Black Bear Minerals Raises A$30M, Hits 3,100g/t Silver at Shafter Project

A Landmark Quarter for Black Bear Minerals

Black Bear Minerals Limited (ASX – BKB) has marked a significant milestone with the full acquisition of the Shafter Silver Project in Texas, a high-grade silver asset that positions the company as a leading US-focused silver developer. The quarter ending December 2025 saw the company not only secure this strategic asset but also deliver compelling exploration results and advance its Independence Gold Project in Nevada.

Shafter Silver Project – Exceptional Grades and Infrastructure

The Shafter Project, located in the mining-friendly jurisdiction of Presidio County, Texas, boasts a foreign mineral resource estimate of 17.57 million ounces of silver at an average grade of 289g/t. Reconnaissance rock chip sampling outside the existing resource estimate returned remarkable assay grades, peaking at 3,100g/t silver, alongside significant zinc and lead values. This polymetallic nature adds a new dimension to the project's economic potential.

Importantly, the project benefits from substantial existing infrastructure, including a modern processing plant, assay laboratory, and full water rights, which could materially reduce capital expenditure for a production restart. The company is actively working to convert the foreign resource estimate to JORC standards, a critical step for Australian investors.

Exploration Momentum and Strategic Importance

Black Bear has commenced its maiden diamond drilling program at Shafter, targeting extensions to mineralisation beyond the current resource footprint. Early drilling focuses on underexplored southwestern areas and structural corridors that may serve as mineralisation feeders. The US government's recent addition of silver to the Critical Minerals List underscores Shafter's strategic value as a domestic supply source for defence, semiconductors, and renewable energy sectors.

Independence Gold Project – High Recoveries and Resource Growth

In Nevada, the Independence Gold Project continues to impress with metallurgical testwork demonstrating gold recoveries up to 95.9% from a substantial skarn resource of nearly one million ounces at 6.67g/t gold. Complementary drilling has extended gold-silver mineralisation beyond the existing near-surface resource, highlighting multiple stacked lodes and promising step-outs at South Hill and North Hill.

This progress supports a revised scoping study and potential resource upgrade, reinforcing the project's development prospects.

Corporate Advances and Financial Position

Black Bear Minerals successfully raised A$30 million through a two-tranche placement led by Canaccord Genuity, strengthening its balance sheet to approximately A$12.8 million in cash at quarter-end. The company also rebranded from James Bay Minerals Limited to Black Bear Minerals Limited, adopting the ASX code BKB, and commenced trading on the US OTCQX market under the ticker BKBMF, enhancing its visibility to North American investors.

No mining production occurred during the quarter, with expenditures focused on exploration and evaluation activities.

Looking Ahead

With high-grade surface results, ongoing drilling, and metallurgical breakthroughs, Black Bear Minerals is well-positioned to expand its resource base and advance development plans in 2026. The company's strategic focus on critical minerals aligns with shifting market dynamics, particularly the growing demand for silver in industrial applications.