News Summary
The most recent news release from Bayhorse Silver Inc. on December 9, 2025, states a correction to a previously announced warrant expiry extension. Specifically, the exercise price for 3.5 million warrants was corrected from $0.10 to $0.15 per unit. The news confirms these warrants’ expiry dates are extended, subject to TSX Venture Exchange approval. This release also includes a standard company overview, highlighting its 100% interest in the Bayhorse Silver Mine (Oregon, USA) with an NI 43-101 inferred resource of 292,300 tons at 21.65 oz/ton for 6.3 million ounces of silver, and the Pegasus copper prospect (Idaho, USA). The company’s operational capacity includes a 200 ton/day mine, a 40 ton/hour ore sorter, and a 60 ton/day mill with flotation processing and an existing offtake agreement.
This correction follows a previous news release on December 8, 2025, which reported highly positive metallurgical test results. The company achieved 99.9% selective antimony leaching from a refractory tetrahedrite concentrate from its Bayhorse Silver Mine, utilizing a proprietary process from Allihies Engineering. This breakthrough is expected to improve recoveries of silver, copper, and zinc, and make antimony a separate payable material. The company is investigating installing a pilot-scale leaching facility at its Payette Mill. A disclaimer was included, stating that the decision to produce is not based on a feasibility study.
Further prior news on December 3, 2025, announced the extension of expiry dates for three tranches of warrants: 13,167,500 warrants at $0.10 (extended to December 20, 2028), 3,500,000 warrants at $0.10 (extended to December 23, 2026), and 8,310,000 warrants at $0.10 (extended to January 18, 2029). This release also detailed the grant of 3,200,000 incentive stock options at an exercise price of $0.10. The December 9th news specifically corrects the exercise price of the 3.5 million warrants mentioned in the December 3rd announcement.
Material Impact
The most recent news is an administrative correction to a previous warrant extension. While increasing the exercise price of 3.5 million warrants from $0.10 to $0.15 *could* be positive by potentially bringing in more capital if exercised, its impact is negative in the near term. At the current stock price of $0.13, these warrants were previously in-the-money at $0.10, making their exercise attractive and providing potential cash inflow to the company. With the corrected exercise price of $0.15, these warrants are now out-of-the-money, significantly reducing the likelihood of their exercise and thus impacting the company’s ability to raise capital from this tranche. The extension of expiry dates further defers any potential capital infusion.
This administrative correction, although important for capital structure details, is overshadowed by the preceding material operational news. The December 8, 2025, announcement of 99.9% selective antimony leaching is a significant technical development for Bayhorse Silver. The successful removal of antimony from refractory tetrahedrite concentrate has the potential to materially improve the economics of the Bayhorse Silver Mine by enhancing silver, copper, and zinc recoveries, and establishing antimony as a valuable co-product. This development, if successfully scaled and implemented, could be a game-changer for the project’s profitability and long-term outlook. However, this positive technical development is still at the metallurgical testing stage, and scaling to production involves significant risks and further capital expenditure.
Overall, while the company has reported a significant technical advancement, the most recent news presents a minor administrative setback in its immediate capital raising capacity.
Catalysts
– Pilot-Scale Leaching Facility: Monitor news regarding the investigation and potential installation of a pilot-scale antimony leaching facility at the Payette Mill. This is a crucial step towards commercialization of the metallurgical breakthrough.
– Bayhorse Mine Permitting: Track progress on the final operating permit application for the Bayhorse Silver Mine, which is projected for completion in mid-2026. Delays here would be critical.
– Geophysical Survey & Drilling Results: Await results from the ongoing IP surveys at both the Pegasus porphyry copper/silver prospect and the extended Bayhorse Silver Mine area. Subsequent drill targeting and assay results will be key.
– Strategic Alternatives: Look for updates on the Board’s consideration of strategic alternatives, including management succession and/or joint ventures, especially as the Bayhorse Mine nears permitting.
– Financing Activities: Given the company’s negative working capital and cash burn, further financing initiatives will be necessary. Pay close attention to the terms and investor participation of any new placements.
– Warrant Exercises: Observe the exercise rate of other in-the-money warrants (e.g., those at $0.06 or $0.08) as these represent immediate capital for the company.
Materiality Conclusion
The 2025-12-09 news, “Bayhorse extends warrant expiry, corrects strike price,” is categorized as Routine – Negative. It is an administrative correction that negatively impacts the company’s ability to raise capital from 3.5 million warrants in the near term by changing their exercise price from an in-the-money $0.10 to an out-of-the-money $0.15. While administrative, this directly affects potential cash inflow and is therefore a minor negative. This news is distinctly less material than the previously announced significant metallurgical breakthrough in antimony leaching.
