Ranger-Page Silver (Zn-Pb) Project

Silver Dollar acquired the Ranger-Page Project on August 7, 2024 (see news release) and entered into an agreement to sell the Project to Bunker Hill Mining on October 27, 2025 (see news release) in an all-stock transaction. Under the terms of the agreement, Bunker Hill will acquire all of Silver Dollar's interest in the Ranger-Page Project and associated claims from Silver Dollar for total consideration of CAD$3,500,000, payable by the issuance of 23,333,334 Bunker Hill Common Shares at a deemed price of CAD$0.15 per share. The transaction is subject to Bunker Hill’s 15-day due diligence and is expected to be completed on or before November 28, 2025.

Figure 1: Location of the Ranger-Page and Bunker Hill projects in the Coeur d'Alene Mining District.

Amalgamating the Ranger-Page Project with Bunker Hill Mining is a strategic and logical transaction that aligns perfectly with the plan we contemplated when we acquired the Project last year," said Greg Lytle, President and CEO of Silver Dollar. "While the transaction has happened faster than expected, we are confident the timing is optimal for both companies. Ranger-Page enhances Bunker Hill's exploration prospects and provides Silver Dollar with a strong equity position in a near-term producer, benefiting from the upside of the combined assets."

Strategic Highlights of the Transaction:

Consolidated Land Position: The acquisition unites the Ranger-Page and Bunker Hill properties into a contiguous land package, creating one of the largest and most prospective holdings by any single company in the Silver Valley.

Exploration Upside: Historical drilling and production data from the Ranger-Page indicate high-grade silver-lead-zinc mineralization along the Page vein system, which remains open at depth and along strike.

Infrastructure Synergies: The Ranger-Page Mines' existing underground workings and surface access points could provide additional flexibility for future mine planning, ventilation, and exploration access to deeper levels of the Bunker Hill system.

Complementary to Restart Plan: The acquisition is aligned with Bunker Hill's ongoing restart of operations at the Bunker Hill Mine, targeted for H1 2026, and enhances the Company's upside optionality for future resource expansion and mill feed sources.

Community benefits: This has the potential to create more local employment opportunities within the Silver Valley and stimulate procurement from regional suppliers in ways that benefit the local communities.

Figure 2: Looking NW from the Ranger-Page Project with I-90 and the town of Smelterville on the right.

Geology:

The Coeur d’Alene Mining District is one of the most significant silver mining regions in the world, known for its rich deposits of silver, zinc, and lead. The District has produced over 1.2 billion ounces of silver, 7 billion tons of lead, and 3 billion tons of zinc since initial discoveries were made along the south fork of the Coeur d'Alene River in the 1880s. Ore is produced from silver-lead-zinc veins hosted in clastic metasedimentary rocks of the Belt Supergroup. Orebodies show strong stratigraphic control, with most of the production coming from the Revett Formation.

The ore deposits of the Coeur d'Alene Mining District are hosted in structural features characterized by a complex network of faults and folds resulting from tectonic forces of diverse ages and movements. The District lies within the Lewis and Clark shear zone, a regional structural zone several kilometres wide, which includes the Thompson Pass Fault to the north, the Placer Creek Fault to the south, and the Osburn Fault that passes through the middle of the District. Numerous other subordinate district scale faults within the Lewis and Clark shear zone are related to mineralization and important for exploration.

The 27 km displacement of the Osburn Fault runs through the District's most productive silver belts and along the northern boundary of the Ranger-Page Project. A network of seven secondary faults transverses the Project area, with the north-south trending Page Fault at the western end and the Crown Point Fault at the eastern end intersecting the Osburn Fault. Additional faults include the east-west-trending Curlew, 96, Buckeye and Spring faults and the southeast-northwest-trending Government Gulch Fault (Figure 4).

Mineralization is principally galena-sphalerite and tetrahedrite veins with quartz, carbonate and barite gangue mineralogy. The District is famous for its major discoveries of vast high-grade polymetallic vein systems, with veins that can be 0.5 km in strike length and 2.5 km in dip length.

Ranger-Page Project History:

The land package includes six historic mines with the high-grade Page Mine being the largest. Operating from 1916 to1917 and from 1926 to 1969, it was a top-10 producer in the District having produced over 1.1 billion pounds of combined lead-zinc and 14.6 million ounces of silver.

The Page mine was also the deepest of the six historic mines. It was mined to a depth of 2,644 feet below surface, with Blackhawk mined to 1,200 feet, Crown Point mined to 200 feet, and the remaining three mines (Ranger, Wyoming, and Curlew) only explored and mined near surface.

For comparison, one of the deepest mines in the region is Hecla’s Lucky Friday Ag-Pb-Zn Mine. In operation since 1942, it is expected to produce approximately 5 million ounces of silver per year with proven and probable reserves of 78 million ounces of silver, 492,400 tons of lead and 229,380 tons of zinc as of December 31, 2023. The #4 Shaft project, an internal shaft at the Lucky Friday Mine, reaches 9,600 feet (>3 km) below surface and is an important part of the Gold Hunter/Lucky Friday expansion as it provides access to the highest-grade ore in the mine’s history.

Figure 3: Ranger-Page claim groups, historical underground mine workings, and new target areas.

Exploration Potential and Initial Drill Target:

Major discoveries in the Coeur d'Alene Mining District tend to result from deep exploration down plunge of near-surface mineral showings. Narrow veins near surface can expand into multimillion-ounce ore bodies at depth, where vein structures intersect Revett formation quartzites and other favourable stratigraphy.

Consistent with the exploration history of the District, the Ranger-Page Project exhibits similar discovery potential near surface and at depth. This assessment is based on: (1) the extensive underground mining database, which indicates mineralization continues at depth beyond where previous mining ended; and (2) the latest results from geophysical and geochemical surveys, extensive trenching and sampling, and geological mapping that have identified new target areas with potential near-surface mineralization.

Figure 4: Showing network of faults and coloured IP anomalies dipping along faults toward the south.

Silver Dollar’s initial drilling program consisted of 1,853 metres of diamond drilling completed over nine holes at Crown Point and Wyoming areas of the property (see news release of March 11, 2025). Subsequent geologic modeling of the near-surface exploration drilling results indicate that the Curlew Vein extends east from the Blackhawk Mine into the vicinity of the Wyoming Complex (see news release of April 16, 2025).

Figure 5: Plan map showing faults, veins and drill pad locations from Phase-1 exploration at Ranger-Page, including the east extension of the Curlew Vein.

Mineralized intersections at the Wyoming Target indicate exploration remains open along strike and down dip, with mineralized continuity established up to 165 metres east of the Blackhawk Mine.

All four drill holes discovered silver (Ag), lead (Pb) and zinc (Zn) mineralization, demonstrating continuity along strike of 103 metres and a depth extension of 75 metres below ground surface. Hole RP-2025-005 (left) intercepted 3.04 metres of 162 grams per tonne (g/t) Ag, 15.5% Pb and 4.1% Zn, demonstrating the exploration upside for this target in future drilling campaigns and the potential to relate Wyoming mineralization to the on-strike projection of the Blackhawk Mine.

Figure 6: Drillhole RP-2025-005 Wyoming Intersection.

Exploration drilling at the Crown Point Target has extended near surface mineralization roughly 100 metres west of the historic Crown Point mine workings.

Two separate mineralized zones have been identified thus far, with the best intersection from hole RP-2025-002 returning 1.1 metres of 70.9 g/t Ag, 3.2% Pb, and 2.7% Zn. This target remains open for additional exploration along strike to the west and down dip below the Ranger-Tunnel crosscut (Elev. 805m).

Figure 7: Section B-B' looking N21E showing the location of Upper Crown Point exploration drill holes..

The technical information on this webpage has been approved by Dale Moore, P.Geo., an independent Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Figure 6: Drill turning on the Crown Point Target.