Bayhorse Silver
Bayhorse Silver Inc. is a junior mining company developing the Bayhorse Silver Mine in Oregon, with a 6.3 million ounce NI-43-101 inferred silver resource supported by XRT ore-sorting and a permitted flotation mill, targeting near-term production for sale of silver and by-product metals to commodity traders and refiners.
- Company typePublic
- Founded2013
- HeadquartersBurnaby, Canada
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Bayhorse Silver does
Bayhorse Silver Inc. is a junior natural resource company engaged in the exploration and development of silver, copper, antimony and zinc assets, with a primary focus on the 100%-owned Bayhorse Silver Mine in Oregon, USA. The mine hosts a NI-43-101 inferred resource of 6.3 million ounces of silver at 21.65 opt (673 g/t), within tetrahedrite-hosted mineralization that also contains payable copper, antimony and zinc. Mining operations are supported by a Steinert KSS100 X-Ray Transmissive ore-sorter that reduces waste rock by up to 85%, and a permitted flotation mill in Payette, Idaho capable of processing 3,600 tons of concentrate per year. The company is advancing toward a Full Operating Permit from DOGAMI with production anticipated for early 2027.
The company's business model is B2B commodity production anchored by two primary offtake channels: a concentrate offtake agreement with Ocean Partners UK Limited for silver/copper/antimony/zinc concentrate, and a direct shipping material LOI with Minerals Solutions LLC (a joint venture of Liberty Refiners LLC and Irish Metals LLC) for high-grade silver (minimum 3,000 g/t). Additional revenue diversification is being explored through Alkaline Selective Leaching (ASL) technology from Allihies Engineering to recover all four payable metals — potentially adding significant per-tonne economics given that antimony prices surged 200% in 2024 to US$25,000/ton. Exploration assets include the Pegasus Project (over 2,000 acres of porphyry copper ground in Idaho adjacent to the Bayhorse Mine) and an 80% option on the Brandywine VMS project in British Columbia.
The company is publicly listed on the TSX Venture Exchange (BHS), OTCQB (BHSIF) and Frankfurt (7KXN), with a market capitalization of approximately C$25.94 million. It has expended roughly US$10 million in capital development to date, and its current state is pre-revenue with annual EBITDA losses of approximately US$2 million. Leadership comprises CEO Graeme O'Neill (also a major insider investor), President Christos Doulis (appointed December 2025), CFO Rick Low, and Corporate Secretary Donna Moroney. The company is led by US$584,175 of January 2026 warrant proceeds and a C$4.1 million April 2026 LIFE Offering, with primary operational catalysts being the DOGAMI Full Operating Permit and the 2,000-meter underground drill program targeting five IP anomalies to expand the resource base.
Bayhorse Silver firmographics
Firmographics- Name
- Bayhorse Silver
- Legal name
- Bayhorse Silver Inc.
- Website
- https://bayhorsesilver.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Bayhorse Silver Inc. is a junior mining company developing the Bayhorse Silver Mine in Oregon, with a 6.3 million ounce NI-43-101 inferred silver resource supported by XRT ore-sorting and a permitted flotation mill, targeting near-term production for sale of silver and by-product metals to commodity traders and refiners.
- Ownership category
- akta.pro rank
Bayhorse Silver industry classification
Industry- Product category
- Silver Mining
- NAICS
- Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Silver Mining (IMAKAEAB)
- akta.pro secondary industries
- Flotation & Reagents (Collectors, Frothers, Depressants; Flotation Circuits) (IMAKALAD), Precious Metals Smelting & Refining (IMAKAEAE)
Keywords
Where Bayhorse Silver is headquartered
LocationHeadquarters
- HQ city
- Burnaby
- HQ country
- Canada
- HQ region
- North America
Offices5 records
Markets served
Bayhorse Silver business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Infrastructure, Personnel, Others, Marketing or Sales
Revenue model
- Silver/Copper/Antimony/Zinc Concentrate Sales: Revenue generated from the sale of silver/copper/antimony/zinc flotation concentrate produced at the Bayhorse Silver Mine and processed at the company's permitted flotation mill in Payette, Idaho. An offtake agreement is in place with Ocean Partners UK Limited. XRF analysis of flotation concentrates shows grades averaging 135 oz/t Ag, 20.6% Cu, 19.5% Sb, and 40.3% Zn. The company also explores in-house silver bar production and antimony leaching processing to maximize metal recoveries and revenue per tonne.
- Direct Shipping Material: The company produces and ships direct shipping grade material (minimum 3,000 g/t Ag) to refinery partners including Minerals Solutions LLC for refining and sale of refined silver and by-product metals.
- Refined Silver Bar Production: Potential future in-house silver bar production and antimony leaching processing if ongoing test results are positive, based on successful antimony leach testing and refinery relationships with Liberty Refiners and Minerals Solutions.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Bayhorse Silver product offering
Product offeringCore offering
Bayhorse Silver extracts and processes high-grade silver/copper/antimony/zinc ore from the Bayhorse Silver Mine in Oregon, using Steinert KSS100 XRT ore-sorting technology and conventional flotation at its permitted mill in Payette, Idaho. The company produces and sells flotation concentrate (7,500–15,000 g/t silver equivalent) under an offtake agreement with Ocean Partners UK Limited, and direct shipping material (minimum 3,000 g/t Ag) to Minerals Solutions LLC / Liberty Refiners for refining.
Product overview
Bayhorse Silver Inc. is a silver and gold mining company with a portfolio of mining assets focused on critical and strategic minerals. The core offering is the Bayhorse Silver Mine in Oregon, a past-producing underground mine with a 6.3 million ounce NI-43-101 inferred silver resource. The mine operations are supported by the Steinert KSS100 XRT Ore-Sorter for material upgrading and a permitted flotation mill in Payette, Idaho for concentrate production. The company also operates the Pegasus Project (porphyry copper exploration in Idaho) and holds an option on the Brandywine precious metals project in British Columbia. The portfolio is designed to produce critical mineral concentrates containing silver, copper, antimony, and zinc, with an offtake agreement in place for concentrate sales.
Differentiator
Problem solved
Functional benefit
Products and services
- Bayhorse Silver Mine Underground silver/copper/antimony mine in Oregon with a NI 43-101 inferred resource of 6.3 million ounces of silver at 21.65 opt grade. The mine features Steinert KSS100 XRT Ore-Sorter technology that separates mineralized from non-mineralized material, reducing waste rock by up to 85%. Production capacity is 200 tons of mineralization per day.
- Payette Flotation Mill Permitted flotation mill in Payette County, Idaho with capacity to process and supply 3,600 tons per year of silver/copper concentrate ranging between 7,500 to 15,000 g/t. Concentrate offtake agreement in place with Ocean Partners UK Limited.
- Pegasus Project Porphyry copper exploration project in Washington County, Idaho, covering over 2,000 acres (3.22 square miles). The western boundary lies within 0.5 miles (0.8 km) of the Bayhorse Silver Mine in Oregon. Features low-resistivity IP anomalies suggesting potential porphyry copper deposits at depth; subject of planned deep diamond drilling program.
- Brandywine Project Volcanogenic Massive Sulfide (VMS) precious metals project in British Columbia, Canada. Bayhorse holds an option to acquire 80% interest in the 1,432-hectare brownfield project with known gold, silver, copper, lead, and zinc mineralization.
- Silver/Copper/Antimony/Zinc Flotation Concentrate Silver/copper/antimony/zinc flotation concentrate produced at the Bayhorse Silver Mine and processed at the Payette, Idaho mill. XRF analysis shows grades averaging 135 oz/t Ag, 20.6% Cu, 19.5% Sb, and 40.3% Zn. Sold to commodity traders and smelters under offtake agreements.
- Direct Shipping Material (High-Grade Silver) Direct shipping grade material with minimum 3,000 g/t Ag produced at the Bayhorse Silver Mine and shipped to refinery partners (Minerals Solutions LLC / Liberty Refiners) for refining and sale of refined silver and by-product metals.
- Refined Silver Bar Production (Potential) Potential future in-house refined silver bar production based on refinery relationships with Liberty Refiners and Minerals Solutions, contingent on successful antimony leaching test results.
- Bayhorse Idaho Copper Prospect Copper exploration prospect adjacent to the Bayhorse Silver Mine targeting porphyry copper mineralization underlying historic silver mines.
Quantifiable outcome
- Up to 85% waste rock reduction through XRT ore-sorting technology
- +6 more outcomes
Companies that use Bayhorse Silver
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles4 records
Bayhorse Silver technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Bayhorse Silver partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered supporting and core.
- Allihies Engineering Inc.supportingBayhorse submitted flotation concentrate samples to Allihies Engineering Inc. in Montana for testing using their proprietary Alkaline Selective Leaching (ASL) technology. ASL tests on similar tetrahedrite mineralization from America's Gold and Silver's Galena Mine achieved up to 99% antimony extraction rates. If successful, the process could enable recovery of all critical minerals (silver, copper, antimony, zinc) and significantly improve mine economics by making all metals payable — currently the original 2018 cost calculations only factored 87% silver and 35% copper recoveries.
- Steinert UScoreSteinert US commissioned the KSS100 XRT Ore-Sorter at Bayhorse Silver Mine, developing proprietary sorting algorithms from Bayhorse mineralized material. Steinert US provides remote monitoring and can change operational characteristics and sorting algorithms from their US operations center without site visits. Ongoing technology partnership for ore-sorting optimization.
- Minerals Solutions LLC (Joint Venture: Liberty Refiners LLC and Irish Metals LLC)coreLetter of Intent signed in August 2017 for direct shipping material processing and refining. Minerals Solutions JV partners (Liberty Refiners and Irish Metals) will concentrate, process, refine, and sell or return refined silver from Bayhorse's direct shipping material. Liberty Refiners has refined precious metals since 2008, is the exclusive refiner for the Sunshine Mint and Canadian Mint, and produces 5-nines fine gold used in medical applications. The JV has specialty refining capabilities including copper sulphate production at premium to ingot copper prices.
- Ocean Partners UK LimitedcoreOfftake agreement in place with Ocean Partners UK Limited for purchase of silver/copper/antimony/zinc concentrate produced at the Bayhorse Silver Mine and processed at the Payette, Idaho mill. Concentrate capacity: 3,600 tons per year ranging 7,500 to 15,000 g/t silver equivalent.
- APEX Geoscience LtdsupportingAPEX Geoscience Ltd was engaged as consultant to create a wireframe model of underground workings by digitizing all company data and historic data, including new digital and laser surveys. APEX also established methods to convert reported historic resource into NI-43-101 compliant resource and supported the 2018 NI 43-101 technical report.
Scale indicators13 records
Recent moves7 records
Expansion highlights8 records
Bayhorse Silver competitors and assessment
Company assessmentDirect peers
- SilverCrest Metals: Recently transitioned from junior explorer to producer at the Las Chispas silver-gold mine in Mexico. Closely comparable in size, asset quality, and the development trajectory Bayhorse is targeting — both high-grade silver projects with by-product credits.
- Endeavour Silver: Intermediate silver producer operating three underground silver-gold mines in Mexico. Comparable as a focused silver company that has transitioned from junior explorer to multi-mine producer, illustrating the development arc Bayhorse is targeting.
- Alexco Resource Corp: Silver-focused company with operations in the Keno Hill Silver District in Yukon, Canada. Comparable as a high-grade silver developer in a remote northern jurisdiction, with analogous permitting and infrastructure development profile to Bayhorse's Oregon/Idaho assets.
- MAG Silver: Junior silver developer with a high-grade silver project (Juanicipio, Mexico) at the permitting/development stage transitioning to production. Comparable as a silver-focused pre-revenue company whose path from inferred resource to production Bayhorse would mirror.
- Americas Gold and Silver: Operates the Galena Mine in Idaho's Silver Valley with tetrahedrite-hosted silver-copper-antimony mineralization nearly identical to Bayhorse's. ASL leaching pilot at Galena achieved the 99% antimony extraction benchmark that Bayhorse is now targeting, making it the closest operational analogue for both geology and processing route.
- Dolly Varden Silver: Junior silver exploration/development company focused on high-grade silver projects in British Columbia's Golden Triangle. Highly comparable in stage, jurisdiction (western North America), and target resource profile — providing a direct peer valuation reference point at the pre-production stage Bayhorse occupies.
Broad incumbents
- Fortuna Silver Mines: Mid-tier silver and gold producer operating multiple mines across Latin America and West Africa. Comparable as a diversified silver producer offering a benchmark for the multi-asset, multi-metal producer model Bayhorse could evolve toward as Pegasus and Brandywine advance.
- First Majestic Silver: Pure-play silver producer with multiple operating mines across Mexico and a recently producing US asset (Jerritt Canyon). Comparable as an established silver producer whose valuation framework Bayhorse would be benchmarked against once in production.
- Coeur Mining: US-focused precious metals producer with silver-dominant operations (Palmarejo, Rochester) and a portfolio approach spanning exploration through production. Comparable as a North American silver incumbent and acquirer profile; competes for the same investor capital and offers a benchmark for Bayhorse's eventual scale-up path.
- Hecla Mining: Largest US-based silver producer with operating silver mines in Idaho (Lucky Friday) and Alaska (Greens Creek), and a long-standing silver-focused portfolio. As the dominant US primary silver incumbent, Hecla defines the competitive landscape and exit-multiple benchmark Bayhorse would be compared against.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Bayhorse Silver compliance and trust
Trust signalCompliance2 records
Bayhorse Silver financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bayhorse Silver leadership team
Management profileNumber of profiles
Profiles6 records
Bayhorse Silver funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bayhorse Silver M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bayhorse Silver
What does Bayhorse Silver do?
Bayhorse Silver extracts and processes high-grade silver/copper/antimony/zinc ore from the Bayhorse Silver Mine in Oregon, using Steinert KSS100 XRT ore-sorting technology and conventional flotation at its permitted mill in Payette, Idaho. The company produces and sells flotation concentrate (7,500–15,000 g/t silver equivalent) under an offtake agreement with Ocean Partners UK Limited, and direct shipping material (minimum 3,000 g/t Ag) to Minerals Solutions LLC / Liberty Refiners for refining.
Is Bayhorse Silver a public or private company?
Bayhorse Silver is a public company. It is classified as public and is currently operating.
When was Bayhorse Silver founded?
Bayhorse Silver was founded in 2013. It employs 1 to 10 people.
Where is Bayhorse Silver based?
Bayhorse Silver is headquartered in Burnaby, Canada, in the North America region.
How does Bayhorse Silver make money?
Three revenue lines are on record. Silver/Copper/Antimony/Zinc Concentrate Sales are the primary driver. The others are direct Shipping Material and refined Silver Bar Production.
Who are Bayhorse Silver's main competitors?
Direct peers on record are SilverCrest Metals, Endeavour Silver, Alexco Resource Corp, MAG Silver, Americas Gold and Silver and Dolly Varden Silver. Broad incumbents are Fortuna Silver Mines, First Majestic Silver, Coeur Mining and Hecla Mining.
Does Bayhorse Silver have an API?
No public API is recorded for Bayhorse Silver.
What industry is Bayhorse Silver in?
Bayhorse Silver's product category is Silver Mining. Its primary akta.pro industry code is IMAKAEAB, Silver Mining, with a secondary code of IMAKALAD, Flotation & Reagents (Collectors, Frothers, Depressants; Flotation Circuits). Its NAICS code is 21222 and its SIC code is 1040.