12:12 PM EST, 12/13/2024 (MT Newswires) -- (Updates shares.)

Bunker Hill Mining ( BHLL ) on Friday reported delays and increased costs related to the restart of the Bunker Hill mine in Idaho.

The company said following a strategic review the restart will be delayed by up to four months and is now expected to commence second quarter of 2025.

Bunker Hill also said the estimated total restart expenditure increased to $103 million from the previous forecast of $67 million and its original $56 million estimate in a 2022 pre-feasibility study.

The company cited "the worst effects of inflation, scope changes since the [pre-feasibility study], and an unplanned contractor change."

"This revised plan takes full account of the many challenges facing the project and the rest of the US mining industry," chief executive Sam Ash said.

Bunker Hill Mining ( BHLL ) said it plans to draw down on its $21 million standby facility provided by Sprott Private Resource Streaming and Royalty. It will also finalize discussions with its strategic partners for potential offtake or similar financing for an additional $30 million.

Bunker Hill shares were last seen down $0.03 to $0.10 on the TSX Venture Exchange.

Price: 0.10, Change: -0.03, Percent Change: -23.08