Ransomware Kill Chain Whacked As FBI, Secret Service, Europol Attack
Operation Endgame strikes the ransomware access brokers.
The ransomware threat suffered a serious, if not fatal, injury this week as multiple law enforcement actions took aim at the global criminal enterprise. Microsoft led the way in taking down large parts of the infrastructure behind the Lumma Stealer network behind the capture and sharing of compromised credentials. This comes after one leading ransomware group, LockBit, was itself hacked. Now Europol, with help from both the Federal Bureau of Investigation and the U.S. Secret Service, has hit at the very heart of the ransomware kill chain by targeting initial access operators. Here's everything you need to know about the latest Operation Endgame success.
'Cybercriminals around the world have suffered a major disruption,' Europol stated after confirming the latest stage of Operation Endgame, which has significantly impacted the ability of ransomware groups, or more accurately, their affiliates, to execute their malicious attacks. By dismantling the infrastructure used by seven of the leading initial access malware operators, Operation Endgame hopes to strike a blow against the tools that are used to launch most ransomware attacks.
Working alongside the FBI, Secret Service and the Department of Justice in the U.S., as well as other global law enforcement agencies, Europol said in a May 23 statement that it had taken down 300 servers, negated 650 domains and issued international arrest warrants against 20 cybercriminals.
Initial access malware is used to do what it says on the tin: gain initial access to systems and networks in order for ransomware affiliates to be able to then compromise the target and infect it with the ransomware malware itself. While there is a booming industry of initial access brokers, who sell ready-made packages to such affiliates, the availability of such software on a cybercrime-as-a-service basis has seen many bypass the broker and save a bit of money by doing it themselves. Operation Endgame targeted seven of these initial access malware operations, namely:
'By disabling these entry points,' Europol said, 'investigators have struck at the very start of the cyberattack chain, damaging the entire cybercrime-as-a-service ecosystem.' All seven of the malware operations were successfully neutralised by the strikes.
Selena Larson, a staff threat researcher at Proofpoint, which was also involved in the actions, told me that 'the disruption of DanaBot, as part of the ongoing Operation Endgame effort, is a fantastic win for defenders, and will have an impact on the cybercriminal threat landscape.' Not least, it will likely cause a rethink in tactics by imposing a cost on them in terms of legal jeopardy. 'After last year's Operation Endgame disruption,' Larson concluded, 'the initial access malware associated with the disruption, as well as actors who used the malware, largely disappeared from the email threat landscape.' Let's hope the same happens now and the ransomware threatscape shrinks as a result.
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The Fake Job Offer That Could Cost You Everything
Think you'd never fall for a fake job offer? Think again. The fastest-growing scam in America right now isn't about Nigerian princes or shady crypto—it's texts offering high-paying jobs for easy tasks. And as the job market tightens, younger job seekers are falling hard. Business Insider reported that according to the Federal Trade Commission, Americans lost nearly $470 million to scam texts in 2024. While fake delivery notices topped the list, job offer scams were number two. These messages often impersonate companies like Temu, Amazon, or Target and promise thousands in exchange for simple tasks like rating products or boosting apps. What makes these scams particularly dangerous is how realistic they seem. Many victims are asked to share personal information, Social Security numbers, IDs, even bank details, under the guise of onboarding. The twist? Some are even told to purchase office equipment with fake checks and send back the 'overpayment,' only to discover the checks bounce after their money is long gone. The FTC's Kati Daffan says reported losses to job scams have tripled since 2020. Proofpoint's Selena Larson notes these scams thrive on emotional manipulation—excitement, urgency, and the fear of missing out on a rare opportunity. And Gen Z is especially vulnerable. Between remote work expectations, a harsh job market, and a culture that handles everything by text, many don't think twice about engaging with a recruiter over a messaging app. As one expert put it, younger users 'just click, click, click.' The rise of AI has made it even easier for scammers to craft realistic, mistake-free messages. Combine that with financial anxiety and a lack of coordinated enforcement, and you've got a scammer's dream scenario. The best defense? Slow down. Research the offer. If a job pays in crypto, conducts interviews via text, or asks for money upfront—it's likely a scam. Real employers don't operate like Fake Job Offer That Could Cost You Everything first appeared on Men's Journal on Jun 5, 2025
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The diabolically clever scam that keeps duping desperate Gen Zers
It's easy to read a text offering what is clearly a fake job and think, "Who in the world would fall for this?" Of course, Temu or Target isn't going to send me an unsolicited message with a too-good-to-be-true employment offer out of the blue. Except scammers don't do things that don't work — so while it may seem obvious to you, there are people who absolutely fall for these tricks, and no one is immune. Scam texts have exploded in recent years (which I probably don't have to tell you — if you have a cellphone, you're most likely well aware). Consumers reported losing $470 million to text message scams in 2024, according to the Federal Trade Commission, five times the amount reported in 2020. The actual amount of money lost could be much higher, given that many people don't alert the FTC when scammed. Fake package delivery was the most common scam, but the No. 2 was job offers — texts from purported recruiters either offering positions at well-known companies or promising big bucks in exchange for doing online tasks that seem relatively mundane. "We are definitely seeing both a growth in reported losses to text scams and also a growth in reported losses to job scams," says Kati Daffan, an attorney for the FTC in its Bureau of Consumer Protection. "Reported losses to job scams increased more than three times between 2020 and 2023." Now, the flood of job scams could get even worse. There is increased opportunity for dupers: The labor market is getting rockier, Americans are increasingly on edge about their finances, and many people really want to work remotely. At the same time, the means of cranking out these texts is getting more sophisticated: AI makes scam texts easier to craft in ways that seem plausible and realistic. The overall result is that unsuspecting job seekers may become even more susceptible to hoaxes. "It's likely that as unemployment increases and more people are worried about the economic uncertainty, if the scams aren't necessarily increasing, the likelihood that people might fall for them will be," says Selena Larson, a staff threat researcher at Proofpoint, a cybersecurity company. The way scam texts work is pretty straightforward: You get a message out of nowhere about a supposed thrilling work opportunity. It may come from a phone number, or it's from an official-looking email address. The offer seems enticing, albeit somewhat unrealistic given how jobs and money usually go — it may promise a super-high salary for just a couple of hours a day of menial online work. It can also come with some weird facets, such as conducting interviews entirely via text, promising to pay in crypto, or asking you to pay them before they pay you. Eva Velasquez, the CEO of the Identity Theft Resource Center, a nonprofit, says her organization saw a big bump in job scam reports in 2023 that took them by surprise. Since then, the number has ebbed and flowed, but the scams are here to stay. "They are very lucrative. They can capture not only your data but often your money," she says. Scammers get people to hand over personal information that would be par for the course for a legit hiring process — Social Security numbers, pictures of their driver's licenses and passports, bank account numbers. That information can be used to try to steal people's identities and for other nefarious ends. And for someone who really wants a new job, the mundanity of the requests can be deceiving. "That I think is why it's confusing to people is when you have a legitimate offer and you do start with an employer, they do need that information," Velasquez says. As much as many people like to feel that they'd never fall for a scam, we're all susceptible to them, to some extent. What's not so normal is job scammers asking victims to kick in their own money. The trick goes like this: After supposedly hiring someone or getting far enough in the process, the scammer will send someone a check and ask them to buy work-related equipment with it, such as a printer or office supplies. But the check will be for more money than the stuff costs, so they'll ask the person to send the difference back. Later, the check bounces, and the person is out of the money they spent on the equipment and sent to the scammer — and, potentially, in hot water for depositing a fake check. They may also ask people to buy gift cards or make payments to fake vendors who are in on the scam. Daffan, from the FTC, says it has specifically seen a spike in task scams, in which consumers are asked to complete little activities online, such as liking videos or rating products on an app or platform, to earn commission. The texts say the activity is for "product boosting" or "app optimization," which can sound realistic. "But then once people start doing this work, there's a whole system designed to trick them to actually pay money into the app, and eventually, they'll end up losing money and never being given any of the money that they were promised," Daffan says. And as much as many people like to feel that they'd never fall for a scam, we're all susceptible to them, to some extent. "It relies on this concept of social engineering and the hackers being very compelling. They make you feel something, they make you feel excited," Larson says. "They make you feel like you want to be a part of this ecosystem, that this job is a great opportunity that you don't want to lose." The stereotypical victim of a fraudster is an older person — your grandmother on the phone with someone who claims to be from Publishers Clearing House, telling her she's won a million dollars but has to kick in some of her own cash first. But in the modern world, that stereotype is out of date, including when it comes to job text scams: A lot of young people take the bait. Gen Zers and millennials are used to doing everything online, even making major life decisions. Nothing, whether it's booking a vacation, renting an apartment, or paying a friend back, feels like a "big screen" task anymore, let alone a do-this-in-person one. It's all on the small screen. "I'm a Gen Xer. For me, someone conducting very serious business over text just doesn't resonate with me," Velasquez says. "For young people, they're like, we do everything over text. It doesn't raise alarm bells." You look at the Gen Zs and the younger millennials and they just click, click, click, click, click, click. Younger people are more accustomed to the idea of side hustles. They're in the hunt for extra cash, especially if they can earn it with little effort online, and "like these videos for money" may not seem that abnormal to them in a world where "post videos on TikTok for money" is an aspired-to reality. Gen Z also faces an especially tough job market. Between tech layoffs and federal government job cuts, many avenues they may have pursued have dried up. Companies aren't hiring the way they were a few years ago, and people with jobs aren't quitting. That can specifically affect younger people looking to get a foot in the door — if nobody's going out, they can't get in. The result: a generation that's extra prone to falling into scams offering jobs and side-hustle cash. "You look at the Gen Zs and the younger millennials and they just click, click, click, click, click, click," says Alex Quilici, the CEO of YouMail, a service that helps block scam texts and calls. As I reported this story, I became increasingly alarmed about job scam texts. If the labor market is worsening, meaning more people are going to fall for this stuff, shouldn't we be doing more to stop it? On the list of a million worries, I'd really rather not add "my niece got bamboozled out of $1,000 because of some click farm scam" to the list. It turns out that doing something about this is hard. When I ask Kate Griffin, with the Aspen Institute's Financial Security Program, who's responsible for clamping down on scam texts, she tells me, "That's the problem." It's sort of everyone's job, which also means it's sort of no one's job. "A lot of people have a component part of it," she says. "There's a part of the FBI that goes after this. There's a part of the Treasury Department that is focused on the anti-money-laundering part of it. The FTC, of course, holds their component of it, but there's not a single coordinating entity to say, 'What is our national approach to fighting this?'" As far as how the private sector can combat this, it's complicated, too. Griffin explains that while telecommunications companies are the infrastructure layer, they don't necessarily have the ability to know what's inside messages. She notes that CTIA, a trade association that represents the wireless industry, has a "secure messaging initiative" whose goal is to put a stop to unwanted or illegal text messages. Besides its app that lets consumers block unwanted communications from spammers and scammers, Quilici's YouMail also collects data to alert phone carriers of scams and bad actors. Still, it's hard for companies to get their arms around the problem — scammers are savvy, and the business incentives to crack down on them aren't particularly compelling. "If you wanted to try to stop it, you'd have to make it really, really difficult for anybody to get a phone number," Quilici says. Texting and calling cost next to nothing. Making communications more expensive would make scamming less lucrative, but it would also make basic functions pricier for everyone else. Companies (or the government) could implement know-your-customer laws, as banks have, so carriers have to know whom they're giving a number to, but that would be onerous, too. "There's a big tension between their desire to sell services and quickly and stopping fraud," Quilici says. "I don't view the carriers as bad guys. I view them as having a business problem." The unwillingness of the government and phone carriers to make a concerted effort against scam texts puts a lot of onus on individual consumers to try to protect themselves, which is not an easy task. A lot of these scams look realistic — ChatGPT makes it easier to write a scam, meaning the grammar mistakes that might have set off some spidey senses are less likely to appear. These scams don't just take place via text; they can also come in emails or even in social media messages on platforms such as LinkedIn, where contact from a recruiter would seem quite normal. And they often invoke big-name companies that people would like to work for, which may increase the likelihood that someone falls for a trick. What's one to do in this scenario? First, scrutinize where the text came from. (Is it a weird email address or a foreign phone number? Though scammers can make those look plausible, too.) Next, do a deep reading of the message itself, checking whether the grammar is right and whether the offer seems too good to be true. A six-figure job for clicking boxes on an app sounds lovely, but it's also not a thing that exists. Mention of pay in crypto is a red flag, as are interviews via text. If the alleged employer asks you for money, that's a no-no. As a general rule, you shouldn't have to pay money to make money. "Our advice is never click on links or respond to unexpected texts or WhatsApp messages or other messages about jobs. Real employers will never contact you that way," Daffan says. She asks people to report fraud to the FTC. One of the reasons that job scams are flourishing is that many people do want to work extra and make extra income. If you do think a job offer could be legitimate, see whether you can find the listing online — and make sure it's real and matches on details such as salary and location. People can also just contact the prospective employer directly to find out if it is a fake. And if you do get scammed out of money, contact your bank immediately and try to get the money back. Ultimately, Quilici says, the best advice is to slow down. There's no need to respond to that job offer text right away. Larson echoes the point. "If they're trying to rush you, they're trying to hire you, and they ask to be paid for something, that's all red flags," she says. Anyone who's interviewed for a job lately knows that the process can drag on for a wildly long time. Overall, the good news is that as time goes on and more people learn about scams, the more we collectively become inoculated to different tactics and hoaxes. People were highly susceptible to email scams when they first got email addresses. Now, you still hear about them, but they're a lot less common, and most people have an easier time spotting them. In the meantime, the bad news is that a tougher labor market means we may not have time for this natural collective education to happen. When people are anxious about money and work, they're likelier to have blind spots that scammers know how to exploit. If you're on month five of the job search and worried about how you're going to pay rent, you'll probably reply to that text faster than you would under normal circumstances. "One of the reasons that job scams are flourishing is that many people do want to work extra and make extra income, and they're looking for an opportunity to do that," Daffan says. "And scammers know that, and so they know there's a big market out there if they can have a convincing job scam. And, unfortunately, that is the case." Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy. Read the original article on Business Insider
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Bunker Hill Announces Closing of $31 Million Combined Equity Financings and Debt Settlements Along with its Major Capital Restructuring
KELLOGG, Idaho and VANCOUVER, British Columbia, June 05, 2025 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corp. ('Bunker Hill' or the 'Company') (TSX-V: BNKR |OTCQB: BHLL) is pleased to announce that it has closed its previously announced brokered private placement (the 'Brokered Private Placement') for aggregate cash consideration of approximately US$6.2 million and debt settlement of approximately US$4.4 million (40,726,231 units). The Brokered Private Placement included participation by Sprott Streaming and Royalty Corp. (together with its affiliates, 'Sprott Streaming'). The Company has also closed its concurrent non-brokered private placement (the 'Teck Private Placement' and, together with the Brokered Private Placement, the 'Equity Offerings') with Teck Resources Limited (together with its affiliates, 'Teck') for approximately US$20.5 million. As part of the Equity Offerings, the Company issued an aggregate of 252,215,751 units of the Company ('Units') at a price of C$0.15 (or the U.S. Dollar equivalent thereof) per Unit (the 'Offering Price'), of which (i) Teck acquired 195,294,655 Units (the 'Teck Units'), and (ii) 56,921,096 Units were sold by a syndicate of agents led by BMO Capital Markets, CIBC Capital Markets and Red Cloud Securities Inc., as joint bookrunners, and including National Bank Financial Inc. (collectively, the 'Agents'), of which Sprott Streaming acquired 10,000,000 Units (the 'Sprott Subscription'). The Company is also pleased to announce that it has concurrently closed the previously announced capital restructuring transactions, including the conversion into equity of certain outstanding debt, and the modification of certain existing royalty and stream financing arrangements with Sprott Streaming, as further described herein. The Company also announces that Paul Smith has resigned as a director of the Company. 'We are pleased to announce the closing of this transformational transaction, which not only strengthens our balance sheet but signals a new phase in our longstanding partnerships with both Teck and Sprott Streaming. Although the transaction took many weeks to finalize, we know the results will benefit all stakeholders and continue the work our team is doing in Kellogg, Idaho, to bring this great asset into production,' said Richard Williams, Executive Chairman. Sam Ash, President and CEO, added: 'The Bunker Hill Mine project construction is now 67% complete, with all procurement executed, and ore currently being stockpiled underground. This important transaction paves the way for our exceptional crews and loyal contractors, many of whom have become shareholders as part of this financing transaction, to progress towards the safe and sustainable restart of Bunker Hill operations in H1 2026'. Details of the Equity Offering The Equity Offerings, including both the brokered and non-brokered components, were conducted on a private placement basis pursuant to applicable exemptions from the requirements of securities laws under National Instrument 45-106 – Prospectus Exemptions and under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act'), and in such other jurisdictions outside of Canada and the United States pursuant to applicable exemptions from the prospectus, registration or other similar requirements in such other jurisdictions. Each Unit issued under the Equity Offerings consisted of one share of common stock (a 'Common Share') and one-half of one Common Share purchase warrant (a 'Warrant'). Each whole Warrant will be exercisable to acquire one additional Common Share (a 'Warrant Share') at a price of C$0.25 per Warrant Share for a period of three (3) years following the date of issuance, subject to customary adjustments. All securities issued pursuant to the Equity Offerings (i) are subject to a four month plus one day hold period in accordance with applicable Canadian securities laws and, if applicable, the policies of the TSX Venture Exchange (the 'TSX-V') and (ii) have not been registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. The Company intends to use the net proceeds of the Equity Offerings to support the construction, start-up and ramp-up of the Bunker Hill Zinc-Silver-Lead Mine in the Silver Valley, Idaho (the 'Project'). Immediately prior to the date hereof, Teck beneficially owned, directly or indirectly, or exercised control or direction over, 23,784,723 Common Shares and warrants to purchase an additional 2,951,389 Common Shares, representing approximately 6.6% of the issued and outstanding Common Shares on a non-diluted basis and approximately 7.4% on a partially diluted basis. Upon closing of the Teck Private Placement, Teck now beneficially owns, directly or indirectly, or exercises control or direction over 219,079,378 Common Shares and warrants to purchase an additional 100,598,716 Common Shares, representing approximately 23.9% of the issued and outstanding Common Shares on a non-diluted basis and, assuming the exercise of all warrants now held by Teck, approximately 31.4% on a partially diluted basis, and is considered a 'Control Person' of the Company (as such term is defined in the policies of the TSX-V). The Company obtained written consents of disinterested stockholders of the Company holding a majority of the voting shares of the Company (collectively, the 'Stockholder Consent') for, among other things, the Teck Private Placement, including the creation of Teck as a Control Person of the Company, in satisfaction of the applicable shareholder approval requirements of the TSX-V. Teck's purchase of the Teck Units under the Teck Private Placement is being made for investment purposes. Teck may determine to increase or decrease its investment in the Company depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. Teck's head office is located at Suite 3300 – 550 Burrard Street, Vancouver, BC, V6C 0B3. In satisfaction of the requirements of the National Instrument 62-104 - Take-Over Bids And Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, early warning reports respecting the acquisition of Common Shares and warrants to purchase additional Common Shares by Teck or its affiliates will be filed under the Company's SEDAR+ at A copy of Teck's early warning report to be filed in connection with the Teck Private Placement may also be obtained by contacting Dale Steeves at 236-987-7405. The Company has also entered into an investor rights agreement (the 'Teck Investor Rights Agreement') with Teck dated June 5, 2025, pursuant to which Teck has the right to maintain its percentage interest in future financings, subject to certain customary exceptions, and will have such other rights as described in the March 6, 2025 news release of the Company and as set forth in the Teck Investor Rights Agreement. A copy of the Teck Investor Rights Agreement will be filed by the Company as a material agreement and will be made available on the Company's SEDAR+ profile. In connection with the Brokered Private Placement, the Agents received cash commissions of C$461,061. Details of the Capital Restructuring Transactions The Company also completed the previously announced restructuring transactions, as further described below. Standby Facility: The Company concurrently closed the previously announced uncommitted revolving standby prepayment facility of up to US$10 million (the 'SP Facility') to be provided to the Company by Teck, as further described in the Company's news release dated May 16, 2025. No bonus securities of the Company were issued to Teck in connection with the SP Facility, nor is the SP Facility convertible into securities of the Company. Offtake Amendments: The Company, through its wholly-owned subsidiary Silver Valley Metals Corp ('Silver Valley'), has entered into the previously announced amending agreements with respect to existing zinc and lead offtake agreements between Teck and Silver Valley. As a result of these amendments, among other amendments, the offtakes will now apply to life-of-mine production rather than the original 5-year term. Amendment of Existing Convertible Debentures: The Company completed the previously announced amendment and restatement of the previously issued series 1 and series 2 secured convertible debentures, as further described in the Company's news release dated March 25, 2025. Amendment of Existing Royalty: In addition to the amendment of the Second Royalty (as defined and further described below), the Company amended certain existing royalty interests (collectively, the 'First Royalty') previously granted to Sprott Streaming, as further described in the Company's news release dated March 6, 2025. As a result of such amendment, the First Royalty has been consolidated into one 1.85% life-of-mine gross revenue royalty applying to both primary and secondary claims comprising the Project. Amendments to the Debt Facility: Sprott Streaming and the Company amended and restated the senior secured loan agreement in the aggregate principal amount of US$21 million (the 'Debt Facility') to (i) reduce the outstanding principal amount under the Debt Facility from US$21 million to US$15 million, (ii) increase the secondary claims percentage under the additional royalty (the 'Second Royalty'), which amendment shall also be reflected in an amending agreement to the Second Royalty, and (iii) cancel the royalty buyback option granted to the Company thereunder, which amendment will also be reflected in the amending agreement to the Second Royalty. In addition, the Debt Facility (as defined below) was amended to include an option, at the election of the Company, to settle any accrued and unpaid interest through the issuance of Common Shares, subject to the prior approval of the TSX-V. Sprott Stream Conversion: The existing metals purchase agreement (the 'Metals Purchase Agreement') dated June 23, 2023 between the Company, Silver Valley and Sprott Streaming, pursuant to which Sprott Streaming previously advanced a US$46 million deposit to Silver Valley was terminated and exchanged for: (i) 200,000,000 Common Shares; (ii) senior secured Series 3 convertible debentures in the aggregate principal amount of US$4 million and with a maturity date of June 5, 2030; and (iii) an additional 1.65% life-of-mine gross revenue royalty (the 'New Royalty') on primary and secondary claims comprising the Project, as further described in the Company's news release dated May 16, 2025. Sprott Streaming Debt Settlements: Concurrently with the Equity Offerings, the Company entered into the previously announced debt settlement agreements with Sprott Streaming, pursuant to which an aggregate of 63,690,476 Common Shares were issued to Sprott at the Offering Price in full satisfaction of (i) US$487,500 of unpaid interest under the secured convertible debentures held by Sprott Streaming, and (ii) US$6,200,000, consisting of the principal amount of US$6 million previously advanced to the Company under the Debt Facility, together with an aggregate of US$200,000 of interest accrued thereon, each as further described in the Company's news release dated May 16, 2025. Additional Debt Settlements: The Company and Silver Valley also entered into agreements to settle certain other amounts owing through the issuance of equity securities, as further described in the Company's news release dated May 16, 2025. Concurrently with the Equity Offerings, the Company issued (i) 761,904 Units to MineWater LLC (together with its affiliates, 'MineWater') in settlement of an outstanding cooperation fee in the aggregate amount of US$80,000, (ii) an aggregate of 257,379 Common Shares to certain directors of the Company (the 'Participating Directors') in settlement of a total of C$195,000 owing for services rendered by the Participating Directors between March 1 - April 30, 2025 (collectively, the 'Director Services'); and (iii) 30,302,181 Units to certain other arm's length creditors or contractors of the Company to settle certain other outstanding receivables and other amounts owing in the aggregate amount of approximately US$3,072, Unit issued pursuant to the Debt Settlements consisted of one Common Share and one-half of Warrant, with each whole Warrant exercisable for one additional Warrant Share at an exercise price of C$0.25 per Warrant Share for a period of three (3) years following the date of issuance. The Participating Directors, each being a Non-Arm's Length Party (as such term is defined in the policies of the TSX-V), received Common Shares in lieu of Units. The Company satisfied the shareholder approval requirements of the TSX-V applicable to the issuance of the Common Shares to the Participating Directors, as Non-Arm's Length Parties, by way of the Stockholder Consent. Amendments to the Monetary Metals Silver Loan: The Company and Silver Valley completed the previously announced amendment of the existing secured promissory note purchase agreement dated August 8, 2024 (as previously amended) and secured promissory note with Monetary Metals Bond III LLC (together with its affiliates, 'Monetary Metals'), as further described in the Company's news release dated May 16, 2025. Amendments to Existing Security and Intercreditor Arrangements: The Company amended its existing security and intercreditor arrangements with Sprott Streaming, Monetary Metals and MineWater (the 'Original Intercreditor Parties') to, among other things, reflect the termination of the Metals Purchase Agreement and other certain other transactions described herein, and to account for Teck under such arrangements. Concurrently with the Equity Financings, the Company entered into an amended and restated intercreditor agreement with the Original Intercreditor Parties and Teck, which among things, deferred certain royalty payments and imposed restrictions on early prepayment of principal amounts under outstanding debt obligations of the Company for so long as amounts are outstanding under the SP Facility, and allowed certain portions of Teck's security interest under the SP Facility to be granted on a first priority basis, as further described in the Company's news release dated May 16, 2025. Equity Payment: The Company, together with Silver Valley, entered into the previously announced equity payment agreement ('Equity Payment Agreement') with C & E Tree Farm, L.L.C. ('C&E'), pursuant to which the Company issued 4,761,905 Units to C&E at a deemed price equal to the Offering Price to satisfy US$500,000 of the purchase price payable under an existing option agreement between Silver Valley and C&E, dated March 3, 2023. Each Unit issued pursuant to the Equity Payment Agreement consists of one Common Share and one-half of one Warrant, with each whole Warrant exercisable for one additional Warrant Share at an exercise price of C$0.25 per Warrant Share for a period of three (3) years following the date of issuance, being June 5, 2028. All securities issued pursuant to the restructuring transactions described above (i) are subject to a four months plus one day hold period in accordance with applicable Canadian securities laws and, if applicable, the policies of the TSX-V and (ii) have not been registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. In connection with the transactions described herein (including the Sprott Subscription), Sprott Streaming was issued an aggregate of 259,802,380 Common Shares, 5,000,000 Warrants and convertible debentures of which the principal amount is convertible into up to 38,320,000 Common Shares. As a result, Sprott Streaming now owns or exercises control over approximately 29.6% of the issued and outstanding Common Shares (or, assuming the exercise of all warrants and the conversion of the full principal amount of the convertible debentures now held by Sprott, approximately 39.1% on a partially diluted basis) and is considered a 'Control Person' of the Company. The Company obtained the Stockholder Consent for, among other things, the restructuring transactions with Sprott Streaming and the Sprott Subscription, including the creation of Sprott Streaming as a Control Person of the Company, in satisfaction of the applicable shareholder approval requirements of the TSX-V. The Company has also entered into an investor rights agreement (the 'Sprott Investor Rights Agreement') with Sprott Streaming dated June 5, 2025, pursuant to which, among other things, Sprott Streaming has the right to appoint one nominee (or an observer) to the board of directors of Bunker Hill, subject to certain customary exceptions. A copy of the Sprott Investor Rights Agreement will be filed by the Company as a material agreement and will be made available on the Company's SEDAR+ profile. Given that Sprott is a 'Non-Arm's Length Party' (as such term is defined in the policies of the TSX-V), the amendment and restatement of the Debt Facility and the granting of the Second Royalty each constituted a 'Reviewable Disposition' under TSX-V Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets and were therefore subject to the TSX-V requirement to provide evidence of value. The Company satisfied this requirement by way of the Stockholder Consent. Related Party Transactions Each of the transactions described above with (i) Sprott Streaming, including the issuance of Common Shares in connection therewith, as well as the issuance of Units to Sprott Streaming pursuant to the Sprott Subscription, and (ii) directors and officers of the Company, including the issuance of Common Shares to the Participating Directors in connection therewith, as well as the issuance of Units to directors and officers of the Company under the Brokered Private Placement, constituted a 'related party transaction' within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company relied on the exemptions from the formal valuation and minority shareholder approval requirements provided under Sections 5.5(g) and 5.7(e) under MI 61-101 related to the financial hardship of the Company. Amendment to Articles of Incorporation The Company also received the approval of a majority of its stockholders, by way of the Stockholder Consent, to proceed with the previously announced amendment and restatement of its articles of incorporation to, among other things, increase the total number of shares of capital stock that the Company is authorized to issue from 1,510,000,000 shares to 2,510,000,000 shares. ABOUT BUNKER HILL MINING CORP. Bunker Hill is an American mineral exploration and development company focused on revitalizing our historic mining asset: the renowned zinc, lead, and silver deposit in northern Idaho's prolific Coeur d'Alene mining district. This strategic initiative aims to breathe new life into a once-productive mine, leveraging modern exploration techniques and sustainable development practices to unlock the potential of this mineral-rich region. Bunker Hill Mining Corp. aims to maximize shareholder value while responsibly harnessing the mineral wealth in the Silver Valley mining district by concentrating our efforts on this single, high-potential asset. Information about the Company is available on its website, or within the SEDAR+ and EDGAR databases. On behalf of Bunker Hill Mining Corp. Sam AshPresident and Chief Executive Officer For additional information, please contact: Brenda DaytonVice President, Investor RelationsT: 604.417.7952E: Cautionary Statements Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release. Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase 'forward-looking information' in the Canadian Securities Administrators' National Instrument 51-102 – Continuous Disclosure Obligations (collectively, ''). Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', 'plan' or variations of such words and phrases. Forward-looking statements in this news release include, but are not limited to, statements regarding: the Company's objectives, goals or future plans, including with respect to the restart and development of the Project in a manner that maximizes shareholder value; the achievement of future short-term, medium-term and long-term operational strategies; Bunker Hill's ability to secure sufficient project financing to complete the construction and development of the Project and move it to commercial production on an acceptable timeline, on acceptable terms, or at all; and the proposed amendment of the articles of incorporation of the Company. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: Bunker Hill's ability to receive sufficient project financing for the restart and development of the Bunker Hill Mine on an acceptable timeline, on acceptable terms, or at all; our ability to service our existing debt and meet the payment obligations thereunder, including following the debt restructuring transactions described herein; further drilling and geotechnical work supporting the planned restart and operations at the Project; the future price of metals; and the stability of the financial and capital markets. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, those risks and uncertainties identified in public filings made by Bunker Hill with the U.S. Securities and Exchange Commission (the '') and with applicable Canadian securities regulatory authorities, and the following: Bunker Hill's ability to realize the anticipated benefits of the transactions described herein, including with respect to the debt restructuring; Bunker Hill's ability to use the net proceeds of the Equity Offerings in a manner that will increase the value of stockholders' investments; Bunker Hill's ability to operate as a going concern and its history of losses; Bunker Hill's inability to raise additional capital for project activities, including through equity financings, concentrate offtake financings or otherwise; the fluctuating price of commodities; capital market conditions; restrictions on labor and its effects on international travel and supply chains; failure to identify mineral resources; further geotechnical work not supporting the continued development of the Project or the results described herein; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; the Company's ability to raise sufficient project financing, on acceptable terms or at all, to restart and develop the Project and the risks of not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are associated with this production decision including, among others, areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, with no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved; the Company requiring additional capital expenditures than anticipated, resulting in delays in the expected restart timeline; failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations; failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Project complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; and capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such statements or information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all, including as to whether or when the Company will achieve its project finance initiatives, or as to the actual size or terms of those financing initiatives, or whether and when the Company will achieve its operational and construction targets. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Readers are cautioned that the foregoing risks and uncertainties are not exhaustive. Additional information on these and other risk factors that could affect the Company's operations or financial results are included in the Company's annual report and may be accessed through the SEDAR+ website ( or through EDGAR on the SEC website (
