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Black Bear Minerals Ltd

www: blackbearminerals.com.au   email: info@blackbearminerals.com.au
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
ASX:BKB AUD
OTCMKTS:BKBMF USD

Description

Black Bear Minerals Ltd are a gold and silver focused junior, late stage developer with one mine in development in USA and one exploration property. They have approximately 1.5Moz. of gold and 17.5Moz. of silver in the reserves and resources category of which 0.5Moz. of gold and 11Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~A$51.45M which is a fall of roughly 33% over the last three months. As of 04/06/2026 they have no debt and ~A$12.48M cash. They have 152M shares outstanding and trade on

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General Details

Financial 04/06/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $76.32M $51.45M 04/06/2026 $-24.87M
MCap (OS): $70.94M $47.82M 04/06/2026 $-23.12M
Total Assets: $39.99M $39.99M 04/06/2026 $0.00M
Total Liabilities: $9.17M $9.17M 04/06/2026 $0.00M
Current Assets: $9.45M $9.45M 04/06/2026 $0.00M
Current Liabilities: $5.03M $5.03M 04/06/2026 $0.00M
Total Debt: $0.00M $0.00M 04/06/2026 $0.00M
Cash: $12.48M $12.48M 04/06/2026 $0.00M
Debt (Net): $-12.48M $-12.48M $0.00M
Enterprise Value: $63.84M $38.97M $-24.87M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 04/06/2026 n/a
Misc 04/06/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 152,435,043 152,435,043 04/06/2026 0
Shares (FD): 164,000,000 164,000,000 04/06/2026 0
Insider Ownership: 27% 27% 05/13/2026 n/a
Dividend (Annual): n/a n/a 05/13/2026 n/a
Company Type: Mostly Gold Mostly Silver never n/a
Group: Developer Developer never n/a
Production ETA: n/a n/a 04/06/2026 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 04/06/2026
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 04/06/2026
Development Phase: none none 04/06/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Developer: Strong Path to Production
 10
Developer: Likely Path to Production
 04/11/2026 -5
Cash Flow Multiple: 2.5 3 04/11/2026 0.50

Resource Data

GOLD 04/06/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/06/2026 0.00M
Measured & Indicated: 0.30M 0.50M 05/13/2026 0.20M
Inferred: 1.00M 1.00M 05/13/2026 0.00M
Reserves & Resources: 1.30M 1.50M never 0.20M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/06/2026 0.00M
Measured & Indicated: 0.20M 0.34M 05/13/2026 0.14M
Inferred: 0.43M 0.43M 05/13/2026 0.00M
Reserves & Resources: 0.63M 0.77M never 0.14M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 04/06/2026 $800.00
Extra Operating Cost: n/a n/a 04/06/2026 $350.00
Total: $1,850 $3,000 04/06/2026 $1,150.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AuEq): n/a n/a n/a
EV / Production (AuEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): 6.50 g/t 6.50 g/t 04/06/2026 n/a
Open Pit (Avg): n/a 0.40 g/t 04/06/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/13/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.50M 1.50M 04/06/2026 0.00M
Annual Production: 70,000oz. 70,000oz. 04/11/2026 0oz.
Cash Cost: $1,200 $2,000 04/11/2026 $800
Extra Operating Cost: $650 $1,000 04/11/2026 $350
SILVER 04/06/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/06/2026 0.00M
Measured & Indicated: 11.00M 11.00M 04/06/2026 0.00M
Inferred: 6.50M 6.50M 04/06/2026 0.00M
Reserves & Resources: 17.50M 17.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/06/2026 0.00M
Measured & Indicated: 7.92M 7.92M 04/06/2026 0.00M
Inferred: 2.93M 2.93M 04/06/2026 0.00M
Reserves & Resources: 10.85M 10.85M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: $10.00 n/a 04/06/2026 $20.00
Extra Operating Cost: $6.00 n/a 04/06/2026 $9.00
Total: $16.00 $45.00 04/06/2026 $29.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): n/a n/a n/a
EV / Production (AgEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): 289.00 g/t 289.00 g/t 04/06/2026 n/a
Open Pit (Avg): n/a n/a 04/06/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 05/13/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 25.00M 15.00M 04/11/2026 -10.00M
Annual Production: 2,000,000oz. 1,000,000oz. 04/11/2026 -1,000,000oz.
Cash Cost: n/a $30.00 04/11/2026 $
Extra Operating Cost: n/a $15.00 04/11/2026 n/a

Property

Last Analysis Data  (04/06/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Shafter Project
100 show
Silver ,17.5 m oz and growing . Existing mill and infrastructure , Enviomental permits granted, fast track restart project

Size: 18,600 ha
Exp Independence Gold
100 show
1.2M oz resource.

1M oz UG
250K oz OP

Size: 250 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Shafter Project
100 show
Silver ,17.5 m oz and growing . Existing mill and infrastructure , Enviomental permits granted, fast track restart project

Size: 18,600 ha
Exp Independence Gold
100 show
1.2M oz resource.

1M oz UG
250K oz OP

Size: 250 ha

Profitability (by resource)

Proven &
Probable		 04/06/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD MCap / Gold Eq.: n/a n/a n/a $0.00
FD MCap / Silver Eq.: n/a n/a n/a $0.00
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
EV / Gold Eq.: n/a n/a n/a $0.00
EV / Silver Eq.: n/a n/a n/a $0.00
EV / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
Measured &
Indicated		 04/06/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 63.71% 75.87% n/a 12.16%
Percentage Silver: 36.29% 24.13% n/a -12.16%
Total (Gold Eq. Oz.): 0.47M 0.66M n/a 0.19M
Total (Silver Eq. Oz.): 30.31M 45.59M n/a 15.28M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.33M 0.45M n/a 0.13M
Silver Eq. Oz.: 21.05M 31.44M n/a 10.39M
Maximum Profit (Gold): $573.82M $329.80M n/a $-244.02M
Maximum Profit (Silver): $446.93M $98.05M n/a $-348.88M
Total Maximum Profit: $1,020.75M $427.85M n/a $-592.90M
Max Profit / Current MCap: 13.374 8.316 n/a -5.058
Max Profit Per Share (Gold): $3.50 $2.01 n/a $-1.49
Max Profit Per Share (Silver): $2.73 $0.60 n/a $-2.13
Total Max Profit Per Share: $6.22 $2.61 n/a $-3.62
Total Free Profit Per Share: $5.55 $2.15 n/a $-3.40
FD MCap / Gold Eq.: $233.38 $113.20 n/a $-120.18
FD MCap / Silver Eq.: $3.63 $1.64 n/a $-1.99
FD MCap / Per Metal
as % Spot Price:		 5.01% 2.85% n/a -2.15%
EV / Gold Eq.: $195.22 $85.74 n/a $-109.48
EV / Silver Eq.: $3.03 $1.24 n/a $-1.79
EV / Per Metal
as % Spot Price:		 4.19% 2.16% n/a -2.03%

Reserves &
Resources		 04/06/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 82.71% 85.57% n/a 2.86%
Percentage Silver: 17.29% 14.43% n/a -2.86%
Total (Gold Eq. Oz.): 1.57M 1.75M n/a 0.18M
Total (Silver Eq. Oz.): 101.19M 121.28M n/a 20.09M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.80M 0.92M n/a 0.12M
Silver Eq. Oz.: 51.34M 63.77M n/a 12.44M
Maximum Profit (Gold): $1,769.29M $742.05M n/a $-1,027.24M
Maximum Profit (Silver): $611.98M $134.26M n/a $-477.72M
Total Maximum Profit: $2,381.27M $876.31M n/a $-1,504.96M
Max Profit / Current MCap: 31.201 17.033 n/a -14.167
Max Profit Per Share (Gold): $10.79 $4.52 n/a $-6.26
Max Profit Per Share (Silver): $3.73 $0.82 n/a $-2.91
Total Max Profit Per Share: $14.52 $5.34 n/a $-9.18
Total Free Profit Per Share: $13.84 $4.89 n/a $-8.96
FD MCap / Gold Eq.: $95.71 $55.81 n/a $-39.89
FD MCap / Silver Eq.: $1.49 $0.81 n/a $-0.68
FD MCap / Per Metal
as % Spot Price:		 2.05% 1.41% n/a -0.65%
EV / Gold Eq.: $80.06 $42.28 n/a $-37.78
EV / Silver Eq.: $1.24 $0.61 n/a $-0.63
EV / Per Metal
as % Spot Price:		 1.72% 1.06% n/a -0.65%

Future Valuation (Cash Flow & Totals)

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