Bunker Hill Mining agreed on Friday to buy Silver47 Exploration in an all-stock transaction valued at about $163 million, forming a larger US focused silver and critical minerals company.
Silver47 shareholders will receive 0.1724 Bunker Hill common shares for each share held. The offer represents a 38% premium to Silver47's close on Thursday and about a 30% premium to its 20 day volume weighted average price. Silver47 shares closed Thursday at C$0.67, or US$0.49, setting the reference price for the premium.
The transaction pairs Bunker Hill's namesake mine in Idaho's Silver Valley with Silver47's exploration and development portfolio across Alaska, Nevada and New Mexico. Bunker Hill is working toward commercial production at the Idaho operation in the fourth quarter of 2026. Silver47 shares have fallen nearly 36% since the start of 2026.
"As Bunker Hill advances towards commercial production targeted in the fourth quarter of 2026, we are very excited to partner with Silver47," Bunker Hill executive chairman Richard Williams said.
The combined company will be named Bunker Hill Silver. Existing Bunker Hill shareholders will own 57% and Silver47 investors will hold the remaining 43%. The companies expect to complete the transaction in November, after which the combined company is expected to continue trading on the Toronto Stock Exchange.
Bunker Hill has also secured about $11 million in new financing from existing partners. That total includes a $10 million concentrate prepayment facility with Ocean Partners UK and a $1 million draw under Bunker Hill's standby facility with Teck.
Source: MINING.COM - https://www.mining.com/bunker-hill-to-buy-silver47-in-163m-all-stock-deal/