BHLL (Bunker Hill Mining) Beneish M-Score: 0.00 (As of Aug. 01, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BHLL Bunker Hill Mining Corp BHLL
22 GF Score
Price $3.15
! 2 Warning Signs
View Full Analysis

What is Bunker Hill Mining Beneish M-Score?

Bunker Hill Mining BHLL -1.56% 22 Beneish M-Score is 0.00 as of Aug. 01, 2026. GuruFocus rates BHLL with a GF Score™ of 22/100. The stock has 2 warning signs investors should review. Among 677 Metals & Mining companies, Bunker Hill Mining ranks worse than 147710.34% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Bunker Hill Mining's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Bunker Hill Mining was 0.00. The lowest was 0.00. And the median was 0.00.

Bunker Hill Mining Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Bunker Hill Mining's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Bunker Hill Mining Beneish M-Score Chart

Bunker Hill Mining Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

Bunker Hill Mining Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

BHLL vs EXK: Beneish M-Score Comparison

For the Silver subindustry, Bunker Hill Mining's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Bunker Hill Mining Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Bunker Hill Mining's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bunker Hill Mining's Beneish M-Score falls into.


BHLL
22GF Score
Bunker Hill Mining Corp BHLL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Bunker Hill Mining Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Bunker Hill Mining for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $2.18 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $36.49 Mil.
Total Assets was $181.87 Mil.
Property, Plant and Equipment(Net PPE) was $143.84 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.51 Mil.
Selling, General, & Admin. Expense(SGA) was $14.67 Mil.
Total Current Liabilities was $23.75 Mil.
Long-Term Debt & Capital Lease Obligation was $115.85 Mil.
Net Income was 20.125 + -79.054 + -28.079 + 20.46 = $-66.55 Mil.
Non Operating Income was 26.164 + -73.221 + -21.098 + 26.613 = $-41.54 Mil.
Cash Flow from Operations was 1.47 + -5.498 + -1.236 + -8.092 = $-13.36 Mil.
 Total Receivables was $0.13 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $6.81 Mil.
Total Assets was $102.93 Mil.
Property, Plant and Equipment(Net PPE) was $95.87 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.47 Mil.
Selling, General, & Admin. Expense(SGA) was $14.77 Mil.
Total Current Liabilities was $24.98 Mil.
Long-Term Debt & Capital Lease Obligation was $126.59 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(2.181 / 0) / (0.128 / 0)
= /
=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(0 / 0) / (0 / 0)
= /
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (36.486 + 143.835) / 181.87) / (1 - (6.807 + 95.874) / 102.926)
=0.008517 / 0.00238
=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=0 / 0
=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0.465 / (0.465 + 95.874)) / (0.505 / (0.505 + 143.835))
=0.004827 / 0.003499
=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(14.669 / 0) / (14.77 / 0)
= /
=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((115.854 + 23.746) / 181.87) / ((126.594 + 24.98) / 102.926)
=0.767581 / 1.47265
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-66.548 - -41.542 - -13.356) / 181.87
=-0.064057

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Bunker Hill Mining (BHLL) has a Beneish M-Score of 0.00 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bunker Hill Mining and its competitors. According to the industry distribution chart, Bunker Hill Mining ranks #999999 out of 677 companies in the Metals & Mining industry.
Is Bunker Hill Mining's Beneish M-Score too high?
Bunker Hill Mining's current Beneish M-Score is 0.00. Based on the distribution chart, Bunker Hill Mining ranks #999999 out of 677 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Bunker Hill Mining has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Bunker Hill Mining's Beneish M-Score compare to EXK?
According to the Metals & Mining industry distribution chart, Bunker Hill Mining ranks #999999 out of 677 companies for Beneish M-Score. This places Bunker Hill Mining in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bunker Hill Mining and its competitors. Bunker Hill Mining's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bunker Hill Mining stock overvalued right now?
Bunker Hill Mining (BHLL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Bunker Hill Mining's overall GF Score™ is 22/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Bunker Hill Mining (BHLL), the current Beneish M-Score is 0.00 as of Aug. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Bunker Hill Mining Business Description

Other Exchanges BNKR:Canada
Address 1009 McKinley Avenue, Kellogg, ID, USA, 83837
Bunker Hill Mining Corp focuses on the development and restart of its owned flagship asset, the Bunker Hill mine (the Bunker Hill Mine or the Mine) in Idaho, USA. The Company was incorporated for the purpose of mineral exploration at the Bunker Hill Mine. The Company has moved into the development stage concurrent with purchasing the mine and a process plant, completing successive technical and economic studies, including a Pre-Feasibility Study, delineating mineral reserves, and advancing the construction of the facilities.
22GF Score

Get the complete analysis for BHLL

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$3.15
Price