Over the course of the recent past, Bunker Hill Mining Corp (OTCMKTS:BHLL) has been working on the restart of the Bunker Hill Mine and this past Friday the company came up with a key update. The update was with regards to the budget estimates and capital cost of reopening the mine.
On Friday, BHLL stock slid 11% to $0.0712 with more than 588.66K shares, compared to its average volume of 197.74K shares. The stock moved within a range of $0.0700 – 0.0830 after opening trading at $0.0700.
Bunker Hill Affirms Total Restart Project Budget, and Receives Upsized $20 Million Offtake Finance Proposal
The Chief Executive Officer of the company Sam Ash came up with a statement. He noted that the total budget of the project was in line with the previous estimates. He went on to add that the entire finance plan was anchored to the release of stream finance to the tune of $37 million from Sprott Private Resource Streaming & Royalty Corp.
However, that was not all. The financing from Sprott had also been complemented by the possibilities of more financing to the tune of $20 million thanks to the expression of interest from offtake finance providers.
The team which is in charge of the Bunker Hill restarting project was on site and was awaiting notice with regards to the completion of the financing activities as well as finalization of offtake financing negotiations. The process plant construction activities are expected to begin at some point in the second quarter of 2023.