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Highlights
- The Bayhorse Mine hosts a NI 43-101 inferred resource of 6.3 million ounces of silver at 21.65 oz/t (673 g/t).
- Flotation concentrate testing with Allihies Engineering aims to unlock high-efficiency antimony and silver recoveries.
- Bayhorse targets recovery of four U.S.-designated critical minerals—silver, antimony, copper, and zinc.
- Recent CAD 1 million financing will fund exploration at the Pegasus Project and permitting at the Bayhorse Mine.
Bayhorse Silver Inc. (TSX-V:BHS) has been advancing notably, with its share price up 50% over the past month to CAD 0.075, as of 17 October 2025. The company’s recent progress toward mine permitting, operational readiness, and critical mineral recovery is drawing renewed investor attention.
The company continues to focus its primary efforts on the Bayhorse Silver Mine, situated in east-central Oregon, USA, where it holds a 100% interest. The Bayhorse Silver Mine hosts NI 43-101 compliant inferred resource of approximately 292,300 tons at a grade of 21.65 ounces per ton or opt (673 g/t), totaling approximately 6.3 million ounces of silver. In addition, the company owns the Pegasus Project in Washington County, Idaho.
Both projects are located 40 km from Hercules Metals’ porphyry copper discovery.
Transition to Mining Operations and Strategic Alternatives
As Bayhorse advances toward final permitting of its Bayhorse Silver Mine in east-central Oregon, CEO Graeme O’Neill announced that the Board is actively evaluating strategic alternatives to prepare for the transition to mining operations.
These alternatives may include management succession planning, joint venture partnerships, or other collaborative structures aimed at maximizing shareholder value. The company has received indications of interest from several qualified individuals and potential partners.
Testing and Strategic Metals Focus
Recently, Bayhorse Silver submitted flotation concentrate samples from its silver-copper-antimony rich Bayhorse Silver Mine to Allihies Engineering Inc. in Montana for testing using Allihies’ proprietary antimony leaching technology.
Allihies Engineering has recently conducted leaching tests using its proprietary Alkaline Selective Leaching (ASL) hydrometallurgical technology. The tests were performed on flotation concentrate from America’s Gold and Silver’s Galena Mine in Idaho’s “Silver Valley,” which exhibits tetrahedrite-type mineralization, a combination of silver, copper, antimony, and zinc, similar to that found at the Bayhorse Silver Mine. The trials demonstrated exceptionally high extraction efficiencies, with antimony recoveries reaching up to 99%.
At the Bayhorse Silver Mine, the dominant mineralization is tetrahedrite, an antimony sulfide containing silver, copper, zinc, and iron within veins and stockworks, with minor traces of gold. The company believes that applying ASL technology could significantly enhance recoveries of these critical and strategic minerals.
Critical Minerals Recovery Potential
Silver, antimony, copper, and zinc from the Bayhorse Silver Mine are all classified as critical and strategic minerals in the United States. If the Allihies leaching process successfully extracts antimony, all these critical minerals are expected to be recoverable. The company also intends to incorporate updated metal prices, silver over US$52/oz, antimony at US$8.24/lb, copper at US$4.65/lb, and zinc at US$1.40/lb, into its future cost-benefit analyses.
The Bayhorse exploration model suggests that the mineralization extends across to the adjacent Pegasus porphyry copper prospect, potentially linked to shallow plutons similar to those at Hercules Metals, 40 km north.
Financing and Exploration Plans
Last month, the company closed the final tranche of its non-brokered private placement announced on September 10, 2025, issuing 25 million units for gross proceeds of CAD 1 million. As per the company, funds raised are to be used for an IP survey (48%) at the Pegasus Project, permitting at the Bayhorse Mine (31%), and general administrative expenses (21%).
With mine permitting approaching completion, new metallurgical testing underway, and growing interest in U.S. critical mineral supply, Bayhorse Silver is strategically positioned for its transition from developer to producer.
Shares of BHS last traded at AUD 0.075 on October 17, 2025.
