# Honey Badger nearly triples Prairie Creek value to $1.2B Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7 Original source: https://www.northernminer.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b/1003894932/ Publisher: northernminer Original announcement: 2026-09-17T15:26:51.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Honey Badger Silver - Ticker: TUF - Exchange: Unavailable - Region: Northwest Territories - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Copper - Document categories: Resource update, Economic study - Extracted: 2026-09-17 16:49:14 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Honey Badger Silver has updated its Prairie Creek PEA, nearly tripling the project's NPV to $1.2 billion with a 29.3% IRR. While tonnage has increased, the update shows a decline in grades and relies on historical drilling data. Reasoning: The update presents a significantly higher project valuation and improved mine life, though it relies on historical data and shows grade dilution. - Positive factor: Significant NPV increase from $419.7M to $1.2B - Positive factor: Strong IRR of 29.3% - Positive factor: Mine life extended to 22 years - Positive factor: Brownfield status with existing infrastructure - Negative factor: Grade decline of >15% in M&I category - Negative factor: Pre-production costs nearly doubled - Negative factor: Resource based on historical drilling rather than new assays Facts used in scoring: 9 ## Classification and evidence **PEA Only** Polarity: neutral Definition: Only Class 4 / Initial Assessment economics available. Not bankable. Why it applies: The document describes an updated preliminary economic assessment \(PEA\). Evidence · text > An updated preliminary economic assessment for Honey Badger Silver’s **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Measured and indicated tonnage increased by almost 20%. Evidence · text > Measured and indicated tonnage increased almost 20% in the update **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: Grades declined by more than 15% in the M&I category. Evidence · text > though grades declined by more than 15% **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The updated resource is based on historical drilling rather than new drilling. Evidence · text > is based on historical, rather than new, drilling. **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 resource ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7#fact-resource-facts-1) Prairie Creek · silver #### Identity - Project: Prairie Creek - Commodity: silver - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:05740087d9d5bb050bfa - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 11600000 - Grade: 115 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: M&I tonnage grew but grades fell significantly. - Positive factor: Tonnage increase - Negative factor: Grade decline Evidence · text > Measured and indicated tonnage increased almost 20% in the update to 11.6 million tonnes, though grades declined by more than 15% to 115 grams silver per tonne #### 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 **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7#fact-resource-facts-2) Prairie Creek · zinc #### Identity - Project: Prairie Creek - Commodity: zinc - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:05740087d9d5bb050bfa - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 11600000 - Grade: 8.16 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Secondary metal grade component. Evidence · text > 8.16% zinc #### 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 **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7#fact-resource-facts-3) Prairie Creek · lead #### Identity - Project: Prairie Creek - Commodity: lead - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:05740087d9d5bb050bfa - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 11600000 - Grade: 7.1 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Secondary metal grade component. Evidence · text > 7.1% lead #### 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 **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7#fact-resource-facts-4) Prairie Creek · copper #### Identity - Project: Prairie Creek - Commodity: copper - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:05740087d9d5bb050bfa - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 11600000 - Grade: 0.23 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Secondary metal grade component. Evidence · text > 0.23% copper #### 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 **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7#fact-resource-facts-5) Prairie Creek · silver #### Identity - Project: Prairie Creek - Commodity: silver - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:dded566110846b0c6b7c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8400000 - Grade: 130 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Inferred tonnage increased significantly. - Positive factor: Tonnage growth Evidence · text > Inferred tonnage rose by 32% to 8.4 million tonnes at 130 grams silver #### 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 **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7#fact-resource-facts-6) Prairie Creek · zinc #### Identity - Project: Prairie Creek - Commodity: zinc - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:dded566110846b0c6b7c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8400000 - Grade: 11.03 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Secondary metal grade component. Evidence · text > 11.03% zinc #### 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 **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7#fact-resource-facts-7) Prairie Creek · lead #### Identity - Project: Prairie Creek - Commodity: lead - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:dded566110846b0c6b7c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8400000 - Grade: 6.13 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Secondary metal grade component. Evidence · text > 6.13% lead #### 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 **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--79e3f059-5731-4cad-b9bb-7c72e6b2c5d7#fact-resource-facts-8) Prairie Creek · copper #### Identity - Project: Prairie Creek - Commodity: copper - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:dded566110846b0c6b7c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8400000 - Grade: 0.33 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Secondary metal grade component. Evidence · text > 0.33% copper #### 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 **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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.