Black Bear Minerals Limited · ASX:BKB
Black Bear Minerals — James Bay Minerals — Investor Presentation (October 2025)
30 slides from Black Bear Minerals's investor presentation, October 2025
Slide 1: Investor Presentation: Shafter Silver Project Texas, Acquisition
INVESTOR PRESENTATION Shafter Silver Project Texas, Acquisition October 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: Shafter Silver Project Acquisition
Shafter Silver Project Acquisition JBY Precious Metals Portfolio The Location Series1 Two High-grade Gold And Silver Projects In Tier-1 U.S.A jurisdictions 100 • Fraser Institute 2024: the U.S. hosts four of the world’s top five mining jurisdictions1. 1 • Strong government support to fast-track deve
Slide 4: Corporate Summary
Corporate Summary INDICATIVE CAPITAL STRUCTURE1 ASX: JBY Shares on Issue 145.3m Share Price (Market Close 29-Sept-25) A$0.77 Market Capitalisation A$111.9m Cash2 A$20.0m Debt A$0.0m Enterprise Value (EV) A$91.9m Shafter Silver Project Acquisition Share Register (26-Sept-25) James Bay Minerals Top 20
Slide 5: Shafter NI 43-101 Foreign Mineral Resource
Shafter NI 43-101 Foreign Mineral Resource Foreign Mineral Resource June 2015 Resources Tonnes (Mt) Ag (g/t) Ag (Moz) Category Measured 0.09 299 0.89 Indicated 1.03 314 10.17 Inferred 0.79 256 6.51 Total 1.89 289 17.57 Resource grade cut off: 137g/t Ag Resource Purposes: 2015/18 NI43-101 PEA resourc
Slide 6: Board of Directors and Advisors
Board of Directors and Advisors Matthew Hayes Denis Lindgren Judy Baker Dean Ercegovic Andrew Dornan Keith Wood Executive Chair CEO Non-Executive Director Non-Executive Director Corporate Consultant Strategic Advisor Ex Alcoa Director of Strategy Currently CEO and President of Non-Executive Director
Slide 7: Investment Highlights
Investment Highlights UPSIDE MINE RESOURCES INFRASTRUCTURE Significant Growth Operationally near ready High grade silver +A$150M of Infrastructure • Mineralisation open. • Partially Permitted. • NI 43-101 historic foreign resource • 3000tpd Ball mill, thickener of 1.89Mt @ 289 g/t Ag for stages and
Slide 8: High-Grade Silver – Mexican Geology, American Ground
High-Grade Silver – Mexican Geology, American Ground Top 20 Silver Producing Mines Moz KGHM Polska Miedz Peñasquito Dukat Sindesar Khurd Antamina San Julian Fresnillo Saucito Cannington Cerro Los Gatos Greens Creek Juanicipio Garpenberg James Bay Minerals Chuquicamata Puna Ministro Hales San Cristob
Slide 9: Mining Taxes and Royalties by Region
Mining Taxes and Royalties by Region Texas and Nevada have the lowest total take of taxes and royalties among the principal mining jurisdictions in the world. Shafter’s deposit is located on Private land. Corporate income Jurisdiction Royalty / Mining duty Export duty Total headline take tax CIT Tex
Slide 10: Multiple Expansion Targets Along Strike
Multiple Expansion Targets Along Strike • 4km of strike from East to West • Western portion (Presidio) outcrops at surface • Presidio operated 1883 – 1942 produced 35.2Moz silver at 521g/t, 320g/t cut off • Aurcana produced 134,557 oz silver from 2012-2013 • Favourable market conditions James Bay Mi
Slide 11: Shafter Long Section
Shafter Long Section James Bay Minerals 11 1. For drill results refer to the Company’s ASX Announcement dated 2 October 2025.
Slide 12: Shafter Processing Infrastructure
Shafter Processing Infrastructure Shafter Processing Infrastructure Shafter Processing Facility Filter Press James Bay Minerals • In 2012, a 3,000tpd mill, processing facility, refinery, warehousing, and administrative facilities were constructed. • Production ceased 2013 when silver dropped to US$1
Slide 13: Shafter Processing Infrastructure
Shafter Processing Infrastructure Site Buildings • Warehouse complex, which houses the maintenance and truck shop (550 m²), the warehouse (1,100 m²), and the assay laboratory (550 m²); • An administrative building, which house the offices, first aid and training room, as well as a data room to compi
Slide 14: Shafter Processing Infrastructure
Shafter Processing Infrastructure James Bay Minerals Refinery Equipment Shafter Underground Decline Core storage facility 14
Slide 15: Work Program next 24 months
Work Program next 24 months • Expansional and regional explorational drilling. • Infill and verification drilling. • Run test-work to refine bulk density and metallurgical parameters. • Maintain and reinstate required permits • Execute full dilapidation assessment for study inputs. • Investigate ope
Slide 16: Acquisition Terms – Shafter Silver Project
Acquisition Terms – Shafter Silver Project Upfront Consideration US$9,500,000 cash payable on completion. Deferred Consideration 1 US$8,500,000 in cash or Shares at JBY’s election payable in two equal instalments of : • First instalment of US$4,250,000 no later than 12 months after the date of the A
Slide 17: Independence Gold Project – Overview
Independence Gold 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 Neighbours • Existing Foreign PEA • 980koz Au at 6.67g/t Au1 NGM 0.32g/t Au, AISC$670 SSR • Permittable 8-1
Slide 18: 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 19: 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 20: 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 21: 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- Astral surface resources: 385,000 Oz Gold 1500 K Resources AAR Oz Au Kairos Minerals KAI 1000 K Aurumin Matsa Resources James Bay AUN MAT Mine
Slide 22: Rapid Transformation to U.S. Precious Metals Developer
Rapid Transformation to U.S. Precious Metals Developer Successful Strategic 184% Land 15.3g/t Au drill intercept $0.90 Placement to Increase at and 370m raise A$6M mineralisation September 2025 Independence Gold Project extension Acquisition of Shafter $0.80 Silver asset in Texas Maiden JORC Resourc
Slide 23: Strategy & catalysts in 2025 - 2026
Strategy & catalysts in 2025 - 2026 INDEPENDENCE GOLD INDEPENDENCE & SHAFTER ADVANCEMENT RESOURCE GROWTH PERMITTING INDEPENDENCE SCOPING STUDY SHAFTER DRILLING COMMENCEMENT – SHAFTER MAIDEN EXTENSIONAL & INFILL JORC RESOURCE Permitting for Conversion of historic Continue economic • Surface MRE 2025
Slide 24: Contact Information: Investor Relations
Contact Information: Investor Relations: Matthew Hayes Nicholas Read Executive Chair Read Corporate James Bay Minerals Limited Phone: (08) 9388 1474 Email: info@jamesbayminerals.com.au Email: nicholas@readcorporate.com.au
Slide 25: Silver Price Drivers: Key Market Fundamentals
Silver Price Drivers: Key Market Fundamentals 2025: Fifth Consecutive Year of Supply Deficit USGS adds silver to the 2025 U.S. Critical Minerals list 100 70% 67% 50 65% 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 E 60% -50 M Oz Silver -100 55% -150 50% -200 -250 45% Industrial Silver Demand
Slide 26: Management & In Country Team
Management & In Country Team Jay Ward Troy Rinehart Alex Crane Daniel Loughnan JamesDoyle Exploration Manager Site Manager Shafter Russell Chief Financial Officer Company Secretary Site Manager Independence Experienced Exploration Troy Rinehart is a mining Alex is an exploration geologist Experience
Slide 27: Appendix A – External References
Appendix A – External References Slide 9: Slide 5: Mining Taxes and Royalties -Comparative Overview Source: Fraser Institute Report Texas And Nevada https://www.fraserinstitute.org/sites/default/files/2025-07/annual-survey-of-mining-companies-2024_0.pdf https://taxsummaries.pwc.com/united-states/cor
Slide 28: Appendix B – Independence Project JORC Mineral Resource
Appendix B – Independence Project 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
Slide 29: Appendix C – Gold Deposits Peer Comparison
Appendix C – 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 30: Appendix D - ASX Announcements
Appendix D - ASX Announcements 14/06/2024: Acquisition of the high-grade Independence Gold Project 06/12/2024: Successful Placement to raise A$6M 05/02/2025: Assays up to 9.4g/t Au and 520m mineralisation extension 05/03/2025: Maiden JORC Resource at Independence Gold Project 08/05/2025: Strategic 1
James Bay Minerals — Investor Presentation (October 2025) on 6ix