Sam Ash to Lead $326M Bunker Hill-Silver47 Merger
Bunker Hill Mining and Silver47 have signed a definitive agreement to merge into a singular, all-American organisation.
The newly-named Bunker Hill Silver will combine to add Idaho’s Silver Valley to a four-project exploration pipeline across Nevada, Alaska and New Mexico.
Despite the merging agreement, the operational headquarters will remain at the Bunker Hill Mine site in Idaho’s Silver Valley.
Gary Thompson, Executive Chairman of Silver47, says: “ As the Bunker Hill Mine targets commercial production, its cash flow will provide the organic power to unlock significant value across the four US sites.”
Plans for Bunker Hill-Silver47 merger
According to the official press release, combining Bunker Hill’s anticipated cash-follow from the Bunker Hill mine with Silver 47’s development pipeline will create a new US champion in silver and critical minerals.
Production is set to increase from +980 koz AgEq in 2026 to more than 2,500 AgEq in 2027 at the Bunker Hill Mine. Specifically, the deal is aiming to increase commercial production at Bunker Hill Mine by Q4 of 2026.
This will supply funding for exploration across Silver47’s mines, decreasing the reliance on generating dilutive capital for the other projects. The mine has been selected for a 2.0 expansion, reaching 2,500 tonnes per day which would make it the largest mill in the Silver Valley.
Expansion in Silver Valley is not the only target from this merger, as there are currently three drill programmes underway across the portfolio.
According to Bunker Hill Mining, these explorations provide an upside with the potential to “expand existing mineral resources” through future successes.
Bunker Hill Mine targets commercial production.
- US$326m - the newly combined entity's pro forma basic market cap
- 4 - number of mining exploration projects
- 7,730 - size of Mogollon Project district in acres
- US$10m - investment from Ocean Partners
- US$1m - investment under its backup facility at Teck Resources Limited
US silver mining
Sam Ash, CEO of Bunker Hill, adds: “We have been actively looking to partner with the right US-focused silver and critical metals company to accelerate the pace and depth of US-based growth.”
According to 2025 USGS data, around 997.9 tonnes of silver was produced from the US in 2025, sourced from just four dedicated silver mines nationwide.
Imports for consumption increased by 72% year-on-year, while domestic demand reached 8,527 tonnes.
The new portfolio is set to increase the overall silver production in the US, with each mine offering high-quality minerals. Bunker Hill Mine is an operating asset in the Coeur d’Alene mining district, producing 38.8 million tonnes of ore at 8.4% Pb, 4.5% Zn across 95 years.
Ranger-Page is a neighbouring project and holds six historical high-grade silver mines in the US.
In Nevada, the Hughes Project operates within the Tonopah mining district with 10.3 Moz AgEq and 32.9 AgEq inferred. The Red Mountain Project spans across 60 kilometres and holds more than 35 known prospects, inferring 168.6 Moz AgEq of production.
Only 2.4km of vein strike has been drilled at the Mogollon Project, which has the potential for 77km across its 7,730 acre district.
Overall, these projects have an aggregate mineral source inventory of 80 Moz AgEq measured and 308 Moz AgEq inferred.
Key Partners
Headquarters: Idaho, US
CEO: Sam Ash
Bunker Hill Mining is a North American mineral exploration and development company focused on the operational restart and strategic modernisation of the Bunker Hill Mine in Idaho's Silver Valley.
The company aims to establish a low-cost, sustainable producer of critical zinc, lead, and silver metals through advanced processing technologies and modernised underground infrastructure.
Headquarters: Vancouver, Canada
CEO: Galen McNamara
Silver47 Exploration is a mineral exploration company focused on acquiring and advancing high-grade silver and polymetallic deposits across North America.
The company holds a resource base approaching 250 million silver-equivalent ounces across three flagship U.S. projects alongside exploration assets in Canada. Leveraging modern exploration technology and strategic drilling campaigns, Silver47 aims to build a premier U.S.-focused silver developer to support growing industrial and clean technology metal demand.
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Executives
Gary Thompson
Executive Chairman
Sam Ash
CEO