Black Bear Minerals (ASX: BKB) Surges 20%: Is This Silver Stock Worth Buying?

Black Bear Minerals (ASX: BKB) surged 20% after successfully launching on the US OTCQX market under ticker BKBMF on December 16, 2025, coinciding with the launch of its maiden drilling program at the high-grade Shafter Silver Project in Texas. Shares have since consolidated around 79-80c as investors digest the news. For those looking for silver exposure, this combination of catalysts shows why BKB has become one of the more interesting silver plays on the ASX, a high-grade resource with real infrastructure in a country that now treats silver as a critical mineral.

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Shafter Silver Project- A Mine Ready to Restart

What makes Shafter different from most exploration stories is simple: the hard work has already been done. The project comes with around $150 million worth of existing infrastructure, including a processing plant, underground mine workings, and power connections. This means Black Bear could potentially restart production much faster and cheaper than building a new mine from scratch.

The mine last produced silver back in 2012-2013 before it was shut down when silver prices fell below US$20 per ounce. Fast forward to today, and silver is trading above US$64 per ounce, more than three times higher. At these prices, the project economics look completely different.

Shafter hosts 17.5 million ounces of silver at a grade of 289 grams per tonne. To put that in perspective, this ranks among the highest-grade silver resources on the ASX. Management is targeting a mine restart by 2027, which gives them time to convert the resource to JORC status and complete the necessary studies.

US Listing Opens New Capital Doors

The US listing is about more than just giving American investors access to the stock. It positions Black Bear Minerals to tap into government support programs at a time when the US is desperate to secure its own supply of critical minerals.

Silver was officially added to the US critical minerals list in November 2025. This happened because America produces very little silver domestically but uses a lot of it, especially in solar panels, electronics, and defence applications. For a company like Black Bear Minerals with a US-based project, this creates potential pathways for government funding, loan guarantees, or partnerships with larger players looking to secure supply.

The Investor’s Takeaway for Black Bear Minerals

The investment case for Black Bear Minerals is easy to understand: high-grade silver, existing infrastructure, record prices, and government tailwinds all working in its favour. The company raised $30 million recently and is now well-funded to advance drilling and development work.
But there are reasons for caution, too. The stock has already run hard, from 50.5 cents in late November to around 79 cents today, a gain of 56% in under four weeks. At a market cap of $117 million, a lot of good news may already be baked into the price.

The main risks to keep in mind are the non-JORC status of the current resource (meaning it still needs to be verified to Australian standards) and the usual execution risks that come with restarting an old mine. Silver prices could also pull back after their strong run this year.

For investors who believe silver prices will stay elevated, Black Bear Minerals offers solid leverage to that view through one of the few near-production silver projects in North America. However, if you’re patient, a pullback in silver or the broader market could offer a better entry point. The next big catalyst to watch for is drill results, expected in early 2026.