Black Bear Minerals Limited · ASX:BKB
Black Bear Minerals — Canaccord Genuity 5th Annual Global Metals & Mining Conference (May 2026)
21 slides from Black Bear Minerals's conference presentation, May 2026
Slide 1: Black Bear Minerals
Black Bear Minerals Canaccord Genuity – 5th Annual Global Metals & Mining Conference ASX CODE: BKB OTCQX CODE: BKBMF May 2026
Slide 2: Important Information
Important Information DISCLAIMER & CAUTIONARY STATEMENTS This Presentation has been prepared by Black Bear Minerals Limited (Company) based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgem
Slide 3: Black Bear Minerals Corporate Summary
Black Bear Minerals Corporate Summary INDEPENDENCE PROJECT • Updated MRE: 2.2 Moz AuEq, incl. 1.0 Moz skarn @ 6.29 g/t Au + 1.2 Moz @ 0.42 g/t epithermal AuEq1; MRE increasing by 816koz, at AU$4.71p/oz growth cost • Nevada Battle Mountain region; adjacent to NGM' Phoenix Project (Barrick/Newmont JV)
Slide 4: Our Team
Our Team Board of Directors & Advisors Matthew Hayes Dennis Lindgren Judy Baker Dean Ercegovic Andrew Dornan Keith Wood Executive Chair CEO Non-Executive Director Non-Executive Director Corporate Consultant Strategic Advisor Co-Founder ASX:JBY & SS1. Former Director of Strategy at CEO and President
Slide 5: Shafter - Silver a critical asset, global deficit
Shafter - Silver a critical asset, global deficit Designated critical by the US (Nov 2025) and China (2016–2020 plan), silver is essential to defence, semiconductors, and energy; global demand reached 1.16 Boz in 2024 with industrial fabrication at a record 680.5 Moz Mine output has declined ~7% sin
Slide 6: Shafter - A Premier U.S. Jurisdiction Advantage
Shafter - A Premier U.S. Jurisdiction Advantage • Located on private land in Presidio County, Texas, nearest towns Marfa (64km north) and Presidio (32km south) provide local administrative and logistical support • Situated on the northern extension of the Eastern Sierra Madre Belt, "Mexican-style si
Slide 7: Shafter - High-Grade System, Near-Term Development
Shafter - High-Grade System, Near-Term Development High-grade foreign resource: 17.6 Moz Ag @ 289 g/t • Historical drilling confirms exceptional grades, 10.4m @ 1,066 g/t Ag and 0.3m @ 10,432 g/t Ag1 • 2026 assays, incl. SFD002: 9.1m @ 240 g/t Ag, incl. 1.5m @ 501 g/t Ag2 confirm grade continuity •
Slide 8: Shafter Project – Long Section
Shafter Project – Long Section 8 1. For previously released historic drill results at Shafter Project refer to the Company’s ASX Announcement dated 2 October 2025.
Slide 9: Shafter - Existing mine and infrastructure, growth potential
Shafter - Existing mine and infrastructure, growth potential Operationally near production +US$100M of Existing Open Mineralisation • All major permits in place. Infrastructure • Mineralisation open. • Continuous high-grade orebodies • Partial refinery installed • Geological extension of Mexico • Op
Slide 10: Shafter - Clear Path from Exploration to Restart
Shafter - Clear Path from Exploration to Restart 2025 2026 2027 Activity Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Historic operations review Exploration Drilling Exploration & Development JORC Upgrade Target Resource Upgrade Update PEA and Studies Permitting Phase 1: Dilapidation Report Phase 2: Engineering Optio
Slide 11: Independence - Nevada's Premier Gold Address
Independence - Nevada's Premier Gold Address • Nevada voted top 3 mining jurisdiction past 10 years by the Fraser Institute annual mining survey • Nevada infrastructure, workforce and regulatory framework support near-term advancement • ~75% of the US gold comes from Nevada • Proven analogues low-co
Slide 12: Independence – Phoenix mine adjacent, development shortcut
Independence – Phoenix mine adjacent, development shortcut • The Independence Project sits within the Phoenix Mine Complex Plan of Operations, providing advanced permitting enabling potential expedited mine approvals • World class infrastructure on the property's doorstep (sealed roads, power and wa
Slide 13: Independence - 2026 Updated MRE 2.2Moz AuEq
Independence - 2026 Updated MRE 2.2Moz AuEq • Recent MRE update (May 2026) to 2.2Moz AuEq1 combined MRE spanning two distinct mineralisation styles • 1.0Moz high-grade skarn at 6.29g/t Au (gold- only Inferred) • 1.2Moz at 0.42 g/t AuEq from-surface chert- hosted epithermal (Indicated + Inferred) • N
Slide 14: Independence - Substantial Resource Growth Potential
Independence - Substantial Resource Growth Potential • All mineral domains remain open along strike and at depth • Near-surface epithermal resource with proven mineralisation outside of the resource, which remains open in all directions • Skarn resource is open in all directions with historic drill
Slide 15: Independence – Long and Cross Sections
Independence – Long and Cross Sections 15 1. For previously released rock chip samples at Rebel Peak, refer to the Company’s ASX announcement dated 7 January 2025
Slide 16: Independence - Development Pathway & Resource Growth
Independence - Development Pathway & Resource Growth Continued extensional and resource definition drilling targeting further growth along the Rebel Trend, down-dip in the northern project area, and below the drilled extents of the southern half — all domains remain open Skarn growth drilling to the
Slide 17: Appendix A – Shafter Mineral Resource
Appendix A – Shafter Mineral Resource Table 1: Shafter NI 43-101 Resource Estimate (2015)1 Classification Cut-Off (Ag g/t) Tonnes (Mt) Grade (Ag g/t) Ag Ounces (Moz) Measured 137 0.09 299 0.89 Indicated 137 1.01 314 10.17 Inferred 137 0.79 256 6.51 Total 137 1.89 289 17.57 • The existing Foreign MRE
Slide 18: Appendix B – Independence Mineral Resource
Appendix B – Independence Mineral Resource Table 1: May 2026 Skarn Inferred Resource Estimate Summary Skarn Mineral Resource Estimate Cut-off (g/t) Tonnes Au Grade (g/t) Au Ounces 3.2 4,958,400 6.29 1,002,500 Table 2: May 2026 Epithermal Indicated and Inferred Resource Estimate Summary Epithermal Mi
Slide 19: Appendix C – Shafter Contractor Ausenco operational restart studies underway
Appendix C – Shafter Contractor Ausenco operational restart studies underway • Ausenco-Led Study: Proven global mining study team with direct prior site knowledge, supported by American Mining & Tunnelling, extensive project expertise in U.S. silver, copper, and gold projects and with Export Credit
Slide 20: Appendix D - Silver Research References
Appendix D - Silver Research References Statement Source Date Reference US critical mineral designation for silver USGS / Dept. of Interior — 2025 Critical Minerals List Nov 2025 usgs.gov/programs/mineral-resources-program Silver's roles: circuits, batteries, solar, defence USGS — 2025 Critical Mine
Slide 21: Contact Information Investor Relations
CONTACT INFORMATION INVESTOR RELATIONS Dennis Lindgren Nicholas Read CEO Read Corporate Black Bear Minerals Phone: (08) 9388 1474 www.blackbearminerals.com.au Email: nicholas@readcorporate.com.au 21