Black Bear Minerals Raises Independence Gold Resource to 2.2Moz AuEq

Resource Expansion Highlights Independence's Scale

Black Bear Minerals (ASX:BKB) has significantly advanced its Independence Project in Nevada, announcing an updated Mineral Resource Estimate (MRE) totalling 2.2 million ounces gold equivalent (AuEq). This comprises a high-grade skarn resource of 1 million ounces at an impressive 6.29 grams per tonne (g/t) gold, alongside 1.2 million ounces AuEq from surface epithermal mineralisation. Remarkably, this growth of over 800,000 ounces since the 2025 maiden MRE was achieved at a low mineral growth cost of AU$4.71 per ounce, underscoring the project's potential scale and efficiency.

CEO Dennis Lindgren emphasised the robust system scale, noting the resource remains open both down-dip and along strike. The company is advancing mining studies targeting a low-strip, heap-leach development pathway, leveraging the Project's prime location in Nevada's Tier 1 Battle Mountain region.

High-Grade Skarn and Epithermal Resources Defined

The Independence Project's skarn mineralisation is a standout feature, with an inferred resource of 5 million tonnes at 6.29g/t gold, equating to just over 1 million ounces. This high-grade skarn lies beneath a 1.5-kilometre strike of epithermal mineralisation, which itself now totals nearly 1.2 million ounces AuEq across indicated and inferred categories. The epithermal resource is hosted in chert and argillite beds amenable to heap-leach extraction, a processing method widely used in adjacent Nevada Gold Mines operations such as the Phoenix Mine Complex.

Metallurgical testwork on the skarn confirms excellent gold recoveries up to 95.9%, with the mineralisation being non-refractory and suitable for conventional gravity and carbon-in-leach processing. Meanwhile, epithermal metallurgical studies have historically focused on oxide material, with Black Bear planning further testwork to optimise recovery across transitional and sulphide oxidation states, which represent a substantial portion of the resource.

Exploration Upside and Planned Drilling

Exploration remains a key focus, with significant potential for resource growth outside current estimates. The skarn resource is open to the north, where historic drill hole WI-002 intercepted mineralisation 580 metres beyond the current resource boundary. Black Bear plans targeted drilling to test this gap, which could materially expand the high-grade skarn footprint.

Similarly, the epithermal resource along the Rebel Trend has only been defined over 280 metres of strike, leaving approximately 1 kilometre untested. Drilling results have demonstrated thick, continuous mineralised lodes open along strike and down dip, highlighting substantial upside potential. Additionally, the southern portion of the epithermal resource remains underexplored below shallow historic drilling depths, presenting further opportunities for stacked mineralised lodes.

Moreover, mineralisation identified in the Lower Pumpernickel Formation between the epithermal and skarn zones, including high-grade intercepts such as 21.7 metres at 1.0 g/t gold, remains largely untested and will be a focus for future drilling programs.

Strategic Location and Infrastructure Advantage

Situated in Lander County, Nevada, the Independence Project benefits from its adjacency to Nevada Gold Mines’ Phoenix Project, one of the world’s largest gold mining operations. Nevada’s status as a top-tier mining jurisdiction with supportive regulatory frameworks and established infrastructure adds significant strategic value to Black Bear’s asset.

The company’s approach to development includes leveraging heap-leach processing, which is well established in the region and offers a potentially lower capital and operating cost pathway. The Project’s permitting status is advanced, with exploration drilling fully permitted under the existing Plan of Operations.

This update follows Black Bear’s recent extension of gold-silver mineralisation along the Rebel Trend and builds on the company’s broader portfolio momentum including the Shafter Silver Project in Texas, where high-grade silver intercepts outside the existing resource have been reported beyond Shafter resource estimate.

Data Quality and Future Work

The updated resource incorporates extensive drilling data from over 330 historical and recent holes, with rigorous QA/QC protocols applied to recent drilling. While the resource classification remains predominantly inferred, the data density and geological continuity support the current confidence levels. Black Bear plans infill drilling and twin holes to upgrade resource categories, alongside metallurgical testwork to refine recovery assumptions, particularly for transitional and sulphide epithermal material.

Further economic studies will be needed to confirm viability, especially given the removal of previous pit shell constraints and updated metal prices. The company’s next steps include expanding drilling along the untested strike of the Rebel Trend, testing skarn extensions north of the current resource, and optimising metallurgical recovery to potentially enhance gold equivalent grades.