New Risk • Mar 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$23m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$23m free cash flow). Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$107.5m market cap, or US$76.0m). Announcement • Nov 21
James Bay Minerals Limited (ASX:JBY) acquired Shafter Silver Project in Presidio County, Texas from Rio Grande Mining Company and Shafter Properties Inc. James Bay Minerals Limited (ASX:JBY) entered into an asset purchase agreement to acquire Shafter Silver Project in Presidio County, Texas from Rio Grande Mining Company and Shafter Properties Inc. for $18 million on October 2, 2025. The consideration comprises an upfront cash payment of $9.5 million upon completion and deferred consideration of $8.5 million, payable in two equal installments of $4.25 million over 24 months. The deferred consideration may be satisfied by issuing shares, subject to shareholder approval and a floor price of $0.70 per share. The agreement also includes a 2.0% Net Smelter Return (NSR) royalty on all metals. The acquisition will be funded by a $19.8 million two-tranche placement. The proceeds from the equity raising will also be used to fund further exploration activities. James Bay Minerals will be renamed Black Bear Minerals under the new ASX Code: BKB. The asset purchase agreement may be terminated if completion does not occur by November 30, 2025.
The completion of the transaction is subject to conditions including a capital raising of no less than $9.9 million, necessary shareholder approvals, and the release of all encumbrances affecting the project.
Canaccord Genuity acted as the Lead Manager for the placement. Hamilton Locke Pty Ltd acted as legal advisor and Womble Bond Dickinson acted as legal advisor for James Bay Minerals Limited.
James Bay Minerals Limited (ASX:JBY) completed the acquisition of Shafter Silver Project in Presidio County, Texas from Rio Grande Mining Company and Shafter Properties Inc. on November 21, 2025. Announcement • Nov 19
Black Bear Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 30.000001 million. Black Bear Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 30.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,379,230
Price\Range: AUD 0.65
Discount Per Security: AUD 0.039
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,774,617
Price\Range: AUD 0.65
Discount Per Security: AUD 0.039
Transaction Features: Subsequent Direct Listing New Risk • Nov 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (84% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$74.7m market cap, or US$48.5m). Announcement • Oct 14
James Bay Minerals Limited, Annual General Meeting, Nov 13, 2025 James Bay Minerals Limited, Annual General Meeting, Nov 13, 2025. Location: level 39 central park, 152-158 st georges terrace, wa 6000, perth Australia New Risk • Sep 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$4.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.7m free cash flow). Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (AU$72.4m market cap, or US$47.6m). New Risk • Apr 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$56.5m market cap, or US$36.1m). Announcement • Feb 17
James Bay Minerals Limited Announces Board Changes James Bay Minerals Limited announced the following board and management changes, including the appointment of company founder Matthew Hayes as Executive Director and the transition of Andrew Dornan to Executive Chair, effective immediately. Matthew Hayes, a founding Director and major shareholder of James Bay Minerals, led the Company's highly successful IPO as Managing Director of Wagtail Capital (which acted as lead manager to the IPO) and has served as the Company's corporate advisor since listing. He played an integral role in the identification, negotiation and acquisition of the Independence Gold Project in Nevada, USA. With over 17 years of experience in corporate development, mergers & acquisitions and capital markets, Matthew's expertise in driving shareholder value and strategic growth will be invaluable to the Company as it enters its next phase of growth. Matthew was also the founding Director of Sun Silver Limited prior to its listing, where he identified and negotiated the acquisition of the Maverick Springs Silver-Gold Project and led its IPO on the ASX. Executive Director, Andrew Dornan, will continue serving on the board in the role of Executive Chair. The Company will continue to draw on Andrew's wealth of commercial and project development experience. His expertise extends from exploration to operations, and he has a proven track record in driving shareholder value and executing strategic initiatives. He previously played a key role in Fortescue's T155 Project and the Tanami Gold Mine Expansion at Newmont, delivering significant growth. Keith Wood, former Chief Growth Geologist for Nevada Gold Mines (NGM) neighbouring Phoenix Gold Mine, joins the Company as a Strategic Advisor. Keith has extensive experience as a geologist, including 15 years' experience working in senior roles in Nevada for Barrick and NGM. He led the development of the Phoenix Growth Strategy, accepted by NGM as the roadmap for growth for the next 10 years. He also compiled, validated and ranked all NGM project concepts in the Battle Mountain district, developed targets, budgets, and executed drill programs. Following the appointment of Matthew Hayes as Executive Director and Andrew Dornan as Executive Chair, Gerard O'Donovan will step down from his role as Non-Executive Chair, effective immediately. New Risk • Dec 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 64% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (29% average weekly change). Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$59.5m market cap, or US$37.2m). Announcement • Dec 13
James Bay Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million. James Bay Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Transaction Features: Subsequent Direct Listing Announcement • Dec 06
James Bay Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 6.000001 million. James Bay Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 6.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,230,770
Price\Range: AUD 0.65
Discount Per Security: AUD 0.039
Transaction Features: Subsequent Direct Listing Announcement • Oct 14
James Bay Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.5 million. James Bay Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Transaction Features: Subsequent Direct Listing Announcement • Sep 21
James Bay Minerals Limited, Annual General Meeting, Nov 19, 2024 James Bay Minerals Limited, Annual General Meeting, Nov 19, 2024. Location: at the park business centre, 45 ventnor avenue, west perth wa 6005. Australia New Risk • Jun 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (16% average weekly change). Market cap is less than US$10m (AU$9.38m market cap, or US$6.20m). New Risk • Apr 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (18% average weekly change). Market cap is less than US$10m (AU$12.4m market cap, or US$8.07m). New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Market cap is less than US$10m (AU$10.3m market cap, or US$6.71m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Jan 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.1m (US$9.99m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Market cap is less than US$10m (AU$15.1m market cap, or US$9.99m). Announcement • Sep 21
James Bay Minerals Limited Appoints Brodie Box as Senior Technical Advisor James Bay Minerals Limited announce the appointment of Brodie Box as Senior Technical Advisor and Competent Person to assist in the exploration and reporting of JBY's highly prospective lithium projects within the James Bay region of Quebec. Mr. Box is a geologist with over 13 years of industry experience spanning a diverse range of commodities and regions. Prior to joining James Bay Minerals, Mr. Box played a key role in the identification of Latin Resources Salinas Lithium Project. The Salinas Lithium Project now hosts the Colina Lithium Deposit which has an indicated and inferred resource of 45.2Mt @ 1.34% Li2O.1 Mr. Box role will also include acting as JBY's competent person for all exploration works across James Bay Minerals portfolio of Lithium Projects. Mr. Box holds a Bachelor of Science, Mineral Exploration and Mining Geology from the Western Australian School of Mines, is a member of Australian Institute of Geoscientists and is an employee of geological consultants Cadre Geology and Mining. Announcement • Sep 15
James Bay Minerals Limited Announces Board Appointments James Bay Minerals Limited announced the appointment of Andrew Dornan, Gerard O'Donovan as Director. Date of appointment is April 18, 2023. The company announced the appointment of Dean Ercegovic and Judith Baker as Director, with effect from September 8, 2023. Announcement • Sep 12
James Bay Minerals Limited has completed an IPO in the amount of AUD 6 million. James Bay Minerals Limited has completed an IPO in the amount of AUD 6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,000,000
Price\Range: AUD 0.2
Discount Per Security: AUD 0.012 