independence standards prescribed by such rules. For the purpose of preparing the disclosures in this document with respect to director
independence, the Company has used the definition of "independent director" within the meaning of National Instrument 52-110
–
Audit Committees
adopted by the Canadian Securities Administration and as set forth in the Marketplace Rules of the NASDAQ,
which defines an "independent director" generally as being a person, other than an executive officer or employee of the company
or any other individual having a relationship which, in the opinion of the company's board of directors, would interfere with the
exercise of independent judgment in carrying out the responsibilities of a director.
Pam
Saxton, Cassandra Joseph, and Dickson Hall are currently the only "independent" directors of the Company.
DESCRIPTION
OF SECURITIES TO BE REGISTERED
Our
authorized capital stock consists of consists of 750,000,000 Common Shares with a par value of $0.000001 per Common Share and 10,000,000
preferred shares with a par value of $0.000001 per preferred share. As of April 29, 2022 there were 167,991,712 Common
Shares outstanding.
The
following description of our Common Shares and provisions of our articles of incorporation and by-laws is only a summary. Investors are
directed for a complete description of the terms and provisions of our articles and by-laws, which are exhibits to the registration statement
which contains this Prospectus. We encourage you to review complete copies of our articles and by-laws.
Voting
Rights
Holders
of the Common Shares are entitled to one vote per share on all matters to be voted upon by the shareholder.
Dividend
Rights
Holders
of Common Shares are entitled to receive ratably such dividends, if any, as may be declared by the Board out of funds legally available
for dividends.
Liquidation
Rights
Upon
the liquidation, dissolution, or winding up of our company, the holders of Common Shares are entitled to share ratably in all of our
assets which are legally available for distribution after payment of all debts and other liabilities.
Conversion
and Redemption
Holders
of Common Shares have no preemptive, subscription, redemption or conversion rights.
Preferred
Stock
The
Articles of Incorporation authorizes the Board to establish one or more series of preferred stock. Unless required by law or by any stock
exchange, and subject to the terms of the articles of incorporation, the authorized shares of preferred stock will be available for issuance
without further action by holders of Common Shares.
The
Board is able to determine, with respect to any series of preferred stock, designations, powers, preferences and relative, participating,
optional or other rights, if any, and the qualifications, limitations or restrictions thereof, if any.
The
Company could issue a series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition
attempt or other transaction that some, or a majority, of the holders of Common Shares might believe to be in their best interests
or in which the holders of Common Shares might receive a premium over the market price of the Common Shares. Additionally,
the issuance of preferred stock may adversely affect the rights of holders of Common Shares by restricting dividends on the common
stock, diluting the voting power of the common stock or subordinating the rights of the common stock to distributions upon a liquidation,
dissolution or winding up or other event. As a result of these or other factors, the issuance of preferred stock could have an adverse
impact on the market price of Common Shares.
60
Change
of Control
Nevada's
"Acquisition of Controlling Interest Statute" applies to Nevada corporations that have at least 200 shareholders, with at
least 100 shareholders of record being Nevada residents and that do business directly or indirectly in Nevada. Where applicable, the
statute prohibits an acquiror from voting shares of a target company's stock after exceeding certain threshold ownership percentages,
until the acquiror provides certain information to the company and a majority of the disinterested shareholders vote to restore the voting
rights of the acquiror's shares at a meeting called at the request and expense of the acquiror. If the voting rights of such shares
are restored, shareholders voting against such restoration may demand payment for the "fair value" of their shares. The Nevada
statute also restricts a "business combination" with "interested shareholders", unless certain conditions are
met, with respect to corporations which have at least 200 shareholders of record. A "combination" includes:
(i)
any
    merger with an "interested shareholder," or any other corporation which is or after the merger would be, an affiliate
    or associate of the interested shareholder;
(ii)
any
    sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets, to an "interested shareholder," having
    an aggregate market value equal to 5% or more of the aggregate market value of the corporation's assets; an aggregate market
    value equal to 5% or more of the aggregate market value of all outstanding shares of the corporation; or representing 10% or more
    of the earning power or net income of the corporation;
(iii)
any
    issuance or transfer of shares of the corporation or its subsidiaries, having an aggregate market value equal to 5% or more of the
    aggregate market value of all the outstanding shares of the corporation to the "interested shareholder"
(iv)
the
    adoption of any plan or proposal for the liquidation or dissolution of the corporation proposed by the "interested shareholder";
(v)
certain
    transactions which would result in increasing the proportionate percentage of shares of the corporation owned by the "interested
    shareholder"; or
(vi)
the
    receipt of benefits, except proportionately as a shareholder, of any loans, advances or other financial benefits by an "interested
    shareholder."
An
"interested shareholder" is a person who, together with affiliates and associates, beneficially owns (or within the prior
three years, did beneficially own) 10% or more of the corporation's voting stock. A corporation to which this statute applies may
not engage in a "combination" within three years after the interested shareholder acquired its shares, unless the combination
or the interested shareholder's acquisition of shares was approved by the board of directors before the interested shareholder
acquired the shares. If this approval was not obtained, then after the three-year period expires, the combination may be consummated
if all applicable statutory requirements are met.
Approval
of mergers, conversion, amendments to the articles of incorporation, and sales, leases or exchanges of all of the property or assets
of a corporation, whether or not in the ordinary course of business, requires the affirmative vote or consent of the holders of a majority
of the outstanding shares entitled to vote, except that, unless required by the articles of incorporation, no vote of shareholders of
the corporation surviving a merger is necessary if:
(i)
the
    merger does not amend the articles of incorporation of the corporation;
(ii)
each
    outstanding share immediately prior to the merger is to be an identical share after the merger;
(iii)
The
    number of voting shares outstanding immediately after the merger, plus the number of voting issued as a result of the merger, either
    by the conversion of shares securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the
    merger, will not exceed by more than 20% the total number of voting shares of the surviving domestic corporation outstanding immediately
    before the merger; and
(iv)
the
    number of participating shares (i.e. shares that entitle their holders to participate without limitation in distribution) outstanding
    immediately after the merger, plus the number of participating shares issuable as a result of the merger, either by the conversion
    of securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the merger, will not exceed
    by more than 20% the total number of participating shares outstanding immediately before the merger.
PRINCIPAL
ACCOUNTING FEES AND SERVICES
Audit
Fees
Effective
September 2, 2014, the Company appointed the firm of MNP, LLP, Chartered Professional Accountants, as the Company's independent
audit firm.
MNP,
LLP, Chartered Professional Accountants, 50 Burnhamthorpe Road West, Mississauga, ON L5B 3C2, served as the Company's independent
registered public accounting firm for the year ended December 31, 2021, the six months ended December 30, 2020 and year ended June 30,
2020, and is expected to serve in that capacity for the ensuing year 2022. Principal accounting fees for professional services rendered
for the Company by MNP, LLP for the year ended December 31, 2021, the six months ended December 31, 2020 and year ended June 30, 2020
are summarized in the following table:
Year Ended
December 31, 2021
Six Months Ended
December
                                                                                                                                                                                                                                                                                             31, 2020
Year Ended
June 30, 2020
Audit
$
107,129
$
115,272
62,179
Audit related
36,449
28,432
22,180
Tax
-
34,118
—
All other
12,841
13,160
7,012
Total
$
156,419
$
190,982
91,371
61
Audit
Related Fees
The
aggregate fees billed by MNP, LLP for assurance and related services that were related to its review of the Company's quarterly
financial statements.
Tax
Fees
The
aggregate fees billed by MNP, LLP for tax compliance, advice and planning.
All
Other Fees
The
aggregate fees billed by MNP, LLP for all other professional services .
Audit
Committee's Pre-approval Policies and Procedures
At
the Company's regularly scheduled and special meetings, the Board, or the Board-appointed audit committee, considers and pre-approves
any audit and non-audit services to be performed by the Company's independent registered public accounting firm. The audit committee
has the authority to grant pre-approvals of non-audit services.
SELLING
SHAREHOLDERS AND CERTAIN BENEFICIAL OWNERS
This
Prospectus covers the offering of up to __________ Common Shares by selling shareholders. This includes Common Shares acquirable upon
exercise of the Special Warrants and our other outstanding warrants.
Selling
shareholders are persons or entities that, directly or indirectly, have acquired shares, or will acquire shares from us from time to
time upon exercise of certain warrants. This Prospectus and any Prospectus supplement will only permit the selling shareholders
to sell the Common Shares identified in the column "
Number of Shares Offered Hereby
".
The
selling shareholders may from time to time offer and sell the Common Shares pursuant to this Prospectus and any applicable Prospectus
supplement. The selling shareholders may offer all or some portion of the Common Shares they hold or acquire, but only Common Shares
that are currently outstanding or are acquired upon the exercise of certain warrants that are currently outstanding, and in either case
included in the "
Number of Shares Offered Hereby
" column, may be sold pursuant to this Prospectus or any applicable
Prospectus supplement.
The
Common Shares issued to the selling shareholders are "restricted" securities under applicable federal and state securities
laws and are being registered to give the selling shareholders the opportunity to sell their Common Shares. The registration of such
Common Shares does not necessarily mean, however, that any of these Common Shares will be offered or sold by the selling shareholders.
The selling shareholders may from time to time offer and sell all or a portion of their Common Shares on the CSE, in the over-the-counter
market (to the extent that there is a market), in negotiated transactions, or otherwise, at market prices prevailing at the time of sale
or at negotiated prices.
The
registered Common Shares may be sold directly or through brokers or dealers, or in a distribution by one or more underwriters on a firm
commitment or best efforts basis. To the extent required, the names of any agent or broker-dealer and applicable commissions or discounts
and any other required information with respect to any particular offer will be set forth in an accompanying Prospectus supplement.
See "
Plan of Distribution
".
Each
of the selling shareholders reserves the sole right to accept or reject, in whole or in part, any proposed purchase of the registered
Common Shares to be made directly or through agents. To the extent that any of the selling shareholders are affiliates of our Company
or are brokers or dealers, they may be deemed to be "underwriters" within the meaning of the Securities Act and any commissions
received by them and any profit on the resale of the registered shares may be deemed to be underwriting commissions or discounts under
the Securities Act. As of the date of this Prospectus and based on the representations we have received from the selling shareholders,
230 of the selling shareholders are brokers or dealers or are affiliated with a broker or dealer and are identified below. Selling shareholders
that are affiliates of or have material relationships with our Company are also identified below.
62
The
following table sets forth the name of persons who are offering the resale of Common Shares by this Prospectus, the number of Common
Shares beneficially owned by each person, the number of Common Shares that may be sold in this offering and the number of Common Shares
each person will own after the offering, assuming they sell all of the Common Shares offered. The information appearing in the table
below is based on information provided by or on behalf of the named selling shareholders. We will not receive any proceeds from the resale
of the Common Shares by the selling shareholders.
Common Shares Beneficially Owned
    Prior to Offering (Undiluted Basis)
Common Shares Purchase Warrants
    Owned Prior to Offering
Common Shares Beneficially Owned
    Prior to Offering (Partially diluted Basis)
Common Shares Offered
Common Shares Beneficially Owned
    After Offering
#
Registered Name & Address
Number
%
Number
Number
%
Warrants
Shares
Number
Number
%
1
Raymond James LTD, ITF Carson Seabolt 1CB-780E-0 2100-925 West Georgia Street Vancouver
    BC V6C 3L2
-
0.00
%
500,000
500,000
0.24
%
500,000
500,000
-
0.00
%
2
Gavin Paul Nesbitt, 5 Floor, Alexandra House, Chater Road, Hong Kong
-
0.00
%
230,000
230,000
0.11
%
230,000
230,000
-
0.00
%
3
Canaccord Genuity Corp, ITF Medalist Capital, ACC 1YO -346E-1 2200-609 Granuile St Vancouver V7Y
    1H2
-
0.00
%
357,000
357,000
0.17
%
357,000
357,000
-
0.00
%
4
Regent Park Securities LTD, 77 New Cavendish Street, London, W1W 6XB Ryan Woodman/Maru Flamarique
-
0.00
%
143,571
143,571
0.07
%
143,571
143,571
-
0.00
%
5
Extract Capital Master Fund LTD, 227 Elgin Avenue, George Town, Grand Cayman, KY1-1107, Cayman Islands
2,228,571
1.08
%
2,228,571
4,457,142
2.12
%
2,228,571
2,228,571
2,228,571
1.07
%
6
Fim Nominees Limited, 55 Athol Street, Douglas Isle Ofman Imiila
-
0.00
%
20,000
20,000
0.01
%
20,000
20,000
-
0.00
%
7
Ixios Asset Management, 6 rue Menars 75002, , Paris, , , France
4,107,000
2.00
%
4,107,000
8,214,000
3.84
%
4,107,000
4,107,000
4,107,000
1.96
%
8
BMO Nesbitt Burns Inc., ITF Lynwood Opportunties Master Fund A/C 402-21922-25 1 First Canadian Place,
    B1 Level, Stock Cage, Toronto ON M5X 1H3
1,250,000
0.61
%
1,714,000
2,964,000
1.42
%
1,714,000
1,714,000
1,250,000
0.60
%
9
George and Patricia Laborde, A/C E5B 0245-L 396-11 Avenue SW, Suite 1410 Calgary, AB T2R 0C5
120,000
0.06
%
70,000
190,000
0.09
%
70,000
70,000
120,000
0.06
%
10
National Bank Financial, ITF Mcfarlane Legacy Tryst Account # 11ZDG8E 3000-475 Howe Street, Vancouver,
    BC V6C 2B3
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
11
National Bank Financial, ITF Mcfarlane Legacy Tryst Account # 11ZDG8E 3000-475 Howe Street, Vancouver,
    BC V6C 2B3
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
12
National Bank Financial, ITF Mcfarlane Legacy Tryst Account # 11ZDG8E 3000-475 Howe Street, Vancouver,
    BC V6C 2B3
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
13
Seth Chang 5626 Highbury St. Vancouver, BC V6N 1Y8
-
0.00
%
10,000
10,000
0.00
%
10,000
10,000
-
0.00
%
14
David Richard Brown, 166 Alexandra Blvd Toronto, On M4R 1M4
2,928
0.00
%
500,000
502,928
0.24
%
500,000
500,000
2,928
0.00
%
15
Terry Bohaychuck 903-9915-115 St Edmonton, AB T5K 1S5
60,000
0.03
%
30,000
90,000
0.04
%
30,000
30,000
60,000
0.03
%
16
National Bank Financial Inc., ITF 2713104 Ontario Inc. Account # 5FL4G1E M-100-1010 De La Gauchetiere
    W Montreal, Quebec H3B 5J2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
17
National Bank Financial Inc., ITF Tara Fox 41T EV0 M100-1010 de la Gauchetiere St.W Montreal QC,
    H3B 5J2
-
0.00
%
228,500
228,500
0.11
%
228,500
228,500
-
0.00
%
18
National Bank Financial Inc., ITF Miodrag Kotlajic 41TKV9 M100-1010 de la Gauchetiere St.W Montreal
    QC H3B 5J2
-
0.00
%
142,500
142,500
0.07
%
142,500
142,500
-
0.00
%
19
National Bank Financial Inc., ITF Raymond Eno & Darcy Dalgaard M100-1010 de la Gauchetiere St.W
    Montreal QC H3B 5J2
-
0.00
%
28,500
28,500
0.01
%
28,500
28,500
-
0.00
%
20
Global Prime Partners 101 Wigmore Street, London, W1U 1QU
-
0.00
%
1,780,000
1,780,000
0.86
%
1,780,000
1,780,000
-
0.00
%
21
RF Securities Clearing LP, ITF Sean Matter 420-7H60-J 145 King Street West, suite 200, Toronto ON,
    M5H 1J8
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
22
RF Securities Clearing LP, ITF 300-3PJ0-E 145 King St W Suite 200, Toronto ON, M5H 1J8
-
0.00
%
145,000
145,000
0.07
%
145,000
145,000
-
0.00
%
23
RF Securities Clearing LP, ITF 300-0YR0-E 145 King St W Suite 200 Toronto ON M5H 1J8
-
0.00
%
86,000
86,000
0.04
%
86,000
86,000
-
0.00
%
24
Canaccord Genuity, ITF Scott Cowie 2200-609 Granville Street, Vancouver, BC, 7VY 1H2
-
0.00
%
71,500
71,500
0.03
%
71,500
71,500
-
0.00
%
25
Canaccord Genuity, ITF Anthony Harnett 2200-609 Granville Street, Vancouver, BC, 7VY 1H2
800,000
0.39
%
1,550,000
2,350,000
1.13
%
1,550,000
800,000
2,350,000
-
0.00
%
26
Canaccord Genuity, ITF Brent Bonney 2200-609 Granville Street, Vancouver, BC, 7VY 1H2
-
0.00
%
14,000
14,000
0.01
%
14,000
14,000
-
0.00
%
27
Canaccord Genuity, ITF Charles Beil 2200-609 Granville Street, Vancouver, BC, 7VY 1H2
15,000
0.01
%
15,000
30,000
0.01
%
15,000
15,000
15,000
0.01
%
28
Canaccord Genuity Corp, ITF Christopher Macintosh 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
29
Canaccord Genuity Corp, ITF Chris Degroot 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
30
Canaccord Genuity Corp, ITF Gerald Mumford 2200-609 Granville St Vancouver V7Y 1H2
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
31
Canaccord Genuity Corp, ITF Leon Soldaat 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
80,000
80,000
0.04
%
80,000
80,000
-
0.00
%
32
Canaccord Genuity Corp, ITF PATRICK DEGROOT 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
33
Canaccord Genuity Corp, ITF MARCEL DEGROOT 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
200,000
200,000
0.10
%
200,000
200,000
-
0.00
%
34
Canaccord Genuity Corp, ITF Rishabh Vir 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
43,000
43,000
0.02
%
43,000
43,000
-
0.00
%
63
35
Canaccord Genuity Corp, ITF Shaun Gibson 2200-609 Granville St Vancouver V7Y 1H2
304,000
0.15
%
100,000
404,000
0.20
%
100,000
100,000
304,000
0.15
%
36
Canaccord Genuity Corp, ITF Thomas Hofmann 2200-609 Granville St Vancouver V7Y 1H2
30,000
0.01
%
30,000
60,000
0.03
%
30,000
30,000
30,000
0.01
%
37
Canaccord Genuity Corp, ITF Rachael Wilson 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
171,500
171,500
0.08
%
171,500
171,500
-
0.00
%
38
Canaccord Genuity Corp, ITF Scott Harkness 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
60,000
60,000
0.03
%
60,000
60,000
-
0.00
%
39
Canaccord Genuity Corp, ITF STICHTING LEGAL OWNER CDFUND 2200-609 Granville St Vancouver V7Y 1H2
1,000,000
0.49
%
1,000,000
2,000,000
0.96
%
1,000,000
1,000,000
1,000,000
0.48
%
40
Canaccord Genuity Corp, ITF Yannick Dubuc 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
45,000
45,000
0.02
%
45,000
45,000
-
0.00
%
41
Canaccord Genuity Corp, ITF William Groenewegen 2200-609 Granville St Vancouver V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
42
Justin Vliestra, 47 Ruijs Blvd Brantford, ON N3T 0E2
-
0.00
%
600,000
600,000
0.29
%
600,000
600,000
-
0.00
%
43
Ryan Doersam Lote, K125 Nosara/Nicoya/Guanacaste Costa Rica 50206
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
44
Kerry Stern 1826 33 Ave SW Calgary, AB T2T 1Y9
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
45
Darren Reinhardt, Box 79 Site 20 RR#2, Strathmore, AB T1P 1K5
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
50,000
0.02
%
46
Murray Cobbe, 150 Country Club Lane, Calgary, AB T3R 1G2
100,000
0.05
%
105,000
205,000
0.10
%
105,000
105,000
100,000
0.05
%
47
Wayne and/or Eleanor Chiu, 10005-11 Ave SW, Calgary, AB T2R 0G1
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
48
Thomas Whalen, 145 Aspen Acres ,Manor SW, Calgary, AB T3H 0W6
60,000
0.03
%
60,000
120,000
0.06
%
60,000
60,000
60,000
0.03
%
49
Al Saurette, 2716 Signal Ridgeview SW Calgary, AB T3H 2J6
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
50
Ted Dakin 1102-50 Hall Rd Georgetown, ON L7G 0U8
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
51
Matthew Engelhardt 307 Hawk's Nest Hollow Priddis Greens, AB T0L 1W3
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
52
PI Financial ITF Michael Ohnona ,40 King St W,, Toronto, ON M5H 3Y2
-
0.00
%
15,000
15,000
0.01
%
15,000
15,000
-
0.00
%
53
PI Financial Corp ITF Ronald Stoferle ,1900-666 Burrard St. Vancouver B.C. V6C 3N1
69,500
0.03
%
142,500
212,000
0.10
%
142,500
142,500
69,500
0.03
%
54
PI Financial Corp ITF Frank Muller ,1900-666 Burrard St. Vancouver B.C. V6C 3N1
33,000
0.02
%
33,000
66,000
0.03
%
33,000
33,000
33,000
0.02
%
55
Em Henry Holdings Ltd 33058 Mountain Glen View Cochrane, AB T4E 0G6
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
56
Wyatt Roadhouse 14 Westpark Pl SW Calgary, AB T3H 0C3
20,000
0.01
%
50,000
70,000
0.03
%
50,000
50,000
20,000
0.01
%
57
Trevor Williams Box 361 Stavely, AB T0L 1Z0
115,000
0.06
%
115,000
230,000
0.11
%
115,000
115,000
115,000
0.06
%
58
Grundy Holdings 14445 123 Ave NW Edmonton, AB T5L 2Y1
40,000
0.02
%
40,000
80,000
0.04
%
40,000
40,000
40,000
0.02
%
59
Peter James 1819 20 Ave NW Calgary, AB T2M 1H4
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
60
Sue Riddell Rose 91 Woodhaven View SW Calgary, AB T2W 5P6
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
61
Kurtis Lively Box 1799 Nanton, AB T0L 1R0
40,000
0.02
%
40,000
80,000
0.04
%
40,000
40,000
40,000
0.02
%
62
Melanie Nahayowski 1618 37 Ave SW Calgary, AB T2T 0V3
40,000
0.02
%
40,000
80,000
0.04
%
40,000
40,000
40,000
0.02
%
63
Donald Kerr 294 Somerside PK SW Calgary, AB T2Y 3G6
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
64
National Bank Financial Inc. ITF John Barbieri A/C #2C 8469A 1010 de la Gauchetiere Street West,
    M100 Montreal QC, H3B 5J2
86,000
0.04
%
86,000
172,000
0.08
%
86,000
86,000
86,000
0.04
%
65
Roger Muelhaupt Espigraben 18A Eschenz 8264 Switzerland
-
0.00
%
200,000
200,000
0.10
%
200,000
200,000
-
0.00
%
66
National Bank Financial Inc. ITF Glenn Jessome A/C #2RJD04E 1010 de la Gauchetiere Street West, M100
    Montreal QC, H3B 5J2
-
0.00
%
115,000
115,000
0.06
%
115,000
115,000
-
0.00
%
67
National Bank Financial Inc. ITF K J Harrison & Partners Inc 1010 de la Gauchetiere Street West,
    M100 Montreal QC, H3B 5J2
-
0.00
%
71,000
71,000
0.03
%
71,000
71,000
-
0.00
%
68
Ruffer LLP for and on behalf of LF Ruffer Gold Fund RGF 199 A/C BNXF1002852, 80 Victoria St, Westminster,
    London SW1E 5JL, UK
12,575,000
6.11
%
12,575,000
25,150,000
10.89
%
12,575,000
2,950,000
15,525,000
9,625,000
4.47
%
69
National Bank Financial Inc. ITF Mark Souvenir Account #41SER1E M100-010 de la Gauchetiere St.W Montreal
    QC H3B 5J2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
70
National Bank Financial Inc. ITF Ryan Maloney Account #41SES1A M100-010 de la Gauchetiere St.W Montreal
    QC H3B 5J2
-
0.00
%
29,000
29,000
0.01
%
29,000
29,000
-
0.00
%
71
National Bank Financial Inc. ITF Brian Lough Account # M100-010 de la Gauchetiere St.W Montreal QC
    H3B 5J2
162,500
0.08
%
100,000
262,500
0.13
%
100,000
100,000
162,500
0.08
%
72
National Bank Financial Inc. ITF Shreenath Kargutkar Account #41SP10A M100-010 de la Gauchetiere
    St.W Montreal QC H3B 5J2
-
0.00
%
40,000
40,000
0.02
%
40,000
40,000
-
0.00
%
73
National Bank Financial Inc. ITF Filipe Martins Account #41SES4A M100-010 de la Gauchetiere St.W
    Montreal QC H3B 5J2
-
0.00
%
143,000
143,000
0.07
%
143,000
143,000
-
0.00
%
74
National Bank Financial Inc. ITF 1835158 Ontario Account #41SHF6A M100-010 de la Gauchetiere St.W
    Montreal QC H3B 5J2
57,000
0.03
%
57,000
114,000
0.06
%
57,000
57,000
57,000
0.03
%
75
Canaccord Genuity Corp. ITF Martin Bourdais Suite 2200 - 609 Granville Street Vancouver, BC V7Y 1H2
-
0.00
%
25,000
25,000
0.01
%
25,000
25,000
-
0.00
%
76
Canaccord Genuity Corp. ITF Jose Alberto Vizquerra Benavides Suite 2200 - 609 Granville Street Vancouver,
    BC V7Y 1H2
-
0.00
%
71,400
71,400
0.03
%
71,400
71,400
-
0.00
%
77
Canaccord Genuity Corp. ITF Julian Weekes Suite 2200 - 609 Granville Street Vancouver, BC V7Y 1H2
60,000
0.03
%
60,000
120,000
0.06
%
60,000
60,000
60,000
0.03
%
64
78
Canaccord Genuity Corp. ITF Jill E Klepacki Suite 2200 - 609 Granville Street Vancouver, BC V7Y 1H2
30,000
0.01
%
30,000
60,000
0.03
%
30,000
30,000
30,000
0.01
%
79
Canaccord Genuity Corp. ITF Kevin Kerls Suite 2200 - 609 Granville Street Vancouver, BC V7Y 1H2
14,600
0.01
%
28,600
43,200
0.02
%
28,600
28,600
14,600
0.01
%
80
Canaccord Genuity Corp. ITF Raymond Wong Suite 2200 - 609 Granville Street Vancouver, BC V7Y 1H2
60,000
0.03
%
60,000
120,000
0.06
%
60,000
60,000
60,000
0.03
%
81
Canaccord Genuity Corp ITF DV Trading Inc, Brookfield Place,, 161 Bay Street,Suite 3000, P.O. Box
    516 Toronto, ON M5J 2S1
33,500
0.02
%
50,000
83,500
0.04
%
50,000
50,000
33,500
0.02
%
82
Canaccord Genuity Corp. ITF GLEN H MCKAY ,Suite 2200 - 609 Granville Street Vancouver, BC V7Y 1H3
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
83
Canaccord Genuity Corp. IN TRUST FOR, ANUPAM AGARWAL, Account # 65LH00A1 2200-609 Granville Street
    Vancouver, BC V7Y 1H2
-
0.00
%
10,000
10,000
0.00
%
10,000
10,000
-
0.00
%
84
Canaccord Genuity Corp. IN TRUST FOR, NATALIE TURMINE, Account # 65LG89A1 2200-609 Granville Street
    Vancouver, BC V7Y 1H2
10,000
0.00
%
10,000
20,000
0.01
%
10,000
10,000
10,000
0.00
%
85
Derrick Young 6880 Lancaster St, Vancouver, BC, V5S 3B2
14,000
0.01
%
14,000
28,000
0.01
%
14,000
14,000
14,000
0.01
%
86
Canaccord Genuity Corp. IN TRUST FOR, JOSEPH PERRY, Account # 65LF96A1 2200-609 Granville Street
    Vancouver, BC V7Y 1H2
14,286
0.01
%
14,286
28,572
0.01
%
14,286
14,286
14,286
0.01
%
87
Canaccord Genuity Corp. IN TRUST FOR, MATHEW KALEEL, Account # 65LH25A1 2200-609 Granville Street
    Vancouver, BC V7Y 1H2
-
0.00
%
14,500
14,500
0.01
%
14,500
14,500
-
0.00
%
88
Canaccord Genuity Corp. IN TRUST FOR, TIMOTHY WRIGHT, Account # 65LF53A1 2200-609 Granville Street
    Vancouver, BC V7Y 1H2
14,500
0.01
%
14,500
29,000
0.01
%
14,500
14,500
14,500
0.01
%
89
Canaccord Genuity Corp. IN TRUST FOR, ADAM HANSON, Account # 65LG97A1 2200-609 Granville Street Vancouver,
    BC V7Y 1H2
-
0.00
%
15,000
15,000
0.01
%
15,000
15,000
-
0.00
%
90
Canaccord Genuity Corp. IN TRUST FOR, EFSTATHIOS VRAKAS, Account # 65LG30A1 2200-609 Granville Street
    Vancouver, BC V7Y 1H2
15,000
0.01
%
15,000
30,000
0.01
%
15,000
15,000
15,000
0.01
%
91
Canaccord Genuity Corp. IN TRUST FOR, STEVEN MASON, Account # 65LG92A1 2200-609 Granville Street
    Vancouver, BC V7Y 1H2
-
0.00
%
15,000
15,000
0.01
%
15,000
15,000
-
0.00
%
92
Kevin J. Pilon, APT 246, 4875 Governor Drive San Diego, CA 92122-3055 USA
15,000
0.01
%
15,000
30,000
0.01
%
15,000
15,000
15,000
0.01
%
93
INVESTOR COMPANY, ITF Marvin Wieler, Account # 3939B6J 3rd Floor, 77 BLOOR ST. W. PO Box 5999 Station
    F TORONTO, ON M5S 1M2
13,000
0.01
%
15,000
28,000
0.01
%
15,000
15,000
13,000
0.01
%
94
SHU YI LO 835 LAIRD CRT Burnaby, BC, V5B 0A6
-
0.00
%
18,000
18,000
0.01
%
18,000
18,000
-
0.00
%
95
Canaccord Genuity Corp. IN TRUST FOR, TIM-FREDERIK KOHLER, Account # 65LG99A1 2200-609 Granville
    Street Vancouver, BC V7Y 1H2
20,000
0.01
%
20,000
40,000
0.02
%
20,000
20,000
20,000
0.01
%
96
MENG-JU HO 687 KENENG CRT COQUITLAM, BC V3J 7T6
20,000
0.01
%
20,000
40,000
0.02
%
20,000
20,000
20,000
0.01
%
97
Canaccord Genuity Corp. IN TRUST FOR, JAMIE KEECH, Account # 65L201A1 2200-609, Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
21,500
21,500
0.01
%
21,500
21,500
-
0.00
%
98
Canaccord Genuity Corp. IN TRUST FOR, CHRISTOPHER SHEPHERD Account # 65LG87A1, 2200-609, Granville
    Street Vancouver, BC V7Y 1H2
21,500
0.01
%
21,500
43,000
0.02
%
21,500
21,500
21,500
0.01
%
99
Canaccord Genuity Corp. IN TRUST FOR, ERIC MARINACCI Account # 65LH29A1, 2200-609 Granville Street
    Vancouver, BC V7Y 1H2
21,500
0.01
%
21,500
43,000
0.02
%
21,500
21,500
21,500
0.01
%
100
Canaccord Genuity Corp. IN TRUST FOR, JENNIFER KIM, Account # 65LH28A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
21,500
0.01
%
21,500
43,000
0.02
%
21,500
21,500
21,500
0.01
%
101
Canaccord Genuity Corp. IN TRUST FOR, MUHAMAD FAIZUL RAMLI, Account # 65LG79A1, 2200-609 Granville
    Street, Vancouver, BC V7Y 1H2
22,500
0.01
%
22,500
45,000
0.02
%
22,500
22,500
22,500
0.01
%
102
Canaccord Genuity Corp. IN TRUST FOR, HASAN HERBERT, Account # 65LH27A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
24,500
0.01
%
24,500
49,000
0.02
%
24,500
24,500
24,500
0.01
%
103
Canaccord Genuity Corp. IN TRUST FOR, HASMUKH PATEL, Account # 65LG95A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
25,000
25,000
0.01
%
25,000
25,000
-
0.00
%
104
Canaccord Genuity Corp. IN TRUST FOR, LACHLAN MINETT, Account # 65L202A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
26,000
0.01
%
26,000
52,000
0.03
%
26,000
26,000
26,000
0.01
%
105
Canaccord Genuity Corp. IN TRUST FOR, SEAN DE WITT, Account # 65B670V1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
28,000
28,000
0.01
%
28,000
28,000
-
0.00
%
106
Steven Yun 3458 Mons Drive, Vancouver, BC V5M 3E6
21,500
0.01
%
28,000
49,500
0.02
%
28,000
28,000
21,500
0.01
%
107
Canaccord Genuity Corp. IN TRUST FOR, MATTHEW DELLIT, Account # 65LF81A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
28,500
28,500
0.01
%
28,500
28,500
-
0.00
%
108
Canaccord Genuity Corp. IN TRUST FOR, VESPER CAPITAL LTD, Account # 31FU15A1, 2200-609 Granville
    Street, Vancouver, BC V7Y 1H2
-
0.00
%
28,500
28,500
0.01
%
28,500
28,500
-
0.00
%
109
Canaccord Genuity Corp. IN TRUST FOR, JONATHAN YAN, Account # 65LG74A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
29,000
29,000
0.01
%
29,000
29,000
-
0.00
%
110
Canaccord Genuity Corp. IN TRUST FOR, KANDIAH KANAGARAJAH, Account # 20MH28A1, 2200-609 Granville
    Street, Vancouver, BC V7Y 1H2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
65
111
Canaccord Genuity Corp. IN TRUST FOR, IGNACIO LOYOLA IZUZQUIZA SERRANO, Account # 65L193A1, 2200-609
    Granville Street, Vancouver, BC V7Y 1H2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
112
Canaccord Genuity Corp. IN TRUST FOR, SYLVAIN LAMBERT, Account # 65J379S1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
113
Canaccord Genuity Corp. IN TRUST FOR, 2641916 ONTARIO INC, Account # 65LG64A1, 2200-609 Granville
    Street, Vancouver, BC V7Y 1H2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
114
Canaccord Genuity Corp. IN TRUST FOR, DANIEL RODRIGUEZ, Account # 65LG75A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
115
Canaccord Genuity Corp. IN TRUST FOR, GEROLF DE WIN, Account # 65LF89A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
116
Canaccord Genuity Corp. IN TRUST FOR, JOHANNES SCHUNTER, Account # 65L261A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
117
Canaccord Genuity Corp. IN TRUST FOR, EDWARD JOHN FOURNIER, Account # 65LH24A1, 2200-609 Granville
    Street, Vancouver, BC V7Y 1H2
30,000
0.01
%
30,000
60,000
0.03
%
30,000
30,000
30,000
0.01
%
118
Canaccord Genuity Corp. IN TRUST FOR, RONALD-MARK/JOSEPHIN DEACON/MULLIGAN, Account # 65LG86A1, 2200-609
    Granville Street, Vancouver, BC V7Y 1H2
30,000
0.01
%
30,000
60,000
0.03
%
30,000
30,000
30,000
0.01
%
119
Canaccord Genuity Corp. IN TRUST FOR, THOMAS HOFMANN, Account # 65LG25A1, 2200-609 Granville Street,
    Vancouver, BC V7Y 1H2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
120
Stephen R. Bickel 36 Sea Vista Drive, Palm Coast, FL 32137-2502 USA
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
121
Heinz Panning 37 Jalan Pemimpin, #07-04/05,, Mapex Building, Singapore 577177
30,000
0.01
%
30,000
60,000
0.03
%
30,000
30,000
30,000
0.01
%
122
INVESTOR COMPANY ITF Scott Musgrove, Account # 800543A, 3rd Floor, 77 BLOOR ST. W. PO Box 5999 Station
    F, TORONTO, ON M5S 1M2
-
0.00
%
30,000
30,000
0.01
%
30,000
30,000
-
0.00
%
123
Canaccord Genuity Corp. IN TRUST FOR, REID-ANDERSON PTY LT, Account # 31FP59A1, 2200-609 Granville
    Street, Vancouver, BC' V7Y 1H2
-
0.00
%
40,000
40,000
0.02
%
40,000
40,000
-
0.00
%
124
Canaccord Genuity Corp. IN TRUST FOR, ALEXANDER GOUGH, Account # 65LH05A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
40,000
0.02
%
40,000
80,000
0.04
%
40,000
40,000
40,000
0.02
%
125
Victor Dario HOF Himmelrich, 3 Barr Zug 6340, Switzerland
-
0.00
%
40,000
40,000
0.02
%
40,000
40,000
-
0.00
%
126
Canaccord Genuity Corp. IN TRUST FOR, FREDERIC COTE, Account # 65LG78A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
42,000
0.02
%
42,000
84,000
0.04
%
42,000
42,000
42,000
0.02
%
127
Canaccord Genuity Corp. IN TRUST FOR, MICHEL COTE, Account # 65LG96A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
42,000
0.02
%
42,000
84,000
0.04
%
42,000
42,000
42,000
0.02
%
128
Canaccord Genuity Corp. IN TRUST FOR, R &/OR J WONG/CAO, Account # 65LF34A1, 2200-609 Granville
    Street, Vancouver, BC' V7Y 1H2
42,850
0.02
%
42,850
85,700
0.04
%
42,850
42,850
42,850
0.02
%
129
Canaccord Genuity Corp. IN TRUST FOR, MARCO TRINKL, Account # 65LG94A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
43,000
43,000
0.02
%
43,000
43,000
-
0.00
%
130
Canaccord Genuity Corp. IN TRUST FOR, CHRISTOPHER JANSMA, Account # 65LC05A1, 2200-609 Granville
    Street, Vancouver, BC' V7Y 1H2
-
0.00
%
50,000
50,000
0.02
%
50,000
50,000
-
0.00
%
131
Canaccord Genuity Corp. IN TRUST FOR, BENJAMIN VOS, Account # 65LH10A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
50,000
0.02
%
132
Canaccord Genuity Corp. IN TRUST FOR, CHET TERNG LAU, Account # 65LG10A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
50,000
0.02
%
133
Canaccord Genuity Corp. IN TRUST FOR, POUL ANDERS LASSEN, Account # 65LG06A1, 2200-609 Granville
    Street, Vancouver, BC' V7Y 1H2
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
50,000
0.02
%
134
Thomas Humphreys 3761 St. Pauls Avenue, North Vancouver, BC V7N 1T2
-
0.00
%
50,000
50,000
0.02
%
50,000
50,000
-
0.00
%
135
Dale Michael Johannesen 301-133 Esplanade E, North Vancouver, BC V7L 1A1
-
0.00
%
50,000
50,000
0.02
%
50,000
50,000
-
0.00
%
136
David E Erfle 762 Oakglade Dr, Monrovia, CA 91016-1718 USA
-
0.00
%
50,000
50,000
0.02
%
50,000
50,000
-
0.00
%
137
Shun Chin 9331 Bakerview Drive, Richmond, BC V7A 129
-
0.00
%
50,000
50,000
0.02
%
50,000
50,000
-
0.00
%
138
Canaccord Genuity Corp. IN TRUST FOR, ETENDEKA PTY LTD ATF, Account # 31FU20A1, 2200-609 Granville
    Street, Vancouver, BC' V7Y 1H2
-
0.00
%
51,000
51,000
0.02
%
51,000
51,000
-
0.00
%
139
Canaccord Genuity Corp. IN TRUST FOR, MATTHEW KAEMPF, Account # 65L207A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
57,000
57,000
0.03
%
57,000
57,000
-
0.00
%
140
Ronald-Peter Stoeferle Sepp Hubatsch-Gasse 10, 2344 Maria Enzersdorf, Austria
169,500
0.08
%
157,000
326,500
0.16
%
157,000
100,000
257,000
69,500
0.03
%
141
Canaccord Genuity Corp. IN TRUST FOR, LMT INVESTMENTS, PTY, Account # 31FU18A1, 2200-609 Granville
    Street' Vancouver, BC, V7Y 1H2
60,000
0.03
%
60,000
120,000
0.06
%
60,000
60,000
60,000
0.03
%
66
142
Canaccord Genuity Corp. IN TRUST FOR, KEVIN BRADLEY, Account # 65LH02A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
60,000
60,000
0.03
%
60,000
60,000
-
0.00
%
143
Canaccord Genuity Corp. IN TRUST FOR, OLIJA HOLDINGS PTE L, Account # 31FU19A1, 2200-609 Granville
    Street, Vancouver, BC' V7Y 1H2
-
0.00
%
60,000
60,000
0.03
%
60,000
60,000
-
0.00
%
144
Canaccord Genuity Corp. IN TRUST FOR, ROBERT ROTHMAN, Account # 65LG98A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
60,000
0.03
%
60,000
120,000
0.06
%
60,000
60,000
60,000
0.03
%
145
Canaccord Genuity Corp. IN TRUST FOR, MICHAEL LEUNG CHEE HANG, Account # 65L203A1, 2200-609 Granville
    Street, Vancouver, BC' V7Y 1H2
-
0.00
%
60,000
60,000
0.03
%
60,000
60,000
-
0.00
%
146
Kofalt Limited APDO 0832-1665,, World Trade Center, Panama City, Panama
-
0.00
%
60,000
60,000
0.03
%
60,000
60,000
-
0.00
%
147
Tjeerdo Polderman 503-151 West 2nd Street, North Vancouver, BC V7M 3P1
-
0.00
%
60,000
60,000
0.03
%
60,000
60,000
-
0.00
%
148
Kim Obermair 3 Walnut Way, Annandale, NJ 08801-3377 USA
-
0.00
%
60,000
60,000
0.03
%
60,000
60,000
-
0.00
%
149
538800 BC Ltd 1030 Groveland Place, West Vancouver, BC V7S 1Z5
-
0.00
%
65,000
65,000
0.03
%
65,000
65,000
-
0.00
%
150
D. Bruce McLeod 1030 Groveland Place, West Vancouver, BC V7S 1Z5
-
0.00
%
65,000
65,000
0.03
%
65,000
65,000
-
0.00
%
151
Canaccord Genuity Corp. IN TRUST FOR, CLAUS BOGH, Account # 65LG90A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
70,000
70,000
0.03
%
70,000
70,000
-
0.00
%
152
Canaccord Genuity Corp. IN TRUST FOR, MITCHELL SHILLER, Account # 65LG63A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
70,000
70,000
0.03
%
70,000
70,000
-
0.00
%
153
Lepp Lee 6119 Ross St, Vancouver, BC V5W 3L1
-
0.00
%
70,000
70,000
0.03
%
70,000
70,000
-
0.00
%
154
Daniella Dimitrov, 34 Twenty Seventh St., Toronto, Ontario M8W 2X3
62,500
0.03
%
134,000
196,500
0.10
%
134,000
134,000
62,500
0.03
%
155
Canaccord Genuity Corp. IN TRUST FOR, JAROD SEAH, Account # 65L182A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
75,000
75,000
0.04
%
75,000
75,000
-
0.00
%
156
Canaccord Genuity Corp. IN TRUST FOR, DAVID VOKES, Account # 65LH07A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
80,000
0.04
%
80,000
160,000
0.08
%
80,000
80,000
80,000
0.04
%
157
Canaccord Genuity Corp. IN TRUST FOR, JOHN/DAVONE CHOW, Account # 65LG82A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
85,000
85,000
0.04
%
85,000
85,000
-
0.00
%
158
Canaccord Genuity Corp. IN TRUST FOR, LOIC CAZAUBON, Account # 65LH06A1, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
85,000
85,000
0.04
%
85,000
85,000
-
0.00
%
159
Canaccord Genuity Corp. IN TRUST FOR, 1568192 ONTARIO INC, Account # 65LG07A1, 2200-609 Granville
    Street, Vancouver, BC' V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
160
Canaccord Genuity Corp. IN TRUST FOR, KELLY L DEGROOT, Account # 65B281S2, 2200-609 Granville Street,
    Vancouver, BC' V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
161
Canaccord Genuity Corp. ITF T&L CATTLE LTD., Account # 65H112A1, 2200-609 Granville Street, Vancouver,
    BC, V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
162
Canaccord Genuity Corp. IN TRUST FOR, 1471159 ONTARIO LTD, Account # 65LG60A1, 2200-609 Granville
    Street, Vancouver, BC, V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
163
Canaccord Genuity Corp. IN TRUST FOR, PATRICK LANGLOIS, Account # 65LG62A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
164
Canaccord Genuity Corp. IN TRUST FOR, PEER SCHLEYERBACH, Account # 65LH04A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
165
Canaccord Genuity Corp. IN TRUST FOR, STEPHEN DEJONG, Account # 65LH39A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
166
Charlotte Skinner 2460 Ottawa Avenue, West Vancouver, BC V7V 2T1
-
0.00
%
100,000
100,000
0.05
%
100,000
100,000
-
0.00
%
167
SAIF AHMAD SIDDIQUI 15612 NE 59th Way, Redmond, WA 98052-4818 USA
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
100,000
0.05
%
168
INVESTOR COMPANY ITF Gavin Munday, Account # 743490E, 3rd Floor, 77 BLOOR ST. W. PO Box 5999 Station
    F, TORONTO, ON M5S 1M2
24,500
0.01
%
100,000
124,500
0.06
%
100,000
100,000
24,500
0.01
%
169
Canaccord Genuity Corp. IN TRUST FOR, JONAS FONG, Account # 65LG91A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
114,500
0.06
%
114,500
229,000
0.11
%
114,500
114,500
114,500
0.06
%
170
Canaccord Genuity Corp. IN TRUST FOR, THE INVESTMENT MANAGEMENT COMPANY LIMITED, Account # 31FT85A1,
    2200-609 Granville Street, Vancouver, BC, V7Y 1H2
-
0.00
%
130,000
130,000
0.06
%
130,000
130,000
-
0.00
%
171
Canaccord Genuity Corp. IN TRUST FOR, KARSTEN ELLINGSEN AS, Account # 31FU14A1, 2200-609 Granville
    Street, Vancouver, BC, V7Y 1H2
-
0.00
%
140,000
140,000
0.07
%
140,000
140,000
-
0.00
%
172
Canaccord Genuity Corp. IN TRUST FOR, JAY CURRIE, Account # 65LH03A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
-
0.00
%
143,000
143,000
0.07
%
143,000
143,000
-
0.00
%
173
Andrew Kaip 127 Kingsway Cres., Toronto, ON M8X 2S3
43,000
0.02
%
143,000
186,000
0.09
%
143,000
143,000
43,000
0.02
%
174
Fausto Di Trapani 3461 Blenheim Street, Vancouver, BC V6L 2X8
-
0.00
%
145,000
145,000
0.07
%
145,000
145,000
-
0.00
%
175
Canaccord Genuity Corp. IN TRUST FOR, DAVID DE WITT, Account # 65B321A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
-
0.00
%
150,000
150,000
0.07
%
150,000
150,000
-
0.00
%
67
176
Canaccord Genuity Corp. IN TRUST FOR, LIJUKA TRUST, Account # 31FT75A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
-
0.00
%
150,000
150,000
0.07
%
150,000
150,000
-
0.00
%
177
Canaccord Genuity Corp. IN TRUST FOR, ROBERT KOOMEN, Account # 65LG93A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
100,000
0.05
%
150,000
250,000
0.12
%
150,000
150,000
100,000
0.05
%
178
Canaccord Genuity Corp. IN TRUST FOR, THE UPSHON FAMILY TRUST, Account # 31FU17A1, 2200-609 Granville
    Street, Vancouver, BC, V7Y 1H2
160,000
0.08
%
160,000
320,000
0.16
%
160,000
160,000
160,000
0.08
%
179
GUNDYCO ITF Romeo and Bea D'Angela 22 Front St. W 4th Floor, Toronto, Ontario M5J 2W5
-
0.00
%
200,000
200,000
0.10
%
200,000
200,000
-
0.00
%
180
Canaccord Genuity Corp. IN TRUST FOR, AVISHAY AYALON, Account # 65LC95A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
59,000
0.03
%
215,000
274,000
0.13
%
215,000
215,000
59,000
0.03
%
181
Canaccord Genuity Corp. IN TRUST FOR, MELTEMI VENTURES S.R, Account # 31FU16A1, 2200-609 Granville
    Street, Vancouver, BC, V7Y 1H2
-
0.00
%
220,000
220,000
0.11
%
220,000
220,000
-
0.00
%
182
Canaccord Genuity Corp. IN TRUST FOR, EMMANUEL DENIS, Account # 65LG02A1, 2200-609 Granville Street,
    Vancouver, BC, V7Y 1H2
-
0.00
%
285,000
285,000
0.14
%
285,000
285,000
-
0.00
%
183
Merlin Management S.A. Wickhams Cay 1, Road Town, Tortola, British Virgin Islands
185,000
0.09
%
285,000
470,000
0.23
%
285,000
285,000
185,000
0.09
%
184
Matthew D Huff 4217 Calmont Ave, Fort Worth, TX 76107-4310 USA
200,000
0.10
%
741,000
941,000
0.46
%
741,000
200,000
941,000
-
0.00
%
185
INVESTOR COMPANY ITF Christina Munday, Account # 27L732A, 3rd Floor, 77 BLOOR ST. W. PO Box 5999
    Station F, TORONTO, ON M5S 1M2
-
0.00
%
569,000
569,000
0.28
%
569,000
569,000
-
0.00
%
186
GUNDYCO ITF D'Angela Family Investments, 22 Front St. W 4th Floor, Toronto, Ontario M5J 2W5
1,704,379
0.83
%
1,704,379
3,408,758
1.63
%
1,704,379
1,704,379
1,704,379
0.82
%
187
Joanne Yan 2101-1680 Bayshore Dr., Vancouver, BC V6G 3H6
150,000
0.07
%
150,000
300,000
0.15
%
150,000
150,000
150,000
0.07
%
188
Jie Yang 3948 West 24th Ave., Vancouver, BC V6S 1M2
150,000
0.07
%
150,000
300,000
0.15
%
150,000
150,000
150,000
0.07
%
189
Dickson Hall, 599189 British Columbia Ltd. 1890 Waterloo St., Vancouver, BC V6R 3G4
318,000
0.15
%
318,000
636,000
0.31
%
318,000
168,000
486,000
150,000
0.07
%
190
Junkui Tu Suite 1103 - 23 Sheppard Ave East, North York, ON M2N 0C8
5,000
0.00
%
90,000
95,000
0.05
%
90,000
90,000
5,000
0.00
%
191
Erwin Speckert 1069 Loggers Crossing Lane, Minden, ON K0M 2K0
160,000
0.08
%
160,000
320,000
0.16
%
160,000
160,000
160,000
0.08
%
192
William James Perry The Old Stable House, Chilland Lane, Martyr Worthy, Winchester S021 1EB, UK
-
0.00
%
77,143
77,143
0.04
%
77,143
77,143
-
0.00
%
193
Sebastien de Montessus 50 Sheffield Terrace, W8 7NA London UK
2,661,905
1.29
%
971,428
3,633,333
1.73
%
971,428
971,428
2,661,905
1.28
%
194
Guillaume Clignet Discovery Gardens, Building 102, Apt 212, Dubai, UAE
2,661,905
1.29
%
971,428
3,633,333
1.73
%
971,428
971,428
2,661,905
1.28
%
195
Sebastian Marr 59 Studdidge Street, London, SW6 3SL, UK
11,615,200
5.64
%
11,615,200
23,230,400
10.14
%
11,615,200
11,615,200
11,615,200
5.34
%
196
Dr. Marshall Arlin 15411 Victoria Ave., White Rock, BC V4B 1H4
10,000
0.00
%
10,000
20,000
0.01
%
10,000
10,000
10,000
0.00
%
197
Samuel Ash 2W Market Avenue, Kellogg, Idaho, USA 83837
1,088,503
0.53
%
988,503
2,077,006
1.00
%
988,503
802,500
1,791,003
286,003
0.14
%
198
Gemstone 102 Ltd., Craigmuir Chambers, PO Box 71, Road Town, Tortola, VG1110, BVI
12,558,393
6.10
%
4,999,285
17,557,678
7.86
%
4,999,285
4,999,285
12,558,393
5.75
%
199
MTNASH Investment Management LLC 99 Wall Street STE 1900, New York, NY 10005 USA
-
0.00
%
571,000
571,000
0.28
%
571,000
571,000
-
0.00
%
200
J Matthew Fifield 13 Sirius Cove Road, Mosman, NSW 2088
285,714
0.14
%
285,714
571,428
0.28
%
285,714
285,714
285,714
0.14
%
201
Fairview Gold Fund I, LP 119 S. Main Street, Suite 410, Seattle, WA 98104
71,500
0.03
%
71,500
143,000
0.07
%
71,500
71,500
71,500
0.03
%
202
FP Credit, LLC 119 S. Main Street, Suite 410, Seattle, WA 98104
42,750
0.02
%
42,750
85,500
0.04
%
42,750
42,750
42,750
0.02
%
203
Dardan Holdings Ltd. One Ocean Paradise Island Drive, Nassau, Bahamas
-
0.00
%
822,857
822,857
0.40
%
822,857
822,857
-
0.00
%
204
Richard Williams 107 Glenview Avenue, Toronto, ON M4R 1R1
1,947,113
0.95
%
602,613
2,549,726
1.22
%
602,613
388,327
990,940
1,558,786
0.75
%
205
Merk Investments fao ASA Gold and Precious Metals Limited, 44 Montgomery Street, Suite 3730, San
    Francisco, CA, 94104, USA
19,214,957
9.33
%
19,214,957
38,429,914
15.73
%
19,214,957
5,000,000
24,214,957
14,214,957
6.46
%
206
Amir Bem 25 Sable Street, Toronto, ON M6M 3K8
186,667
0.09
%
7,200,000
7,386,667
3.46
%
7,200,000
7,200,000
186,667
0.09
%
207
Bruce Reid 46 Halford Ave., Toronto, ON M6S 4E9
-
0.00
%
893,334
893,334
0.43
%
893,334
893,334
-
0.00
%
208
TD Wealth Private Investment Advice, ITF, Jeffrey Fuller, 220 Commerce Valley Drive West, 3rd Floor,
    Markham, ON L3T 0A8
816,667
0.40
%
800,000
1,616,667
0.78
%
800,000
800,000
816,667
0.40
%
209
Wayne Parsons, 1455 Corley Dr, London, ON N6G 2K5
6,738,339
3.27
%
6,190,000
12,928,339
5.91
%
6,190,000
1,416,667
7,606,667
5,321,672
2.52
%
210
Rensburg Client Nominees Limited A/C CLT, 100 Old Hall Street, Liverpool, UK L3 9AB
-
0.00
%
200,000
200,000
0.10
%
200,000
200,000
-
0.00
%
211
Hummingbird Resources PLC, 26 Mount Row,, London W1K 3SQ England, UK
9,625,837
4.68
%
2,660,000
12,285,837
5.63
%
2,660,000
2,660,000
9,625,837
4.47
%
212
Manish Kotecha, 56 Longley Road, Harrow, UK HA1 4TH
340,000
0.17
%
340,000
680,000
0.33
%
340,000
340,000
340,000
0.16
%
213
Carol Stefopulos, 712 Rossland Road East,, Suite 302, Whitby, ON L1N 938
400,000
0.19
%
400,000
800,000
0.39
%
400,000
400,000
400,000
0.19
%
214
Metaltail Ltd., Suite 011, Grand Baie Business Park, Avenue Gerenium & Reservoir Road, Grand
    Baie, Mauritius 30510
-
0.00
%
1,000,000
1,000,000
0.48
%
1,000,000
1,000,000
-
0.00
%
215
Peterson Law Professional Corporation, 18 King Street East, Suite 902, Toronto, ON M5C 1C4
2,000,000
0.97
%
2,000,000
4,000,000
1.91
%
2,000,000
2,000,000
2,000,000
0.96
%
68
216
John Patrick Ryan 703 Highview Drive, Wyckoff, NJ 07481
1,316,666
0.64
%
986,666
2,303,332
1.11
%
986,666
50,000
1,036,666
1,266,666
0.61
%
217
Vincenza Pratt 703 Highview Drive, Wyckoff, NJ 07481
-
0.00
%
200,000
200,000
0.10
%
200,000
200,000
-
0.00
%
218
National Bank Financial Inc. ITF Sprott Capital Partners LP A/C, 41SEH0A, M100 – 1010 de la
    Gauchetiere St. West, Montreal, QC H3B 5J2
0.00
%
2,927,925
2,927,925
1.40
%
2,927,925
2,927,925
-
0.00
%
219
Fidelity Clearing Canada in trust for "7AW" inventory, 200 – 483 Bay St., South
    Tower, Toronto, ON M5G 2N7
-
0.00
%
647,982
647,982
0.31
%
647,982
647,982
-
0.00
%
220
National Bank Financial Inc. ITF Account 88-4008-4, (Zach
Davidson), M100 – 1010 de la
    Gauchetiere Street West, Montreal QC H3B 5J2
-
0.00
%
15,000
15,000
0.01
%
15,000
15,000
-
0.00
%
221
Nicholas J. Grace, 41 South Parade, London, W4 1JS, UK
12,500,000
6.07
%
12,500,000
25,000,000
10.83
%
12,500,000
12,500,000
12,500,000
5.72
%
222
Bradley Barnett, 650 Clarendon Avenue, San Francisco, CA 94131
208,860
0.10
%
208,860
417,720
0.20
%
208,860
208,860
208,860
0.10
%
223
David Wiens, 3-1421 Maple Street, Vancouver BC V6J 3S1
948,693
0.46
%
542,193
1,490,886
0.72
%
542,193
333,333
875,526
615,360
0.30
%
224
National Bank Financial, ITF David Rosenkrantz, 1010 rue de la
Gauchetière, O., M100,
    Montréal QC H3B 5J2
250,000
0.12
%
250,000
500,000
0.24
%
250,000
250,000
250,000
0.12
%
225
Canaccord Genuity Corp, ITF Gordon Holmes, 609 Granville Street, Suite 2200, Vancouver, BC V7Y 1H2
955,000
0.46
%
955,000
1,910,000
0.92
%
955,000
955,000
955,000
0.46
%
226
APAC Resources Commodity Trading Limited, Allied Kajima Building, 138 Gloucester Road, Room 2304,
    23rd Floor, Wanchai, China
1,333,500
0.65
%
1,333,500
2,667,000
1.28
%
1,333,500
1,333,500
2,667,000
-
0.00
%
227
Myrmikan Gold Fund, LLC, 713 Silvermine Road, New Canaan CT, United States, 6840
2,500,000
1.21
%
2,500,000
5,000,000
2.37
%
2,500,000
2,500,000
5,000,000
-
0.00
%
228
Palos Management Inc., 1st Street Clair Avenue East, Apartment #504, Toronto, ON M4T2V7
850,000
0.41
%
850,000
1,700,000
0.82
%
850,000
850,000
1,700,000
-
0.00
%
229
George & Patricia LaBorde, 396 11 Avenue SW, Apartment #1410, Calgary AB, T2R005
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
230
Bruce Mcleod, 1030 Groveland Place, West Vancouver, BC V7S1Z5
80,000
0.04
%
80,000
160,000
0.08
%
80,000
80,000
160,000
-
0.00
%
231
Ken Eng, 10471 No. 5 Road, Richmond BC V7A4E6
60,000
0.03
%
60,000
120,000
0.06
%
60,000
60,000
120,000
-
0.00
%
232
Portway International Inc., 242 Burgundy Drive, Oakville ON L6J4G1
200,000
0.10
%
200,000
400,000
0.19
%
200,000
200,000
400,000
-
0.00
%
233
Cheryl Atkinson & Donald Schmitt, 176 Roxborough Street East, Toronto ON M4W1W2
300,000
0.15
%
300,000
600,000
0.29
%
300,000
300,000
600,000
-
0.00
%
234
Joe Baradziej, 701-3 Southvale Dr, Toronto ON M4G1G1
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
235
E.E.B. Investments and Holdings (2009) Ltd., El Salvador Street 10/27A, Jerusalem, Israel
500,000
0.24
%
500,000
1,000,000
0.48
%
500,000
500,000
1,000,000
-
0.00
%
236
Judge Michael Thomas, 296 Robinson Street, Oakville ON L6J1G8
300,000
0.15
%
300,000
600,000
0.29
%
300,000
300,000
600,000
-
0.00
%
237
Philipsburg FN Corp, Flemming House, Wickhams Cay, Road Town British Virgin Islands
150,000
0.07
%
150,000
300,000
0.15
%
150,000
150,000
300,000
-
0.00
%
238
Robert Sellars, 1063 Rockcliffe Crt, Oakville ON L6M1B8
167,000
0.08
%
167,000
334,000
0.16
%
167,000
167,000
334,000
-
0.00
%
239
Graham Walker, Rembrandtlaan 29, Hilversum, Netherlands
66,700
0.03
%
66,700
133,400
0.06
%
66,700
66,700
133,400
-
0.00
%
240
Universal-Investment-GmbH on behalf of Earth Gold Fund UI (081J01), Theodor-Heuss-Allee 70, Frankfurt
    am Main,
10,000,000
4.86
%
10,000,000
20,000,000
8.86
%
10,000,000
10,000,000
20,000,000
-
0.00
%
241
East River Partners Ltd., c/o Citco B.V.I. Limited, Wickhams Cay 662, Roadtown, British Virgin Islands
1,700,000
0.83
%
1,700,000
3,400,000
1.62
%
1,700,000
1,700,000
3,400,000
-
0.00
%
242
Subramanian Shanmugam & Nithya Subra, 3 Thirlmere, Stukeley Meadows UK
130,000
0.06
%
130,000
260,000
0.13
%
130,000
130,000
260,000
-
0.00
%
243
The Upshon Family Trust, 193 Old Hautere Rd, Te Horo, New Zealand
160,000
0.08
%
160,000
320,000
0.16
%
160,000
160,000
320,000
-
0.00
%
244
Timothy Wright, 10 Cutter Lane, Flat 1703, London UK
66,500
0.03
%
66,500
133,000
0.06
%
66,500
66,500
133,000
-
0.00
%
245
Gerardus op de Weegh, Babijn 21-H, Paradera, Aruba
60,000
0.03
%
60,000
120,000
0.06
%
60,000
60,000
120,000
-
0.00
%
246
Kelly Degroot, 9339 Mcelwee Rd, Rosedale BC, V0X1X2
55,000
0.03
%
55,000
110,000
0.05
%
55,000
55,000
110,000
-
0.00
%
247
Excel Groenewegen, 9120 Elviage Dr, London ON N6K4N5
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
248
Joshua Morita, 5615 Willow St, Vancouver BC V5Z3S3
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
100,000
-
0.00
%
249
Gerald Mumford, 2003 Briar Cres NW, Calgary AB T2N3V6
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
250
Shaun Gibson, 1972 Whyte Ave, Vancouver BC, V6J1B3
700,000
0.34
%
700,000
1,400,000
0.68
%
700,000
700,000
1,400,000
-
0.00
%
251
Douglas Ramshaw, 30015 Township Road 262, Calgary AB T3R1C4
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
100,000
-
0.00
%
252
Gavin Nesbitt, Hong Kong Parkview 88 Tai Reservoir Road, Apartment 561, Tower 10, Hong Kong China
228,000
0.11
%
228,000
456,000
0.22
%
228,000
228,000
456,000
-
0.00
%
253
Robert Koomen, Rodelaan 24, Voorburg ZH, Netherlands
70,000
0.03
%
70,000
140,000
0.07
%
70,000
70,000
140,000
-
0.00
%
254
Reinhart Schu, 58 Brinkley Rd, Worcester Park, UK
67,000
0.03
%
67,000
134,000
0.07
%
67,000
67,000
134,000
-
0.00
%
255
Ringler Consulting and Research GMBH, Schwalbacher St. 14 Bad Schwalbach, Hessen Germany
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
256
Michael Schuctheiss, 13, Bight Court, Mermaid Waters, Australia
56,500
0.03
%
56,500
113,000
0.05
%
56,500
56,500
113,000
-
0.00
%
257
Brandon MacDonald, 7781 Kerrywood Cresent, Burnaby BC V5A2E9
20,000
0.01
%
20,000
40,000
0.02
%
20,000
20,000
40,000
-
0.00
%
69
258
Caesar Holdings BVBA, Grintweg 18A, Oostkerke-Diksmuide, Belgium
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
100,000
-
0.00
%
259
Orsus Consult GMBH, Buergerreuther Strasse 29, Bayreuth, Germany
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
260
NorthStar Communications GmbH, Auf Der Wilze 12, Eppertshausen, Germany
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
261
Julie Lahlani Bejet, Avenue Verdeil 32, Lausanne, Switzerland
83,333
0.04
%
83,333
166,666
0.08
%
83,333
83,333
166,666
-
0.00
%
262
Smart Gold Investments, 1513 Onyx Tower 2, Al Thanyah Third, the Greens, Dubai, UAE
250,000
0.12
%
250,000
500,000
0.24
%
250,000
250,000
500,000
-
0.00
%
263
Sarbjit Lalli, P.O Box 1091, Squamish, V8B0A7
33,333
0.02
%
33,333
66,666
0.03
%
33,333
33,333
66,666
-
0.00
%
264
Brent Atkinson, 1185 Quayside Drive, Apartment #1901, New Westminster BC V3MLT8
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
265
P. Cameron Andrews, 1625 Hornby Street, Apartment #1102, Vancouver BC V6Z2M2
16,666
0.01
%
16,666
33,332
0.02
%
16,666
16,666
33,332
-
0.00
%
266
Brian Martin, 649 East 22nd Avenue, Vancouver BC V5V1V3
33,333
0.02
%
33,333
66,666
0.03
%
33,333
33,333
66,666
-
0.00
%
267
NEX Industries Corp, 905 Pender Street West, Apartment #402, Vancouver BC V6C1L6
35,000
0.02
%
35,000
70,000
0.03
%
35,000
35,000
70,000
-
0.00
%
268
David Rogers, 605 West 20th Avenue, Vancouver BC V521X9
10,000
0.00
%
10,000
20,000
0.01
%
10,000
10,000
20,000
-
0.00
%
269
Les Entreprises De Richard Atkinson Ltee, 838 West Hastings Street, Apartment #3501, Vancouver BC
    V6C0A6
833,300
0.40
%
833,300
1,666,600
0.80
%
833,300
833,300
1,666,600
-
0.00
%
270
Donald Sheldon, 68 Hillholm Rd, Toronto ON M5P1M5
200,000
0.10
%
200,000
400,000
0.19
%
200,000
200,000
400,000
-
0.00
%
271
Brian Goss, 1031 Railroad Street, Ste., Apartment #102B, Elko NV, 89801
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
272
Guoqi Researches Ltd., 11 Honeywell Place, NorthYork ON M2L1Y2
100,000
0.05
%
100,000
200,000
0.10
%
100,000
100,000
200,000
-
0.00
%
273
EDE Value Fund LP, 8 King Street East, Suite 610, Toronto ON M5C1B5
400,000
0.19
%
400,000
800,000
0.39
%
400,000
400,000
800,000
-
0.00
%
274
Saif Siddiqui, 15612 NE 59th Way, Redmond WA 98052
75,000
0.04
%
75,000
150,000
0.07
%
75,000
75,000
150,000
-
0.00
%
275
Douglas Hamilton, 834 Wellington Street, London ON N6A3S7
500,000
0.24
%
500,000
1,000,000
0.48
%
500,000
500,000
1,000,000
-
0.00
%
276
Cassandra Joseph Family Trust, 5460 Goldenrod Drive, Reno NV 89511
231,000
0.11
%
210,000
441,000
0.21
%
210,000
231,000
441,000
-
0.00
%
277
Thomas Francis, 410A S Main Street, Apartment #2, Kellogg ID 83837
833,333
0.40
%
833,333
1,666,666
0.80
%
833,333
833,333
1,666,666
-
0.00
%
278
Pamela Saxton, 4836 W. Fair Avenue, Littleton CO, 80123
231,000
0.11
%
210,000
441,000
0.21
%
210,000
231,000
441,000
-
0.00
%
279
Caroline Peng, 167 Tower Bridge Road, Terracotta Court, Flat 2, London UK SE1 3LN
272,000
0.13
%
272,000
544,000
0.26
%
272,000
272,000
544,000
-
0.00
%
280
Kyle Erdmann, 340 4th Street, Ouray CO 81427
275,000
0.13
%
275,000
550,000
0.27
%
275,000
275,000
550,000
-
0.00
%
281
Nordwand Foundation, PO Box EE-17971, Apartment #10, Lookout Hill, Winton Height, Nassau, Bahamas
550,000
0.27
%
550,000
1,100,000
0.53
%
550,000
550,000
1,100,000
-
0.00
%
282
Xose Rubal Ledo, Av. Hispanidade, 95, Apartment #6D, Vigo Spain
40,000
0.02
%
40,000
80,000
0.04
%
40,000
40,000
80,000
-
0.00
%
283
Mario Vivar, Maximi Fornes, 13, Rubi Spain
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
100,000
-
0.00
%
284
Jon Urrejola Eguren, 28 Denham St, Bondi Australia
33,333
0.02
%
33,333
66,666
0.03
%
33,333
33,333
66,666
-
0.00
%
285
Cristobal Irazoqui, Populierenweg 10, Herent Belgium
66,666
0.03
%
66,666
133,332
0.06
%
66,666
66,666
133,332
-
0.00
%
286
Jaime Garcia Calvo, Riebeekstraat, 12B, Rotterdam Netherlands
50,000
0.02
%
50,000
100,000
0.05
%
50,000
50,000
100,000
-
0.00
%
287
Daniel Santos Gonzalez, Calle Victor Hugo 48 4izqda, Las Palmas de Gran Canaria, Spain
35,000
0.02
%
35,000
70,000
0.03
%
35,000
35,000
70,000
-
0.00
%
288
Alvaro Gonzalez Romero, Calle Plomo 18, Portal 1, 3°C, Madrid Spain
40,000
0.02
%
40,000
80,000
0.04
%
40,000
40,000
80,000
-
0.00
%
289
Rafael Asensio Gomez, Avenida de los Andes, 23, Portal 5, Atico B, Madrid Spain
150,000
0.07
%
150,000
300,000
0.15
%
150,000
150,000
300,000
-
0.00
%
290
Edgar Blanco, Rua Enrique Lorenzo, 11, 4°F, Vigo Spain
33,333
0.02
%
33,333
66,666
0.03
%
33,333
33,333
66,666
-
0.00
%
291
Juan Raphael Sanchez-Gil Romero, Monjas Street 9, Manzanares, Spain
33,333
0.02
%
33,333
66,666
0.03
%
33,333
33,333
66,666
-
0.00
%
292
Alejandro Martinez Villaverde, Calle Maria de Goyri, N°6, 1°B, Madrid Spain
33,333
0.02
%
33,333
66,666
0.03
%
33,333
33,333
66,666
-
0.00
%
293
Roberto Alvarez Rey, Calle Fernando Pessoa, 23, 5°, 2a, Barcelona Spain
40,000
0.02
%
40,000
80,000
0.04
%
40,000
40,000
80,000
-
0.00
%
294
Luis Fernan Gonzalez Saiz, Calle Atocha, 57 4 Ext Drch, Madrid Spain
33,333
0.02
%
33,333
66,666
0.03
%
33,333
33,333
66,666
-
0.00
%
295
Guillermo Cobelo Fernandez, Boulevard St. Villa 10, Hidd Al Saadiyat, Abu Dhabi, UAE
333,333
0.16
%
333,333
666,666
0.32
%
333,333
333,333
666,666
-
0.00
%
296
Stichting Legal Owner CDFund, Zandvooterwed 77, 2111 GT, Aerdenhout, Netherlands
500,000
0.24
%
500,000
1,000,000
0.48
%
500,000
500,000
1,000,000
-
0.00
%
297
Joseph Harrington, 9201 Rockport Lane, Highlands Ranch, CO 80126
297,614
0.14
%
-
297,614
0.14
%
-
297,614
297,614
-
0.00
%
298
Eric Lancaster, 17503 E Dewberry Drive, Parker, CO 80134
297,614
0.14
%
-
297,614
0.14
%
-
297,614
297,614
-
0.00
%
299
David Edward Kriedeman, 16 Barker Loop, Pinehurst, ID 83850, USA
500,000
0.24
%
-
500,000
0.24
%
-
500,000
500,000
-
0.00
%
300
Matthew Langford, 1854 East 8th Ave, Vancouver, BC V5N 1H6
31,750
0.02
%
-
31,750
0.02
%
-
31,750
31,750
-
0.00
%
301
ISTOK Capital, 2601 Carnation Street, North Vancouver, BC V7H 1H6
62,823
0.03
%
-
62,823
0.03
%
-
62,823
62,823
-
0.00
%
TOTAL
146,009,246
70.9
%
152,958,657
298,967,903
135.53
%
152,958,657
40,702,790
193,661,447
105,306,456
49.11
%
All directors and officers as a group (7 persons)
11,502,648
5.59
%
9,061,309
20,563,957
9.59
%
9,061,309
3,570,827
12,632,136
7,931,821
3.78
%
70
PLAN
OF DISTRIBUTION
We
are registering the Common Shares to permit the resale of those Common Shares under the Securities Act from time to time after the date
of this Prospectus at the discretion of the holders of such Common Shares. We will not receive any of the proceeds from the sale by the
selling shareholders of the Common Shares. We will bear all fees and expenses incident to our obligation to register the Common Shares.
Each
selling shareholder and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their
Common Shares on the CSE, the OTC QB or any other stock exchange, market, quotation service or trading facility on which the shares are
traded or in private transactions, provided that all applicable laws are satisfied. The selling shareholders may also sell their Common
Shares directly or through one or more underwriters, broker-dealers, or agents. If the Common Shares are sold through underwriters or
broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent's commissions.
The Common Shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying
prices determined at the time of sale, or at negotiated prices. A selling shareholder may use any one or more of the following methods
when selling shares:
●
ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers;
●
block
    trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as
    principal to facilitate the transaction;
●
purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;
●
an
    exchange distribution in accordance with the rules of the applicable exchange;
●
privately
    negotiated transactions;
●
settlement
    of short sales entered into after the effective date of the registration statement of which this Prospectus is a part;
●
broker-dealers
    may agree with the selling shareholders to sell a specified number of such shares at a stipulated price per share;
●
through
    the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
●
a
    combination of any such methods of sale; and
●
any
    other method permitted pursuant to applicable law.
The
selling shareholders may also sell shares pursuant to Rule 144 under the Securities Act, if available, rather than under this Prospectus.
If
the selling shareholders effect such transactions by selling Common Shares to or through underwriters, broker-dealers, or agents, such
underwriters, broker-dealers, or agents may receive commissions in the form of discounts, concessions, or commissions from the selling
shareholders or commissions from purchasers of the Common Shares for whom they may act as agent or to whom they may sell as principal
(which discounts, concessions, or commissions as to particular underwriters, broker-dealers, or agents may be in excess of those customary
in the types of transactions involved). Broker-dealers engaged by any selling shareholder may arrange for other brokers-dealers to participate
in sales. Broker-dealers may receive commissions or discounts from the selling shareholder (or, if any broker-dealer acts as agent for
the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus,
in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the
case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.
71
In
connection with sales of Common Shares or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the Common Shares in the course of hedging in positions they
assume. The selling shareholders may also sell Common Shares short and deliver Common Shares covered by this Prospectus to close out
their short positions and to return borrowed shares in connection with such short sales. The selling shareholders may also loan or pledge
Common Shares to broker-dealers that in turn may sell such Common Shares. The selling shareholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of Common Shares offered by this Prospectus, which Common Shares such broker-dealer
or other financial institution may resell pursuant to this Prospectus (as supplemented or amended to reflect such transaction).
The
selling shareholders and any broker-dealers or agents that are involved in selling the Common Shares may be deemed to be "underwriters"
within the meaning of the Securities Act, in connection with such sales. In such event, any commissions received by, or any discounts
or concessions allowed to, any such broker-dealer or agent and any profit on the resale of any Shares purchased by them may be deemed
to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the Common Shares is made,
a Prospectus supplement, if required, will be distributed that will set forth the aggregate amount of Common Shares being offered
and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions, and other terms
constituting compensation from the selling shareholders and any discounts, commissions, or concessions allowed or re-allowed or paid
to broker-dealers.
Each
selling shareholder has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with
any person to distribute the Common Shares.
Because
the selling shareholders may be deemed to be "underwriters" within the meaning of the Securities Act, they will be subject
to the Prospectus delivery requirements of the Securities Act, including Rule 172 thereunder. Once this registration statement
becomes effective we intend to file the final Prospectus with the SEC in accordance with SEC Rules 172 and 424. Provided we are
not the subject of any SEC stop orders and we are not subject to any cease and desist proceedings, the obligation to deliver a final
Prospectus to a purchaser will be deemed to have been met.
There
is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the selling shareholders.
Under
the securities laws of some states, the Common Shares may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the Common Shares may not be sold unless such shares have been registered or qualified for sale in such state,
or an exemption from registration or qualification is available and is complied with.
There
can be no assurance that any selling shareholder will sell any or all of the Common Shares registered pursuant to the registration statement
of which this Prospectus forms a part.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the Common Shares may not simultaneously
engage in market making activities with respect to the Common Shares for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the selling shareholders will be subject to applicable provisions of the
Exchange Act, and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of
Common Shares by the selling shareholders or any other person. All of the foregoing provisions may affect the marketability of the Common
Shares and the ability of any person or entity to engage in market-making activities with respect to the Common Shares.
72
We
will pay all expenses of the registration of the Common Shares, estimated to be approximately $26,000 in total, including, without limitation,
SEC filing fees, expenses of compliance with state securities or "blue sky" laws, and legal and accounting fees; provided,
however, that a selling shareholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling
shareholders against liabilities, including some liabilities under the Securities Act, in accordance with applicable registration rights
agreements, if any, or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against
civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the
selling shareholder specifically for use in this Prospectus, in accordance with the related registration rights agreement, or we may
be entitled to contribution.
We
agreed to keep this Prospectus effective until the earlier of (i) the date on which the Common Shares may be resold by the selling shareholders
without registration and without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation
pursuant to Rule 144 or (ii) all of the Common Shares have been sold pursuant to this Prospectus or Rule 144 under the Securities Act
or any other rule of similar effect.
Once
sold under the registration statement of which this Prospectus forms a part, the Common Shares will be freely tradable in the hands of
persons other than our affiliates.
LEGAL
PROCEEDINGS
Other
than as described below, neither the Company nor its property is the subject of any current, pending, or threatened legal proceedings.
The Company is not aware of any other legal proceedings in which any director, officer or affiliate of the Company, any owner of record
or beneficially of more than 5% of any class of the Company's voting securities, or any associate of any such director, officer,
affiliate or security holder of the Company, is a party adverse to the Company or any of its subsidiaries or has a material interest
adverse to the Company or any of its subsidiaries.
On
or about June 14, 2021, a lawsuit was filed in the US District Court for the District of Idaho brought by a purported personal representative
of the estate of a minority shareholder of Placer Mining. The named defendants include Placer Mining, certain of Placer Mining's
shareholders, the Company, and certain of the Company's shareholders. The lawsuit alleges that Placer Mining entered into a series
of transactions, including amendments to the Company's lease with Placer Mining, in breach of an agreement dated August 31, 2018
which allegedly restricted the sale of shares in Placer Mining by certain shareholders. In August 2021, the Company and other defendants
filed a motion to dismiss the claim for lack of jurisdiction. The Company, as well as other named defendants, filed replies in support
of the motions to dismiss and argued that Placer Mining is an indispensable party and with dismissal of Placer Mining the lawsuit should
be dismissed. The US District Court has not yet ruled on the motions to dismiss, but the Company believes the motion to dismiss will
be granted and the lawsuit dismissed.
On
July 28, 2021, a lawsuit was filed in the US District Court for the District of Idaho brought by Crescent Mining, LLC ("
Crescent
").
The named defendants include Placer Mining, Robert Hopper Jr., and the Company. The lawsuit alleges that Placer Mining and Robert Hopper
Jr. intentionally flooded the Crescent Mine during the period from 1991 to 1994, and that the Company is jointly and severally
liable with the other defendants for unspecified past and future costs associated with the presence of AMD in the Crescent Mine. The
plaintiff has requested unspecified damages. On September 20, 2021, the Company filed a motion to dismiss Crescent's claims against
it, contending that such claims are facially deficient.
The
Company believes the claims in both lawsuits, as they relate to Bunker Hill, are without merit and intends to defend them vigorously.
On October 26, 2021,
the Company asserted claims against Crescent in a separate lawsuit, Bunker Hill Mining Corporation v. Venzee Technologies Inc. et al,
Case No. 2:21-cv-209-REP, filed in the same court on May 14, 2021. The Company originally filed this lawsuit on May 14, 2021 against
other parties but has since filed an amended complaint to include its claims against Crescent.
INTERESTS
OF NAMED EXPERTS AND COUNSEL
No
expert or counsel named in this Prospectus as having prepared or certified any part of this Prospectus or having given an opinion upon
the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the Common
Shares was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct
or indirect, in the registrant or any of its parents or subsidiaries. Nor was any such person connected with the registrant or any of
its parents or subsidiaries as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.
The
Financial Statements included in this Prospectus and in the registration statement have been audited by MNP LLP and are included in reliance
upon such report given upon the authority of said firm as experts in auditing and accounting.
73
The
technical information appearing or incorporated by reference in this Prospectus concerning the Bunker Hill Mine, including estimates
of mineral resources and mineral reserves, was derived from the Bunker Hill Technical Report and the Amended Technical Report
prepared by Resource Development Associates, Inc. independent mining consultants. As of the date hereof, Resource Developments Associates,
Inc. beneficially owns none of our outstanding common stock.
The
validity of the issuance of the Common Shares hereby will be passed upon for us by J.P. Galda & Co., 40 East Montgomery Avenue, LTW
220 Ardmore, PA 19003.
DISCLOSURE
OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
Nevada
law allows a corporation to indemnify its directors, officers, employees and agents against all reasonable expenses (including attorneys'
fees and amounts paid in settlement) and, provided that such individual, or indemnitee, acted in good faith and for a purpose which he
or she reasonably believed to be in, or not opposed to, the best interests of the corporation and, in the case of a criminal proceeding,
had reasonable grounds to believe his or her conduct was lawful. Nevada law authorizes a corporation to indemnify its directors, officers,
employees and agents against all reasonable expenses including amounts paid in settlement and attorneys' fees in connection with
a lawsuit by or in the right of the corporation to procure a judgment in its favor if such person acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interest of the corporation, except that no indemnification may be paid as to
any claim, issue or matter as to which such person has been adjudged liable to the corporation unless it is determined by the court making
such adjudication of liability that, despite such finding, such person is fairly and reasonably entitled for such expenses deemed proper.
Nevada
law also provides for discretionary indemnification made by the corporation only as authorized in the specific case upon a determination
that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made either:
(i)
by
    the shareholders;
(ii)
by
    the board of directors by majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding;
(iii)
if
    a majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding so orders, by independent
    legal counsel in a written opinion; or
(iv)
if
    a quorum consisting of directors who were not parties to the actions, suit or proceeding cannot be obtained, by independent legal
    counsel in a written opinion.
The
articles of incorporation, the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors
incurred in defending a civil or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance
of the final disposition of the actions, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer
to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by
the corporation. The provisions do not affect any right to advancement of expenses to which corporate personnel other than directors
or officers may be entitled under any contract or otherwise by law. The indemnification and advancement of expenses authorized in or
ordered by a court pursuant to Nevada law does not exclude any other rights to which a person seeking indemnification or advancement
of expenses may be entitled under the articles of incorporation or any bylaw, agreement, vote of shareholders or disinterested directors
or otherwise, for either an action in his official capacity or an action in another capacity while holding office, except that indemnification,
unless ordered by a court or for the advancement of expenses, may not be made to or on behalf of any director or officer if his acts
or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action. In addition,
indemnification continues for a person who has ceased to be a director, officer, employee or agent and inures to the benefit of the heirs,
executors and administrators of such a person.
Insofar
as indemnification for liabilities arising under the Securities Act, as amended, may be permitted to directors, officers or persons controlling
the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is therefore unenforceable.
74
WHERE
YOU CAN FIND ADDITIONAL INFORMATION
We
are subject to the information requirements of the Exchange Act and we therefore file periodic reports, proxy statements and other information
with the SEC relating to our business, financial statements and other matters. The reports, proxy statements and other information we
file may be inspected and copied at prescribed rates at the SEC's Public Reference Room located at 100 F Street, N.E., Washington,
D.C. 20549. You may obtain information on the operation of the SEC's Public Reference Room by calling the SEC at 1-800-SEC-0330.
The SEC also maintains web site that contains reports, proxy and information statements and other information regarding issuers like
us that file electronically with the SEC. The address of the SEC's web site is http://www.sec.gov.
This
Prospectus constitutes part of a registration statement filed under the Securities Act with respect to the Common Shares
covered hereby. As permitted by the SEC's rules, this Prospectus omits some of the information, exhibits and undertakings
included in the registration statement. You may read and copy the information omitted from this Prospectus but contained in the
registration statement, as well as the periodic reports and other information we file with the SEC, at the public reference room and
web site of the SEC referred to above. You may also access our filings with the SEC on our web site, which is located at http://www.bunkerhillmining.com/.
Except as specifically incorporated by reference into this Prospectus, the information contained on our web site is not part of this
Prospectus.
Statements
contained in this Prospectus as to the contents of any contract or other document are not necessarily complete, and in each instance
we refer you to the copy of the contract or other document filed or incorporated by reference as an exhibit to the registration statement
or as an exhibit to our Exchange Act filings, each such statement being qualified in all respects by such reference.
75
TABLE
    OF CONTENTS
Page
Report
    of Independent Registered Public Accounting Firm –
MNP, LLP PCAOB ID: 1930
F-2
Consolidated Balance Sheets, December 31, 2021 and 2020
F-5
Consolidated Statements of Operations for the years ended December 31, 2021 and 2020
F-6
Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020
F-7
Consolidated Statements of Changes in Stockholders' Deficit for the years ended December 31, 2021 and 2020
F-8
Notes to the Consolidated Financial Statements
F-9-F-32
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of Bunker Hill Mining Corp.
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated balance sheets of Bunker Hill Mining Corp. (the Company) as at December 31, 2021 and
2020, and the related consolidated statements of loss and comprehensive loss, cash flows, and changes in shareholders' deficiency
for the year ended December 31, 2021, six-month period ended December 31, 2020 and for the year ended June 30, 2020, and the related notes (collectively referred to as the consolidated financial statements).
In
our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the
Company as at December 31, 2021 and 2020, and the results of its consolidated operations and its consolidated cash flows for the
year ended December 31, 2021, six-month period ended December 31, 2020 and for the year ended June 30, 2020, in conformity with accounting principles generally accepted in the United States of America.
Material
Uncertainty Related to Going Concern – See also Critical Audit Matter section below
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1 to the consolidated financial statements, the Company has suffered an accumulated deficit and recurring net losses and does
not have sufficient working capital which raises substantial doubt about its ability to continue as a going concern. Management's
plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are
material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole,
and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the
accounts or disclosures to which they relate.
F-
2
Critical
    Audit Matter Description
Audit
    Response
Going Concern – see also
    Material Uncertainty Related to Going Concern above
As described in
    Note 1 of the consolidated financial statements, the Company has been incurring losses and does not have sufficient working capital
    needed to meet its current obligations and commitments. In order to continue as a going concern, the Company must seek additional
    financing.
Significant assumptions
    and judgements on cash flow projections were made by management in estimating future cash flows, which are subject to high degree
    of uncertainty.
Refer to Note 1
    Nature and Continuance of Operations and Going Concern.
We responded to
    this matter by performing audit procedures in relation to the assessment of the ability of the Company to continue as a going concern.
    Our audit work in relation to this included, but was not restricted to, the following:
●  Evaluated the impact of the Company's existing financial arrangements and conditions in relation to the ability to continue
    as a going concern.
●  Obtained
    an understanding from management on the Company's future plans on the operations including financing arrangements.
●  Evaluated the assumptions and estimates on cashflow projections used in the forecast incorporating information established from our
    understanding above and any materialized arrangements subsequent to the period end.
●  Assessed the appropriateness of the related disclosures.
Completeness of Accounts Payables
    and Accrued Liabilities
The
    Company had significant exploration expenditures during the year ended December 31, 2021.
Invoices and reconciliation
    from vendors are not received on a timely basis. Estimates may be required to accrue for liabilities.
Due to the uncertainty
    of completeness of accounts payable and accrued liabilities we consider this to be a critical audit matter.
Refer to Note 3
    Significant Account Policies – Use of Estimates and Assumptions.
We responded to
    this matter by performing audit procedures in relation to completeness of accounts payable and accrued liabilities. Our audit work
    in relation to this included, but was not restricted to, the following:
●  Obtained
    an understanding from management of the Company's significant vendors. Obtained confirmations from these vendors of payables
    outstanding at year end and reconciled any discrepancies from these confirmations.
●  Examined
    selective invoices and payments of expenditures subsequent to the year end to determine if they pertain to current year expenditures.
●  Obtained
    management's assessment and estimates of accounts payable and accruals and assessed the reasonableness of assumptions made
    in determining the accruals.
●  Assessed the appropriateness of the related disclosures.
F-
3
Critical
    Audit Matter Description
Audit
    Response
Environmental
    Protection Agency (EPA) Agreement and Accrual
The
    Company signed an amended settlement agreement with the EPA to modify the terms to settle outstanding amounts under the original
    agreement and payment amounts related to cost recovery and water treatment costs (the "EPA Costs"). The effectiveness
    of the amended settlement agreement is subject to the Company obtaining financial assurance within a certain period.
Invoices
    from the EPA are not received on a timely basis and estimates are required to accrue for liabilities.
Due
    to the uncertainty of completeness of the EPA accrual we consider this to be a critical audit matter.
Refer
    to Note 3 Significant Account Policies – Use of Estimates and Assumptions, Note 6 Mining Interests and Note 13 Commitments
    and contingencies.
We
    responded to this matter by performing audit procedures in relation to accounting for the amended settlement agreement and completeness
    of the EPA accrual. Our audit work in relation to this included, but was not restricted to, the following:
●  Obtained
    and reviewed the amended settlement agreement with the EPA.
●  Obtained
    management's assessment of the accounting treatment of the EPA Costs in relation to the amended settlement agreement and assessed
    evidence obtained and the reasonableness of the assumptions made.
●  Examined
    invoices received during the year to ensure the appropriateness of the amount of expenditures being recorded.
●  Examined
    selective invoices and payments of expenditures subsequent to the year end to determine if they pertain to current year EPA Costs.
●  Obtained
    management's estimate of the EPA accrual for ongoing EPA Costs and assessed the reasonableness of assumptions made in determining
    the accrued amount, including additional fees that may be charged by the EPA.
●  Assessed
    the appropriateness of the related disclosures.
Derivative
    Liability
The Company had a warrant derivative liability
    of $15,518,887 as at December 31, 2021 which was required to be fair valued at each period end.
The calculation of the fair value of the warrant
    liability requires management to use an appropriate valuation model and assumptions on volatility rate and life of the warrants as
    inputs into the model.
Due to the estimates and assumptions involved
    in the determination of fair value we consider this to be a critical audit matter.
Refer to Note 3 Significant Accounting Policies
    – Use of Estimates and Assumptions, Note 8 Promissory Notes Payable and Note 10 Capital Stock, Warrants and Stock
    Options.
We responded to this matter by performing
    audit procedures in relation to the derivative liability. Our audit work in relation to this included, but was not restricted to,
    the following:
●  Obtained evidence of the issuance including financing documents, warrant certificates and the terms of the warrants.
●  Assessed
    the classification of the warrants issued.
●   Assessed
    the appropriateness of the model used by management, the mathematical accuracy of management's valuation models and the
    appropriateness of the assumptions, including volatility rate and life of the warrants, used in the models.
●   Assessed the appropriateness of the related
    disclosures.
Chartered Professional Accountants
Licensed Public Accountants
We
    have served as the Company's auditor since 2014.
Mississauga,
    Canada
March
    30, 2022
F-
4
Bunker
Hill Mining Corp.
Consolidated
Balance Sheets
(Expressed
in United States Dollars)
December 31,
December 31,
2021
2020
ASSETS
Current assets
Cash
$
486,063
$
3,568,661
Accounts receivable
112,630
100,032
Prepaid expenses
300,813
376,925
Short-term deposit
68,939
-
Prepaid mine deposit and acquisition costs (note 6)
2,260,463
-
Prepaid finance costs
393,640
-
Total current assets
3,622,548
4,045,618
Non-current assets
Equipment (note 4)
396,894
435,727
Right-of-use assets (note 5)
52,353
158,731
Long-term deposit (note 6)
-
2,068,939
Mining interests (note 6)
1
1
Total assets
$
4,071,796
$
6,709,016
EQUITY AND LIABILITIES
Current liabilities
Accounts payable (notes 6 and 15)
$
1,312,062
$
1,440,837
Accrued liabilities (notes 6 and 13)
869,581
214,218
EPA water treatment payable (note 6)
5,110,706
3,136,050
Interest payable (notes 6 and 8)
409,242
162,540
DSU liability (note 12)
1,531,409
1,110,125
Promissory notes payable (note 8)
2,500,000
-
EPA cost recovery payable (note 6)
11,000,000
8,000,000
Current portion of lease liability (note 9)
62,277
114,783
Total current liabilities
22,795,277
14,178,553
Non-current liabilities
Lease liability (note 9)
-
61,824
Derivative warrant liability (notes 8 and 10)
15,518,887
24,006,236
Total liabilities
38,314,164
38,246,613
Shareholders' Deficiency
Preferred shares, $
0.000001
par value,
10,000,000
preferred shares authorized;
Nil
preferred shares issued and outstanding (note 10)
-
-
Common shares, $
0.000001
par value,
750,000,000
common shares authorized;
164,435,442
and
143,117,068
common shares issued and outstanding, respectively (note 10)
164
143
Additional paid-in-capital (note 10)
38,248,618
34,551,133
Shares to be issued
-
-
Deficit accumulated during the exploration stage
(
72,491,150
)
(
66,088,873
)
Total shareholders' deficiency
(
34,242,368
)
(
31,537,597
)
Total shareholders' deficiency and liabilities
$
4,071,796
$
6,709,016
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
Bunker
Hill Mining Corp.
Consolidated
Statements of Loss and Comprehensive Loss
(Expressed
in United States Dollars)
Year
Six Months
Year
Ended
Ended
Ended
December 31,
December 31,
June 30,
2021
2020
2020
Operating expenses
Operation and administration (notes 10, 11 and 12)
$
2,651,954
$
1,681,093
$
1,327,059
Exploration
13,530,819
8,379,845
8,645,431
Legal and accounting
1,035,777
523,106
268,181
Consulting (note 15)
1,533,954
657,652
553,152
Gain on settlement of accounts payable (note 6)
-
(
1,787,300
)
-
Loss from operations
(
18,752,504
)
(
9,454,396
)
(
10,793,823
)
Other income or gain (expense or loss)
Change in derivative liability (notes 8 and 10)
12,300,453
10,503,941
(
18,843,947
)
Gain (loss) on foreign exchange
208,660
152,063
(
26,625
)
Accretion expense (notes 7 and 8)
-
(
118,388
)
(
359,267
)
Interest expense (notes 7 and 8)
(
102,740
)
(
124,367
)
(
202,426
)
Financing costs (note 8)
-
(
360,000
)
(
30,000
)
Loss on debt settlement (notes 8 and 10)
(
56,146
)
(
875,861
)
(
1,056,296
)
Loss on private placement (note 10)
-
(
940,290
)
-
Share issuance costs (note 10)
-
(
947,156
)
-
Loss on loan extinguishment (note 7)
-
-
(
9,407
)
Net loss and comprehensive
loss for the year
$
(
6,402,277
)
$
(
2,164,454
)
$
(
31,321,791
)
Net loss per common share
- basic and fully diluted
$
(
0.04
)
$
(
0.02
)
$
(
0.47
)
Weighted average number of common shares
- basic and fully
    diluted
161,868,334
124,424,407
67,180,554
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
Bunker
Hill Mining Corp.
Consolidated
Statements of Cash Flows
(Expressed
in United States Dollars)
Year
Six Months
Year
Ended
Ended
Ended
December 31,
December 31,
June 30,
2021
2020
2020
Operating activities
Net loss for the year
$
(
6,402,277
)
$
(
2,164,454
)
$
(
31,321,791
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
1,730,308
1,411,657
1,047,388
Depreciation expense
239,904
106,808
123,956
Change in fair value of warrant liability
(
12,300,453
)
(
10,503,941
)
18,843,947
Accretion expense
-
118,388
359,267
Financing costs
-
360,000
30,000
Loss on loan extinguishment
-
-
9,407
Imputed interest expense on lease liability (note 9)
12,696
10,038
27,062
Foreign exchange loss (gain) on re-translation of lease (Note 9)
2,165
13,334
(
10,766
)
Loss on debt settlement
56,146
875,861
1,056,296
Loss on private placement
-
940,290
-
Share issuance costs
-
947,156
-
Changes in operating assets and liabilities:
Accounts receivable
(
12,598
)
(
21,340
)
(
35,828
)
Prepaid mine acquisition costs
(
260,463
)
-
-
Prepaid finance costs
(
393,640
)
-
-
Prepaid expenses
76,112
(
274,211
)
(
67,542
)
Accounts payable
(
128,774
)
(
1,775,211
)
1,403,873
Accrued liabilities
787,363
(
549,489
)
300,211
EPA water treatment payable
1,974,656
826,662
1,019,878
EPA cost recovery payable
3,000,000
3,000,000
3,000,000
Other liabilities
-
-
(
11,117
)
Interest payable
246,702
197,727
278,545
Net cash used in operating activities
(
11,372,153
)
(
6,480,725
)
(
3,947,214
)
Investing activities
Deposit on mining interest
-
(
2,000,000
)
-
Purchase of machinery and equipment
(
94,693
)
(
280,701
)
(
219,528
)
Net cash used in investing activities
(
94,693
)
(
2,280,701
)
(
219,528
)
Financing activities
Proceeds from issuance of common stock, net
6,013,439
13,315,538
2,428,530
Proceeds from warrants exercised
-
-
417,006
Shares to be issued
-
-
549,363
Lease payments
(
129,191
)
(
61,504
)
(
120,690
)
Proceeds from promissory note
2,500,000
840,000
1,084,536
Repayment of promissory note
-
(
1,825,920
)
(
158,094
)
Net cash provided by financing activities
8,384,248
12,268,114
4,200,651
Net change in cash
(
3,082,598
)
3,506,688
33,909
Cash, beginning of year
3,568,661
61,973
28,064
Cash, end of year
$
486,063
$
3,568,661
$
61,973
Supplemental disclosures
Non-cash activities:
Common stock issued to settle accounts payable, accrued liabilities, interest payable, and promissory notes
$
188,146
$
1,085,115
$
717,673
Common stock issued to settle convertible loan
-
1,600,000
300,000
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
Bunker
Hill Mining Corp.
Consolidated
Statements of Changes in Shareholders' Deficiency
(Expressed
in United States Dollars)
Deficit
accumulated
Additional
during the
Common stock
paid-in-
Shares to
exploration
Shares
Amount
capital
be issued
stage
Total
Balance, June 30, 2019
15,811,396
$
16
$
24,284,765
$
107,337
$
(
32,602,628
)
$
(
8,210,510
)
Stock-based compensation
-
-
497,724
-
-
497,724
Shares and units issued at $
0.04
per share
(i)
35,008,956
35
1,315,691
(
107,337
)
-
1,208,389
Units issued for debt settlement at $
0.09
per share
16,962,846
17
1,499,034
-
-
1,499,051
Shares issued for debt settlement at $
0.14
per share
2,033,998
2
274,916
-
-
274,918
Shares issued at $
0.42
per share
(ii)
3,098,216
3
1,301,522
-
-
1,301,525
Shares issued for debt settlement at $
0.42
per share
(ii)
696,428
1
299,999
-
-
300,000
Finder's units issued
3,315,200
3
125,177
-
-
125,180
Finder's warrants issued
-
-
50,223
-
-
50,223
Warrants exercised at $
0.18
per share
(iii)
2,332,900
2
1,288,714
-
-
1,288,716
Issue costs
-
-
(
336,480
)
-
-
(
336,480
)
Warrant valuation
-
-
(
468,227
)
-
-
(
468,227
)
Shares to be issued
-
-
-
549,363
-
549,363
Net loss for the year
-
-
-
-
(
31,321,791
)
(
31,321,791
)
Balance, June 30, 2020
79,259,940
$
79
$
30,133,058
$
549,363
$
(
63,924,419
)
$
(
33,241,919
)
Stock-based compensation
-
-
851,196
-
-
851,196
Units issued at $
0.26
per unit
(iv)
56,078,434
56
14,812,001
(
549,363
)
-
14,262,694
Units issued for debt settlement at $
0.67
per unit
2,205,714
2
1,484,350
-
-
1,484,352
Shares issued for debt settlement at $
0.37
per share
(v)
5,572,980
6
2,076,618
-
-
2,076,624
Warrant valuation
-
-
(
14,806,090
)
-
-
(
14,806,090
)
Net loss for the period
-
-
-
-
(
2,164,454
)
(
2,164,454
)
Balance, December 31, 2020
143,117,068
$
143
$
34,551,133
$
-
$
(
66,088,873
)
$
(
31,537,597
)
Stock-based compensation
-
-
1,309,024
-
-
1,309,024
Shares issued at $
0.32
per share
(vi)
19,576,360
20
6,168,049
-
-
6,168,069
Shares issued for debt settlement at $
0.45
per share
(vii)
417,720
-
188,146
-
-
188,146
Shares issued for RSUs vested
1,324,294
1
(
1
)
-
-
-
Issue costs
-
-
(
154,630
)
-
-
(
154,630
)
Warrant valuation
-
-
(
3,813,103
)
-
-
(
3,813,103
)
Net loss for the year
-
-
-
-
(
6,402,277
)
(
6,402,277
)
Balance, December 31, 2021
164,435,442
$
164
$
38,248,618
$
-
$
(
72,491,150
)
$
(
34,242,368
)
(i)
Shares
    and units issued at C$
0.05
, converted to US at $
0.04
(note 10)
(ii)
Shares
    issued at C$
0.56
, converted to US at $
0.42
(note 10)
(iii)
Shares
    issued upon warrants exercised at C$
0.25
, converted to US at $
0.18
(note 10)
(iv)
Units
    issued at C$
0.35
, converted to US at $
0.26
(note 10)
(v)
Shares
    issued at C$
0.49
, converted to US at $
0.37
(note 10)
(vi)
Units
    issued at C$
0.40
, converted to US at $
0.32
(note 10)
(vii)
Units
    issued at C$
0.57
, converted to US at $
0.45
(note 10)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
8
1.
Nature and continuance of operations and going concern
Bunker
Hill Mining Corp. (the "Company") was incorporated under the laws of the state of
Nevada
, U.S.A. on
February 20, 2007
under
the name Lincoln Mining Corp. Pursuant to a Certificate of Amendment dated February 11, 2010, the Company changed its name to Liberty
Silver Corp., and on September 29, 2017, the Company changed its name to Bunker Hill Mining Corp. The Company's registered office
is located at 1802 N. Carson Street, Suite 212, Carson City Nevada 89701, and its head office is located at 82 Richmond Street East,
Toronto, Ontario, Canada, M5C 1P1. As of the date of this Form 10-K, the Company had one subsidiary, Silver Valley Metals Corp. (formerly
American Zinc Corp.), an Idaho corporation created to facilitate the work being conducted at the Bunker Hill Mine in Idaho.
The
Company was incorporated for the purpose of engaging in mineral exploration activities. It continues to work at developing its project
with a view towards putting it into production.
Going
Concern:
These
consolidated financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting
in an accumulated deficit of $
72,491,150
and further losses are anticipated in the
development of its business. Additionally, the Company owes a total of $
16,417,208
to the EPA (see Note 6) that is classified
as current liability unless the Company can consummate financial assurances that would reclassify $
11,000,000
of this liability to long-term debt. The Company
does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on
certain current liabilities and/or raising additional funds. In order to continue to meet its fiscal obligations in the current fiscal
year and beyond, the Company must seek additional financing. This raises substantial doubt about the Company's ability to continue
as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations
in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business
operations when they come due. The accompanying consolidated financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
Management
is considering various financing alternatives including, but not limited to, raising capital through the capital markets and debt financing.
These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded
assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
The
ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to
continue operations, explore and develop the mineral properties and the discovery, development, and sale of reserves.
COVID-19:
The
Company's operations could be significantly adversely affected by the effects of a widespread global outbreak of epidemics, pandemics,
or other health crises, including the recent outbreak of respiratory illness caused by the novel coronavirus ("COVID-19").
The Company cannot accurately predict the impact COVID-19 will have on its operations and the ability of others to meet their obligations
with the Company, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration
of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant
outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies
and financial markets of many countries, resulting in an economic downturn that could further affect the Company's operations and
ability to finance its operations.
The Russia/Ukraine Crisis:
The Company's operations could be adversely
affected by the effects of the escalating Russia/Ukraine crisis and the effects of sanctions imposed against Russia or that country's
retributions against those sanctions, embargos or further-reaching impacts upon energy prices, food prices and market disruptions. The
Company cannot accurately predict the impact the crisis will have on its operations and the ability of contractors to meet their obligations
with the Company, including uncertainties relating the severity of its effects, the duration of the conflict, and the length and magnitude
of energy bans, embargos and restrictions imposed by governments. In addition, the crisis could adversely affect the economies and financial
markets of the United States in general, resulting in an economic downturn that could further affect the Company's operations and
ability to finance its operations. Additionally, the Company cannot predict changes in precious metals pricing or changes in commodities
pricing which may alternately affect the Company either positively or negatively.
2.
Basis of presentation
The
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America applicable to exploration stage enterprises. The consolidated financial statements are expressed in U.S. dollars,
the Company's functional currency.
In
February 2021, the Company changed its fiscal year from June 30 to December 31. As a result, in addition to the full calendar year ended
December 31, 2021, the Company is reporting financial information for the transition period from July 1, 2020 to December 31, 2020, and
the preceding full fiscal year of July 1, 2019 to June 30, 2020.
F-
9
3.
Significant accounting policies
The
following is a summary of significant accounting policies used in the preparation of these consolidated financial statements.
Basis
of consolidation
These
consolidated financial statements include the assets, liabilities and expenses of the Company and its wholly owned subsidiary, Silver
Valley Metals Corp. (formerly American Zinc Corp.). All intercompany transactions and balances have been eliminated on consolidation.
Cash
and cash equivalents
Cash
and cash equivalents may include highly liquid investments with original maturities of three months or less.
Mineral
rights, property and acquisition costs
The
Company has been in the exploration stage since its formation on February 20, 2007 and has not yet realized any revenues from its planned
operations. It is primarily engaged in the acquisition and exploration of mining properties.
The
Company capitalizes acquisition and option costs of mineral rights as intangible assets when there is sufficient evidence to support
probability of generating positive economic returns in the future. Upon commencement of commercial production, the mineral rights will
be amortized using the unit-of-production method over the life of the mineral rights. If the Company does not continue with exploration
after the completion of the feasibility study, the mineral rights will be expensed at that time.
The
costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity
of mines, or to develop mine areas in advance of production, are also capitalized once proven and probable reserves exist and the property
is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged
to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized
mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever
events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized
costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance
with Accounting Standards Codification (FASB ASC) 360-10-35, Impairment or Disposal of Long-Lived Assets.
Equipment
Equipment
is stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated
useful lives of the assets, which range from
3
to
10
years. The cost of repairs and maintenance is charged to expense as incurred. Upon
sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss
is reflected in other income or gain (expense or loss).
The
Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives
of equipment or whether the remaining balance of the equipment should be evaluated for possible impairment. If events and circumstances
warrant evaluation, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the equipment in measuring
their recoverability.
Leases
Operating
lease right of use ("ROU") assets represent the right to use the leased asset for the lease term and operating lease liabilities
are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases
do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date
in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over
the lease term and is included in operation and administration expenses in the consolidated statements of loss and comprehensive loss.
F-
10
The
Company is required to make additional payments for certain variable costs. These costs are expensed and included in operation and administration
expenses in the consolidated statements of loss and comprehensive loss. Rental income obtained through subleases is recorded as income
over the lease term and is offset against operation and administration expenses.
Impairment
of long-lived assets
The
Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying
amounts may not be recoverable. The assets are subject to impairment consideration under FASB ASC 360, Property, Plant and Equipment,
if events or circumstances indicate that their carrying amount might not be recoverable. When the Company determines that an impairment
analysis should be done, the analysis is performed using the rules of FASB ASC 930-360-35, Extractive Activities – Mining,
and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.
Various
factors could impact the Company's ability to achieve forecasted production schedules. Additionally, commodity prices, capital
expenditure requirements and reclamation costs could differ from the assumptions the Company may use in cash flow models used to assess
impairment. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves
further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due
to the lower level of confidence that the identified mineralized material can ultimately be mined economically.
Fair
value of financial instruments
The
Company adopted FASB ASC 820-10, Fair Value Measurement. This guidance defines fair value, establishes a three-level valuation hierarchy
for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined
as follows:
●
Level
    1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
●
Level
    2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
    are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
●
Level
    3 inputs to valuation methodology are unobservable and significant to the fair measurement.
The
carrying amounts reported in the consolidated balance sheets for cash, accounts receivable excluding HST, accounts payable, accrued liabilities,
interest payable, convertible loan payable, promissory notes payable, lease liability, and other liabilities, all of which qualify as
financial instruments, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments
and their expected realization and current market rate of interest. The Company measured its DSU liability at fair value on recurring
basis using level 1 inputs and derivative warrant liabilities at fair value on recurring basis using level 3 inputs.
Environmental
expenditures
The
operations of the Company have been, and may in the future be, affected from time to time, in varying degrees, by changes in environmental
regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall
effect upon the Company vary greatly and are not predictable. The Company's policy is to meet, or if possible, surpass standards
set by relevant legislation, by application of technically proven and economically feasible measures.
Environmental
expenditures that relate to ongoing environmental and reclamation programs are expensed as incurred or capitalized and amortized depending
on their future economic benefits. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably
determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.
Income
taxes
The
Company accounts for income taxes in accordance with Accounting Standard Codification 740, Income Taxes ("FASB ASC 740"),
on a tax jurisdictional basis. The Company files income tax returns in the United States.
Deferred
tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax bases of
assets and liabilities and the consolidated financial statements reported amounts using enacted tax rates and laws in effect in the year
in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is determined
to be more likely than not that the deferred tax asset will not be realized.
F-
11
The
Company assesses the likelihood of the consolidated financial statements effect of a tax position that should be recognized when it is
more likely than not that the position will be sustained upon examination by a taxing authority based on the technical merits of the
tax position, circumstances, and information available as of the reporting date. The Company is subject to examination by taxing authorities
in jurisdictions such as the United States. Management does not believe that there are any uncertain tax positions that would result
in an asset or liability for taxes being recognized in the accompanying consolidated financial statements. The Company recognizes tax-related
interest and penalties, if any, as a component of income tax expense.
FSAB
ASC 740 prescribes recognition threshold and measurement attributes for the consolidated financial statements recognition and measurement
of a tax position taken, or expected to be taken, in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification,
interest and penalties, accounting in periods, disclosure and transition. At December 31, 2021, December 31, 2020, and June 30, 2020,
the Company has not taken any tax positions that would require disclosure under FASB ASC 740.
Basic
and diluted net loss per share
The
Company computes net loss per share in accordance with FASB ASC 260, Earnings per Share ("FASB ASC 260"). Under the provisions
of FASB ASC 260, basic net loss per share is computed using the weighted average number of common shares outstanding during the period.
Diluted net loss per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding
during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants
and the conversion of convertible loan payable. As of December 31, 2021,
9,053,136
stock options,
111,412,712
warrants, and
3,590,907
broker options were considered in the calculation but not included, as they were anti-dilutive (December 31, 2020 –
8,015,159
stock
options,
95,777,806
warrants, and
3,239,907
broker options).
Stock-based
compensation
In
December 2004, FASB issued FASB ASC 718, Compensation – Stock Compensation ("FASB ASC 718"), which establishes standards
for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions
in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity's equity
instruments or that may be settled by the issuance of those equity instruments. FASB ASC 718 focuses primarily on accounting for transactions
in which an entity obtains employee services in share-based payment transactions. FASB ASC 718 requires that the compensation cost relating
to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the fair
value of the equity or liability instruments issued.
The
Company accounts for stock-based compensation arrangements with non-employees in accordance with ASU 505-50, Equity-Based Payments to
Non-Employees, which requires that such equity instruments are recorded at the value on the grant date based on fair value of the equity
or goods and services whichever is more reliable.
Restricted
share units ("RSUs")
The
Company estimates the grant date fair value of RSUs using the Company's common shares at the grant date. The Company records the
value of the RSUs in paid-in capital.
Deferred
share units ("DSUs")
The
Company estimates the grant date fair value of the DSUs using the trading price of the Company's common shares on the day of grant.
The Company records the value of the DSUs owing to its directors as DSU liability and measures the DSU liability at fair value at each
reporting date, with changes in fair value recognized as stock-based compensation in profit (loss).
Use
of estimates and assumptions
Many
of the amounts included in the consolidated financial statements require management to make judgments and/or estimates. These judgments
and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances.
Actual results may differ from the amounts included in the consolidated financial statements.
F-
12
Areas
of significant judgment and estimates affecting the amounts recognized in the consolidated financial statements include:
Going
concern
The
assessment of the Company's ability to continue as a going concern involves judgment regarding future funding available for its
operations and working capital requirements as discussed in note 1.
Accrued
liabilities
The
Company has to make estimates to accrue for certain expenditures due to delay in receipt of third-party vendor invoices. These
accruals are made based on trends, history and knowledge of activities. Actual results may be different.
The Company makes monthly estimates of its
water treatment costs, with a true-up to the annual invoice received from the Idaho Department of Environmental Quality ("IDEQ"). Using
the actual costs in the annual invoice, the Company then reassesses its estimate for future periods. Given the nature, complexity and variability of the various actual cost items included in the invoice, the Company
has used the most recent invoice as its estimate of the water treatment costs for future periods.
Convertible
loans, promissory notes and warrants
Estimating
the fair value of derivative warrant liability and conversion feature derivative liability requires determining the most appropriate
valuation model, which is dependent on the terms and conditions of the issuance. This estimate also requires determining the most appropriate
inputs to the valuation model including the expected life of the warrants and conversion feature derivative liability, volatility and
dividend yield and making assumptions about them. The assumptions and models used for estimating fair value of warrants and conversion
feature derivative liability are disclosed in notes 8 and 10.
The
fair value estimates may differ from actual fair values and these differences may be significant and could have a material impact on
the Company's balance sheets and the consolidated statements of operations. Assets are reviewed for an indication of impairment
at each reporting date. This determination requires significant judgment. Factors that could trigger an impairment review include, but
are not limited to, significant negative industry or economic trends, interruptions in exploration activities or a significant drop in
precious metal prices.
Reclassifications
Certain reclassifications have been made to conform
prior year's data to the current presentation. The reclassifications have no effect on the results of reported operations or stockholders'
deficit or cash flows.
Concentrations
of credit risk
The
Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash. The Company places
its cash with financial institutions of high credit worthiness. At times, its cash equivalents with a particular financial institution
may exceed any applicable government insurance limits. The Company's management also routinely assesses the financial strength
and credit worthiness of any parties to which it extends funds and as such, it believes that any associated credit risk exposures are
limited.
Risks
and uncertainties
The
Company operates in the mineralized material exploration industry that is subject to significant risks and uncertainties, including financial,
operational, and other risks associated with operating a mineralized material exploration business, including the potential risk of business
failure.
Foreign
currency transactions
The
Company from time to time will receive invoices from service providers that are presenting their invoices using the Canadian dollar.
The Company will use its U.S. dollars to settle the Canadian dollar liabilities and any differences resulting from the exchange transaction
are reported as gain or loss on foreign exchange.
Convertible
loans and promissory notes payable
The
Company reviews the terms of its convertible loans and promissory notes payable to determine whether there are embedded derivatives,
including the embedded conversion option, that are required to be bifurcated and accounted for as individual derivative financial instruments.
In circumstances where the convertible debt or the promissory note contains embedded derivatives that are to be separated from the host
contracts, the total proceeds received are first allocated to the fair value of the derivative financial instruments determined using
the binomial model. The remaining proceeds, if any, are then allocated to the debenture cost contracts, usually resulting in those instruments
being recorded at a discount from their principal amount. This discount is accreted over the expected life of the instruments to profit
(loss) using the effective interest method.
The
debenture host contracts are subsequently recorded at amortized cost at each reporting date, using the effective interest method. The
embedded derivatives are subsequently recorded at fair value at each reporting date, with changes in fair value recognized in profit
(loss).
The
Company presents its embedded derivatives and related debenture host contracts as separate instruments on the consolidated balance sheets.
F-
13
4.
Equipment
Equipment
consists of the following:
December 31,
2021
December 31,
2020
Equipment
$
603,972
$
509,279
603,972
509,279
Less accumulated depreciation
(
207,078
)
(
73,552
)
Equipment, net
$
396,894
$
435,727
The
total depreciation expense during the year ended December 31, 2021 was $
133,526
(six months ended December 31, 2020 - $
52,784
and the year ended June 30, 2020 - $
17,577
).
5.
Right-of-use asset
Right-of-use
asset consists of the following:
December 31,
2021
December 31,
2020
Office lease
$
319,133
319,133
Less accumulated depreciation
(
266,780
)
(
160,402
)
Right-of-use asset, net
$
52,353
$
158,731
The
total depreciation expense during the year ended December 31, 2021 was $
106,378
(six months ended December 31, 2020 - $
54,024
and the
year ended June 30, 2020 - $
106,378
).
6.
Mining Interests
Bunker
Hill Mine Complex
On
November 27, 2016, the Company entered into a non-binding letter of intent with Placer Mining Corp. ("Placer Mining"), which
letter of intent was further amended on March 29, 2017, to acquire the Bunker Hill Mine in Idaho and its associated milling facility
located in Kellogg, Idaho, in the Coeur d'Alene Basin (as amended, the "Letter of Intent"). Pursuant to the terms and
conditions of the Letter of Intent, the acquisition, which was subject to due diligence, would include all mining claims, surface rights,
fee parcels, mineral interests, existing infrastructure, machinery and buildings at the Kellogg Tunnel portal in Milo Gulch, or anywhere
underground at the Bunker Hill Mine Complex. The acquisition would also include all current and historic data relating to the Bunker
Hill Mine Complex, such as drill logs, reports, maps, and similar information located at the mine site or any other location.
During
the year ended June 30, 2017, the Company made payments totaling $
300,000
as part of this Letter of Intent. These amounts were initially
capitalized and subsequently written off during fiscal 2018 and were included in exploration expenses.
On
August 28, 2017, the Company announced that it signed a definitive agreement (the "Agreement") for the lease and option to
purchase the Bunker Hill Mine assets (the "Bunker Assets"). Under the terms of the Agreement, the Company was required to
make a $
1,000,000
bonus payment to Placer Mining no later than October 31, 2017, which payment was made, along with two additional $
500,000
bonus payments in December 2017. The 24-month lease commenced November 1, 2017. During the term of the lease, the Company was to make
$
100,000
monthly mining lease payments, paid quarterly.
F-
14
The
Company had an option to purchase the Bunker Assets at any time before the end of the lease and any extension for a purchase price of
$
45,000,000
with purchase price payments to be made over a ten-year period to Placer Mining. Under the terms of the agreement, there
is a
3
% net smelter return royalty ("NSR") on sales during the lease and a
1.5
% NSR on the sales after the purchase option
is exercised, which post-acquisition NSR is capped at $
60,000,000
.
On
October 2, 2018, the Company announced that it was in default of the Agreement. The default arose as a result of missed lease and operating
cost payments, totaling $
400,000
, which were due at the end of September and on October 1, 2018. As per the Agreement, the Company had
15 days, from the date notice of default was provided (September 28, 2018), to remediate the default by making the outstanding payment.
While management worked with urgency to resolve this matter, management was ultimately unsuccessful in remedying the default, resulting
in the Agreement being terminated.
On
November 13, 2018, the Company announced that it was successful in renewing the Agreement, effectively with the original Agreement intact,
except monthly payments were reduced to $
60,000
per month for 12 months, with the accumulated
reduction in payments of $
140,000
per month ("deferred payments") being
accrued.
On
November 1, 2019, the Agreement was amended (the "Amended Agreement"). The key terms of the Amended Agreement are as follows:
●
The
    lease period was extended for an additional period of nine months to August 1, 2020, with
the option to extend for a further six
    months based upon payment of a one-time $
60,000
extension fee (extended)
;
●
The
    Company will make monthly care and maintenance payments to Placer Mining of $
60,000
until exercising the option to purchase; and
●
The
    purchase price is set at $
11,000,000
for
100
% of the Bunker Assets to be paid with $
6,200,000
in cash, and $
4,800,000
in common shares.
    The purchase price also includes the negotiable United States Environmental Protection Agency ("EPA") costs of $
20,000,000
.
    The Amended Agreement provides for the elimination of all royalty payments that were to be paid to the mine owner. Upon signing the
    Amended Agreement, the Company paid a one-time, non-refundable cash payment of $
300,000
to the mine owner. This payment will be applied
    to the purchase price upon execution of the purchase option. In the event the Company elects not to exercise the purchase option,
    the payment shall be treated as an additional care and maintenance payment.
On
July 27, 2020,
the Company extended the lease with Placer Mining for a further 18 months for a $
150,000
extension fee. This extension
expires on August 1, 2022
.
On
November 20, 2020, the Company signed a further amendment to the Amended Agreement. Under the terms of this amendment:
●
The
    Company will continue to make monthly care and maintenance payments to Placer Mining of $
60,000
until exercising the option to purchase
;
●
The
    purchase price was reduced to $
7,700,000
, with $
5,700,000
payable in cash (with an aggregate of $
300,000
to be credited toward the
    purchase price of the Bunker Assets as having been previously paid by the Company and an aggregate of $
5,400,000
payable in cash
    outstanding) and $
2,000,000
in common shares. The reference price for the payment in common shares will be based on the common share
    price of the last equity raise before the option is exercised;
●
The
    Company's contingent obligation to settle $
1,787,300
of accrued payments due to Placer Mining has been waived. As a result,
    the Company recorded a gain on settlement of accounts payable of $
1,787,300
; and
●
The
    Company is to make an advance payment of $
2,000,000
(paid) to Placer Mining which shall be credited toward the purchase price if
    and when the Company elects to exercise its purchase right. In the event that the Company irrevocably elects not to exercise its
    purchase right, the advance payment of $
2,000,000
will be repaid to the Company within twelve months from the date of such election.
    This payment had the effect of decreasing the remaining amount payable to purchase the Bunker Assets to an aggregate of $
3,400,000
payable in cash and $
2,000,000
in common shares of the Company.
As at December 31, 2021 and 2020, the Company
accrued for a total of $nil for each year (June 30, 2020 - $
1,847,300
), which was included in accounts payable. These monthly payments
will be waived should the Company choose to exercise its option.
F-
15
Purchase
of the Bunker Hill Mine:
In
December 2021, the Company announced its intention to purchase the mine complex, which was consummated subsequent to the close
of the period. With the execution of the EPA settlement agreement amendment described below and the expected receipt of $
8,000,000
proceeds from the Royalty Convertible Debenture,
the Company has contracted to purchase the Bunker Hill Mine from Placer Mining Corp. and a definitive agreement has been signed by both
parties. The terms of the purchase were modified to a purchase price of $
7,700,000
, with $
300,000
of previous lease payments and a
deposit of $
2,000,000
applied to the purchase, resulting in cash paid at closing of approximately $
5,400,000
in cash, from $
3,400,000
of cash and $
2,000,000
of common shares in the Company. Purchase
of the mine consists of over 400 patented mining claims and
5,800
acres of private land.
Closing
of the transaction occurred in January 2022, concurrent with funding of the Royalty Convertible Debenture, approval of the transaction
by Placer Mining Corp. shareholders, and satisfaction of other closing conditions. See Note 16, Subsequent Events.
Environmental
Protection Agency Agreement:
In
addition to the payments to Placer Mining described above, and pursuant to an agreement with the EPA whereby for so long as Bunker leases,
owns and/or occupies the Bunker Hill Mine, the Company will make payments to the EPA on behalf of the current owner in satisfaction of
the EPA's claim for cost recovery. These payments, if all are made, will total $
20,000,000
. The agreement calls for payments starting
with $
1,000,000
30 days after a fully ratified agreement was signed followed by a payment schedule detailed below:
Date
Amount
Action
Within 30 days of the effective date
$
1,000,000
Paid
November 1, 2018
$
2,000,000
Not paid
November 1, 2019
$
3,000,000
Not paid
November 1, 2020
$
3,000,000
Not paid
November 1, 2021
$
3,000,000
Not paid
November 1, 2022
$
3,000,000
November 1, 2023
$
3,000,000
November 1, 2024
$
2,000,000
The
total unpaid EPA cost recovery payments under the agreement was $
11,000,000
at December 31, 2021 (December 31, 2020 - $
8,000,000
and
June 30, 2020 - $
5,000,000
, respectively).
In
addition to these cost recovery payments, the Company is to make semi-annual payments of $
480,000
on June 1 and December 1 of each year, to cover
the EPA's costs of operating and maintaining the water treatment facility that treats the water being discharged from the Bunker
Hill Mine. The Company also has received invoices from the EPA for additional water treatment charges for the periods from December 2017
to May 2021, and has accrued costs for estimated water treatment costs through December 31, 2021.  A total of $
5,110,706
was outstanding as at December 31, 2021 (December
31, 2020 - $
3,136,050
and June 30, 2020 - $
2,309,388
,
respectively). In December 2021, the Company entered into a Settlement Amendment, described below, under which a payment of $
2,963,111
would be made toward
water treatment liabilities, representing the balance of liabilities owed for the 2020 and earlier invoices, net of payments made
through the end of September 2021. In consultation with the EPA, the Company has committed to meet this obligation by 180 days from the
effective date of the Amended Settlement Agreement. The unpaid EPA balance is subject to interest at the rate specified for interest
on investments of the EPA Hazardous Substance Superfund, which was
0.10
%
at December 31, 2021. As at December 31, 2021, the interest accrued on the unpaid EPA balance was $
306,502
(December 31, 2020 - $
162,540
and June 30, 2020 - $
89,180
,
respectively).
During
the year ended December 31, 2021, the Company has accrued an estimate for additional water treatment charges based on an invoice received
covering the period of November 2019 to October 2020 and a further invoice covering the period of November 2020 to May 2021. The Company
believes that the charges in this latter invoice, of approximately $
165,000
per month, represent the best estimate of unbilled
charges for the period of June 2021 to December 2021, and has accrued for these charges accordingly. Net of a total of $
880,000
cash payments made to the EPA during the year,
the total accrual for EPA water treatment charges is $
5,110,706
as of December 31, 2021, before consideration
of unpaid cost recovery payments. The Company has included all unpaid and accrued EPA payments and accrued interest in accounts payable
and accrued liabilities, totaling $
16,417,208
due to the EPA at December 31, 2021 (December
31, 2020 - $
11,298,594
and June 30, 2020 - $
7,915,235
,
respectively). For the year ended December 31, 2021, water treatment costs of $
5,998,615
were recognized as part of exploration expense
(six months ended December 31, 2020 – $
3,873,359
, year ended June 30, 2020 – $
5,905,235
).
EPA
Settlement Agreement Amendment:
In
December 2021, in conjunction with its intention to purchase the mine complex, the Company entered into an amended Settlement Agreement
(the "Amendment") between the Company, Idaho Department of Environmental Quality, US Department of Justice and the EPA,
modifying the payment schedule and payment terms for recovery of historical environmental response costs at Bunker Hill Mine incurred
by the EPA. With the purchase of the mine subsequent to the end of the period, the remaining payments of the EPA cost recovery liability
would be assumed by the Company, resulting in a total of $
19,000,000
liability to the Company, an increase of
$
8,000,000
.
The new payment schedule includes a $
2,000,000
payment to the EPA within 30 days of execution
of this amendment, which was paid subsequent to December 31, 2021. The remaining $
17,000,000
will be paid on the following dates:
F-
16
Date
Amount
November 1, 2024
$
3,000,000
November 1, 2025
$
3,000,000
November 1, 2026
$
3,000,000
November 1, 2027
$
3,000,000
November 1, 2028
$
3,000,000
November 1, 2029
$
2,000,000
plus accrued interest
The
resumption of payments in 2024 were agreed in order to allow the Company to generate sufficient revenue from mining activities at the
Bunker Hill Mine to address remaining payment obligations from free cash flow.
In
addition to the cost recovery payments outlined above, the Amendment includes payment for outstanding water treatment costs that have
been incurred over the period from 2018 through October 2020. This approximately $
2,900,000
payment would be made within 90 days
of the execution of the Amendment. On March 22, 2022, the Company reported that in consultation with the EPA, it has committed to
meet the approximately $
2,900,000
and Financial Assurance obligations by 180 days from the effective date of the Amended Settlement Agreement.
The changes in payment
terms and schedule, are contingent upon the Company securing Financial Assurance in the form of performance bonds or letters of credit
deemed acceptable to the EPA totaling $
17,000,000
. These assurances correspond to the Company's cost recovery obligations to be paid in 2024 through 2029 as outlined above.
Should the Company fail to make its scheduled payment, the EPA can draw against this financial assurance. The amount of the bonds or
letters of credit will decrease over time as individual payments are made. If the Company fails to post the Final Financial Assurance
within 180 days of the execution of the Amendment, the terms of the original agreement as described above will be reinstated.
As
at December 31, 2021, the Company had not secured the interim financial assurance, and therefore the contingency had not been removed
or satisfied. Further, as of the date of this filing, the financial assurance has not been secured, and as a result, the liability to
the EPA is accounted for with no effectivity of the Amendment, with the liabilities each reflected as current liabilities. See Note 16,
Subsequent Events.
7.
Convertible loan payable
On
June 13, 2018, the Company entered into a loan and warrant agreement with Hummingbird Resources PLC ("Hummingbird"), an arm's
length investor, for an unsecured convertible loan in the aggregate sum of $
1,500,000
, bearing interest at
10
% per annum, maturing in
one year
. Contemporaneously, the Company agreed to issue
229,464
share purchase warrants, entitling the lender to acquire
229,464
common
shares of the Company, at a price of C$
8.50
per common share, for
two years
. Under the terms of the loan agreement, the lender may, at
any time prior to maturity, convert any or all of the principal amount of the loan and accrued interest thereon, into common shares of
the Company at a price per share equal to C$8.50.
In the event that a notice of conversion would result in the lender holding 10% or
more of the Company's issued and outstanding shares, then, in the alternative, and under certain circumstances, the Company would
be required to pay cash to the lender in an amount equal to C$
8.50
multiplied by the number of shares intended to be issued upon conversion.
Further, in the event that the lender holds more than 5% of the issued and outstanding shares of the Company subsequent to the exercise
of any of its convertible securities held under this placement, it shall have the right to appoint one director to the board of the Company.
Lastly, among other things, the loan agreement further provides that for as long as any amount is outstanding under the convertible loan,
the investor retains a right of first refusal on any Company financing or joint venture/strategic partnership/disposal of assets.
In
August 2018, the amount of the Hummingbird convertible loan payable was increased to $
2,000,000
from its original $
1,500,000
loan, net
of $
45,824
of debt issue costs. An additional
116,714
warrants with each warrant exercisable at C$
4.50
were issued. Under the terms of
the amended and restated loan agreement, Hummingbird may, at any time prior to maturity, convert any or all of the principal amount of
the loan and accrued interest thereon, into common shares of Bunker as follows: (i) $
1,500,000
, being the original principal amount (the
"Principal Amount"), may be converted at a price per share equal to C$
8.50
; (ii)
229,464
common shares may be acquired upon
exercise of warrants at a price of C$
8.50
per warrant for a period of two years from the date of issuance; (iii) $
500,000
, being the
additional principal amount (the "Additional Amount"), may be converted at a price per share equal to C$
4.50
; and (iv)
116,714
common shares may be acquired upon exercise of warrants at a price of C$
4.50
per warrant for a period of two years from the date issuance.
In the event that Hummingbird would acquire common shares in excess of 9.999% through the conversion of the Principal Amount or the Additional
Amount, including interest accruing thereon, or on exercise of the warrants as disclosed herein, the Company shall pay to Hummingbird
a cash amount equal to the common shares exercised in excess of 9.999%, multiplied by the conversion price.
F-
17
During
the year ended June 30, 2019, Hummingbird agreed to extend the scheduled maturity date of the loan to
June 30, 2020
. This was accounted
for as a loan extinguishment which resulted in the recording of a net loss on loan extinguishment of $
1,195,880
.
In
June 2019, the Company settled $
100,000
of the Additional Amount by issuing
2,660,000
common shares, which resulted in the recording
of a net loss on loan extinguishment of $
8,193
.
In
February 2020, the Company settled $
300,000
of the Additional Amount by issuing
696,428
common shares, which resulted in the recording
of a net loss on loan extinguishment of $
9,407
.
In
June 2020, Hummingbird agreed to extend the scheduled maturity date of the loan to
July 31, 2020
.
In
October 2020, the Company settled the full amount of the outstanding loan by issuing
5,572,980
common shares at a deemed price of C$
0.49
based on the fair value of the shares issued. As a result, the Company recorded a gain on debt settlement of $
23,376
on the consolidated
statements of loss and comprehensive loss.
The
Company has accounted for the conversion features and warrants in accordance with ASC Topic 815. The conversion features and warrants
are considered derivative financial liabilities as they are convertible into common shares at a conversion price denominated in a currency
other than the Company's functional currency of the U.S. dollar. The estimated fair value of the conversion features and warrants
was determined on the date of issuance and marks to market at each financial reporting period. As at December 31, 2020, the fair values
of the conversion feature and warrants were $nil (June 30, 2020 - $nil).
Accretion
expense for the six months ended December 31, 2020 was $
nil
(year ended June 30, 2020 - $
146,266
) based on an effective interest rate
of
16
% after the loan extension.
Interest
expense for the six months ended December 31, 2020 was $
118,767
(year ended June 30, 2020 - $
179,726
). As at December 31, 2020, the Company
has an outstanding interest payable of $
nil
(June 30, 2020 - $
381,233
).
Amount
Balance, June 30, 2019
$
1,744,327
Accretion expense
146,266
Loss on loan extinguishment
9,407
Partial extinguishment
(
300,000
)
Balance, June 30, 2020
$
1,600,000
Loan extinguishment
(
1,600,000
)
Balance, December 31, 2020
$
-
8.
Promissory notes payable
(i)
On November 13, 2019, the Company issued a promissory note in the amount of $
300,000
. The note was unsecured, bore interest of
1
% monthly,
and is due on demand after 90 days from issuance. In consideration for the loan, the Company issued
400,000
common share purchase warrants
to the lender. Each whole warrant entitles the lender to acquire
one
common share of the Company at a price of C$
0.80
per share for a
period of two years.
On
April 24, 2020, the Company extended the maturity date of the promissory note payable to
August 1, 2020
. In consideration, the Company
issued
400,000
common share purchase warrants to the lender at an exercise price of C$
0.50
. The warrants expire on
November 13, 2021
.
This was accounted for as a loan modification.
During
the six months ended December 31, 2020, the Company repaid $
110,658
of the promissory note and settled the remaining balance of $
218,281
(C$
288,000
), which included interest payable of $
28,939
, in full by issuing
822,857
August 2020 Units (as defined in note 10), recognizing
a loss on debt settlement of $
335,467
.
F-
18
The
Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative financial liabilities
as they are convertible into common shares at a conversion price denominated in a currency other than the Company's functional
currency of the US dollar. The estimated fair value of the warrants was determined on the date of issuance and marks to market at each
financial reporting period.
November 2019 issuance
December 31, 2020
Maturity at
November 13, 2021
Expected life
317
days
0
days
Volatility
100
%
100
%
Risk free interest rate
0.64
%
0.30
%
Dividend yield
0
%
0
%
Share price
$
0.41
$
0.18
Fair value
$
40,999
Nil
Change in derivative liability
$
(
40,999
)
April 2020 issuance
December 31, 2020
Maturity at
November 13, 2021
Expected life
317
days
0
days
Volatility
100
%
100
%
Risk free interest rate
0.27
%
0.30
%
Dividend yield
0
%
0
%
Share price
$
0.41
$
0.18
Fair value
$
58,373
Nil
Change in derivative liability
$
(
58,373
)
Accretion
expense for the year ended December 31, 2021 was $
nil
compared to $
51,522
for the six months ended December 31, 2020 and $
155,001
for
the year ended June 30, 2020 based on an effective interest rate of
16
% after the loan extension.
Interest
expense for the year ended December 31, 2021 was $
nil
compared to $
5,600
for the six months ended December 31, 2020 and $
22,700
for the
year ended June 30, 2020.
Amount
Balance, June 30, 2019
$
-
Proceeds on issuance
300,000
Warrant valuation
(
206,523
)
Accretion expense
155,001
Balance, June 30, 2020
$
248,478
Accretion expense
51,522
Debt settlement
(
189,342
)
Repayment
(
110,658
)
Balance, December 31, 2020
$
-
(ii)
On December 31, 2019, the Company issued a promissory note in the amount of $
82,367
(C$
107,000
). The note bore no interest and was due
on demand. This promissory note was repaid during the year ended June 30, 2020.
(iii)
On January 29, 2020, the Company issued a promissory note in the amount of $
75,727
(C$
100,000
). The note bore no interest and was due
on demand. This promissory note was repaid during the year ended June 30, 2020.
(iv)
On May 12, 2020, the Company issued a promissory note in the amount of $
362,650
(C$
500,000
), net of $
89,190
of debt issue costs. The
note bore no interest and was due on demand after 90 days after the issue date. This promissory note was repaid during the six months
ended December 31, 2020. Accretion expense for the six months ended December 31, 2020 was $
47,737
(year ended June 30, 2020 - $
41,453
)
based on effective interest rate of
7
%.
F-
19
(v)
On May 12, 2020, the Company issued a promissory note in the amount of $
141,704
(C$
200,000
), net of $
35,676
of debt issue costs. The
note bore no interest and was due on demand after 90 days after the issue date. During the six months ended December 31, 2020, the Company
settled the promissory note in full by issuing
714,285
common shares (see note 10). As a result, the Company recorded a loss on debt
settlement of $
291,203
on the consolidated statements of loss and comprehensive loss. Accretion expense for the six months ended December
31, 2020 was $
19,129
(year ended June 30, 2020 - $
16,547
) based on an effective interest rate of
8
%.
(vi)
On June 30, 2020, the Company issued a promissory note in the amount of $
75,000
, net of $
15,000
of debt issue costs. The note bore no
interest and was due on demand. This promissory note was repaid in full during the six months ended December 31, 2020. Financing cost
for the six months ended December 31, 2020 was $
nil
(year ended June 30, 2020 - $
15,000
).
(vii)
On June 30, 2020, the Company issued a promissory note in the amount of $
75,000
to a director of the Company. The note bore no interest
and was due on demand. This promissory note was repaid in full during the six months ended December 31, 2020. Financing cost for the
six months ended December 31, 2020 was $
nil
(year ended June 30, 2020 - $
15,000
).
(viii)
On July 13, 2020, the Company issued a promissory note in the amount of $
1,200,000
, net of $
360,000
debt issue costs. The note bore no
interest and was due on August 31, 2020. This promissory note was repaid in full during the six months ended December 31, 2020. Financing
cost for the six months ended December 31, 2020 was $
360,000
(year ended June 30, 2020 - $
nil
).
(viii)
On September 22, 2021, the Company issued a non-convertible promissory note in the amount of $
2,500,000
bearing interest of
15
%
per annum and payable at maturity. The promissory note was scheduled to mature on the earlier of
March
15, 2022
; however, the note holder agreed
to accept $
500,000
payment by April 15, 2022, and the remaining
principal and interest was deferred to June 20, 2022. See Note 16 Subsequent Events concerning a financing anticipated to close on March
31, 2022.
The Company purchased a land parcel
for approximately $
200,000
subsequent to December 31, 2021,
which may be used as security for the promissory note. Interest expense for the year ended December 31, 2021 was $
102,740
,
which is reflected in Interest payable on the Company's balance sheet at December 31, 2021.
$50,000,000
Project Finance Package
On
December 20, 2021, the Company executed a non-binding term sheet with Sprott Resource Streaming and Royalty ("SRSR") and
other investors outlining a $
50,000,000
project finance package that the Company expects
to fulfill the majority of its funding requirements to restart the mine and reach commercial production in mid-2023. The package consists
of an $
8,000,000
Royalty Convertible Debenture, a $
5,000,000
Convertible Debenture, and a multi-metals stream of up to $
37,000,000
(collectively, the "Stream").
Subject
to settlement of definitive documentation with SRSR, the $
8,000,000
was advanced under the Royalty Convertible Debenture
in January 2022. These proceeds funded the purchase of the Bunker Hill Mine and near-term working capital requirements, including a $
2,000,000
payment to the EPA in January 2022. The Royalty
Convertible Debenture will initially bear interest at an annual rate of
9.0
%,
payable in cash or shares at the Company's option, until such time that SRSR elects to convert it into a Royalty, with such conversion
option expiring at the earlier of advancement of the Stream or 18 months. In the event of conversion, the Royalty Convertible Debenture
will cease to exist and the Company will grant a Royalty for
1.85
%
of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development,
and covered by the Company's 2021 ground geophysical survey. A 1.35% rate will apply to claims outside of these areas. The Royalty
Convertible Debenture will initially be secured by a share pledge of the Company's operating subsidiary, until such time that a
full security package is put in place. In the event of non-conversion, the principal of the Royalty Convertible Debenture will be repayable
in cash.
Subject
to settlement of definitive documentation with SRSR and other investors, the $
5,000,000
was increased to $
6,000,000
,
and was advanced under the Convertible Debenture, also in January 2022. These proceeds will fund capital expenditures and working capital
requirements in Q1 2022. The Convertible Debenture will bear interest at an annual rate of
7.5
%,
payable in cash or shares at the Company's option, and a maturity of 18 months from the closing of the Royalty Convertible Debenture.
Until the closing of the Stream, the Convertible Debenture is convertible into shares of the Company at a share price of CAD
0.30
per share. Alternatively, SRSR may elect to retire
the Convertible Debenture with the cash proceeds of the Stream. The Company may elect to re-pay the Convertible Debenture early; if SRSR
elects not to exercise its conversion option at such time, a minimum of 12 months of interest would apply.
Subject
to SRSR internal approvals, further technical and other diligence (including confirmation of full project funding by an independent engineer
appointed by SRSR), and satisfactory definitive documentation, the Company expects to close the Stream concurrent with a formal construction
decision being made by Q2 2022. A minimum of $
27,000,000
and a maximum of $
37,000,000
(the "Stream Amount") will be
made available under the Stream, at the Company's option, once the conditions for availability of the Stream have been satisfied.
Assuming the maximum funding of $37,000,000
is drawn, the Stream would apply to 10% of payable metals sold until a minimum quantity of metal is delivered consisting of, individually,
55 million pounds of zinc, 35 million pounds of lead, and 1 million ounces of silver. Thereafter,
the Stream would apply to 2% of payable metals sold. If the Company elects to draw less than $37,000,000 under the Stream, the
percentage and quantities of payable metals streamed will adjust pro-rata. The delivery price of streamed metals will be 20% of the applicable
spot price.
F-
20
The
Company may buy back 50% of the Stream Amount at a 1.40x multiple of the Stream Amount between the second and third anniversary of
the date of funding, and at a 1.65x multiple of the Stream Amount between the third and fourth anniversary of the date of funding.
The Company will be permitted to incur additional indebtedness of $
15,000,000
and
a cost over-run facility of $
13,000,000
from
other financing counterparties.
The
Royalty Convertible Debenture and Convertible Debenture closed subsequent to the end of the year. See Note 16 Subsequent
Events.
In support of plans to rapidly restart the Mine,
the Company worked systematically through 2020 and 2021 to delineate mineral resources and conduct various technical studies. Executing
this strategy may require securing additional financing, which may include additional indebtedness of $
15,000,000
and a cost over-run
facility of $
13,000,000
.
9.
Lease liability
The
Company has an operating lease for office space that expires in 2022. Below is a summary of the Company's lease liability as of
December 31, 2021:
Office lease
Balance, December 31, 2019
$
274,981
Addition
-
Interest expense
22,156
Lease payments
(
123,098
)
Foreign exchange gain
2,568
Balance, December 31, 2020
176,607
Addition
-
Interest expense
12,696
Lease payments
(
129,191
)
Foreign exchange loss
2,165
Balance, December 31, 2021
62,277
In
addition to the minimum monthly lease payments of C$
13,504
, the Company is required to make additional monthly payments amounting to
C$
12,505
for certain variable costs. The schedule below represents the Company's obligations under the lease agreement in Canadian
dollars.
Less than 1 year
1-2 years
2-3 years
Total
Base rent
$
81,025
$
-
$
-
$
81,025
Additional rent
75,030
-
-
75,030
$
156,055
$
-
$
-
$
156,055
The
monthly rental expenses are offset by rental income obtained through a series of short-term subleases held by the Company.
10.
Capital stock, warrants and stock options
Authorized
The
total authorized capital is as follows:
●
750,000,000
common shares with a par value of $
0.000001
per common share; and
●
10,000,000
preferred shares with a par value of $
0.000001
per preferred share
On
July 19, 2019, the Company amended its articles of incorporation to change the total authorized capital and the par values, which have
been retrospectively applied in these consolidated financial statements.
F-
21
Issued
and outstanding
On
February 26, 2020, the Company closed a non-brokered private placement, issuing
2,991,073
common shares of the Company at C$
0.56
per
common share for gross proceeds of C$
1,675,000
($
1,256,854
) and incurring financing costs of $
95,763
, and issuing
239,284
broker warrants.
Each broker warrant entitles the holder to acquire one common share at a price of C$
0.70
per common share for a period of
two years
.
The Company also issued
696,428
common shares for $
300,000
which was applied to reduce the principal amount owing under the convertible
loan facility (see note 7).
On
May 12, 2020, the Company closed a non-brokered private placement, issuing
107,143
common shares of the Company at C$
0.56
per common
share for gross proceeds of C$
60,000
($
44,671
).
On
August 14, 2020, the Company closed the first tranche of a brokered private placement of units of the Company (the "August 2020
Offering"), issuing
35,212,142
units of the Company ("August 2020 Units") at C$
0.35
per August 2020 Unit for gross
proceeds of $
9,301,321
(C$
12,324,250
). Each August 2020 Unit consisted of one common share of the Company and one common share purchase
warrant of the Company (each, an "August 2020 Warrant"), which entitles the holder to acquire a common share of the Company
at C$
0.50
per common share until August 31, 2023. In connection with the first tranche of the August 2020 Offering, the Company incurred
share issuance costs of $
709,488
(C$
849,978
) and issued
2,112,729
compensation options (the "August 2020 Compensation Options").
Each August 2020 Compensation Option is exercisable into one August 2020 Unit at an exercise price of C$
0.35
until August 31, 2023.
On
August 25, 2020, the Company closed the second tranche of the August 2020 Offering, issuing
20,866,292
August 2020 Units at C$
0.35
per
August 2020 Unit for gross proceeds of $
5,510,736
(C$
7,303,202
). In connection with the second tranche of the August 2020 Offering, the
Company incurred share issuance costs of $
237,668
(C$
314,512
) and issued
1,127,178
August 2020 Compensation Options.
In
the August 2020 Offering, the fair value of warrants, which are treated as a liability and fair value accounted for, were greater than
gross proceeds. As a result, a loss of $
940,290
has been recognized in the consolidated statements of loss and $
947,156
of total share
issue costs were also expensed.
The
Company also issued
2,205,714
August 2020 Units to settle $
177,353
of accounts payable, $
55,676
of accrued liabilities, $
28,300
of interest
payable, and $
344,185
of promissory notes payable at a deemed price of $
0.67
based on the fair value of the units issued. As a result,
the Company recorded a loss on debt settlement of $
899,237
.
On
October 9, 2020, the Company issued
5,572,980
common shares at a deemed price of C$
0.49
based on the fair value of the common shares
issued to settle $
1,600,000
of convertible loan payable and $
500,000
of interest payable. As a result, the Company recorded a gain on
debt settlement of $
23,376
.
In
February 2021, the Company closed a non-brokered private placement of units of the Company (the "February 2021 Offering"),
issuing
19,576,360
units of the Company ("February 2021 Units") at C$
0.40
per February 2021 Unit for gross proceeds of $
6,168,069
(C$
7,830,544
. Each February 2021 Unit consisted of one common share of the Company and one common share purchase warrant of the Company
(each, "February 2021 Warrant"), which entitles the holder to acquire a common share of the Company at C$
0.60
per common
share for a period of
five years
. In connection with the February 2021 Offering, the Company incurred share issuance costs of $
154,630
and issued
351,000
compensation options (the "February 2021 Compensation Options"). Each February 2021 Compensation Option
is exercisable into one February 2021 Unit at an exercise price of C$
0.40
for a period of three years.
The
Company also issued
417,720
February 2021 Units to settle $
132,000
of accrued liabilities at a deemed price of $
0.45
based on the fair
value of the units issued. As a result, the Company recorded a loss on debt settlement of $
56,146
.
For
each financing, the Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative instruments
as they were issued in a currency other than the Company's functional currency of the U.S. dollar. The estimated fair value of
warrants accounted for as liabilities was determined on the date of issue and marks to market at each financial reporting period. The
change in fair value of the warrant is recorded in the consolidated statement of operations and comprehensive loss as a gain or loss
and is estimated using the Binomial model.
F-
22
The
fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial
model to determine the fair value using the following assumptions on the day of issuance and as at December 31, 2021:
February 2021 issuance
February 9 and 16
2021
December 31, 2021
Expected life
1,826
days
1,501
days
Volatility
100
%
100
%
Risk free interest rate
0.49
%
1.25
%
Dividend yield
0
%
0
%
Share price
$
0.27
and $
0.29
$
0.37
Fair value
$
3,813,103
$
3,483,745
Change in derivative liability
$
(
329,358
)
The
warrant liabilities as a result of the August 2018, November 2018, June 2019, August 2019, and August 2020 private placements were revalued
as at December 31, 2021 and December 31, 2020 using the Binomial model and the following assumptions:
August 2020 issuance
December 31, 2020
December 31, 2021
Expected life
973
days
608
days
Volatility
100
%
100
%
Risk free interest rate
1.31
%
0.95
%
Dividend yield
0
%
0
%
Share price
$
0.41
$
0.37
Fair value
$
14,493,215
$
6,790,163
Change in derivative liability
$
(
7,703,052
)
August 2018 issuance
December 31, 2020
December 31, 2021
Expected life
221
days
expired
Volatility
100
%
Nil
%
Risk free interest rate
1.23
%
Nil
%
Dividend yield
0
%
Nil
%
Share price
$
0.41
$
Nil
Fair value
$
0
$
Nil
Change in derivative liability
$
Nil
November 2018 issuance
December 31, 2020
December 31, 2021
Expected life
332
days
expired
Volatility
100
%
Nil
%
Risk free interest rate
1.09
%
Nil
%
Dividend yield
0
%
Nil
%
Share price
$
0.41
$
Nil
Fair value
$
52,540
$
Nil
Change in derivative liability
$
(
52,540
)
June 2019 issuance (i)
December 31, 2020
December 31, 2021
Expected life
1,826
days
1,461
days
Volatility
100
%
100
%
Risk free interest rate
0.85
%
1.02
%
Dividend yield
0
%
0
%
Share price
$
0.41
$
0.37
Fair value
$
3,438,839
$
2,067,493
Change in derivative liability
$
(
1,371,346
)
(i)
During the six
months ended December 31, 2020, the Company amended the exercise price to C$
0.59
per common share and extended the expiry date to
December
31, 2025
for
11,660,000
warrants.
F-
23
August 2019 issuance (ii)
December 31, 2020
December 31, 2021
Expected life
213
-
1,826
days
1,461
days
Volatility
100
%
100
%
Risk free interest rate
0.81
%
1.02
%
Dividend yield
0
%
0
%
Share price
$
0.41
$
0.37
Fair value
$
5,922,270
$
3,177,485
Change in derivative liability
$
(
2,744,785
)
(ii)
During the six
months ended December 31, 2020, the Company amended the exercise price to C$
0.59
per common share and extended the expiry date to
December
31, 2025
for
17,920,000
warrants. The terms of the remaining
2,752,900
warrants remain unchanged.
Warrants
Weighted
Weighted
average
average
Number of
exercise price
grant date
warrants
(C$)
value ($)
Balance, June 30, 2019
13,046,484
$
0.88
$
0.28
Issued
27,360,284
0.27
0.03
Expired
(
229,464
)
8.50
3.54
Exercised (i)
(
2,332,900
)
0.25
0.02
Balance, June 30, 2020
37,844,404
$
0.43
$
0.10
Issued
58,284,148
0.50
0.27
Expired
(
350,746
)
14.84
5.97
Balance, December 31, 2020
95,777,806
$
0.54
$
0.18
Issued
19,994,080
0.60
0.19
Expired
(
4,359,174
)
0.59
0.19
Balance, December 31, 2021
111,412,712
$
0.54
$
0.18
(i)
During the year
ended June 30, 2020,
2,332,900
warrants were exercised at C$
0.25
per warrant for gross proceeds of C$
583,225
($
417,006
). In conjunction
with the exercise of warrants, the Company recognized a change in derivative liability of $
871,710
.
(ii)
During the six
months ended December 31, 2020, the Company amended the exercise price to C$
0.59
per share and extended the expiry date to
December 31,
2025
for
3,315,200
finder's warrants. As a result, the Company recognized stock-based compensation of $
210,839
, which is included
in operation and administration expenses on the consolidated statements of loss and comprehensive loss.
At
December 31, 2021, the following warrants were outstanding:
Number of
Exercise
Number of
warrants
Expiry date
price (C$)
warrants
exercisable
February 26, 2022
0.70
239,284
239,284
August 31, 2023
0.50
58,284,148
58,284,148
December 31, 2025
0.59
32,895,200
32,895,200
February 9, 2026
0.60
17,112,500
17,112,500
February 16, 2026
0.60
2,881,580
2,881,580
111,412,712
111,412,712
During
the year ended December 31, 2021,
160,408
August 2018 warrants expired,
2,752,900
August 2019 warrants expired,
645,866
November 2018
warrants expired,
400,000
November 2019 warrants expired, and
400,000
April 2020 loan extension warrants expired.
F-
24
Broker
options
At
December 31, 2021, the following broker options were outstanding:
Weighted
Number of
average
broker
exercise price
options
(C$)
Balance, June 30, 2020
-
$
-
Issued - August 2020 Compensation Options
3,239,907
0.35
Balance, December 31, 2020
3,239,907
$
0.35
Issued – February 2021 Compensation Options
351,000
0.40
Balance, December 31, 2021
3,590,907
0.35
(i)
The grant date
fair value of the August 2020 and February 2021 Compensation Options were estimated at $
521,993
and $
68,078
, respectively, using the
Black-Scholes valuation model with the following underlying assumptions:
Grant Date
Risk free
interest rate
Dividend yield
Volatility
Stock price
Weighted
average life
August 2020
0.31
%
0
%
100
%
C$
0.35
3
years
February 2021
0.26
%
0
%
100
%
C$
0.40
3
years
Exercise
Number of
Expiry date
price (C$)
broker options
Fair value ($)
August 31, 2023
(i)
$
0.35
3,239,907
$
521,993
February 16, 2024
(ii)
$
0.40
351,000
$
68,078
3,590,907
$
590,071
(i)
Exercisable into
one August 2020 Unit
(ii)
Exercisable into
one February 2021 Unit
Stock
options
The
following table summarizes the stock option activity during the year ended December 31, 2021, the six months ended December 31, 2020
and the year ended June 30, 2020:
Weighted
average
Number of
exercise price
stock options
(C$)
Balance, June 30, 2019
287,100
$
7.50
Granted (i)(ii)
7,532,659
0.56
Forfeited
(
239,600
)
9.78
Balance, June 30, 2020
7,580,159
$
0.62
Granted (iii)(iv)
435,000
0.55
Balance, December 31, 2020
8,015,159
$
0.62
Granted (v)
1,037,977
0.34
Balance, December 31, 2021
9,053,136
$
0.58
(i)
On October 24,
2019,
1,575,000
stock options were issued to directors and officers of the Company. These options have a
5
-year life and are exercisable
at C$
0.60
per share. The grant date fair value of the stock options was estimated at $
435,069
. The vesting of these options resulted
in stock-based compensation of $
50,909
for the year ended December 31, 2021, $
74,949
for the six months ended December 31, 2020 and $
309,211
for the year ended June 30, 2020, which is included in operation and administration expenses on the consolidated statements of loss and
comprehensive loss.
F-
25
(ii)
On April 20, 2020,
5,957,659
stock options were issued to certain directors of the Company. Each stock option entitles the holder to acquire one common
share of the Company at an exercise price of C$
0.55
. The stock options vest in one fourth increments upon each anniversary of the grant
date and expire in
5
years. The grant date fair value of the stock options was estimated at $
1,536,764
. The vesting of these options
results in stock-based compensation of $
531,925
for the year ended December 31, 2021, $
403,456
for the six months ended December 31,
2020 and $
162,855
for the year ended June 30, 2020, which is included in operation and administration expenses on the consolidated statements
of loss and comprehensive loss.
(iii)
On September 30,
2020,
200,000
stock options were issued to a consultant. Each stock option entitles the holder to acquire one common share of the Company
at an exercise price of C$
0.60
. The stock options vest
50
% at 6 months and
50
% at 12 months from the grant date and expire in
3
years.
The grant date fair value of the options was estimated at $
52,909
. The vesting of these options resulted in stock-based compensation
of $
32,651
for the year ended December 31, 2021, $
20,259
for the six months ended December 31, 2020, and $
nil
for the year ended June
30, 2020, which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss.
(iv)
On October 30,
2020,
235,000
stock options were issued to a former director. Each stock option entitles the holder to acquire one common share of the
Company at an exercise price of C$
0.50
. The stock options vested immediately and expire on
December 31, 2022
. The grant date fair value
of the options was estimated at $
46,277
. The vesting of these options resulted in stock-based compensation of $
46,277
for the six months
ended December 31, 2020, which is included in operation and administration expenses on the consolidated statements of loss and comprehensive
loss.
(v)
On
                                            February 19, 2021,
1,037,977
stock
                                            options were issued to an officer of the Company, of which
273,271
stock
                                            options vested immediately and the balance of
764,706
stock
                                            options vested on December 31, 2021. These options have a
5
-year
                                            life and are exercisable at C$
0.335
per
                                            common share. The grant date fair value of the options was estimated at $
204,213
.
                                            The vesting of these options resulted in stock-based compensation of $
204,213
for
                                            the year ended December 31, 2021, which is included in operation and administration expenses
                                            on the consolidated statements of income (loss) and comprehensive income (loss).
The
fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following
underlying assumptions:
Risk free interest rate
Dividend yield
Volatility
Stock price
Weighted
average life
(i)
1.54
%
0
%
100
%
C$
0.50
5
years
(ii)
0.44
%
0
%
100
%
C$
0.50
5
years
(iii)
0.25
%
0
%
100
%
C$
0.58
3
years
(iv)
0.26
%
0
%
100
%
C$
0.49
2.2
years
(v)
0.64
%
0
%
100
%
C$
0.34
5
years
The
following table reflects the actual stock options issued and outstanding as of December 31, 2021:
Weighted average
Number of
remaining
Number of
options
Exercise
contractual
options
vested
Grant date
price (C$)
life (years)
outstanding
(exercisable)
fair value ($)
$
10.00
0.00
47,500
47,500
$
258,013
0.50
0.03
235,000
235,000
46,277
0.60
0.04
200,000
200,000
52,909
0.60
0.49
1,575,000
1,575,000
435,069
0.55
2.17
5,957,659
1,489,415
1,536,764
0.335
0.47
1,037,977
1,037,977
204,213
9,053,136
4,584,892
$
2,533,245
F-
26
11.
Restricted share units
Effective
March 25, 2020, the Board of Directors approved a Restricted Share Unit ("RSU") Plan to grant RSUs to its officers, directors,
key employees and consultants.
The
following table summarizes the RSU activity during the year ended December 31, 2021, the six months ended December 31, 2020, and the
year ended June 30, 2020:
Weighted
average
grant date
fair value
Number of
per share
shares
(C$)
Unvested as at June 30, 2019
-
$
-
Granted (i)(ii)
600,000
0.40
Unvested as at June 30, 2020
600,000
$
0.40
Granted (iii)(iv)
388,990
0.39
Unvested as at December 31, 2020
988,990
$
0.39
Granted
1,348,434
0.38
Vested
(
1,516,299
)
0.41
Forfeited
(
245,125
)
0.52
Unvested as at December 31, 2021
576,000
$
0.62
(i)
On April 14, 2020,
the Company granted
400,000
RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of
the grant date. The vesting of these RSUs resulted in stock-based compensation of $
71,829
for the year ended December 31, 2021, $
55,135
for the six months ended December 31, 2020, and $
23,073
for the year ended June 30, which is included in operation and administration
expenses on the consolidated statements of loss and comprehensive loss.
(ii)
On April 20, 2020,
the Company granted
200,000
RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of
the grant date. The vesting of these RSUs resulted in stock-based compensation of $
24,659
for the year ended December 31, 2021, $
18,703
for the six months ended December 31, 2020, and $
7,217
for the year ended June 30, 2020, which is included in operation and administration
expenses on the consolidated statements of loss and comprehensive loss.
(iii)
On November 16,
2020, the Company granted
168,000
RSUs to certain directors of the Company. The RSUs vest in one fourth increments upon each anniversary
of the grant date. The vesting of these RSUs resulted in stock-based compensation of $
30,510
for the year ended December 31, 2021, and
$
3,998
for the six months ended December 31, 2020, which is included in operation and administration expenses on the consolidated statements
of loss and comprehensive loss.
(iv)
On December 6,
2020, the Company granted
220,990
RSUs to a consultant of the Company. The RSUs vest in one sixth increments per month. The vesting of
these RSUs resulted in stock-based compensation of $
58,740
for the year ended December 31, 2021, and $
29,304
for the six months ended
December 31, 2020, which is included in operation and administration expenses on the consolidated statements of loss and comprehensive
loss.
(v)
On
                                                                                                                                                                                          January 1, 2021, the Company granted
735,383
RSUs to a consultant of the Company.
245,128
RSUs vested immediately with the remaining RSUs vesting in one twelfth increments per month. During the year ended 2021, a total of
490,258
RSUs vested, and in July 2021, the consultant forfeited the remaining
245,125
unvested RSUs, resulting in a reversal of share-based compensation of $
64,870
. The vesting of these RSUs resulted in stock-based
                                                                                                                                                                                          compensation of $
199,542
for the year ended December 31, 2021, which is included in operation and administration expenses on the consolidated statements of
                                                                                                                                                                                          loss and comprehensive loss.
F-
27
(vi)
On July 1, 2021,
the Company granted
17,823
RSUs to a consultant of the Company, vesting immediately. The vesting of these RSUs resulted in stock-based
compensation of $
4,026
for the year ended December 31, 2021, which is included in operation and administration expenses on the consolidated
statements of loss and comprehensive loss.
(vii)
On August 5, 2021,
the Company granted
595,228
RSUs to consultants of the Company, vesting immediately. The vesting of these RSUs resulted in stock-based
compensation of $
100,022
for the year ended December 31, 2021, which is included in operation and administration expenses on the consolidated
statements of loss and comprehensive loss.
12.
Deferred share units
Effective
April 21, 2020, the Board of Directors approved a Deferred Share Unit ("DSU") Plan to grant DSUs to its directors. The DSU
Plan permits the eligible directors to defer receipt of all or a portion of their retainer or compensation until termination of their
services and to receive such fees in the form of cash at that time.
Upon
vesting of the DSUs or termination of service as a director, the director will be able to redeem DSUs based upon the then market price
of the Company's common share on the date of redemption in exchange for cash.
The
following table summarizes the DSU activity during the years ended December 31, 2021 and 2020:
Weighted
average
grant date
fair value
Number of
per share
shares
(C$)
Unvested as at June 30, 2019
-
$
-
Granted (i)
7,500,000
1.03
Unvested as at June 30, 2020 and December 31, 2020
7,500,000
$
1.03
Vested
(
1,875,000
)
1.03
Unvested as at December 31, 2021
5,625,000
$
1.03
(i)
On April 21, 2020, the Company granted
7,500,000
DSUs. The DSUs vest in one fourth increments
                                            upon each anniversary of the grant date and expire in
5
years. During the year ended December
                                            31, 2021, the Company recognized $
421,284
stock-based compensation related to the DSUs (six
                                            months ended December 31, 2020 - $
560,461
and the year ended June 30, 2020 - $
549,664
), which
                                            is included in operation and administration expenses on the consolidated statements of loss
                                            and comprehensive loss. The fair value at December 31, 2021 was $
1,531,409
.
13.
Commitments and contingencies
As
stipulated by the agreements with Placer Mining as described in note 6, the Company is required to make a monthly payment of $
60,000
for care and maintenance for the mine, up
to the date of acquisition.
As
stipulated in the agreement with the EPA and as described in Note 6, the Company is required to make two types of payments to
the EPA, one for cost-recovery, and the other for water treatment. The EPA invoices the Company on an annual basis for the actual
water treatment costs, which may exceed the recognized estimated costs significantly. When the Company receives the water treatment invoices,
it records any liability for actual costs over and above any estimates made, and adjusts future estimates as required based on these
actual invoices received. The Company is required to pay for the actual costs regardless of the periodic required estimated accruals
and payments made each year. As at December 31, 2021, $
16,417,208
payable to the EPA has been included in accounts
payable and accrued liabilities (December 31, 2020 - $
11,298,594
and June 30, 2021 – $
7,915,235
,
respectively). An amended agreement has been signed
to modify the payment amounts and terms to settle amounts outstanding under the original agreement.
The
Company has entered into a lease agreement which
expires in May 2022
. Monthly rental expenses are approximately C$
26,000
and are offset
by rental income obtained through a series of short-term subleases held by the Company. See note 9.
F-
28
On
or about June 14, 2021, a lawsuit was filed in the US District Court for the District of Idaho brought by a purported personal representative
of the estate of a minority shareholder of Placer Mining. The named defendants include Placer Mining, certain of Placer Mining's
shareholders, the Company, and certain of the Company's shareholders. The lawsuit alleges that Placer Mining entered into a series
of transactions, including amendments to the Company's lease with Placer Mining, in breach of an agreement dated August 31, 2018,
which allegedly restricted the sale of shares in Placer Mining by certain shareholders. On August 13, 2021, the Company filed a motion
to dismiss the claim for lack of jurisdiction and standing. On September 3, 2021, the plaintiff responded to the motion to dismiss and
agreed that Placer Mining should be dismissed for lack of jurisdiction. The Company, as well as other named defendants, filed replies
in support of the motions to dismiss and argued that Placer Mining is an indispensable party and with dismissal of Placer Mining the
lawsuit should be dismissed. The US District Court has not ruled on the motions to dismiss but the Company believes the motion to dismiss
will be granted and the lawsuit dismissed.
On July 28, 2021, a lawsuit was filed in the US
District Court for the District of Idaho brought by Crescent Mining, LLC ("Crescent"). The named defendants include Placer
Mining, Robert Hopper Jr., and the Company. The lawsuit alleges that Placer Mining and Robert Hopper Jr. intentionally flooded the Crescent
Mine during the period from 1991 and 1994, and that the Company is jointly and severally liable with the other defendants for unspecified
past and future costs associated with the presence of acid mine drainage ("AMD") in the Crescent Mine. The plaintiff has
requested unspecified damages. On September 20, 2021, the Company filed a motion to dismiss Crescent's claims against it, contending
that such claims are facially deficient.  On March 2, 2022, Chief US District Court Judge, David C. Nye granted in part and denied
in part the Company's motion to dismiss. The court granted the Company's motion to dismiss Crescent's Cost Recovery
claim under CERCLA Section 107(a), Declaratory Judgment, Tortious Interference, Trespass, Nuisance and Negligence claims. These claims
were dismissed without prejudice. The court demined the motion to dismiss filed by Placer Mining Corp. for Crescent's trespass,
nuisance and negligence claims. If Crescent seeks to amend its complaint, it must do so within 30 days of the court's judgement
on March 2, 2022. The Company believes Crescent Mining LLC's lawsuit against Placer Mining Corp. is without merit and intends to
defend Placer Mining Corp. vigorously pursuant to the Company's indemnification of Placer Mining Corp in the Sale and Purchase
agreement executed between the companies for Bunker Hill Mine on December 15, 2021.
The
Company believes the claims in both lawsuits, as they relate to Bunker Hill, are without merit and intends to defend them vigorously.
14.
Income taxes
As
at December 31, 2021, December 31, 2020, and June 30, 2020, the Company had no accrued interest and penalties related to uncertain tax
positions. The income tax provision differs from the amount of income tax determined by applying the U.S. federal tax rate of
21.0
%
(December 31, 2020 –
21.0%)
to
pretax loss from operations for the periods ended December 31, 2021 and December 31, 2020 and year ended June 30, 2020 due to the following:
Year
Six Months
Year
Ended
Ended
Ended
December 31,
December 31,
June 30,
2021
2020
2020
Loss before income taxes
$
6,402,277
$
2,164,454
$
31,321,791
Expected income tax recovery
(
1,344,478
)
(
454,535
)
(
6,577,576
)
Change in estimates in respect of prior periods
837,195
-
-
Change in tax rate
274,477
181,332
-
Change in fair value of derivative liability
(
2,583,095
)
-
-
State and local taxes, net of federal benefit
(
960,296
)
17,632
(
1,576,384
)
Share issuance costs
-
198,903
-
Accretion
-
24,862
81,746
Stock based compensation
-
296,448
219,952
Loss on loan extinguishment
-
-
223,798
Other
5,033
2,006
980
Change in valuation allowance
3,771,164
(
266,647
)
7,627,485
Total
$
-
$
-
$
-
Deferred
tax assets and the valuation account are as follows:
December 31,
December 31,
June 30,
2021
2020
2020
Deferred tax asset:
Net operating loss carryforwards
$
6,724,313
$
5,547,502
$
6,148,029
Mineral interest purchase option
10,707,362
7,101,619
5,068,605
Other deferred tax assets
454,499
1,453,133
3,600,101
Valuation allowance
(
17,886,174
)
(
14,115,010
)
(
14,832,531
)
Unrealized foreign exchange loss
-
12,756
15,796
Total
$
-
$
-
$
-
F-
29
December 31,
December 31,
June 30,
2021
2020
2020
Deferred tax asset:
Net operating loss carryforwards
$
59,955
$
16,241
$
9,910
Lease liabilities
-
-
56,322
Deferred tax liabilities:
Equipment
(
18,809
)
(
16,241
)
(
9,910
)
Unrealized foreign exchange gain
(
41,146
)
-
-
Right of use assets and lease obligations
-
-
(
56,322
)
Net deferred tax asset
$
-
$
-
$
-
The
potential income tax benefit of these losses has been offset by a full valuation allowance.
As
of December 31, 2021, December 31, 2020 and June 30, 2020, the Company has an unused net operating loss carryforward balance of $
26,356,908
,
$
21,310,259
and $
19,775,710
,
respectively, that is available to offset future taxable income.
The
net operating loss carryforwards generated before 2018 expire between 2031 and 2037. The losses generated in 2018 and later tax years
do not expire.
The
Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly
increase or decrease within the next 12 months.
The
tax years that remain subject to examination by major taxing jurisdictions are those for the year ended December 31, 2021, period
ended December 31, 2020 and years ended June 30, 2020, 2019, 2018, 2017, 2016, 2015, and 2014.
15.
Related party transactions
(i)
During the year ended December 31, 2021, John Ryan (Director and former CEO) billed $
nil
(six months ended December 31, 2020 - $
13,500
,
year ended June 30, 2020 - $
51,500
, respectively) for consulting services to the Company.
(ii)
During the year ended December 31, 2021, Wayne Parsons (Director and former CFO) billed $
120,127
(six months ended December 31, 2020 - $
71,390
,
year ended June 30, 2020 - $
136,045
,
respectively) for consulting services to the Company.
(iii)
During the year ended December 31, 2021, Hugh Aird (former Director) billed $
nil
(six months ended December 31, 2020 - $
18,223
, year
ended June 30, 2020 - $
9,774
, respectively) for consulting services to the Company.
(iv)
During the year ended December 31, 2021, Richard Williams (Director and Executive Chairman) billed $
179,605
(six
months ended December 31, 2020 - $
78,201
,
year ended June 30, 2020 - $
134,927
,
respectively) for consulting services to the Company. At December 31, 2021, $
108,719
is
owed to Mr. Williams (December 31, 2020 - $
45,000
and
June 30, 2020 - $
121,161
,
respectively) with all amounts included in accounts payable and accrued liabilities.
During
the six months ended December 31, 2020, the Company issued
214,286
August 2020 Units at $
0.67
to settle $
56,925
of debt owed to Mr. Williams.
On
June 30, 2020, the Company issued a promissory note in the amount of $
75,000
, net of $
15,000
debt issue costs, to Mr. Williams. The promissory
note has been repaid in full. See Note 8(vii).
(v)
During the year ended December 31, 2021, the Company incurred $
250,000
in payroll expense for Sam Ash (President and CEO) (six
months ended December 31, 2020 - $
125,000
,
year ended June 30, 2020 - $
60,000
,
respectively) for services to the Company. At December 31, 2021, $
62,500
is payable and included in accrued liabilities.
F-
30
During
the six months ended December 31, 2020, the Company issued
77,143
August 2020 Units at a deemed price of $
0.67
to settle $
20,000
of debt
owed to Mr. Ash.
(vi)
During the year ended December 31, 2021, Pam Saxton (Director) billed $
37,669
(six months ended December 31, 2020 - $
7,000
,
year ended June 30, 2020 - $nil) for consulting services to the Company.
(vii)
During the year ended December 31, 2021, Cassandra Joseph (Director) billed $
37,494
(six months ended December 31, 2020 - $
11,290
, year
ended June 30, 2020 - $
nil
) for consulting services to the Company.
(viii)
During the six months ended December 31, 2020, the Company issued
300,000
August 2020 Units at a deemed price of $
0.67
to settle $
77,696
(C$
105,000
) of debt owed to a shareholder of the Company.
(ix) During the year ended December 31, 2021,
the Company incurred $
276,315
in payroll expense for David Wiens (CFO) (six months ended December 31, 2021, $nil, year ended June 30,
2020 - $nil) for services to the Company. At December 31, 2021, $
108,335
is payable, including reimbursable expenses, and included in accrued liabilities.
During the year ended December 31, 2021,
1,037,977
stock options were issued to Mr. Wiens, of which
273,271
stock options vested immediately and the balance of
764,706
stock options vested
on December 31, 2021. These options have a
5
-year life and are exercisable at C$
0.335
per common share. The grant date fair value of
the options was estimated at $
204,213
. The vesting of these options resulted in stock-based compensation of $
204,213
for the year ended
December 31, 2021.
16.
Subsequent events
Following
the approval of the transaction by Placer Mining Corp. shareholders and satisfaction of other closing conditions, the purchase of the
Bunker Hill Mine closed on January 7, 2022. Concurrently, definitive documentation and all closing conditions were met for the $
8,000,000
Royalty Convertible Debenture. The Royalty Convertible Debenture funds the purchase of the Bunker Hill Mine, a $
2,000,000
payment to the EPA, and near-term
working capital requirements.
The
$
8,000,000
Royalty Convertible Debenture will initially bear interest at an annual rate of
9.0
% payable in cash or Common Shares
at the Company's option, until such time that SRSR elects to convert to a royalty, with such conversion option expiring at the
earlier of advancement of the Stream or 18 months. In the event of conversion, the Royalty Convertible Debenture will cease to exist
and the Company will grant a royalty for
1.85
% of life-of-mine gross revenue from mining claims considered to be historically worked,
contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 1.35%
rate will apply to claims outside of these areas. The Royalty Convertible Debenture will initially be secured by a share pledge of
the Company's operating subsidiary, Silver Valley, until such time that a full security package is put in place.  In
the event of non-conversion, the principal of the Royalty Convertible Debenture will be repayable in cash.
In
January 2022, the Company
also closed the
$
6,000,000
Convertible Debenture
, which was increased from a previously-announced
$
5,000,000
.
The Convertible Debenture funds near-term working capital requirements, mine
development, and the advancement of its Prefeasibility Study, including engineering studies for the demobilization and construction of
the Pend Oreille Process Plant at Bunker Hill. The $
6,000,000
Convertible Debenture will initially bear interest at an annual rate of
7.5
%,
payable in cash or shares at the Company's option, and a maturity of 18 months from the closing of the Royalty Convertible Debenture.
Until the closing of the Stream, the Convertible Debenture is convertible into Common Shares at a price of C$
0.30
per Common Share, subject to stock exchange approval. Alternatively, SRSR
may elect to retire the Convertible Debenture with the cash proceeds from the Stream. The Company may elect to repay the Convertible
Debenture early; if SRSR elects not to exercise its conversion option at such time, a minimum of 12 months of interest would apply.
On January 7, 2022, the
Company closed the purchase of the Bunker Hill Mine. See Note 6 Mining Interests. Mine assets were purchased for $
7,700,000
,
with $
300,000
of previous lease payments and a deposit of $
2,000,000
applied to the purchase, resulting in cash paid at closing of approximately $
5,400,000
.
The EPA obligation of $
19,000,000
was assumed by Bunker Hill as part of the acquisition. The restructuring of the EPA Settlement payment stream under the
Amendment does not occur unless and until the Company puts the financial assurances in place. On March 22, 2022, the Company reported
that in consultation with the EPA, it has committed to meet the approximately $
2,900,000
and Financial Assurance obligations by 180 days from the effective date of the Amended Settlement Agreement.
On January 31, 2022, the Company entered into
a non-binding Memorandum of Understanding ("MOU") with Teck Resources Limited ("Teck") for the purchase of
a comprehensive package of equipment and parts inventory from its Pend Oreille site (the "Pend Oreille Process Plant") in
eastern Washington State.
The
package comprises substantially all processing equipment of value located at the site, including complete crushing, grinding and flotation
circuits.
The MOU outlines a purchase price under two scenarios,
at Teck's option: an all-cash $
2,750,000
purchase price, or a $
3,000,000
purchase price comprised of cash and Bunker Hill shares. Each option includes a $
500,000
non-refundable deposit, which has been paid by the Company subsequent to the end of the year. On March 7, 2022, the Company announced
the signing of an Asset Purchase agreement for the purchase of the Pend Oreille Process Plant. Closing of the transaction remains subject
to certain conditions, including payment of the remaining purchase price by May 15, 2022.
F-
31
On March 3, 2022, the Company closed the purchase
of a 225-acre surface land parcel for a cash payment of approximately $
200,000
.
On
March 9, 2022, the Company entered into an agreement with a syndicate of agents led by Echelon Wealth Partners Inc. (collectively, the
"Agents"), which have agreed to act as agents for and on behalf of the Company, on a commercially reasonable "best
efforts" agency basis, without underwriter liability, in connection with a proposed private placement (the "Offering")
of up to C$
15,000,000
of special warrants of the Company (the "Special Warrants") which
will entitle the holders to receive up to
50,000,000
units of the Company at a price of C$
0.30
(the "Issue Price") per Special Warrant, subject to adjustment
in certain events.
Each
Special Warrant shall be exercisable, for no additional consideration and with no further action on the part of the holder thereof, into
one unit (each, a "Unit") of the Company, subject to adjustment described below, on the earlier of: (i) the third business
day after the date upon which both (A) a receipt for a (final) Prospectus (the "Qualification Prospectus") qualifying
the distribution of the Units issuable upon exercise of the Special Warrants has been issued by the applicable securities regulatory
authorities in the Canadian jurisdictions in which purchasers of the Special Warrants are resident (the "Canadian Jurisdictions"),
and (B) the registration statement (the "Registration Statement") of the Company filed with the Securities and Exchange Commission
(the "SEC") registering the Units issuable upon exercise of the Special Warrants has been declared effective by the SEC;
and (ii) the date that is six months following the Closing Date , which is expected to close on March 31, 2022.
Each
Unit will consist of one common share of the Company (a "Common Share") and one common share purchase warrant (each whole
common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share for C$
0.37
for a period of
36
months following the Closing Date. The Warrants shall also be exercisable on a cashless basis in the event the Registration
Statement has not been made effective by the SEC prior to the date of exercise. In the event that a receipt for the Qualification Prospectus
has not been obtained and the Registration Statement has not been deemed effective on or before 5:00 p.m. (EST) on the date that is 60
days following the Closing Date, each unexercised Special Warrant will thereafter entitle the holder thereof to receive, upon the exercise
thereof, at no additional cost
,
1.1 Units (instead of one Unit).
The
Company has also granted to the Agents an option (the "Agents' Option") which shall allow the Agents to sell up to
an additional
15.0
% of the Special Warrants sold pursuant to the Offering at the Issue Price. The Agent's Option may be exercised
in whole or in part as determined by the Agents upon written notice to the Company at any time up to 48 hours prior to the Closing Date.
In consideration for their services, subject to the terms of the agreement with the Agents and adjustments in certain circumstances,
the Agents will receive a cash commission equal to
6.0
% of the gross proceeds of the Offering (including the Agents' Option), and
shall be issued that number of compensation options (the "Compensation Options") as is equal to
6.0
% of the number of Special
Warrants sold pursuant to the Offering (including the Agents' Option). Each Compensation Option shall be exercisable to acquire
one Unit at the Issue Price for a period of 24 months from the closing date of the Offering, subject to adjustment in certain events.
F-
32
PART
II. INFORMATION NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution.
The
estimated expenses of the offering (assuming all shares are sold), all of which are to be paid by the Registrant, are as follows:
SEC Registration Fee
US$
740
Printing Expenses
US$
1500
Accounting Fees and Expenses
US$
3500
Legal Fees and Expenses
US$
20000
Blue Sky Fees/Expenses
0
Transfer Agent Fees
0
TOTAL
$
26,040
Item
14. Indemnification of Directors and Officers.
The
only statute, charter provision, bylaw, contract, or other arrangement under which any controlling person, director or officer of the
Registrant is insured or indemnified in any manner against any liability which he may incur in his capacity as such, is as follows:
Nevada
Law
Section
78.7502 of the Nevada Revised Statutes permits a corporation to indemnify any person who was or is a party or is threatened to be made
a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative,
except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts
paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he:
(a)
is
    not liable pursuant to Nevada Revised Statute 78.138, or
(b)
acted
    in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and,
    with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
In
addition, Section 78.7502 permits a corporation to indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses,
including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense
or settlement of the action or suit if he:
(a)
is
    not liable pursuant to Nevada Revised Statute 78.138; or
(b)
acted
    in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation.
To
the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of
any action, suit or proceeding referred to above, or in defense of any claim, issue or matter, the corporation is required to indemnify
him against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with the defense.
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Section
78.751 of the Nevada Revised Statutes provides that such indemnification may also include payment by the Company of expenses incurred
in defending a civil or criminal action or proceeding in advance of the final disposition of such action or proceeding upon receipt of
an undertaking by the person indemnified to repay such payment if he shall be ultimately found not to be entitled to indemnification
under Section 78.751. Indemnification may be provided even though the person to be indemnified is no longer a director, officer, employee
or agent of the Company or such other entities.
Section
78.752 of the Nevada Revised Statutes allows a corporation to purchase and maintain insurance or make other financial arrangements on
behalf of any person who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise for
any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee or agent,
or arising out of his status as such, whether or not the corporation has the authority to indemnify him against such liability and expenses.
Other
financial arrangements made by the corporation pursuant to Section 78.752 may include the following:
(a)
the
    creation of a trust fund;
(b)
the
    establishment of a program of self-insurance;
(c)
the
    securing of its obligation of indemnification by granting a security interest or other lien on any assets of the corporation; and
(d)
the
    establishment of a letter of credit, guaranty or surety
No
financial arrangement made pursuant to Section 78.752 may provide protection for a person adjudged by a court of competent jurisdiction,
after exhaustion of all appeals, to be liable for intentional misconduct, fraud or a knowing violation of law, except with respect to
the advancement of expenses or indemnification ordered by a court.
Any
discretionary indemnification pursuant to NRS 78.7502, unless ordered by a court or advanced pursuant to an undertaking to repay the
amount if it is determined by a court that the indemnified party is not entitled to be indemnified by the corporation, may be made by
the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee
or agent is proper in the circumstances. The determination must be made:
(a)
by
    the stockholders;
(b)
by
    the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding;
(c)
if
    a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent
    legal counsel in a written opinion, or
(d)
if
    a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal
    counsel in a written opinion.
The
articles of incorporation and bylaws limit director liability and provide for indemnification to the fullest extent provided by Nevada
law.
Item
15 Recent Sales of Unregistered Securities
On
November 20, 2017, the Company issued 1,366,320 (non-consolidated) shares in a private placement transaction at a purchase price of C
$1.25 per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of
1933 or Regulation S for transactions outside of the United States.
On
December 1, 2017, the Company issued 204,000 (non-consolidated) shares in a private placement transaction at a purchase price of C $1.25
per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of 1933 or
Regulation S for transactions outside of the United States.
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On
December 6, 2017, the Company issued 4,000,000 (non-consolidated) shares in a private placement transaction at a purchase price of C
$1.25 per share in a transaction that was exempt from registration under Regulation S for transactions outside of the United States.
On
December 11, 2017, the Company issued 390,000 (non-consolidated) shares in a private placement transaction at a purchase price of C $1.25
per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of 1933 or
Regulation S for transactions outside of the United States.
On
August 8, 2018, the Company issued 1,604,076 (non-consolidated) shares in a private placement transaction at a purchase price of C $0.45
per share in a transaction that was exempt from registration under Regulation S for transactions outside of the United States.
On
November 27, 2018, the Company issued 6,058,664 (non-consolidated) shares in a private placement transaction at a purchase price of C
$0.075 per share in a transaction that was exempt from registration under Regulation S for transactions outside of the United States.
On
November 28, 2018, the Company issued 400,000 (non-consolidated) shares in a private placement transaction at a purchase price of C $0.075
per share in a transaction that was exempt from registration under Regulation S for transactions outside of the United States.
On
June 27, 2019, the Company issued 11,660,000 shares in a private placement transaction at a purchase price of C $0.05 per share in a
transaction that was exempt from registration under Regulation S for transactions outside of the United States.
On
August 1, 2019, the Company issued 23,005,800 shares in a private placement transaction at a purchase price of C $0.05 per share in a
transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of 1933 or Regulation S
for transactions outside of the United States.
On
August 23, 2019, the Company issued 30,000,000 shares in a private placement transaction at a purchase price of C $0.05 per share in
a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act of 1933 or Regulation
S for transactions outside of the United States.
On
August 30, 2019, the Company issued 1,000,000 shares in a private placement transaction at a purchase price of C $0.05 per share in a
transaction that was exempt from registration under Regulation S for transactions outside of the United States.
On
February 25, 2020, the Company issued 3,687,501 shares in a private placement transaction at a purchase price of C $0.56 per share in
a transaction that was exempt from registration under Regulation S for transactions outside of the United States.
On
May 12, 2020, the Company issued 3,687,501 shares in a private placement transaction at a purchase price of C $0.56 per share in a transaction
that was exempt from registration under Regulation S for transactions outside of the United States.
On
August 14, 2020, the Company issued 35,212,142 shares and 35,212,142 warrants in a private placement transaction at a purchase price
of C $0.35 per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act
of 1933 or Regulation S for transactions outside of the United States.
On
August 25, 2020, the Company issued 10,940,534 shares and 10,940,534 warrants in a private placement transaction at a purchase price
of C $0.35 per share in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of the Securities Act
of 1933 or Regulation S for transactions outside of the United States.
Sprott
Capital Partners LP and Cormark Securities Inc. (the "Agents") acted as agents in connection with the latter two placements
and were paid a cash commission of C$1,086,685 in the aggregate and were issued 3,239,907 compensation warrants ("Broker Warrants")
as compensation for their services. Broker Warrants are exercisable into Units at an exercise price equal to C$0.35 until August 31,
2023.
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On
February 24, 2021, the Company closed a non-brokered private placement of 19,994,080 Units of the Company at $0.40 per Unit for gross
proceeds of approximately C$8,000,000 in a transaction that was exempt from registration under Regulation D for section 4 (a) (2) of
the Securities Act of 1933 or Regulation S for transactions outside of the United States. Each Unit consists of one Common Share of the
Company and one Common Share purchase warrant. Each whole warrant entitles the holder to acquire one Common Share of the Company at a
price of C$0.60 per Common Share for a period of five years.
Item
16. Exhibits.
3.1
Articles
    of Incorporation (included as exhibit to Form S-1 filed with the Securities and Exchange Commission on April 1, 2008).
3.2
Bylaws
    (included as exhibit to Form S-1 filed with the Securities and Exchange Commission on April 1, 2008).
3.3
Articles
    of Amendment (included as exhibit to Form 8-K filed with the Securities and Exchange Commission on February 12, 2010).
3.3
Amended
    Bylaws (included as exhibit to Form 8-K filed with the Securities and Exchange Commission on October 25, 2010).
3.4
Amended
    and Restated Bylaws of Liberty Silver Corp., December 14, 2011 (included as exhibit to Form 8-K filed with the Securities and Exchange
    Commission on December 14, 2011).
3.5
Amended
    and Restated Articles of Incorporation of Liberty Silver Corp, (included as exhibit to Form 8-K filed with the Securities and Exchange
    Commission on December 28, 2012)
3.6
Amended
    and Restated Bylaws of Liberty Silver Corp., dated December 21, 2012. (included as exhibit to Form 8-K filed with the Securities and
    Exchange Commission on December 28, 2012)
3.7
Certificate
    of Amendment to Articles of Incorporation for Nevada Profit Corporations, effective September 29, 2017 (included as an exhibit to
    the Form 8-K filed with the Securities and Exchange Commission on September 18, 2017).
3.8
Amended
    and Restated Articles of Incorporation of Liberty Silver Corp. (incorporated by reference to Form S-1 filed on October 27, 2020)
3.9
Amended
    and Restated Articles of Incorporation of Liberty Silver Corp. (incorporated by reference to Form S-1 filed on October 27, 2020)
3.10
Certificate
    of Change dated May 1, 2019 (incorporated by reference to Form S-1 filed on October 27, 2020)
3.11
Certificate
    of Amendment dated September 11, 2020 (incorporated by reference to Form S-1 filed on October 27, 2020)
4.1
Warrant
    Indenture dated as of August 14, 2020 (incorporated by reference to Form S-1 filed on October 27, 2020)
5.1
Opinion regarding Legality*
10.1
Mineral
    Property Purchase Agreement corporation (included as exhibit to Form S-1 filed with the Securities and Exchange Commission on April
    1, 2008).
10.2
Exploration
    Earn-In Agreement dated March 29, 2010, by and between Liberty Silver Corp, a Nevada corporation, and AuEx Ventures, Inc., a Nevada
    corporation (included as exhibit to Form S-1/A filed with the Securities and Exchange Commission on February 19, 2013).
10.3
Purchase
    Agreement Hi Ho Silver Mining Claims dated October 15, 2012 (included as exhibit to Form S-1/A filed with the Securities and Exchange
    Commission on January 24, 2013).
10.4
Registration Rights Agreement dated October 15, 2012 (included as exhibit to Form 8-K filed with the Securities and Exchange Commission on October 16, 2012).
10.5
Memorandum of Exploration Earn-In Agreement, effective March 29, 2010 (included as exhibit to Form S-1/A filed with the Securities and Exchange Commission on January 24, 2013).
10.6
Letter Agreement re Assignment of Exploration Earn-In Agreement, effective July 1, 2010 (included as exhibit to Form S-1/A filed with the Securities and Exchange Commission on January 24, 2013).
10.7
Mining Lease with Option to Purchase, by and between Liberty Silver Corp. and Placer Mining Corporation, dated August 17, 2017 (included as exhibits to Form 8-K filed with the Securities and Exchange Commission on August 23, 2017).
10.8
Standstill Agreement dated May 16, 2017 (included as an exhibit to Form 8-K filed with the Securities and Exchange Commission on May 25, 2017).
10.9
First Amendment to the Amended and Restated Loan Agreement and Notice, dated January 20, 2017 (included as exhibits to the Form 8-K filed with the Securities and Exchange Commission on January 24, 2017).
10.10
Settlement Agreement with EPA (incorporated by reference to Form 8-K dated January 3, 2022).
10.11
Purchase Agreement with respect to the Bunker Hill Mine (incorporated by reference to Form 8-K dated January 3, 2022).
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4
10.12
Special Warrant Indenture between the Company and Capital Transfer Agency dated April 1, 2022*
10.13
Underlying Warrant Indenture between the Company and Capital Transfer Agency dated April 1, 2022*
10.19
Form of Secured Convertible Note (incorporated by reference to the Form 8-K filed on February 3, 2022)
10.20
Secured Royalty Convertible Debenture (incorporated by reference to the Form 8-K filed on February 3, 2022)
23.1
Consent of MNP LLP**
23.2
Consent of J.P. Galda & Co. (Included in Exhibit 5)*
23.3
Consent of Deepak Malhotra, PhD.**
23.4
Consent of Robert H. Todd**
23.5
Consent of Scott E. Wilson**
96.1
Technical Report and Preliminary Economic Assessment for Underground Milling and Concentration of Lead, Zinc and Silver at the Bunker Hill Mine, December 29, 2021.*
107
Filing Fee Table
*
filed herewith
Item
17. Undertakings.
A.
The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a posteffective amendment to this Registration Statement to:
(a)
include any Prospectus required by Section 10(a)(3) of the Securities Act;
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5
(b)
reflect in the Prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of Prospectus filed with the Commission pursuant to Rule 424(b) under the
Securities Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and
(c)
include any additional or changed material information with respect to the plan of distribution.
(2)
That, for the purpose of determining any liability under the Securities Act, each such posteffective amendment shall be deemed to be
a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(4)
For purposes of determining any liability under the Securities Act, the information omitted from the form of Prospectus filed
as part of a registration statement in reliance upon Rule 430A and contained in the form of Prospectus filed by the Registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the
time it was declared effective.
(5)
For the purpose of determining any liability under the Securities Act, each post effective amendment that contains a form of Prospectus
shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(6)
For the purpose of determining liability under the Securities Act to any purchaser:
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Each
Prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering,
other than registration statements relying on Rule 430B or other than Prospectuses filed in reliance on Rule 430A (§§230.430A
of this chapter), shall be deemed to be part of and included in the Registration Statement as of the date it is first used after effectiveness.
Provided however, that no statement made in a registration statement or Prospectus that is part of the Registration Statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or Prospectus that is part
of the Registration Statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any
statement that was made in the registration statement or Prospectus that was part of the Registration Statement or made in any
such document immediately prior to such date of first use.
(7)
For the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:
The
Registrant undertakes that in a primary offering of securities of the Registrant pursuant to this Registration Statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the Registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
(a)
Any preliminary Prospectus or Prospectus of the Registrant relating to the offering required to be filed pursuant to Rule
424 of this chapter;
(b)
Any free writing Prospectus relating to the offering prepared by or on behalf of the Registrant or used or referred to by the
Registrant;
(c)
The portion of any other free writing Prospectus relating to the offering containing material information about the Registrant
or its securities provided by or on behalf of the Registrant; and
(d)
Any other communication that is an offer in the offering made by the Registrant to the purchaser.
B.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the small business issuer of expenses
incurred or paid by a director, officer or controlling person of the small business issuer in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the
final adjudication of such issue.
C.
The undersigned Registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of Prospectus
filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of Prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of
the time it was declared effective.
(2)
For the purpose of determining any liability under the Securities Act of 1933, each posteffective amendment that contains a form of Prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial
bona fide
offering thereof.
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7
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Toronto, Province of Ontario, on April 29, 2022.
Bunker Hill Mining Corp.
By:
/s/ Sam Ash
Sam Ash
Chief Executive Officer
POWER
OF ATTORNEY
Each
person whose signature appears below hereby constitutes and appoints David Wiens and Joseph P. Galda, and each of them, as his true and
lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead, in
any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file
the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed, as of April 29, 2022, by the following
persons in the capacities indicated below.
BY:
/s/
    Sam Ash
Chief
    Executive Officer
BY:
/s/
    Richard Williams
Chairman and Director
BY:
/s/
    David Wiens
Chief Financial Officer and Principal Accounting Officer
BY:
/s/
    Pamela Saxton
Director
BY:
/s/
    Wayne Parsons
Director
BY:
/s/
    Dickson Hall
Director
BY:
/s/
    Cassandra Joseph
Director
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