Black Bear Minerals Limited · ASX:BKB
Black Bear Minerals — James Bay Minerals — Investor Presentation (April 2025)
20 slides from Black Bear Minerals's investor presentation, April 2025
Slide 1: Investor Presentation – Resources Rising Stars
INVESTOR PRESENTATION Resources Rising Stars April 2025
Slide 2: Important Information
Important Information DISCLAIMER & CAUTIONARY STATEMENTS This Presentation has been prepared by James Bay 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, lodgeme
Slide 3: Corporate Summary
Corporate Summary Capital Structure ASX: JBY Shares on Issue 99.12m Share Price A$0.42 Market Capitalisation A$41.6m Lithium Assets Cash (Dec-2024) A$7.3m Enterprise Value (EV) A$34.3m Gold Asset Share Register James Bay Minerals Top 20 Shareholders 48% Board and Management 22% 3
Slide 4: Board of Directors and Management
Board of Directors and Management Andrew Dornan Matthew Hayes Judy Baker Dean Ercegovic Jay Ward Keith Wood Executive Chair Executive Director Non-Executive Non-Executive Director Exploration Manager Strategic Advisor Director Co-Founder of ASX: JBY and SS1 Co-Founder of ASX: JBY and SS1 Currently C
Slide 5: Independence Project – Overview
Independence Project – Overview 1.4Moz Gold resource with advanced heap leach permitting High Grade Gold Resource Nevada Tier 1 location Fast Track to Production • 1.37Moz Au, 7.27Moz Ag1 Neighbours2 • Existing Foreign PEA • 980koz Au at 6.67g/t Au1 NGM 0.32g/t Au, AISC$670 • Permittable 8-12 months
Slide 6: Nevada - A Tier 1 Low-Cost Jurisdiction
Nevada - A Tier 1 Low-Cost Jurisdiction • Nevada voted top 3 mining jurisdiction past 10 years by the Fraser Institute annual mining survey • Low-cost heap leach neighbours1; Phoenix NGM production from 0.32g/t Au at AISC $ 670/oz • ~75% of the US gold comes from Nevada • The Independence Project si
Slide 7: Independence Project - JORC Resource
Independence Project - JORC Resource High Grade Skarn Resource Resource Category Tonnes Gold Grade (Au) g/t Gold (Au) Oz Skarn - Inferred 4,592,370 6.67 984,412 Epithermal Surface Resource Resource Category Tonnes Gold Grade (Au) g/t Gold (Au) Oz Epithermal Surface - Indicated 23,176,458 0.40 294,39
Slide 8: ASX Peer Comparison – Gold Explorers
ASX Peer Comparison – Gold Explorers (Bubble size indicates resource size) 3000 K 2500 K Antipa Minerals AZY 2000 K Skarn Deposit Only Not inclusive of near-surface Astral Resources Oz Gold resources: 385,000 Oz Au 1500 K AAR Kairos Minerals KAI 1000 K Aurumin Matsa Resources James Bay Minerals AUN
Slide 9: High Grade Skarn – Large Growth Potential
High Grade Skarn – Large Growth Potential 984,412/oz gold @ 6.67 g/t Au • Skarn resource is open in all directions • A mineralised intercept (WI-002), 580m north of the current resource, confirms the system remains open • Neighbouring NGM’s Fortitude and Midas pits are hosted in the same Battle Jame
Slide 10: Significant Resource Expansion Potential
Significant Resource Expansion Potential • Significant near-term growth potential with substantial upside for the near-surface epithermal resource with proven mineralisation outside of the Resource, which remains open in all directions • The Skarn resource is open in all directions with historic dri
Slide 11: Near-Surface Resource – Expansion Potential
Near-Surface Resource – Expansion Potential • Significant near-surface mineralisation sits outside the resource model in all directions • The 2025 drill program to follow up near- surface high-grade drill intercepts outside mineral resource including 24.4m @ 9.11g/t Au and 25.2g/t Ag (Hole AGEI-32)1
Slide 12: NGM Phoenix has the same host structure
NGM Phoenix has the same host structure Neighbouring NGM (Newmont and Barrick JV) – is the largest gold mine in the world producing 3.5Moz per year The Independence skarn resource is hosted in the same Battle Formation host rock as Phoenix Annual Production 240 k Oz p.a. Gold Grade As low as 0.32 g/
Slide 13: 2025 Drill Plan
2025 Drill Plan • 4,000m RC drilling - mobilisation commenced Q1 2025 • RC holes are designed to target high-grade extensions of the 419.6koz AuEq near-surface Mineral Resource1 through the testing of the recently discovered Rebel Trend • The Rebel Trend spans 1.3km of strike within the project area
Slide 14: Strategy & catalysts in 2025
Strategy & catalysts in 2025 PERMITTING RESOURCE GROWTH SCOPING STUDY DRILLING – EXTENSIONAL MET TEST WORK • Surface 2025 drilling Permitting for low Initial test work Continue economic • Skarn mobilisation cost heap leach on skarn studies with KCA who • Historic core commenced Q1 completed foreign
Slide 15: Contact Information
Contact Information: Investor Relations: Matthew Hayes Nicholas Read Executive Director Read Corporate James Bay Minerals Limited Phone: (08) 9388 1474 Email: info@jamesbayminerals.com.au Email: nicholas@readcorporate.com.au
Slide 16: Appendix 1 – JORC Mineral Resource
Appendix 1 – JORC Mineral Resource Independence Near Surface Mineralisation JORC 2012 Indicated Resources Grade (g/t) Ounces Oxidation zones (Cutoff g/t) Tonnes AuEq Au Ag AuEq Au Ag Oxide (0.175) 19,723,489 0.40 0.37 7.68 254,963 236,621 4,868,546 Transition (0.215) 2,990,232 0.53 0.48 7.90 50,911
Slide 17: Appendix 2 – EIS and EA Pathways
Appendix 2 – EIS and EA Pathways ENVIRONMENTAL IMPACT STATEMENT (EIS) ~24 MONTHS ENVIRONMENTAL ASSESSMENT (EA) 8 - 12 MONTHS 1. RFP for an EIS contractor issued, Proposals submitted, EIS contractor selected 1. Supplemental Environmental Reports (SERs) prepared and submitted to the BLM 2. BLM identif
Slide 18: Appendix 2 – EIS and EA Pathways (cont.)
Appendix 2 – EIS and EA Pathways (cont.) Assessment Pathway Purpose Timeframe Approx. Costs Status Comments Fully analysis NGM completed for Phoenix Gold Mine, ENVIRONMENTAL IMPACT significant impacts ~24 months $2m - $5m Completed Independence Gold Project sits within STATEMENT (EIS) and alternativ
Slide 19: Appendix 3 – Gold Deposits Peer Comparison
Appendix 3 – Gold Deposits Peer Comparison ASX Measured Indicated Inferred Size Grade Contained Deposit Country Operator Stage Year Resource Category Standard Source Ticker (Mt) (Mt) (Mt) (Mt) (Au g/t) (Moz Au) Minyari Dome Australia Antipa Minerals AZY Exploration 0 32.2 15.4 47.6 1.5 2,320,000 202
Slide 20: Appendix 4 – References
Appendix 4 – References 1. https://s25.q4cdn.com/322814910/files/doc_financial/quarterly_results/2020/q4/Barrick-Q4-2020-Mine-Stats.pdf (Phoenix Mine) 2. https://s22.q4cdn.com/546540291/files/doc_earnings/2024/q2/earnings-result/SSR-MINING-REPORTS-SECOND-QUARTER-2024-RESULTS.pdf (Marigold Mine) 3. h
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