Bunker Hill Mining Draws $5M Under Facility; Adopts Amended Bylaws

What Happened

• Bunker Hill Mining Corp. announced it drew US$5.0 million on July 30, 2026 under an uncommitted, demand revolving standby prepayment facility (the “Facility”) established June 5, 2025 with Teck Metals Ltd. The proceeds are for working capital and ongoing operations as the company advances toward full commercial production.
• On August 1, 2026 the board adopted Amended and Restated Bylaws replacing the prior bylaws; changes affect notice timing for stockholder proposals and nominations, quorum and voting rules, and proxy-related requirements.

Key Details

• Financing: $5.0 million drawn; Facility allows revolving draws up to US$10.0 million, is uncommitted and repayable on demand. Availability ends on the earliest of (i) June 30, 2028, (ii) the project reaching 90% of nameplate capacity, or (iii) termination by the lender.
• Interest and security: Interest is 13.5% p.a. from funding date to June 30, 2027, and 15.0% p.a. thereafter (interest capitalized quarterly); default interest = applicable rate + 3.0% p.a. Obligations are secured by a first‑ranking security interest over substantially all obligors’ property and assets (subject to permitted liens).
• Bylaws changes (effective Aug 1, 2026): stricter notice windows for stockholder proposals and nominations; added requirements to comply with universal proxy rules (Rule 14a‑19); quorum raised from 5% to 33 1/3% of outstanding voting stock; director elections now decided by plurality, other matters by majority of votes cast; deletion of a prior dissenters’ rights provision.
• Regulation FD/press release: Company issued a related press release on July 31, 2026.

Why It Matters

• Liquidity and cost: The $5.0M draw boosts near‑term liquidity to support operations, but it is high‑cost, short‑term, secured debt that accrues compounded interest. Because the Facility is uncommitted and repayable on demand, availability depends on the lender and remaining availability is limited to $5.0M of the stated $10.0M maximum. Investors should note the interest capitalization and security interest when assessing balance sheet and cash‑flow impact.
• Corporate governance: The bylaw amendments increase the quorum threshold and tighten notice requirements, which can make it harder for smaller shareholders to bring business or nominate directors at meetings; plurality voting for directors tends to favor incumbents in contested elections. Compliance with universal proxy rules adds procedural requirements for nominating stockholders.
• What investors should do: Review the full Facility agreement and the Amended and Restated Bylaws (filed as exhibits) and monitor future disclosure on borrowings, repayment, and progress toward commercial production to assess liquidity, leverage and governance implications.