Black Bear Minerals

Black Bear Minerals presents a compelling investment opportunity at the intersection of precious metals and critical minerals strategy. Silver's inclusion in the 2025 U.S. Critical Minerals List, combined with China's October 2025 export restrictions, underscores the strategic importance of domestic U.S. silver supply. Shafter's location on private land in Texas—the most favorable U.S. mining tax jurisdiction with 0% royalty—provides a significant competitive advantage. 

The project offers immediate leverage to silver prices that recently reached all-time highs above US$64 per ounce, driven by industrial demand from defense, semiconductor, and clean energy sectors. The existing A$150 million infrastructure substantially de-risks capital requirements and accelerates potential restart timelines. Additionally, the Independence Gold Project in top-tier Nevada offers exposure to gold with a high-grade skarn resource and advanced heap leach permitting potential. 

The company's dual ASX/OTCQX listing enhances liquidity and visibility among North American investors, positioning Black Bear to capitalize on favorable commodity markets and U.S. government support for critical minerals projects.​

Black Bear Minerals is led by a seasoned management team with extensive experience in mining development, capital markets, and operations. Executive Chair Matthew Hayes co-founded the company and brings over 17 years of corporate development, M&A, and capital markets expertise, having identified and negotiated the acquisitions of both the Independence and Shafter projects. CEO Dennis Lindgren, former Alcoa Director of Strategy and Business Development Global, is a qualified mining environmental scientist with a strong track record in compliance, portfolio growth, and governance. 

Exploration Manager Jay Ward contributed to Strickland Metals' Yandal gold assets expansion, including the Millrose Gold Deposit sale to Northern Star Resources . Site Manager Alex Crane Russell is an exploration geologist with international experience in gold, silver, lead-zinc MVT, and Cu-Zn VMS resource development across Australia and the U.S. . CFO Daniel Loughnan brings 20 years of accounting experience as a CPA, serving as director of Danpalo Group and consultant to various ASX-listed companies. 

This executive team is complemented by a Board of Directors with deep mining sector expertise, positioning Black Bear strongly for achieving its strategic objectives.

Black Bear Minerals is executing a comprehensive 12-24 month work program designed to advance both projects toward production while maximizing resource value. At Shafter, the company has commenced maiden drilling focused on extensional and infill programs to deliver a maiden JORC 2012 Mineral Resource Estimate, incorporating all economically significant elements including gold, zinc, and lead previously overlooked. 

The program includes surface mapping, geochemical sampling, metallurgical test work, bulk density measurements, and systematic underground mine surveys to quantify remaining mineralisation in the historic Presidio Mine footprint. The company will investigate open-pit potential at lower cut-off grades, building on Aurcana's previous work. 

At Independence, Black Bear continues resource growth drilling and advanced heap leach permitting, leveraging its position within the Phoenix Mine Complex Plan of Operations. The strategy emphasizes capital efficiency through existing infrastructure utilization, environmental stewardship, and community engagement. Subject to work program outcomes, the company plans to progress through scoping and feasibility studies toward a Shafter production restart targeted for 2027, while maintaining flexibility for strategic partnerships to optimize project value.​

Black Bear Minerals maintains a strong financial position following its strategic transformation and recent capital raising activities. The company completed a two-tranche placement raising A$30 million at A$0.65 per share, strongly supported by leading offshore and domestic institutions. As of September 2025, the indicative capital structure shows 145.3 million shares on issue with a market capitalization of A$111.9 million (at A$0.77/share) and A$20 million cash, resulting in an enterprise value of A$91.9 million. The Shafter acquisition cost US$9.5 million upfront with US$8.5 million deferred consideration payable in two equal instalments over 24 months, plus a 2% NSR royalty. 

The company benefits from approximately A$150 million in replacement value infrastructure at Shafter, significantly reducing future capital requirements. Texas offers the lowest total tax and royalty take among major mining jurisdictions, with 0% royalty on private land and 21% corporate tax. 

Black Bear's clean balance sheet (zero debt) and strong institutional shareholder base, combined with its dual ASX/OTCQX listing, provide financial flexibility to execute its work programs and advance both projects toward production.​

Black Bear Minerals stands at the threshold of becoming a significant U.S. precious metals producer, uniquely positioned to capitalize on the strategic importance of domestic silver supply and favorable market conditions. The completed Shafter acquisition provides immediate exposure to a high-grade silver resource with substantial infrastructure value in America's most mining-friendly tax jurisdiction. 

The company's dual ASX/OTCQX listing enhances visibility and access to the world's largest capital markets, supporting institutional engagement and potential future U.S. exchange uplisting. With a strong management team possessing deep mining sector experience, a well-funded exploration and development program, and two advanced projects in top-tier jurisdictions, Black Bear Minerals offers investors leveraged exposure to precious metals with a de-risked path to production. 

As silver's role evolves from cyclical precious metal to critical industrial asset, and with U.S. government support for domestic critical minerals supply chains, Black Bear is strategically positioned to deliver long-term value while maintaining responsible environmental and community stewardship.