James Bay Minerals to Acquire and Re-Develop Historical High-Grade Shafter Silver Project

Core Viewpoint - James Bay Minerals has signed a binding agreement to acquire the Shafter silver project in Texas, which is expected to significantly enhance its position in the North American silver market [1][3]. Acquisition Details - The Shafter project includes an estimated $150 million in established mine and processing infrastructure, featuring 160 kilometers of underground workings and four production shafts [1]. - The project has a foreign mineral resource estimate of 1.88 million tonnes grading 289 grams per tonne silver, totaling 17.57 million ounces [2]. Strategic Positioning - The acquisition is expected to transform James Bay into a significant silver player in North America, complementing its existing Independence gold project in Nevada [3]. - The company plans to rebrand as Black Bear Minerals upon completion of the acquisition, with Dennis Lindgren, a former Alcoa executive, appointed as CEO to lead growth initiatives [4]. Exploration Potential - Historical exploration data indicates significant exploration upside exists outside the current mineralized footprint, with plans for staged exploration in the northeast extensions of the Shafter mineralization [8]. - The ability to bring Shafter back into production will depend on exploration outcomes and market conditions [9]. Financial Aspects - James Bay has secured commitments for a $30 million capital raising to fund the acquisition, structured in three tranches totaling $18 million [10]. - The company will issue 46.15 million shares at $0.65 each, representing a 15.6% discount to the last traded price [11].