JBY set to list on OTC as gold hits all time highs and silver hits US$48
Our 2025 Small Cap Pick of the Year James Bay Minerals (ASX: JBY) just announced its intention to list in the US on the OTC.
US critical minerals are the hottest macro thematic in the small cap end of the market right now.
Precious metals aren’t critical minerals in the way that they are used in things like military and defence BUT gold was classified in the same basket as critical minerals in a Trump executive order in March 2025.
And more recently silver was recommended for inclusion in the US critical minerals list (Source).
JBY has two relatively advanced projects in gold and silver:
- Independence Gold Project with 1.37M ounce gold resource located in Nevada, USA
- Shafter Project with a high grade 17.5M ounce silver (non-JORC) resource and over $150M in project infrastructure located in Texas, USA
We think JBY has the right assets (gold and silver projects), in the right jurisdiction (US) at the right time (markets are liking US stocks).
We have written about how we feel that North American investors are starting to get more and more interested in precious metals stocks a fair bit of late.
Having a US OTC listing will mean JBY will become more easily accessible for North American investors.
We note JBY’s already had “strong demand from North American institutions” in its recent $30M capital raise:
(Source)
More on JBY’s two assets:
JBY’s silver project in Texas, USA:
JBY’s recently acquired a previously producing high grade Shafter Silver Mine in Texas, USA that we covered last week.
JBY’s project has a 17.5M ounces of silver (non-JORC) resource estimate and $150M of processing plant and infrastructure.
This project sits on the eastern margins of the Sierra Madre belt (home to some of the most profitable silver mines in the world) BUT JBY’s project is on US soil (in Texas).
(Source)
The last time the resource on the project was estimated was back in 2015 when the silver price started at ~$18 and fell to ~$13.50 throughout the year.
Plus the project has known mineralisation outside of the resource.
So we think JBY can grow its resource from where it sits now.
(Source)
JBY’s gold project in Nevada, USA
JBY is also developing the Independence Gold Project in Nevada which has a 1.37M ounce gold resource split between:
- Shallow resource 384k ounces gold
- Deep resource 984k ounces gold.
This project is adjoining the N.G.M Phoenix Mine complex, a joint venture between $145BN Newmont and $86BN Barrick Gold.
JBY is currently awaiting the next round of drilling where it will be focusing on the southern targets that sit outside the current mineral resource.
There is also old deep diamond drilling cores that were never assayed for gold that could be a quick way to see if there are any signs of gold deep underground.
We also await earthworks to be completed on the road to the Rebel Peak on the North East of the project to be completed so drilling can commence on the targets in the area.
What do we want to see next from JBY?
We recently launched a new JBY Investment Memo which you can read here.
Here are the four objectives we are tracking across JBY’s assets:
Objective #1: Drilling at JBY’s US silver project
We want to see JBY drill out, extend and then define a JORC resource estimate over its silver project in Texas, USA.
Milestones
🔲 Sampling to identify drill targets
🔲 Drilling commenced
🔲 Assay results
Objective #2: Maiden JORC resource estimate at US silver project
We want to see JBY upgrade and convert its 17.5M ounce foreign resource estimate at its US silver project into JORC compliance. We are looking for the resource to get bigger during the conversion process, whilst maintaining a relatively high grade.
Milestones
🔲 Maiden resource estimate
🔲 Increase to the resource size
Objective #3: Resource upgrade on US gold project
We want to see JBY drill out and upgrade the resource at its US gold project in Nevada.
Milestones
✅ Drilling started
🔄 Assay results
🔄 Resource upgrade
Objective #4: Permitting and feasibility studies on both projects
Ultimately, we want to see JBY take both assets through the permitting process and into development. For the US gold project we want to see permitting and economic studies. For the silver project we want to see full permitting and a mine restart study get completed.
Milestones
🔲 Permitting for US silver project
🔲 Permitting for US gold project
🔲 Economic studies on US gold project
🔲 Economic studies on US silver project
