Financial Obligation (Form 8-K)

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Ocean Partners Facility Draw

On October 9, 2026, the Company drew US$2.0 million under its Prepayment Agreement, dated August 20, 2026 (the "Prepayment Agreement") by and among the Company, SV Borrower and Ocean Partners UK Limited ("Ocean Partners") pursuant to which Ocean Partners agreed to provide the Company with a concentrate prepayment facility of up to US$10.0 million (the "Ocean Partners Facility"). This draw was the third draw under the Ocean Partners Facility bringing the aggregate outstanding principal amount to US$10.0 million. The Company intends to use the proceeds from the drawdown for working capital at the Bunker Hill Mine in Idaho.

As previously disclosed in the Company's Current Report on Form 8-K as filed on August 25, 2026, the amounts outstanding under the Ocean Partners Facility bear interest at a rate equal to 7.0% per annum plus the three-month secured overnight financing rate as published by the CME Group, representing the forward-looking cost of borrowing cash overnight collateralized by U.S. Treasury securities, as determined based on actual transactions in the repurchase agreement market. Interest accrues daily and is payable monthly in arrears on the first business day of the following month. During an event of default, the applicable interest rate increases by an additional 3.0% per annum, calculated on the basis of a 360-day year. Interest is payable at the option of the Borrower by either (i) setoff against any payments owed against concentrates or (ii) in cash.

The foregoing description of the material terms of the Ocean Partners Facility does not purport to be complete and is qualified in its entirety by reference to the Prepayment Agreement, which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2026 and the description of the Ocean Partners Facility contained in the Company's Form 8-K as filed on August 25, 2026, which is incorporated herein by reference.