Black Bear Minerals Returns 1,169g/t Silver at Shafter, Texas

Black Bear Minerals Strikes Exceptional High-Grade Silver at Shafter, Unlocking Polymetallic Upside

Black Bear Minerals (ASX: BKB; OTCQX: BKBMF) has released drilling results from its Shafter Silver Project in Presidio County, Texas, that deliver some of the highest silver grades seen at the project to date. The headline intercept — 8.8 metres at 307g/t silver in drillhole SFD019 — includes a peak result of 1,169g/t silver across 0.5 metres, confirmed through the company's first twin hole programme. Black Bear Minerals high grade silver results at Shafter Silver Project Texas do more than validate existing resource boundaries.

Furthermore, these results expand the mineralised footprint, upgrade grade confidence beyond the current foreign Mineral Resource Estimate (MRE), and — perhaps most significantly — reveal that Shafter is a genuine polymetallic system with zinc, lead, and gold present across the broader project area. That last point represents material upside that the existing 17.5 million ounce (Moz) foreign MRE does not currently capture.

The Numbers That Matter: SFD019 in Detail

The standout hole from this announcement is SFD019, a vertical twin of historic underground drillhole SU61, drilled in the northeast portion of the Shafter Project. The results not only match the historic intercept — they exceed it in both grade and width.

The BKB intercept is both thicker and higher grade than the historic hole it was twinned against, with the mineralised body in this area shown to extend outside the boundaries of the current foreign MRE model. This is a meaningful result: it suggests the existing resource estimate may be conservative in this part of the project, and that the tabular mineralised body continues to grow with each drill result.

It is also worth noting that assay results throughout the overlying Cretaceous sediments remain outstanding for SFD019, meaning the full extent of mineralisation in this hole has not yet been reported.

CEO Dennis Lindgren commented: "Latest drilling continues to demonstrate exceptional grade and potential of the Shafter Silver Project, returning high grade silver mineralisation of up to 1,169g/t Ag, with 8.8m at 307g/t Ag in SFD019. Importantly, the results further highlight the Project's polymetallic potential accompanying high-grade silver across the system. As we progress toward a maiden JORC MRE and advance restart studies, we continue to see potential value beyond the existing 17.5Moz at 289g/t silver-only Foreign MRE and believe Shafter is demonstrating the qualities of a significant near-term U.S. silver development opportunity."

Beyond Silver: The Polymetallic Story Is Getting Louder

One of the most compelling elements of this announcement is its implications for polymetallic value — a dimension that the 17.5Moz foreign MRE entirely ignores, as that estimate was built solely on silver.

Black Bear Minerals high grade silver results at Shafter Silver Project Texas have now returned assays up to:

• 36.5% zinc
• 6.9% lead
• 0.5g/t gold

These are not trace amounts. They are commercially significant grades across multiple metals, and they appear in multiple holes across different parts of the project. The table below summarises polymetallic intercepts from the southwest drilling programme, where seven drillholes specifically targeted an area suspected to be prospective for multi-commodity mineralisation.

Importantly, polymetallic mineralisation is not confined to the southwest. The headline hole SFD019 in the northeast returned 3.7% lead and 4.2% zinc alongside its peak silver grade, consistent with previously announced drillhole SFD002, which returned 2.0% lead, 4.3% zinc, and 0.2g/t gold from the same part of the project.

This consistency across the project area strongly suggests that polymetallic mineralisation is a system-wide characteristic of Shafter — not an isolated anomaly. The company has confirmed it is now re-logging and re-sampling available historic core to better understand the distribution of these additional metals, with the intention of incorporating the results into a future JORC MRE that goes beyond silver.

Understanding Manto-Style Mineralisation: A Beginner's Guide

What Is a Manto Deposit?

A "manto" (Spanish for "blanket" or "mantle") is a type of carbonate replacement deposit where metal-rich hydrothermal fluids infiltrate and replace carbonate rock — typically limestone — along near-horizontal layers. The result is a flat-lying, tabular ore body that can be traced laterally over significant distances, sometimes kilometres, with relatively consistent thickness and grade.

Why Does This Matter at Shafter?

At Shafter, mineralisation is hosted in the Mina Grande Formation and developed primarily at the contact between the carbonate host rock and overlying Cretaceous sediments. The tabular nature of the ore body means it can be:

• Traced between drill holes with confidence, supporting resource modelling
• Potentially mined efficiently, as the geometry is well-suited to room-and-pillar or cut-and-fill underground methods
• Extended along strike, because the same geological controls that formed known mineralisation may have created additional ore bodies along untested portions of the project trend

The 4km mineralised zone at Shafter includes a 2.4km MacDaniel Trend that remains largely untested — representing one of the key exploration targets in upcoming drilling programmes.

Glossary of Key Terms

What the Existing Resource Looks Like — And Why It May Be the Floor

The current Shafter Silver Project resource is a foreign estimate prepared under Canadian NI 43-101 standards. Black Bear is actively working to convert this to a JORC-compliant Mineral Resource Estimate, which represents a near-term formal milestone for the company.

Table: Shafter Foreign Mineral Resource Estimate (Silver Only)

Several factors suggest this estimate understates the full potential of Shafter:

1. Polymetallic metals (zinc, lead, gold) are entirely excluded from the current estimate
2. Recent BKB drilling has expanded mineralisation outside MRE boundaries, most notably in the northeast with SFD019
3. The historic Presidio Mine workings — encompassing 1km of strike — are currently excluded from the MRE because material remaining in the walls of drifts and stopes has not been adequately quantified
4. The 2.4km MacDaniel Trend remains largely untested by drilling

The historic Presidio Mine provides important context for grade quality: the mine produced 35.2 million ounces of silver between 1883 and 1942 at an average grade of 521g/t Ag — substantially above the current resource average of 289g/t.

Next Steps: A Defined Pathway to Resource and Restart

Black Bear has outlined a clear sequence of work programmes at Shafter, each designed to increase both the quantity and quality of the resource base while advancing the project toward a potential operational restart.

Near-Term Priorities

1. Complete infill drilling to validate the foreign MRE with sufficient confidence to support a maiden JORC Mineral Resource Estimate
2. Re-log and re-sample historic core to quantify polymetallic (zinc, lead, gold) distribution across the project — with the aim of including these metals in a future JORC MRE
3. Systematic sampling of historic mine workings at the Presidio Mine to determine the grade of material remaining in the walls of drifts and stopes — this 1km of strike is currently outside the resource estimate entirely
4. Update stratigraphic and structural models across the project to guide further extensional drilling
5. Advance the Rapid Mine Restart Study, leveraging the project's substantial existing infrastructure
6. Additional drilling across the full project area to test for extensions to silver mineralisation outside the current MRE, including along the MacDaniel Trend

Why Existing Infrastructure Matters for Restart Economics

A key differentiator of Shafter is that it is not a greenfields project requiring years of permitting and capital expenditure to build from scratch. In addition, the site already includes a modern, permitted Merrill-Crowe processing plant and refinery (modernised 2011–2012), grid-connected power, and established water rights.

However, the advantages extend further. The site also benefits from more than 160km of historic underground workings and extensive surface infrastructure and support facilities. This existing infrastructure base could materially reduce the capital requirements and timeline for a potential operational restart — a point that management has flagged in the context of ongoing restart studies.

The Broader Portfolio: Silver and Gold Across Tier-1 U.S. Jurisdictions

While Shafter is the primary focus of current activity, Black Bear's investment case also includes the Independence Gold Project in Nevada's Battle Mountain region.

Table: Independence Project JORC Mineral Resource Estimate

The Independence Project is situated adjacent to Nevada Gold Mines' (Newmont-Barrick JV) Phoenix Mine Complex in Lander County, Nevada — a location that provides both geological validation and infrastructure context. The company also holds a non-core lithium exploration portfolio in Québec's James Bay region, providing optionality on the critical minerals segment without distracting from near-term precious metals development.

Why Shafter Deserves Investor Attention

The investment case for Black Bear Minerals at this stage centres on a convergence of factors that are relatively rare in junior exploration. For instance, the combination of exceptional grades, expanding resource boundaries, and unrecognised polymetallic value creates a compelling proposition.

Specifically, the key reasons to watch this story closely include:

• Exceptional silver grades — with Black Bear Minerals high grade silver results at Shafter Silver Project Texas now exceeding 1,100g/t in the current programme
• Expanding resource footprint — recent holes are finding mineralisation outside the existing MRE model boundaries
• Unrecognised polymetallic value — a 17.5Moz silver-only resource that has never been assessed for zinc, lead, or gold contribution
• Advanced project status — an existing processing plant, permitted infrastructure, and a historical production record of 35.2Moz silver on site
• Clear near-term catalysts — maiden JORC MRE and Rapid Mine Restart Study advancement on the horizon
• Tier-1 jurisdiction — 100% owned, located on private land in Texas with a mine-friendly regulatory environment

The fact that SFD019 outperformed its historic twin hole — in both grade and width — is a technically significant data point. It suggests that earlier drilling may have underestimated the mineralisation in places, and that the project is capable of delivering upside surprises as it continues to advance.

Black Bear Minerals has positioned itself as an emerging high-grade silver developer in the United States, anchored by a project with an exceptional historical production pedigree, substantial in-ground infrastructure, and a resource base that is growing both in silver and — increasingly — in polymetallic value. With Black Bear Minerals high grade silver results at Shafter Silver Project Texas continuing to exceed expectations alongside a maiden JORC MRE and mine restart study advancing as near-term milestones, investors focused on precious metals exposure in Tier-1 U.S. jurisdictions should keep a close eye on developments at Shafter.

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