Bayhorse Silver Undertakes Metallurgical Bulk Sample Of The Critical and Strategic Silver, Copper, Antimony and Zinc Minerals From Its Bayhorse Silver Mine

On November 24, 2025, Bayhorse Silver announced it is undertaking a 25-ton metallurgical bulk sample from its Bayhorse Silver Mine in Oregon, USA. The material, sourced from three separate zones, will be processed through the company's full circuit, including the ore-sorter, mill, and flotation plant. The objective is to replicate potential full-scale mining operations to determine definitive grades and recoveries for silver, copper, antimony, and zinc. CEO Graeme O'Neill noted that previous processing was conducted on "Mine development material" and this bulk sample will provide a clearer indication of what to expect when full-scale mining resumes.

This news is a routine, but necessary and positive, operational step. It does not have a material impact on the company's valuation at this time, as it is the announcement of a test, not the results of one.

The key takeaway is that the company is moving from testing variable "development material" to a more representative "run of mine" bulk sample. This implicitly confirms that prior encouraging metallurgical results, such as the XRF analysis from October 20, 2025, were preliminary and may not reflect actual, sustainable mining grades and recoveries. This bulk sample is a crucial de-risking step to validate the economic potential of the operation.

While the CEO expressed pleasant surprise with by-product credits in development material, the market needs to see confirmed, consistent results from a representative sample before re-rating the stock. The company continues to operate without a feasibility study, a significant risk factor that this testing aims to mitigate but does not eliminate. The positive aspect is the methodical approach to confirming metallurgy; however, the news itself simply outlines the process, with the material catalyst being the future results.

Bayhorse Silver Inc. is a junior mining company focused on advancing its 100%-owned, past-producing Bayhorse Silver Mine in Oregon, USA. The project is a high-grade, polymetallic underground mine containing silver, copper, antimony, and zinc in tetrahedrite mineralization. The company has an operational plan that includes mining up to 200 tons per day, pre-concentrating the material with a Steinert ore-sorter on-site, and then trucking it to its wholly-owned flotation mill in Payette, Idaho. The company is also exploring the adjacent Pegasus Project for a large-scale porphyry copper system that could be the source of the high-grade mineralization at Bayhorse. The company currently has an NI 43-101 inferred resource of 292,300 tons at 673 g/t silver for 6.3 million ounces.