# By-Product Credits Can Push a Silver Mine's Cash Cost Below Zero Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--199f555b-f76f-4d45-b4f8-197f85ec38b4 Original source: https://orestocks.com/company/CDE/press-releases/8136052448077251 Publisher: orestocks Original announcement: 2026-09-17T15:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Honey Badger Silver Inc. - Ticker: TUF - Exchange: Unavailable - Region: Northwest Territories - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Copper - Document categories: Economic study, Resource update - Extracted: 2026-09-17 15:09:56 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Honey Badger Silver Inc. has announced a positive Preliminary Economic Assessment \(PEA\) for its 100%-owned PC Silver Mine in the Northwest Territories. The study reports a 22-year mine life with an after-tax NPV of $1.2 billion and a 29% IRR, highlighted by a negative AISC of US$22/oz due to significant zinc, lead, and copper by-product credits. Reasoning: The announcement of a positive PEA for the PC Silver Mine with exceptional negative AISC and strong NPV/IRR metrics represents a highly material development for the company. - Positive factor: Strong economics with negative AISC due to by-product credits - Positive factor: Significant silver equivalent production - Positive factor: Existing infrastructure reduces capital requirements - Positive factor: High IRR and NPV - Negative factor: PEA stage includes significant Inferred resources - Negative factor: High sensitivity to base metal prices for the negative AISC claim - Negative factor: Significant capital required for road infrastructure Facts used in scoring: 4 ## Classification and evidence **PEA Only** Polarity: neutral Definition: Only Class 4 / Initial Assessment economics available. Not bankable. Why it applies: The announcement is for a Preliminary Economic Assessment \(PEA\) which is a Class 4 study. Evidence · text > announced the results of an updated Preliminary Economic Assessment **Inferred Heavy Feed** Polarity: negative Definition: Material Inferred share of LOM mill feed, or the share is undisclosed. Why it applies: The PEA includes 8.47 million tonnes of Inferred resources compared to 11.63 million tonnes of M&I. Evidence · text > 11.63 million tonnes of Measured and Indicated resources... and 8.47 million tonnes of Inferred resources **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document describes an updated Mineral Resource Estimate, implying a previous baseline exists. Evidence · text > announced the results of an updated Preliminary Economic Assessment and updated Mineral Resource Estimate **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The source explicitly discloses a revised resource estimate Evidence · text > updated Mineral Resource Estimate ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--199f555b-f76f-4d45-b4f8-197f85ec38b4#fact-resource-facts-2) PC Silver Mine · silver #### Identity - Project: PC Silver Mine - Commodity: silver - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Effective date: 2026-06-21T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mike Makarenko, Greg Mosher - Resource group id: resource:cfa99b9d00f7fa013948 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11630000 #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 424 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Solid M&I resource base. - Positive factor: Significant M&I tonnage Evidence · text > 11.63 million tonnes of Measured and Indicated resources grading 424 g/t AgEq #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--199f555b-f76f-4d45-b4f8-197f85ec38b4#fact-resource-facts-3) PC Silver Mine · silver #### Identity - Project: PC Silver Mine - Commodity: silver - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Effective date: 2026-06-21T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mike Makarenko, Greg Mosher - Resource group id: resource:2e3c0e0cc04bf31f8417 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 8470000 #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 492 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: High grade but speculative category. - Positive factor: High grade inferred resource - Negative factor: Speculative nature of inferred category Evidence · text > 8.47 million tonnes of Inferred resources grading 492 g/t AgEq #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.