Bunker Hill Mining Corp.

0001052918-20-000027.txt : 20200219 0001052918-20-000027.hdr.sgml : 20200219 20200219143350 ACCESSION NUMBER: 0001052918-20-000027 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 65 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200219 DATE AS OF CHANGE: 20200219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bunker Hill Mining Corp. CENTRAL INDEX KEY: 0001407583 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 320196442 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-150028 FILM NUMBER: 20628894 BUSINESS ADDRESS: STREET 1: 401 BAY STREET, SUITE 2702 STREET 2: P.O. BOX 136 CITY: TORONTO STATE: A6 ZIP: M5H 2Y4 BUSINESS PHONE: 416-477-7771 MAIL ADDRESS: STREET 1: 401 BAY STREET, SUITE 2702 STREET 2: P.O. BOX 136 CITY: TORONTO STATE: A6 ZIP: M5H 2Y4 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY SILVER CORP DATE OF NAME CHANGE: 20100406 FORMER COMPANY: FORMER CONFORMED NAME: Liberty Silver Corp DATE OF NAME CHANGE: 20100212 FORMER COMPANY: FORMER CONFORMED NAME: Lincoln Mining Corp DATE OF NAME CHANGE: 20070723 10-Q 1 bhm10qfeb19-20ev4.htm BUNKER HILL MINING CORP. FORM 10-Q Bunker Hill Mining Corp.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2019

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 333-150028

BUNKER HILL MINING CORP.

(FORMERLY LIBERTY SILVER CORP.)

(Exact name of registrant as specified in its charter)

Nevada		32-0196442
(State or other jurisdiction of incorporation)		(IRS Employer Identification Number)

82 Richmond Street East Toronto, Ontario, Canada, M5C 1P1
(Address of principal executive offices)
416-477-7771

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes¨ No

Indicate by check mark whether the Registrant is ¨ a large accelerated filer, ¨ an accelerated file, x a non-accelerated filer, x a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act) or ¨ an emerging growth company

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

¨ Yes x No

As of February 19, 2020, the Issuer had 69,817,196 shares of common stock issued and outstanding.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The financial statements of Bunker Hill Mining Corp. (formerly Liberty Silver Corp.), (“Bunker Hill”, the “Company”, or the “Registrant”) a Nevada corporation, included herein were prepared, without audit, pursuant to rules and regulations of the Securities and Exchange Commission. Because certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America were condensed or omitted pursuant to such rules and regulations, these financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended June 30, 2019, and all amendments thereto.

BUNKER HILL MINING CORP. (FORMERLY LIBERTY SILVER CORP.)

INTERIM CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

PERIOD ENDED DECEMBER 31, 2019

INDEX TO THE CONDENSED INTERIM CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS:	Page

Condensed Interim Consolidated Balance Sheets	3

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss	4

Condensed Interim Consolidated Statements of Cash Flows	5

Condensed Interim Consolidated Statements of Changes in Equity	6

Notes to Condensed Interim Consolidated Financial Statements	7-19

Bunker Hill Mining Corp. Condensed Interim Consolidated Balance Sheets (Expressed in United States Dollars) Unaudited
		As at December 31, 2019		As at June 30, 2019

ASSETS

Current assets
Cash and cash equivalents	$	`82,558`	$	`28,064`
Accounts receivable		`58,025`		`42,864`
Prepaid expenses		`9,717`		`35,172`
Total current assets		`150,300`		`106,100`

Non-current assets
Equipment (note 4)		`4,955`		`52,050`
Right-of-use assets (note 5)		`266,117`		`-`
Long term deposit		`68,939`		`68,939`
Mining interests (note 6)		`1`		`1`
Total assets	$	`490,312`	$	`227,090`

EQUITY AND LIABILITIES

Current liabilities
Accounts payable (notes 6 and 12)	$	`2,382,993`	$	`2,170,398`
Accrued liabilities (notes 6 and 11)		`5,842,809`		`2,896,025`
Other liabilities		`-`		`57,307`
Interest payable		`301,388`		`201,507`
Convertible loan payable (note 7)		`1,815,500`		`1,744,327`
Promissory notes payable (note 8)		`311,830`		`-`
Current portion of lease liability(note 9)		`101,855`		`-`
Total current liabilities		`10,756,375`		`7,069,564`

Non-current liabilities
Lease liability (note 9)		`173,126`		`-`
Derivative warrant liability (notes 7, 8 and 10)		`11,320,777`		`116,809`
Total liabilities		`22,250,278`		`7,186,373`

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; 69,817,196 and 15,811,396 common shares issued and outstanding, respectively (note 10)		`70`		`16`
Additional paid-in-capital (note 10)		`27,008,634`		`24,284,765`
Shares to be issued		`-`		`107,337`
Deficit accumulated during the exploration stage		`(48,768,670)`		`(31,351,401)`
Total shareholders' deficiency		`(21,759,966)`		`(6,959,283)`

Total shareholders' deficiency and liabilities	$	`490,312`	$	`227,090`

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Bunker Hill Mining Corp. Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in United States Dollars) Unaudited
		Three Months Ended December 31, 2019		Three Months Ended December 31, 2018		Six Months Ended December 31, 2019		Six Months Ended December 31, 2018

Operating expenses
Operation and administration	$	229,686	$	`218,380`	$	293,320	$	`876,639`
Exploration		3,985,959		`3,003,911`		4,944,763		`3,814,176`
Legal and accounting		53,403		`51,973`		81,975		`121,131`
Consulting		113,260		`118,807`		197,900		`192,458`
Loss from operations		(4,382,308)		`(3,393,071)`		(5,517,958)		`(5,004,404)`

Other income or gain (expense or loss)
Change in derivative liability (notes 7, 8 and 10)		(8,815,862)		`406,276`		(10,629,119)		`1,526,213`
Accretion expense (notes 7 and 8)		(73,389)		`(235,255)`		(107,258)		`(343,909)`
Gain (loss) on foreign exchange		(7,430)		`(6,903)`		(6,757)		`1,589`
Interest expense (notes 7 and 8)		(51,991)		`(50,410)`		(99,881)		`(95,342)`
Loss on sale of equipment		-		`(10,930)`		-		`(10,930)`
Loss on debt settlement (note 10)		-		`-`		(1,056,296)		`-`
Loss before income tax		(13,330,980)		`(3,290,293)`		(17,417,269)		`(3,926,783)`
Provision for income taxes		-		`-`		-		`-`

Net loss and comprehensive loss for the period	$	(13,330,980)	$	`(3,290,293)`	$	(17,417,269)	$	`(3,926,783)`


Net loss per common share - basic and fully diluted	$	(0.19)	$	`(0.88)`	$	(0.31)	$	`(1.10)`

Weighted average number of common shares - basic and fully diluted		69,817,196		`3,738,783`		56,973,827		`3,568,499`

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Bunker Hill Mining Corp. Condensed Interim Consolidated Statements of Cash Flows (Expressed in United States Dollars) Unaudited
		Six Months Ended December 31, 2019		Six Months Ended December 31, 2018

Operating activities
Net loss for the period	$	`(17,417,269)`	$	`(3,926,783)`
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		`167,770`		`43,893`
Depreciation expense		`53,921`		`7,212`
Change in fair value of warrant liability		`10,629,119`		`(1,526,213)`
Accretion expense		`107,258`		`343,909`
Loss on sale of equipment		`-`		`10,930`
Interest expense on lease liability		`14,944`		`-`
Loss on debt settlement		`1,056,296`		`-`
Changes in operating assets and liabilities:
Accounts receivable		`(15,161)`		`141,991`
Deposit		`-`		`21,312`
Prepaid expenses		`25,455`		`394,414`
Accounts payable		`670,380`		`770,563`
Accrued liabilities		`3,192,282`		`1,874,525`
Other liabilities		`(11,117)`		`12,550`
Interest payable		`99,881`		`95,342`
Net cash used in operating activities		`(1,426,241)`		`(1,736,355)`

Investing activities
Proceeds on disposal of equipment		`-`		`10,000`
Net cash provided by investing activities		`-`		`10,000`

Financing activities
Proceeds from convertible loan payable		`-`		`474,250`
Proceeds from issuance of common stock, net of issue costs		`1,157,464`		`879,493`
Lease payments		`(59,096)`		`-`
Proceeds from promissory note		`382,367`		`-`
Net cash provided by financing activities		`1,480,735`		`1,353,743`

Net change in cash and cash equivalents		`54,494`		`(372,612)`
Cash and cash equivalents, beginning of period		`28,064`		`502,660`
Cash and cash equivalents, end of period	$	`82,558`	$	`130,048`


Supplemental disclosures
Non-cash activities:
Common stock issued to settle accounts payable and accrued liabilities	$	`717,673`	$	`-`

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Bunker Hill Mining Corp.

Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency

(Expressed in United States Dollars)

Unaudited

Common Stock Shares

Common Stock Amount

Additional paid-in-capital

Shares to be issued

Deficit accumulated during the exploration stage

Total

Balance, June 30, 2018

3,301,372

3

23,397,259

-

(23,613,576)

(216,314)

Stock-based compensation

-

43,893

-

43,893

Shares issued at $3.42 per share (i)

160,408

-

549,333

-

549,333

Issue costs

-

(35,812)

-

(35,812)

Shares issued at $0.57 per share (ii)

645,866

1

365,340

-

365,341

Stock options exercised

43,750

-

268,930

-

268,930

Warrant valuation

-

(620,856)

-

(620,856)

Net loss for the period

-

(3,926,783)

(3,926,783)

Balance, December 31, 2018

4,151,396

4

23,968,087

-

(27,540,359)

(3,572,268)

Balance, June 30, 2019

15,811,396

16

24,284,765

107,337

(31,351,401)

(6,959,283)

Stock-based compensation

-

167,770

-

167,770

Shares issued at $0.04 per share (iii)

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

Issue costs

-

(65,315)

-

(65,315)

Warrant valuation

-

(468,227)

-

(468,227)

Net loss for the period

-

(17,417,269)

(17,417,269)

Balance, December 31, 2019

69,817,196

70

27,008,634

-

(48,768,670)

(21,759,966)

(i) Shares issued at C$4.50, converted to US at $3.42 (note 10)

(ii) Shares issued at C$0.75, converted to US at $0.57 (note 10)

(ii) Shares issued at C$0.05, converted to US at $0.04 (note 10)

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

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 401 Bay Street, Suite 2702, Toronto, Ontario, Canada, M5H 2Y4. As of the date of this Form 10-Q, the Company had two subsidiaries, Bunker Hill Operating LLC, a Colorado corporation that is currently dormant, and 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.

These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis. Bunker Hill Mining Corp. (the "Company") has incurred losses since inception resulting in an accumulated deficit of $48,768,670 and further losses are anticipated in the development of its business. The Company does not have sufficient working capital needed to meet its current fiscal obligations and commitments. 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.

2. Basis of presentation

The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders’ equity or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended June 30, 2019. The interim results for the period ended December 31, 2019 are not necessarily indicative of the results for the full fiscal year. The unaudited interim condensed consolidated financial statements are presented in USD, which is the functional currency.

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

3. New and recently adopted technical and accounting pronouncements

The Company adopted ASU 2016-02 effective July 1, 2019. ASU 2016-02 requires lessees to recognize most leases on the balance sheet to reflect the right to use an asset for a period of time and an associated lease liability for payments. The Company has applied ASU 2016-02 in accordance with the modified retrospective approach only to contracts that were previously identified as leases. Contracts that were not identified as leases under previous standards were not reassessed for whether there is a lease. Therefore, the definition of a lease under ASU 2016-02 was applied only to contacts entered into or changed on or after July 1, 2019. The Company has determined that there is no change to the comparative periods or transitional adjustments required as a result of the adoption of this standard.

The aggregate lease liability recognized in the statement of financial position at July 1, 2019 and Company's operating lease commitment at July 1, 2019 can be reconciled as follows:

Operating lease commitment as at July 1, 2019	`370,711`
Effect of discounting at the incremental borrowing rate	`(51,578)`
Total lease liability as at July 1, 2019	`319,133`

The weighted average incremental borrowing rate applied to lease liability on July 1, 2019 was 10%.

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The pronouncement revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the potential impact of this guidance on the consolidated financial statements.

4. Equipment

Equipment consists of the following:

		December 31, 2019	June 30, 2019
Leasehold improvements	$	`-`	`59,947`
Equipment		`9,050`	`9,050`
		`9,050`	`68,997`
Less accumulated depreciation		`(4,095)`	`(16,947)`
Equipment, net	$	`4,955`	`52,050`

5. Right-of-use asset

Right-of-use asset consists of the following:

		December 31, 2019		June 30, 2019
Office lease	$	`319,133`	$	`-`
Less accumulated depreciation		`(53,016)`		`-`
Right-of-use asset, net	$	`266,117`	$	`-`

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

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 (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 fiscal 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 are 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 million 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 commences November 1, 2017 and continues until October 31, 2019. The lease period can be extended by a further 12 months at the Company’s discretion. During the term of the lease, the Company must make $100,000 monthly mining lease payments, paid quarterly.

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 million with purchase payments to be made over a ten-year period to Placer Mining. Under 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 million.

On October 2, 2018, the Company announced that it was in default of its Lease with Option to Purchase Agreement with Placer Mining. 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 lease being terminated.

On November 13, 2018, the Company announced that it was successful in renewing the lease, effectively with the original Agreement intact, except that monthly payments are reduced to $60,000 per month for 12 months, with the accumulated reduction in payments of $140,000 per month (“deferred payments”) added to the purchase price of the mine should the Company choose to exercise its option. As at December 31, 2019, the Company has accrued for a total of $1,783,000 of the deferred payments and is included in accounts payable. These deferred payments will be waived should the Company choose to exercise its option.

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

6.Mining interests (continued)

Bunker Hill Mine Complex (continued)

In addition to the payments to Placer Mining, pursuant to an agreement with the United States Environmental Protection Agency (“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 million. The agreement calls for payments starting with $1 million 30 days after a fully ratified agreement was signed (which payment was made) followed by $2 million on November 1, 2018 and $3 million on each of the next 5 anniversaries with a final $2 million 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 costs of maintaining the water treatment facility. The November 1, 2018, December 1, 2018, June 1, 2019 and November 1, 2019 payments were not made, and the Company is having discussions with the EPA to amend and defer payments. The Company has included all unpaid EPA costs in accounts payable and accrued liabilities amounting to $5,800,000.

On October 22, 2019, the Company signed a further amendment to the Agreement. Under the new amended agreement, the lease period has been extended for an additional period of nine months through August 1, 2020. The Company will continue to make a monthly care and maintenance payment of $60,000. Additionally, the option to purchase has been amended providing for a purchase price of $11 million plus those negotiated payments to be made to EPA amounting to $20 million for 100% of the marketable assets of Bunker Assets. The purchase option may be exercised at any time during the remaining period of the lease. An additional term of the amended lease 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.

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 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 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.

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

7.Convertible loan payable (continued)

In August 2018, the amount of the Hummingbird convertible loan payable was increased to $2 million from its original $1.5 million loan, net of $45,824 of debt issue costs, of which $25,750 was incurred in the current period. 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 (“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 (“Additional 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 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.

In March 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 repaid $100,000 of the Additional Amount, which resulted in the recording of a net loss on loan extinguishment of $8,193.

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 US 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.

At December 31, 2019, the fair value of the conversion features were estimated using the Binomial model to determine the fair value of conversion features using the following assumptions:

Principal Amount	June 30, 2019	December 31, 2019
Expected life	365 days	181 days
Volatility	100%	100%
Risk free interest rate	1.75%	1.54%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$0	$0
Change in derivative liability		$0

Additional Amount	June 30, 2019	December 31, 2019
Expected life	365 days	181 days
Volatility	100%	100%
Risk free interest rate	1.75%	1.54%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$0	$0
Change in derivative liability		$0

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

7.Convertible loan payable (continued)

The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions:

Principal Amount	June 30, 2019	December 31, 2019
Expected life	349 days	165 days
Volatility	100%	100%
Risk free interest rate	1.95%	1.54%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$0	$0
Change in derivative liability		$0

Additional Amount	June 30, 2019	December 31, 2019
Expected life	405 days	221 days
Volatility	100%	100%
Risk free interest rate	1.84%	1.52%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$0	$0
Change in derivative liability		$0

The residual value of the Principal Amount was deemed to be $61,448, net of $20,074 of expenses, and the residual value of the Additional Amount was deemed to be $34,850, net of $38,449 of expenses. The residual value of the loan after the loan extension was deemed to be $1,800,000, net of $200,000 of expenses.

Accretion expense for the three and six months ended December 31, 2019 were $37,304 and $71,173, respectively (three and six months ended December 31, 2018 - $235,255 and $343,909, respectively) based on effective interest rate of 16% after the loan extension.

Interest expense for the three and six months ended December 31, 2019 were $47,891 and $95,781, respectively (three and six months ended December 31, 2018 - $50,410 and $95,342, respectively).

		Amount

Balance, June 30, 2018	$	`70,820`
Proceeds on issuance		`500,000`
Debt issue costs		`(238,455)`
Conversion feature valuation		`(205,444)`
Warrant valuation		`(221,256)`
Accretion expense		`734,589`
Loss on loan extinguishment		`1,204,073`
Partial extinguishment		`(100,000)`

Balance, June 30, 2019	$	`1,744,327`
Accretion expense		`71,173`

Balance, December 31, 2019	$	`1,815,500`

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

8.Promissory notes payable

(i) On November 13, 2019, the Company issued a promissory note in the amount of $300,000. The note is unsecured, bears 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.

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.

The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions:

November 2019 issuance	November 14, 2019	December 31, 2019
Expected life	731 days	683 days
Volatility	100%	100%
Risk free interest rate	1.53%	1.62%
Dividend yield	0%	0%
Share price	$0.53	$0.46
Fair value	$106,622	$83,123
Change in derivative liability		$23,499

Accretion expense for the three and six months ended December 31, 2019 were $36,085 and $36,085, respectively (three and six months ended December 31, 2018 - $nil).

Interest expense for the three and six months ended December 31, 2019 were $4,100 and $4,100, respectively (three and six months ended December 31, 2018 - $nil).

(ii) On December 31, 2019, the Company issued a promissory note in the amount of $82,367 (C$107,000). The note bears no interest and is due on demand. This promissory note has been repaid subsequent to period end.

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, 2019:

		Office lease
Balance, June 30, 2019	$	`-`
Addition		`319,133`
Interest expense		`14,944`
Lease payments		`(59,096)`

Balance, December 31, 2019		`274,981`
Less: current portion		`(101,855)`

Long-term lease liability	$	`173,126`

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

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 May 23, 2019, the Company affected a consolidation of its issued and outstanding share capital on the basis of one (1) post-consolidation share for each ten (10) pre-consolidation common shares, which has been retrospectively applied in these financial statements.

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 financial statements.

Issued and outstanding

In August 2018, the Company closed a private placement, issuing 160,408 Units to Gemstone 102 Ltd. (“Gemstone”) at a price of C$4.50 per Unit, for gross proceeds of C$721,834 ($549,333) and incurring financing costs of $25,750. Each Unit entitles Gemstone to acquire one common share (“Unit Share”) and one common share purchase warrant (“Unit Warrant”), with each Unit Warrant entitling Gemstone to acquire one common share of the Company at a price of C$4.50 for a period of three years. Prior to the issuance of the Units, Gemstone held 400,000 common shares of the Company and 200,000 warrants (“Prior Warrants”) exercisable at a price of C$20.00 per share. Immediately prior to closing, the Prior Warrants were early terminated by mutual agreement of the Company and Gemstone. Upon issuance of the 160,408 Units to Gemstone, Gemstone beneficially owns or exercises control or direction over 560,408 common shares of the Company. Assuming exercise of the Unit Warrants, Gemstone would hold 720,816 of the outstanding common shares of the Company. Gemstone’s participation in the Offering constitutes a "related party transaction" under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101").

Given the urgent need to secure financing to meet the new lease obligations, Bunker’s Board approved an equity private placement of Units to be sold at C$0.75 per Unit with each Unit consisting of one common share and one common share purchase warrant. On November 28, 2018, the Company closed on a total of 645,866 Units for gross proceeds of C$484,400 ($365,341) and incurring financing costs of $10,062, with each purchase warrant exercisable into a Common Share at C$1.00 per Common Share for a period of thirty-six months.

On June 27, 2019, the Company closed the first tranche ("First Tranche") of a non-brokered private placement, issuing 11,660,000 units ("June 2019 Unit") at a price of C$0.05 per June 2019 Unit for gross proceeds of C$583,000 ($436,608) and incurring financing costs of $19,640. Each June 2019 Unit consists of one common share of the Company and one common share purchase warrant ("June 2019 Warrant"). Each whole June 2019 Warrant entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. As a part of the First Tranche, Hummingbird Resources PLC ("Hummingbird") has acquired 2,660,000 June 2019 Units for C$133,000 ($100,000) which was applied to reduction of the principal amount owing under the convertible loan facility (see note 7).

On August 1, 2019, the Company closed the second and final tranche ("Tranche Two") of the non-brokered private placement, issuing 23,005,800 units ("August 2019 Units") at $0.05 per August 2019 Unit for gross proceeds of C$1,150,290 ($868,758) and incurring financing costs of $22,078. Each August 2019 Unit consists of one common share of the Company and one common share purchase warrant, which entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. Of the 23,005,800 August 2019 Units issued, 16,962,846 August 2019 Units were issued to settle $640,556 of debt at a deemed price of C$0.09 based on the fair value of the shares issued. As a result, the Company recorded resulting in loss on debt settlement of $858,495.

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

10. Capital stock, warrants and stock options (continued)

Issued and outstanding (continued)

On August 23, 2019, the Company closed the first tranche (the "First Tranche") of the non-brokered private placement, issuing 30,000,000 common shares of the Company at C$0.05 per share for gross proceeds of C$1,500,000 ($1,126,344) and incurring financing costs of $28,847. Of the 30,000,000 common shares issued, 2,033,998 common shares were issued to settle $77,117 of debt at a deemed price of C$0.18 based on the fair value of the shares issued. As a result, the Company recorded a loss on debt settlement of $197,800.

On August 30, 2019, the Company closed the second and final tranche (the "Second Tranche") of the non-brokered private placement, issuing 1,000,000 common shares at C$0.05 per share for gross proceeds of C$50,000 ($37,550).

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 US 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 unaudited condensed interim consolidated statement of operations and comprehensive loss as a gain or loss and is estimated using the Binomial model.

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, 2019:

August 2019 issuance	August 1, 2019	December 31, 2019
Expected life	731 days	579 days
Volatility	100%	100%
Risk free interest rate	1.59%	1.54%
Dividend yield	0%	0%
Share price	$0.09	$0.46
Fair value	$468,227	$7,420,026
Change in derivative liability		$(6,951,799)

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

10. Capital stock, warrants and stock options (continued)

Issued and outstanding (continued)

The warrant liabilities as a result of the December 2017, August 2018, November 2018, and June 2019 private placements were revalued as at December 31, 2019 and June 30, 2019 using the Binomial model and the following assumptions:

December 2017 issuance	June 30, 2019	December 31, 2019
Expected life	532 days	348 days
Volatility	100%	100%
Risk free interest rate	1.66%	1.77%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$0	$0
Change in derivative liability		$0

August 2018 issuance	June 30, 2019	December 31, 2019
Expected life	771 days	587 days
Volatility	100%	100%
Risk free interest rate	1.59%	1.74%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$0	$5,545
Change in derivative liability		$(5,545)

November 2018 issuance	June 30, 2019	December 31, 2019
Expected life	882 days	698 days
Volatility	100%	100%
Risk free interest rate	1.47%	1.61%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$1,875	$121,336
Change in derivative liability		$(119,461)

June 2019 issuance	June 30, 2019	December 31, 2019
Expected life	727 days	545 days
Volatility	100%	100%
Risk free interest rate	1.47%	1.54%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$114,934	$3,690,747
Change in derivative liability		$(3,575,813)

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

10. Capital stock, warrants and stock options (continued)

Warrants

	Number of warrants		Weighted average exercise price (C$)

Balance, June 30, 2018	663,496	$	16.02
Issued	12,582,988		0.38
Cancelled	(200,000)		20.00

Balance, June 30, 2019	13,046,484	$	0.88
Issued	23,405,800		0.26

Balance, December 31, 2019	36,452,284	$	0.48

Expiry date	Exercise price (C$)	Number of warrants	Number of warrants exercisable

December 5, 2020	20.00	227,032	227,032
December 13, 2020	20.00	7,000	7,000
June 13, 2020	8.50	229,464	229,464
August 9, 2021	4.50	116,714	116,714
August 9, 2021	4.50	160,408	160,408
November 28, 2021	1.00	645,866	645,866
June 27, 2021	0.25	11,660,000	11,660,000
August 1, 2021	0.25	23,005,800	23,005,800
November 13, 2021	0.80	400,000	400,000
		36,452,284	36,452,284

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

10. Capital stock, warrants and stock options (continued)

Stock options

The following table summarizes the stock option activity during the periods ended December 31, 2019:

	Number of stock options		Weighted average exercise price (C$)

Balance, June 30, 2018	287,100	$	7.50
Granted (i)	43,750		8.00
Exercised	(43,750)		8.00

Balance, June 30, 2019	287,100	$	7.50
Granted (ii)	1,575,000		0.60
Forfeited	(169,600)		9.53

Balance, December 31, 2019	1,692,500	$	1.27

(i) On September 27, 2018, 43,750 fully-vested stock options were issued to a consultant to whom C$350,000 was due and payable and reflected in accrued liabilities at September 30, 2018. These options had a 5-year life and were exercisable at C$8.00 per share. On October 3, 2018, these options were exercised in full, with consideration received being the liability already on the Company’s books, extinguishing the liability in full. The grant date fair value of the options were estimated at $43,893. The vesting of these options resulted in stock-based compensation of $nil for the three and six months ended December 31, 2019 (three and six months ended December 31, 2018 - $nil and $43,893, respectively), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss.

(ii) 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 were estimated at $435,069. The vesting of these options resulted in stock-based compensation of $167,770 for the three and six months ended December 31, 2019 (three and six months ended December 31, 2018 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive 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:

Year

Risk free

interest rate

Dividend yield

Volatility

Stock price

Weighted average life

2020

1.54%

100%

C$0.50

5 years

2019

2.32%

100%

C$2.30

5 years

Bunker Hill Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended December 31, 2019

(Expressed in United States Dollars)

Unaudited

10. Capital stock, warrants and stock options (continued)

Stock options (continued)

The following table reflects the actual stock options issued and outstanding as of December 31, 2019:

Exercise price (C$)	Weighted average remaining contractual life (years)	Number of options outstanding	Number of options vested (exercisable)

10.00	2.34	82,000	82,000
16.50	2.93	10,000	10,000
8.50	3.47	25,500	25,500
0.60	4.82	1,575,000	607,346
		1,692,500	724,846

11.Commitments and contingencies

As stipulated by the agreements with Placer Mining as described in note 6, the Company is required to make monthly payment of $60,000 for care and maintenance. Including the previously accrued payments, a total of $1,783,000 is payable when the Company decides to acquire the mine at which time these payments will be waived.

In addition to the payments to Placer Mining, pursuant to an agreement with the United States Environmental Protection Agency (“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. Payments to the EPA started with $1 million 30 days after a fully ratified agreement is signed (which payment was made) followed by $2 million on November 1, 2018 and $3 million on each of the next 5 anniversaries with a final $2 million payment on November 1, 2024. In addition to these payments, the Company agreed to reimburse the EPA for water treatment costs totaling $80,000 per month to be paid every six months on December 1 and June 1. The $2 million required for November 1, 2018, December 1, 2018, June 1, 2019, November 1, 2019 and December 1, 2019 payments were not made, and the Company is having discussions with the EPA to amend and defer payments. The $2 million, $3 million due on November 1, 2019 and $480,000 semi-annual payment are being accrued as payable pending completion of discussions with the EPA, where Management hopes to have more clarity on payments. As at December 31, 2019, $5,800,000 payable to the EPA has been included in accounts payable and accrued liabilities.

12.Related party transactions

During the three and six months ended December 31, 2019, John Ryan (Director and Interim CEO) billed $13,500 and $29,000, respectively, Wayne Parsons (Director and CFO) billed $19,651 and $62.269, respectively, and Hugh Aird billed $nil and $9,774, respectively, for services to the Company.

At December 31, 2019, $32,107 is owed to Mr. Parsons, all amounts included in accounts payable and accrued liabilities.

13.Subsequent event

On January 31, 2020, the Company announced a non-brokered equity financing consisting of an offering of common shares of the Company at $0.56 per common share for gross proceeds of C$4,000,000, subject to the Company's overallotment option at its discretion.

ITEM 2. 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 OUR 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 ON FORM 10-Q/A AND IN THE COMPANY'S OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. NO STATEMENTS CONTAINED IN THE FOLLOWING DISCUSSION SHOULD BE CONSTRUED AS A GUARANTEE OR ASSURANCE OF FUTURE PERFORMANCE OR FUTURE RESULTS.

DESCRIPTION OF BUSINESS

The Corporation

Bunker Hill Mining Corp. (Formerly Liberty Silver Corp.) (the “Company” or the “Corporation”) 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. 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, and its telephone number is 416-477-7771.

Current Operations

Overview

The Company was incorporated for the purpose of engaging in mineral exploration and development activities. On August 28, 2017, the Company announced that it signed a definitive agreement (the “Agreement”) for the lease and option to purchase of the Bunker Hill Mine (the “Mine”) in Idaho. The “Bunker Hill Lease with Option to Purchase” is between the Company and Placer Mining Corporation (“Placer Mining”), the current owner of the Mine.

On October 22, 2019, the lease was amended and continues until August 1, 2020. The lease period can be extended by a further 12 months at the Company’s discretion. Under the revised terms of its agreement, during the term of the lease, the Company must make $60,000 monthly mining lease payments and previously accrued outstanding amounts. However, if and when the Company exercises its purchase of the mine (as described below), these deferred payments are waived by the mine owner.

Under the revised term, the Company has an option to purchase 100% of the marketable assets of the Bunker Hill Mine for a purchase price of $11 million at any time before the end of the lease. An additional term of the amended lease 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.

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 million. The agreement calls for payments starting with $1 million 30 days after a fully ratified agreement was signed (which payment was made) followed by $2 million on November 1, 2018 and $3 million on each of the next 5 anniversaries with a final $2 million 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 costs of maintaining the water treatment facility. The November 1, 2018, December 1, 2018, June 1, 2019 and November 30, 2019 payments were not made, and the Company is having discussions with the EPA to amend and defer payments.

Management believes this amended lease and option will provide the Company time to complete exploratory drilling, produce a mine plan and raise the money needed to move forward. Management continues to push forward and advance the timeline to realizing shareholder value.

The Bunker Hill Mine remains the largest single producing mine by tonnage in the Coeur d'Alene lead, zinc and silver mining district in Northern Idaho. Historically, the mine produced over 35M tonnes of ore grading on average 8.76% lead, 3.67% zinc, and 155 g/t silver (Bunker Hill Mines Annual Report 1980). The Bunker Hill Mine is the Company’s only focus, with a view to raising capital to rehabilitate the mine and put it back into production.

The Company believes that there are numerous targets of opportunity left in the mine from top to bottom, and particularly on strike to the west where more recent past drilling has resulted in major discoveries such as the Quill body of mineralized material.

Products

The Bunker Hill Mine is a Zinc-Silver-Lead Mine. When back in production, the Company will mill mineralized material on-site or at a local third-party mill and will produce both lead and zinc concentrates to be shipped to third party smelters for processing.

The Company will continue to explore the property with a view to proving additional resources.

Infrastructure

The acquisition of the Bunker Hill mine includes all mining rights and claims, surface rights, fee parcels, mineral interests, easements, existing infrastructure at Milo Gulch, and the majority of machinery and buildings at the Kellogg Tunnel portal level, as well as all equipment and infrastructure anywhere underground at the Bunker Hill Mine Complex. The acquisition also includes 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.

Government Regulation and Approval

The current exploration activities and any future mining operations are subject to extensive laws and regulations governing the protection of the environment, waste disposal, worker safety, mine construction, and protection of endangered and protected species. The Company has made, and expects to make in the future, significant expenditures to comply with such laws and regulations. Future changes in applicable laws, regulations and permits or changes in their enforcement or regulatory interpretation could have an adverse impact on the Company’s financial condition or results of operations.

It is anticipated that it may be necessary to obtain the following environmental permits or approved plans prior to commencement of mine operations:

Reclamation and Closure Plan

Water Discharge Permit

Air Quality Operating Permit

Industrial Artificial (tailings) pond permit

Obtaining Water Rights for Operations

Property Description

The Company’s agreement (as amended) with Placer Mining Corporation includes mineral rights to approximately 440 patented mining claims covering over 5700 acres. Of these claims, 35 include surface ownership of approximately 259 acres. The transaction also includes certain parcels of fee property which includes mineral and surface rights but not patented mining claims. Mining claims and fee properties are located in Townships 47, 48 North, Range 2 East, Townships 47, 48 North, Range 3 East, Boise Meridian, Shoshone County, Idaho.

The agreement (as amended) specifically excludes the following: the Machine Shop Building and Parcel number 21

including all fixed equipment located inside the building and personal property located upon this parcel; unmilled ore located at the mine yard, and residual lead/zinc ore mined and broken, but not removed from the Bunker Hill Mine.

Surface rights were originally owned by various previous owners of the claims until the acquisition of the properties by Bunker Limited Partners (“BLP”). BLP sold off surface rights to various parties over the years while maintaining access to conduct mining operations and exploration activities as well as easements to a cross over and access other of its properties containing mineral rights. Said rights were reserved to its assigns and successors in continuous perpetuity. Idaho Law also allows mineral right holders access to mine and explore for minerals on properties to which they hold minerals rights.

Title to all patented mining claims included in the transaction was transferred from Bunker Hill Mining Co. (U.S.) Inc. by Warranty Deed in 1992. The sale of the property was properly approved of by the U.S. Trustee and U.S. Bankruptcy Court.

Over 90% of surface ownership of patented mining claims not owned by Placer Mining Corp. is owned by different landowners. These include: Stimpson Lumber Co.; Riley Creek Lumber Co.; Powder LLC.; Golf LLC.; C & E Tree Farms; and Northern Lands LLC.

Patented mining claims in the State of Idaho do not require permits for underground mining activities to commence on private lands. Other permits associated with underground mining may be required, such as water discharge and site disturbance permits. The water discharge is being handled by the EPA at the existing water treatment plant. The Company expects to take on the water treatment responsibility in the future and obtain an appropriate discharge permit.

Competition

The Company competes with other mining and exploration companies in connection with the acquisition of mining claims and leases on zinc and other base and precious metals prospects as well as in connection with the recruitment and retention of qualified employees. Many of these companies are much larger than the Company, have greater financial resources and have been in the mining business for much longer than it has. As such, these competitors may be in a better position through size, finances and experience to acquire suitable exploration and development properties. The Company may not be able to compete against these companies in acquiring new properties and/or qualified people to work on its current project, or any other properties that may be acquired in the future.

Given the size of the world market for base precious metals such as silver, lead and zinc, relative to the number of individual producers and consumers, it is believed that no single company has sufficient market influence to significantly affect the price or supply of these metals in the world market.

Employees

The Company is currently managed by John Ryan, President and CEO and Wayne Parsons, Chief Financial Officer.

Completed Work and Future Plan of Operations

The Company has undertaken a due diligence program to assure itself of the viability of a restart of the Bunker Hill Mine. This necessitated an extensive review of the records that were present primarily at the Bunker Hill Mine offices. At those offices there are tens of thousands of pages of reports and records which detail the operations of the mine from its earliest days to the time of the shutdown in 1991 by BLP.

In addition to reports, there are several thousand historical maps of all scales and sizes as well as historical mineral diagrams which detail the mineral bodies that remained in the mine at the time of closure in January 1991. These reports are not compliant with Canada National Instrument 43-101 and cannot be used for the purposes of establishing reserves pursuant to that standard.

The Company has satisfied itself that there is a large amount of remaining zinc/lead/silver mineralization in numerous zones within the Bunker Hill Mine. The Company is now developing a plan to bring a number of these zones into N.I. 43-101 compliance through new sampling and drilling programs. The Company has identified several zones as having highest priority. The Company has prioritized zones capable of providing production in the near term, these being the UTZ Zone, the Newgard Zone and the Quill Zone. These three mineral zones will be the first to be N.I. 43-101 verified and will provide the majority of the early feed upon mine start-up.

The Bunker Hill Mine main level is termed the nine level and is the largest level in the mine and 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 men, 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 already 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. The Company has inspected a great deal of the ramp system between the eight level and the four level, and the ramps are in good shape with only minor repair and rehabilitation needed. 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 men and materials into the mine and for haulage of mined material out of the mine. Historically the Kellogg Tunnel (or “KT” for short) was used in this manner when the mine was producing upwards of 3000 tons per day of mined material. The Company has inspected the KT 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 KT at normal to oblique angles and create unstable ground.

The Company has also determined that all of the track, as well as spikes, plates and ties holding the track will need to be replaced. 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 KT work is still in process at the time of the date of this report, but the time estimate for these repairs is approximately eighteen months.

It is anticipated that earliest production will come from the upper levels of the mine where company personnel have observed mining faces of mineralized material that are readily mineable, as they were left behind by past operators in a more or less fully developed state.

The Company anticipates constructing its own milling facility near the mouth of the Kellogg Tunnel. Initially the mill capacity will be 1500 tons per day, and the mill will be designed for ready expansion when needed.

The Company has identified multiple tailings disposal sites to the west-northwest of where the mill will be located.

As noted above, the EPA for several decades has provided mine water treatment services for the Bunker Hill Mine. Since the signing of the consent decree with the EPA in May, 2018 the EPA has been providing water treatment services under contract with the Company and such services are scheduled to continue under the initial five year contract between the Company and the EPA. At the expiration of this five year agreement the Company will have had to obtain its own water discharge permit in order to be compliant with its agreements with the EPA.

Upon initiating mine production from the UTZ, Newgard, and Quill zones at rates of approximately 1500 tons per day, the Company would anticipate mining approximately 540,000 tons per year of material. The three aforementioned zones are believed to have sufficient mineral to supply the Company mining needs for approximately 8 years.

Once the repairs are completed to the Kellogg Tunnel, mineralized material haulage will be able to immediately occur out of this tunnel, which will enhance the production capabilities of the mine by several magnitudes. Some mineralized material will continue to be transported by rubber-tired equipment directly out the Russel Tunnel, but the majority of mineralized material will be dropped down existing internal passes and be hauled out of the KT on rail. By this time in the restart program the Company would expect to be in production at around 1500 tons per day, which is approximately the planned mill capacity.

Additionally, once the KT repairs are completed, work on the repairs of the shafts and hoists can proceed with greater speed and the lower levels of the mine can be dewatered. The shaft work and pumping should commence at about year two of mine operations.

Numerous other past-producing mineral bodies will begin to be revealed as the water levels are lowered and the mine is drained to the fullest. Some of these mineral bodies are lead-silver rich zones such as the Emery, Shea, Veral and the “J”, while others will add more material containing zinc such as the Tallon, Rosco, or Tony, while still others are best described as polymetallic such as the New Landers or the Francis.

The Company geologists and engineering personnel have studied the past records thoroughly and conclude that very good exploration and discovery potential exists at depth on downward rakes of known structures. Strata-bound zones such as the Newgard, Quill and Tallon await drilling to the west, while both the southeast and northwest limits of the main original Bunker Hill structure, in the heart of the Cate/Dull fault system, still remain viable as targets for future discovery of new mineral bodies or extensions of past mined structures.

Technical Report

On September 6, 2018, the Company filed on SEDAR a National Instrument 43-101 (“NI 43-101”) technical report on its Bunker Hill property.

The technical report included:

1.A 10-12 million ton Exploration Target comprised of the Quill/Newgard zones. For comparison purposes, the historical resource estimate for the whole Bunker Hill property is 9.1 million tons grading 5.08% Zn, 2.35% Pb and 40 g/t Ag (or 1.29 ounces per ton);

2.Results of Independent Sampling showing grades for the Quill/Newgard zones (Levels 9 & 10) averaging 20% Zn, 14% Pb and 247 g/t Ag (or 7.90 ounces per ton), which exceed average historic grades; and

3.a Plan for a US$7.7 million Exploration Program to upgrade the historic resources to a NI 43-101 Indicated Resource.

Additionally, as noted, the Company currently has in its possession, and has had access to, numerous historical technical reports that were completed in the past by highly qualified parties.

RESULTS OF OPERATIONS

The following discussion and analysis provides information that we believe is relevant to an assessment and understanding of our results of operation and financial condition for the three and six months ended December 31, 2019 as compared to the three and six months ended December 31, 2018. Unless otherwise stated, all figures herein are expressed in U.S. dollars, which is the functional currency of the Company.

Results of Operations for the three months ended December 31, 2019 compared to the three months ended December 31, 2018.

Revenue

During the three-month periods ended December 31, 2019 and 2018, the Company generated no revenue.

Operating expenses

During the three-month period ended December 31, 2019, the Company reported total operating expenses of $4,382,308 compared to $3,393,071 during the three-month period ended December 31, 2018, an increase of $989,237. The three-month increase results primarily from a $981,968 increase in exploration, mainly due to the $3 million EPA fees incurred during the period.

During the six-month period ended December 31, 2019, the Company reported total operating expenses of $5,517,958 compared to $5,004,404 during the six-month period ended December 31, 2018, an increase of $513,554. The six-month increase results primarily from a $1,130,587 increase in exploration, mainly due to the $3 million EPA fees incurred during the period, offset by $583,319 decrease in operation and administration due to cost-cutting measures.

For financial accounting purposes, the Company expenses all property lease payments and exploration expenditures in the statement of operations. During the interim period ended December 31, 2019, some activities were carried out on the Bunker Hill mine and payments made on account of the lease.

Net loss and comprehensive loss

The Company had a net loss and comprehensive loss of $13,330,980 for the three months ended December 31, 2019, compared to a net loss and comprehensive loss of $3,290,293 for the three months ended December 31, 2018, an increase of $10,040,687. The increase in net loss and comprehensive loss was primarily due to a $9,222,138 decrease in change in derivative liabilities due to the changes in the valuation of the warrant liabilities due to increase in the Company’s share price and $982,048 increase in exploration.

The Company had a net loss and comprehensive loss of $17,417,269 for the six months ended December 31, 2019, compared to a net loss and comprehensive loss of $3,926,783 for the six months ended December 31, 2018, an increase of $13,490,486. The increase in net loss and comprehensive loss was primarily due to a $12,155,332, decrease in change in derivative liabilities due to the changes in the valuation of the warrant liabilities due to increase in the Company’s share price, $1,056,296 increase in loss on debt settlement and $1,130,587 increase in exploration.

The Company has accounted for the warrant liabilities and conversion features in accordance with ASC Topic 815. These are considered derivative instruments as they were issued in a currency other than the Company’s functional currency of the US dollar. The estimated fair value, using the binomial model, of warrants and conversion features accounted for as liabilities was determined on the date of issue and marks to market at each financial reporting period. The change in the fair value of the warrants and conversion features resulted from the shortened expected life due to passage of time as well as fluctuations in the volatility of the share price. The change in fair value of the warrants and the conversion features was loss of $8,815,862 and $10,629,119, respectively, for the three and six months ended December 31, 2019 (gain of $406,276 and $1,526,213, respectively, for the three and six months ended December 31, 2018) and are recorded in the condensed consolidated statement of operations and comprehensive loss as a gain or loss and is estimated using the Binomial model. The proceeds from the Offering are being used primarily for lease payments, acquisition payments, exploration and development at the Bunker Hill Mine and for general corporate and working capital purposes.

ANALYSIS OF FINANCIAL CONDITION

Liquidity and Capital Resources

The Company does not currently have sufficient working capital needed to meet its planned expenditures and obligations. In order to execute on its plans, continue to meet its fiscal obligations in the current fiscal year and beyond the next twelve months, the Company must seek additional financing. Management will be pursuing a financing by way of issuing new common shares or various other financing alternatives.

The Company is working to secure adequate capital to continue making lease payments, payments to the EPA, conduct exploration activities on site and cover general and administrative expenses associated with managing a public company.

Current Assets and Total Assets

As of December 31, 2019, the unaudited balance sheet reflects that the Company had: i) total current assets of $150,300, compared to total current assets of $106,100 at June 30, 2019, an increase of $44,200, or approximately 42%; and ii) total assets of $490,312, compared to total assets of $227,090 at June 30, 2019, an increase of $263,222, or approximately 116%. The increase generally resulted from the private placements completed during the six months ended December 31, 2019 and addition of right-of-use asset for the Company’s office lease due to the adoption of ASU 2016-02 effective July 1, 2019, offset by cash used in operating activities.

Total Current Liabilities and Total Liabilities

As of December 31, 2019, the unaudited balance sheet reflects that the Company had: i) total current liabilities of $10,756,375, compared to total current liabilities of $7,069,564 at June 30, 2019, an increase of $3,686,811, or approximately 52%; and ii) total liabilities of $22,250,278, compared to total liabilities of $7,186,373 at June 30, 2019, an increase of $15,063,905, or approximately 210%.

In August 2019, the Company recorded a long-term derivative liability representing the value of the warrants issued and included in the units associated with the financing completed and described above. The Company has accounted for the warrant liabilities in accordance with ASC Topic 815. These are considered derivative instruments as they were issued in a currency other than the Company’s functional currency of the US 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 condensed consolidated statement of operations and comprehensive loss as a gain or loss and is estimated using the Binomial model.

Cash Flow – for the interim periods ended December 31, 2019 and 2018

During the interim periods ended December 31, 2019 cash was primarily used to fund working capital and operations as well as property payments. The Company reported a net increase in cash of $54,494 during the six months ended December 31, 2019 compared to a net decrease in cash of $372,612 during the six months ended December 31, 2018. The following provides additional discussion and analysis of cash flow.

For the nine months ended September 30,	2019 $	2018 $
Net cash used in operating activities	`(1,426,241)`	`(1,736,355)`
Net cash provided by investing activities	`-`	`10,000`
Net cash provided by financing activities	`1,480,735`	`1,353,743`
Net Change in Cash	`54,494`	`(372,612)`

Going Concern

These unaudited interim condensed consolidated financial statement filings have been prepared on the going concern basis, which assumes that adequate sources of financing will be obtained as required and that the Company’s assets will be realized, and liabilities settled in due course of business. Accordingly, the interim condensed consolidated unaudited financial statements do not include any adjustments related to the recoverability of assets and classification of assets and liabilities that might be necessary should the Company not be able to continue as a going concern. The going concern assumption is discussed in the financial statements Note 1 – Nature and Continuance of Operations and Going Concern.

OFF BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

ITEM 4.CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

The Securities and Exchange Commission defines the term “disclosure controls and procedures” to mean a company's controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company maintains such a system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified under the SEC's rules and forms and that information required to be disclosed is accumulated and communicated to principal executive and principal financial officers to allow timely decisions regarding disclosure.

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are designed to provide reasonable assurance of

achieving the objectives of timely alerting them to material information required to be included in the Company’s periodic SEC reports and of ensuring that such information is recorded, processed, summarized and reported within the time periods specified. The Company’s Chief Executive Officer and Chief Financial Officer also concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report to provide reasonable assurance of the achievement of these objectives.

Changes in Internal Control over Financial Reporting

There were no changes in the Company's internal control over financial reporting during the period ended December 31, 2019, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. 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.

In addition to the payments to Placer Mining, pursuant to agreements with the United States Environmental Protection Agency (“EPA”) whereby for so long as Bunker leases, owns and/or occupies the Bunker Hill Mine, the Company will be responsible for water treatment costs from mine water outflows from the Bunker Hill Mine. These payments currently are estimated at $960,000 annually and are to be made to the EPA in two semi-annual payments of $480,000 due semi-annually on June 1 and December 1 of each year. Additionally, the Company has agreed to make payments to the EPA on behalf of the current owner in satisfaction of the EPA’s claim for response cost recovery. These payments, if all are made, will total $20 million. The cost recovery agreement calls for payments starting with $1 million 30 days after a fully ratified agreement was signed (which payment was made) followed by $2 million on November 1, 2018 and $3 million on each of the next 5 anniversaries with a final $2 million 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 water treatment pursuant to the water treatment agreement. The November 1, 2018 and November 1, 2019 cost recovery payments were not made, and the December 1, 2018 and June 1, 2019 water treatment payments were not made. The Company remains in active discussions with the EPA to amend and/or defer payments, or to propose a satisfactory lump sum payment arrangement to entirely pay its outstanding obligations. In recent email transmittals the Department of Justice (acting as counsel for the EPA) has intimated that unless the Company can in the near term propose acceptable payment arrangements to bring its accounts payable current, legal action may occur to enforce one or more of the agreements the Company has with the EPA. Thus, current and prospective investors and shareholders should be aware that unless the Company is able to make satisfactory arrangements with the EPA in the near term, the EPA may decide to formally declare a default on both the water treatment agreement and the cost recovery agreement which would adversely affect the ability of the Company to continue to undertake its business plan.

ITEM 1A. RISK FACTORS.

Not Applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Not Applicable.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.MINE SAFETY DISCLOSURES.

The enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (“the Act”) requires the operators of mines to include in each periodic report filed with the Securities and Exchange Commission certain specified disclosures regarding the Company’s history of mine safety. The Company currently does not operate any mines and, as such, is not subject to disclosure requirements regarding mine safety that were imposed by the Act.

ITEM 5.OTHER INFORMATION.

Not Applicable.

ITEM 6.EXHIBITS.

(a)The following exhibits are filed herewith:

31.1	Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.	SCH XBRL Schema Document.
101	INS XBRL Instance Document.
101.	CAL XBRL Taxonomy Extension Calculation Linkbase Document.
101.	LAB XBRL Taxonomy Extension Label Linkbase Document.
101.	PRE XBRL Taxonomy Extension Presentation Linkbase Document.
101.	DEF XBRL Taxonomy Extension Definition Linkbase Document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

By: /s/ John Ryan

John Ryan, President and Chief Executive Officer

Date: February 19, 2020

By: /s/ Wayne Parsons

Wayne Parsons, Chief Financial Officer

Date: February 19, 2020

EX-31 2 ex31-1.htm CERTIFICATION exh311

Exhibit 31.1

CERTIFICATION

I, John Ryan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bunker Hill Mining Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a+15(e) and 15d+15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a+15(f) and 15d+15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 19, 2020

/s/ John Ryan

Chief Executive Officer

EX-31 3 ex31-2.htm CERTIFICATION exh312

Exhibit 31.2

CERTIFICATION

I, Wayne Parsons, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bunker Hill Mining Corp.;

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 19, 2020

/s/ Wayne Parsons

Chief Financial Officer

EX-32 4 ex32-1.htm CERTIFICATION exh321

Exhibit 32.1

Certification of the Principal Executive Officer

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Bunker Hill Mining Corp. (the “Company”) on Form 10-Q for the interim period ended December 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), John Ryan, the Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ John Ryan

Chief Executive Officer

Date: February 19, 2020

EX-32 5 ex32-2.htm CERTIFICATION exh322

Exhibit 32.2

Certification of the Principal Accounting Officer

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Bunker Hill Mining Corp. (the “Company”) on Form 10-Q for the interim period ended December 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Wayne Parsons, the Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Wayne Parsons

Chief Financial Officer

Date: February 19, 2020

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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 Companys registered office is located at 1802 N. Carson Street, Suite 212, Carson City Nevada 89701, and its head office is located at 401 Bay Street, Suite 2702, Toronto, Ontario, Canada, M5H 2Y4.  As of the date of this Form 10-Q, the Company had two subsidiaries, Bunker Hill Operating LLC, a Colorado corporation that is currently dormant, and 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.   These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis.  Bunker Hill Mining Corp. (the "Company") has incurred losses since inception resulting in an accumulated deficit of $48,768,670 and further losses are anticipated in the development of its business.  The Company does not have sufficient working capital needed to meet its current fiscal obligations and commitments.  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 Companys 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.

These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis.  Bunker Hill Mining Corp. (the "Company") has incurred losses since inception resulting in an accumulated deficit of $48,768,670 and further losses are anticipated in the development of its business.  The Company does not have sufficient working capital needed to meet its current fiscal obligations and commitments.  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 Companys 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.

-48768670

2.         Basis of presentation   The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders equity or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The unaudited condensed interim consolidated financial statements should be read in conjunction with the Companys Annual Report on Form 10-K, which contains the annual audited consolidated financial statements and notes thereto, together with the Managements Discussion and Analysis, for the year ended June 30, 2019. The interim results for the period ended December 31, 2019 are not necessarily indicative of the results for the full fiscal year. The unaudited interim condensed consolidated financial statements are presented in USD, which is the functional currency.

3.         New and recently adopted technical and accounting pronouncements   The Company adopted ASU 2016-02 effective July 1, 2019.  ASU 2016-02 requires lessees to recognize most leases on the balance sheet to reflect the right to use an asset for a period of time and an associated lease liability for payments. The Company has applied ASU 2016-02 in accordance with the modified retrospective approach only to contracts that were previously identified as leases. Contracts that were not identified as leases under previous standards were not reassessed for whether there is a lease. Therefore, the definition of a lease under ASU 2016-02 was applied only to contacts entered into or changed on or after July 1, 2019. The Company has determined that there is no change to the comparative periods or transitional adjustments required as a result of the adoption of this standard.   The aggregate lease liability recognized in the statement of financial position at July 1, 2019 and Company's operating lease commitment at July 1, 2019 can be reconciled as follows:   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="401" valign="top" style='width:301.1pt;border:none;border-top:solid windowtext 1.0pt;background:#DAF0FC;padding:0in 5.4pt 0in 5.4pt'> Operating lease commitment as at July 1, 2019 </td> <td width="111" valign="top" style='width:83.0pt;border:none;border-top:solid windowtext 1.0pt;background:#DAF0FC;padding:0in 5.4pt 0in 5.4pt'>              370,711  </td> </tr> <tr align="left"> <td width="401" valign="top" style='width:301.1pt;padding:0in 5.4pt 0in 5.4pt'> Effect of discounting at the incremental borrowing rate </td> <td width="111" valign="top" style='width:83.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>               (51,578) </td> </tr> <tr align="left"> <td width="401" valign="top" style='width:301.1pt;border:none;border-bottom:double windowtext 1.5pt;background:#DAF0FC;padding:0in 5.4pt 0in 5.4pt'> Total lease liability as at July 1, 2019 </td> <td width="111" valign="top" style='width:83.0pt;border:none;border-bottom:double windowtext 1.5pt;background:#DAF0FC;padding:0in 5.4pt 0in 5.4pt'>              319,133  </td> </tr> </table> </div>   The weighted average incremental borrowing rate applied to lease liability on July 1, 2019 was 10%.   In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The pronouncement revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the potential impact of this guidance on the consolidated financial statements.

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 dAlene Basin (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 fiscal 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 are 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 million 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 commences November 1, 2017 and continues until October 31, 2019.  The lease period can be extended by a further 12 months at the Companys discretion.  During the term of the lease, the Company must make $100,000 monthly mining lease payments, paid quarterly.   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 million with purchase payments to be made over a ten-year period to Placer Mining. Under 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 million.   On October 2, 2018, the Company announced that it was in default of its Lease with Option to Purchase Agreement with Placer Mining. 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 lease being terminated.   On November 13, 2018, the Company announced that it was successful in renewing the lease, effectively with the original Agreement intact, except that monthly payments are reduced to $60,000 per month for 12 months, with the accumulated reduction in payments of $140,000 per month (deferred payments) added to the purchase price of the mine should the Company choose to exercise its option. As at December 31, 2019, the Company has accrued for a total of $1,783,000 of the deferred payments and is included in accounts payable. These deferred payments will be waived should the Company choose to exercise its option.     In addition to the payments to Placer Mining, pursuant to an agreement with the United States Environmental Protection Agency (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 EPAs claim for cost recovery.  These payments, if all are made, will total $20 million.  The agreement calls for payments starting with $1 million 30 days after a fully ratified agreement was signed (which payment was made) followed by $2 million on November 1, 2018 and $3 million on each of the next 5 anniversaries with a final $2 million 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 EPAs costs of maintaining the water treatment facility.  The November 1, 2018, December 1, 2018, June 1, 2019 and November 1, 2019 payments were not made, and the Company is having discussions with the EPA to amend and defer payments. The Company has included all unpaid EPA costs in accounts payable and accrued liabilities amounting to $5,800,000.   On October 22, 2019, the Company signed a further amendment to the Agreement. Under the new amended agreement, the lease period has been extended for an additional period of nine months through August 1, 2020. The Company will continue to make a monthly care and maintenance payment of $60,000. Additionally, the option to purchase has been amended providing for a purchase price of $11 million plus those negotiated payments to be made to EPA amounting to $20 million for 100% of the marketable assets of Bunker Assets. The purchase option may be exercised at any time during the remaining period of the lease. An additional term of the amended lease 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 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 dAlene Basin (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.

On June 13, 2018, the Company entered into a loan and warrant agreement with Hummingbird Resources PLC (Hummingbird), an arms 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.

-221256 734589 1204073

11.          Commitments and contingencies   As stipulated by the agreements with Placer Mining as described in note 6, the Company is required to make monthly payment of $60,000 for care and maintenance. Including the previously accrued payments, a total of $1,783,000 is payable when the Company decides to acquire the mine at which time these payments will be waived.   In addition to the payments to Placer Mining, pursuant to an agreement with the United States Environmental Protection Agency (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 EPAs claim for cost recovery.  Payments to the EPA started with $1 million 30 days after a fully ratified agreement is signed (which payment was made) followed by $2 million on November 1, 2018 and $3 million on each of the next 5 anniversaries with a final $2 million payment on November 1, 2024.  In addition to these payments, the Company agreed to reimburse the EPA for water treatment costs totaling $80,000 per month to be paid every six months on December 1 and June 1. The $2 million required for November 1, 2018, December 1, 2018, June 1, 2019, November 1, 2019 and December 1, 2019 payments were not made, and the Company is having discussions with the EPA to amend and defer payments.  The $2 million, $3 million due on November 1, 2019 and $480,000 semi-annual payment are being accrued as payable pending completion of discussions with the EPA, where Management hopes to have more clarity on payments. As at December 31, 2019, $5,800,000 payable to the EPA has been included in accounts payable and accrued liabilities.

In addition to the payments to Placer Mining, pursuant to an agreement with the United States Environmental Protection Agency (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 EPAs claim for cost recovery.

12.       Related party transactions   During the three and six months ended December 31, 2019, John Ryan (Director and Interim CEO) billed $13,500 and $29,000, respectively, Wayne Parsons (Director and CFO) billed $19,651 and $62.269, respectively, and Hugh Aird billed $nil and $9,774, respectively,  for services to the Company.   At December 31, 2019, $32,107 is owed to Mr. Parsons, all amounts included in accounts payable and accrued liabilities.

13.       Subsequent event   On January 31, 2020, the Company announced a non-brokered equity financing consisting of an offering of common shares of the Company at $0.56 per common share for gross proceeds of C$4,000,000, subject to the Company's overallotment option at its discretion.

Note 9 - Lease liability: Schedule of Capital Leased Assets (Tables)

6 Months Ended

Dec. 31, 2019

Tables/Schedules

Schedule of Capital Leased Assets

		Office lease
Balance, June 30, 2019	$	-
Addition		319,133
Interest expense		14,944
Lease payments		(59,096)

Balance, December 31, 2019		274,981
Less: current portion		(101,855)

Long-term lease liability	$	173,126

XML 13 R23.htm IDEA: XBRL DOCUMENT

Note 7 - Convertible Loan Payable: Assumptions applied to fair value of the conversion feature (Tables)

6 Months Ended

Dec. 31, 2019

Hummingbird

Assumptions applied to fair value of the conversion feature

Principal Amount	June 30, 2019	December 31, 2019
Expected life	365 days	181 days
Volatility	100%	100%
Risk free interest rate	1.75%	1.54%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$0	$0
Change in derivative liability		$0

Additional Amount	June 30, 2019	December 31, 2019
Expected life	365 days	181 days
Volatility	100%	100%
Risk free interest rate	1.75%	1.54%
Dividend yield	0%	0%
Share price	$0.05	$0.46
Fair value	$0	$0
Change in derivative liability		$0

XML 14 R3.htm IDEA: XBRL DOCUMENT

Bunker Hill Mining Corp. Condensed Interim Consolidated Balance Sheets (Unaudited) - Parenthetical - $ / shares	Dec. 31, 2019	Jun. 30, 2019
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.000001	$ 0.000001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.000001	$ 0.000001
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares, Issued	69,817,196	15,811,396

XML 15 R7.htm IDEA: XBRL DOCUMENT

Note 1 - Nature and Continuance of Operations and Going Concern

6 Months Ended

Dec. 31, 2019

Notes

Note 1 - Nature and Continuance of Operations and Going Concern

1. Nature and continuance of operations and going concern

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.

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Note 9 - Lease liability: Schedule of Capital Leased Assets (Details) - USD ($)			6 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Details
Operating Lease, Expense	$ 319,133	$ 0	$ 319,133
Interest expense on lease liability			14,944	$ 0
Lease payments			(59,096)	$ 0
Operating Lease, Liability	274,981		274,981
Current portion of lease liability(note 9)	(101,855)	0	(101,855)
Lease liability (note 9)	$ 173,126	$ 0	$ 173,126

XML 18 R46.htm IDEA: XBRL DOCUMENT

Note 10 - Capital Stock, Warrants and Stock Options: Schedule of Stock Options Activity Table Text Block (Details) - shares	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Details
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding	1,692,500	287,100	287,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,575,000	43,750
Options exercised		(43,750)
Options exercised	(169,600)

XML 19 R32.htm IDEA: XBRL DOCUMENT

Note 10 - Capital Stock, Warrants and Stock Options: Schedule of Fair Value Assumptions Stock Options (Tables)

6 Months Ended

Dec. 31, 2019

Tables/Schedules

Schedule of Fair Value Assumptions Stock Options

Year

Risk free

interest rate

Dividend yield

Volatility

Stock price

Weighted average life

2020

1.54%

100%

C$0.50

5 years

2019

2.32%

100%

C$2.30

5 years

XML 20 R36.htm IDEA: XBRL DOCUMENT

Note 4 - Equipment: Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Details
Leasehold improvements	$ 0	$ 59,947
Equipment	9,050	9,050
Less accumulated depreciation	(4,095)	(16,947)
Equipment, net	$ 4,955	$ 52,050

XML 21 R19.htm IDEA: XBRL DOCUMENT

Note 13 - Subsequent Event

6 Months Ended

Dec. 31, 2019

Notes

Note 13 - Subsequent Event

13. Subsequent event

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A0#% M @ .'134/Z%BBVF#P 4@\! !4 ( !BHX &)H;&PM,C Q M.3$R,S%?9&5F+GAM;%!+ 0(4 Q0 ( #AT4U K:QG &S, (:? @ 5 M " 6.> !B:&QL+3(P,3DQ,C,Q7VQA8BYX;6Q02P$"% ,4 M" X=%-0PFW.$L<@ "9@( %0 @ &QT0 8FAL;"TR,#$Y B,3(S,5]P&UL4$L%!@ & 8 B@$ *OR $! end XML 23 R15.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Note 9 - Lease liability
6 Months Ended

Dec. 31, 2019

Notes

Note 9 - Lease liability
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, 2019:

Office lease

Balance, June 30, 2019

$

 -

Addition

 319,133

Interest expense

 14,944

Lease payments

 (59,096)

Balance, December 31, 2019

 274,981

Less: current portion

 (101,855)

Long-term lease liability

$

 173,126

XML 24 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Right-of-use asset

6 Months Ended

Dec. 31, 2019

Notes

Note 5 - Right-of-use asset

5. Right-of-use asset

Right-of-use asset consists of the following:

		December 31, 2019		June 30, 2019
Office lease	$	319,133	$	-
Less accumulated depreciation		(53,016)		-
Right-of-use asset, net	$	266,117	$	-

XML 25 R33.htm IDEA: XBRL DOCUMENT

Note 10 - Capital Stock, Warrants and Stock Options: Information on stock options outstanding (Tables)

6 Months Ended

Dec. 31, 2019

Tables/Schedules

Information on stock options outstanding

Exercise price (C$)	Weighted average remaining contractual life (years)	Number of options outstanding	Number of options vested (exercisable)

10.00	2.34	82,000	82,000
16.50	2.93	10,000	10,000
8.50	3.47	25,500	25,500
0.60	4.82	1,575,000	607,346
		1,692,500	724,846

XML 26 R37.htm IDEA: XBRL DOCUMENT

Note 5 - Right-of-use asset: Schedule of right of use assets (Details) - USD ($)			6 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2019
Details
Office lease	$ 319,133	$ 0	$ 319,133
Depreciation expense lease	(53,016)	0
Right-of-use asset, net	$ 266,117	$ 0	$ 266,117

XML 27 R14.htm IDEA: XBRL DOCUMENT

Note 8 - Promissory Notes Payable

6 Months Ended

Dec. 31, 2019

Notes

Note 8 - Promissory Notes Payable

8. Promissory notes payable

The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions:

November 2019 issuance	November 14, 2019	December 31, 2019
Expected life	731 days	683 days
Volatility	100%	100%
Risk free interest rate	1.53%	1.62%
Dividend yield	0%	0%
Share price	$0.53	$0.46
Fair value	$106,622	$83,123
Change in derivative liability		$23,499

Accretion expense for the three and six months ended December 31, 2019 were $36,085 and $36,085, respectively (three and six months ended December 31, 2018 - $nil).

Interest expense for the three and six months ended December 31, 2019 were $4,100 and $4,100 (three and six months ended December 31, 2018 - $nil).

(ii) On December 31, 2019, the Company issued a promissory note in the amount of $82,365 (C$107,000). The note bears no interest and is due on demand. This promissory note has been repaid subsequent to period end.

XML 28 R10.htm IDEA: XBRL DOCUMENT

Note 4 - Equipment

6 Months Ended

Dec. 31, 2019

Notes

Note 4 - Equipment

4. Equipment

Equipment consists of the following:

		December 31, 2019	June 30, 2019
Leasehold improvements	$	-	59,947
Equipment		9,050	9,050
		9,050	68,997
Less accumulated depreciation		(4,095)	(16,947)
Equipment, net	$	4,955	52,050

XML 29 R18.htm IDEA: XBRL DOCUMENT

6 Months Ended

Dec. 31, 2019

Notes

Note 12 - Related Party Transactions

12. Related party transactions

At December 31, 2019, $32,107 is owed to Mr. Parsons, all amounts included in accounts payable and accrued liabilities.

Bunker Hill Mining Corp. Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Current assets
Cash and cash equivalents	$ 82,558	$ 28,064
Accounts receivable	58,025	42,864
Prepaid expenses	9,717	35,172
Total current assets	150,300	106,100
Equipment (note 4)	4,955	52,050
Non-current assets
Right-of-use assets (note 5)	266,117	0
Long term deposit	68,939	68,939
Mining interests (note 6)	1	1
Total assets	490,312	227,090
Current liabilities
Accounts payable (notes 6 and 12)	2,382,993	2,170,398
Accrued liabilities (notes 6 and 11)	5,842,809	2,896,025
Other liabilities	0	57,307
Interest payable	301,388	201,507
Convertible loan payable (note 7)	1,815,500	1,744,327
Promissory notes payable (note 8)	311,830	0
Current portion of lease liability(note 9)	101,855	0
Total current liabilities	10,756,375	7,069,564
Non-current liabilities
Lease liability (note 9)	173,126	0
Derivative warrant liability (notes 7, 8 and 10)	11,320,777	116,809
Total liabilities	22,250,278	7,186,373
Shareholders' Deficiency
Preferred shares, $0.000001 par value, 10,000,000 preferred shares authorized; No preferred shares issued and outstanding (note 10)	0	0
Additional paid-in-capital (note 10)	$ 27,008,634	$ 24,284,765
Shares to be issued	0	107,337
Deficit accumulated during the exploration stage	$ (48,768,670)	$ (31,351,401)
Total shareholders' deficiency	(21,759,966)	(6,959,283)
Total shareholders' deficiency and liabilities	$ 490,312	$ 227,090

Note 11 - Commitments and Contingencies (Details)	6 Months Ended
Note 11 - Commitments and Contingencies (Details)	Dec. 31, 2019
Placer
Other Commitments, Description	As stipulated by the agreements with Placer Mining as described in note 6, the Company is required to make monthly payment of $60,000 for care and maintenance. Including the previously accrued payments, a total of $1,783,000 is payable when the Company decides to acquire the mine at which time these payments will be waived.
EPA
Other Commitments, Description	In addition to the payments to Placer Mining, pursuant to an agreement with the United States Environmental Protection Agency (“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.

Note 3 - New and Recently Adopted Technical and Accounting Pronouncements: Reconciliation of aggregate lease liability and operating lease commitment (Details)	6 Months Ended
	Dec. 31, 2019 USD ($)
Details
Operating Lease, Cost	$ 319,133

Note 7 - Convertible Loan Payable (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Note 7 - Convertible Loan Payable (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Accretion expense (notes 7 and 8)	$ (73,389)	$ (235,255)	$ (107,258)	$ (343,909)
Accretion expense (notes 7 and 8)	(73,389)	(235,255)	(107,258)	(343,909)
Hummingbird
Debt Instrument, Convertible, Terms of Conversion Feature					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.
Accretion expense (notes 7 and 8)	37,304	235,255	71,173	343.909
Accretion expense (notes 7 and 8)	37,304	235,255	71,173	343.909
Interest expense	$ 47,891	$ 50,410	$ 95,781	$ 95,342

Note 8 - Promissory Notes Payable (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Note 8 - Promissory Notes Payable (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Proceeds from promissory note			$ 382,367	$ 0
Accretion expense debt			71,173		$ 734,589
Interest expense (notes 7 and 8)	$ (51,991)	$ (50,410)	(99,881)	$ (95,342)
Promissory notes
Proceeds from promissory note			300,000
Warrants issued to lender			400,000
Accretion expense debt	36,085		36,085
Interest expense (notes 7 and 8)	$ 4,100		4,100
Promissory notes two
Proceeds from promissory note			$ 82,365

Note 13 - Subsequent Event (Details)	Jan. 31, 2020
Details
Subsequent Event, Description	On January 31, 2020, the Company announced a non-brokered equity financing consisting of an offering of common shares of the Company at $0.56 per common share for gross proceeds of C$4,000,000, subject to the Company's overallotment option at its discretion

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2019	Feb. 19, 2020
Details
Registrant CIK	0001407583
Fiscal Year End	--06-30
Registrant Name	Bunker Hill Mining Corp.
SEC Form	10-Q
Period End date	Dec. 31, 2019
Tax Identification Number (TIN)	32-0196442
Number of common stock shares outstanding		69,817,196
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Shell Company	false
Small Business	true
Emerging Growth Company	false
Entity File Number	333-150028
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	82 Richmond Street East
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5C 1P1
City Area Code	416
Local Phone Number	477-7771
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false

Bunker Hill Mining Corp. Condensed Consolidated Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Warrant	Retained Earnings	Total
Equity balance, shares at Jun. 30, 2018	3,301,372
Equity Balance at Jun. 30, 2018	$ 3	$ 23,397,259	$ 0	$ (23,613,576)	$ (216,314)
Stock-based compensation	$ 0	$ 43,893	$ 0	$ 0	$ 43,893
Shares issued	0	549,333	0	0	549,333
Shares issued	$ 160,408
Issue costs	$ 0	$ (35,812)	$ 0	$ 0	$ (35,812)
Shares issued stock lease liability financing	1	365,340	0	0	365,341
Shares issued	$ 645,866
Shares issued	0	268,930	0	0	268,930
Shares issued	$ 43,750
Warrant valuation	0	$ (620,856)	$ 0	$ 0	$ (620,856)
Net loss for the period	$ 0	0	0	(3,926,783)	(3,926,783)
Equity balance, shares at Dec. 31, 2018	4,151,396
Equity Balance at Dec. 31, 2018	$ 4	23,968,087	0	(27,540,359)	(3,572,268)
Equity balance, shares at Jun. 30, 2019	15,811,396
Equity Balance at Jun. 30, 2019	$ 16	24,284,765	107,337	(31,351,401)	(6,959,283)
Stock-based compensation	0	167,770	0	0	167,770
Issue costs	0	(65,315)	0	0	(65,315)
Warrant valuation	$ 0	$ (468,227)	$ 0	$ 0	$ (468,227)
Shares issued	35	1,315,691	(107,337)	0	1,208,389
Shares issued	$ 35,008,956
Shares issued for debt settlement at $0.09 per share	17	1,499,034	0	0	1,499,051
Shares issued	$ 16,962,846
Shares issued issued for debt settlement at $0.14 per share	2	274,916	0	0	274,918
Shares issued	$ 2,033,998
Net loss for the period	$ 0	$ 0	$ 0	$ (17,417,269)	$ (17,417,269)
Equity balance, shares at Dec. 31, 2019	69,817,196
Equity Balance at Dec. 31, 2019	$ 70	$ 27,008,634	$ 0	$ (48,768,670)	$ (21,759,966)

Note 12 - Related Party Transactions (Details)	Dec. 31, 2019 USD ($)
Ryan
Accounts payable related party	$ 29,000
Parsons
Accounts payable related party	62.269
Accounts payable related party	32,107
Aird
Accounts payable related party	$ 9,774

Note 6 - Mining Interests (Details)	6 Months Ended
Note 6 - Mining Interests (Details)	Dec. 31, 2019
Bunker Hill
Equity Method Investment, Description of Principal Activities	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 (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.