The company added that it is implementing a capital restructuring plan that includes an equity investment from Teck Resources, conversion of outstanding debt into shares, and revised royalty and streaming arrangements with Sprott Streaming.

As part of its equity financing efforts, Bunker Hill is offering up to 62-million units at US$0.1051, or C$0.15, per unit through a brokered offering. Also, Bunker Hill is conducting a non-brokered private placement. Teck has agreed to contribute US$2 for every US$1 raised, investing up to US$22 million through the purchase of up to about 209.5 million units. Each unit includes one common share and half of a warrant in both offerings.

The net proceeds from these offerings will go toward completing construction, starting up, and ramping up operations at the Bunker Hill Mine. Closing of the financing is subject to regulatory and stock exchange approval and certain other conditions, the company said.

Both Teck and Sprott Streaming are expected to own over 20% of the company's shares once all transactions close, subject to shareholder approval, the company added.

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