# Honey Badger Silver Initiates an Updated Economic Study on Its 100%-Owned PC Silver Mine, NWT, Canada Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/honey-badger-silver-initiates-an-updated-economic-study-on-its-100-owned-pc-silv--ca53ee6b-e1ca-4f6d-907c-a902bafd654d Original source: https://money.tmx.com/en/quote/TUF/news/4808084644833739/honey-badger-silver-initiates-an-updated-economic-study-on-its-100-owned-pc-silv Publisher: tmx Original announcement: 2026-05-28T11:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Honey Badger Silver Inc. - Ticker: TUF - Exchange: TSX - Region: Northwest Territories, Canada - Primary commodity: Silver - Secondary commodities: Zinc, Lead - Document categories: Resource update, Economic study - Extracted: 2026-09-17 02:47:32 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Honey Badger Silver has appointed JDS Energy & Mining Inc. to conduct an updated Preliminary Economic Assessment \(PEA\) and Mineral Resource Estimate \(MRE\) for the PC Silver Mine in the Northwest Territories. The company expects the studies to be completed in Q3 2026 and believes higher current metal prices may materially enhance project economics compared to the 2021 historical report. Reasoning: The company is initiating updated technical studies \(PEA and MRE\) which are expected to be major catalysts, leveraging higher current metal prices against historical data. - Positive factor: Initiation of updated PEA and MRE - Positive factor: High-grade silver-zinc-lead project - Positive factor: Significant existing infrastructure - Positive factor: Tier-1 jurisdiction - Positive factor: Potential for improved economics due to higher metal prices - Negative factor: Studies are not yet completed \(expected Q3 2026\) - Negative factor: Historical resource data has not been verified as current Facts used in scoring: 6 ## Classification and evidence **PEA Only** Polarity: neutral Definition: Only Class 4 / Initial Assessment economics available. Not bankable. Why it applies: The company is initiating an updated Preliminary Economic Assessment \(PEA\). Evidence · text > updated Preliminary Economic Assessment \("PEA"\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The company is initiating an updated Mineral Resource Estimate \(MRE\). Evidence · text > updated Mineral Resource Estimate \("MRE"\) **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 release explicitly states that the historical estimates have not been verified as current mineral resources. Evidence · text > These historical estimates have not been verified as current mineral resources. **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: Benjamin Kuzmich, P.Geo. is named as the independent Qualified Person reviewing the data. Evidence · text > reviewed and approved by Benjamin Kuzmich, P.Geo. who is an independent consultant and "qualified person" ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-silver-initiates-an-updated-economic-study-on-its-100-owned-pc-silv--ca53ee6b-e1ca-4f6d-907c-a902bafd654d#fact-resource-facts-0) PC Silver Mine · silver Historical result Needs review: historical\_restatement #### Identity - Project: PC Silver Mine - Commodity: silver - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:cb26eab3392ea26c48d2 - Deposit or zone: PC Silver Mine #### Resource Data - Category: indicated - Tonnes: 9800000 - Grade: 139 - Grade Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-10-15T00:00:00.000Z #### Dates - Event date: 2026-05-28T00:00:00.000Z Reasoning: This is a restatement of the 2021 historical resource data. - Negative factor: Historical data not verified as current Evidence · text > measured and indicated resource of 9.8 million tonnes grading 139 g/t Ag #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.6 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-silver-initiates-an-updated-economic-study-on-its-100-owned-pc-silv--ca53ee6b-e1ca-4f6d-907c-a902bafd654d#fact-resource-facts-1) PC Silver Mine · zinc Historical result Needs review: historical\_restatement #### Identity - Project: PC Silver Mine - Commodity: zinc - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:cb26eab3392ea26c48d2 - Deposit or zone: PC Silver Mine #### Resource Data - Category: indicated - Tonnes: 9800000 - Grade: 9.7 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-10-15T00:00:00.000Z #### Dates - Event date: 2026-05-28T00:00:00.000Z Reasoning: This is a restatement of the 2021 historical resource data. - Negative factor: Historical data not verified as current Evidence · text > 9.7% Zn #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.6 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-silver-initiates-an-updated-economic-study-on-its-100-owned-pc-silv--ca53ee6b-e1ca-4f6d-907c-a902bafd654d#fact-resource-facts-2) PC Silver Mine · lead Historical result Needs review: historical\_restatement #### Identity - Project: PC Silver Mine - Commodity: lead - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:cb26eab3392ea26c48d2 - Deposit or zone: PC Silver Mine #### Resource Data - Category: indicated - Tonnes: 9800000 - Grade: 8.8 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-10-15T00:00:00.000Z #### Dates - Event date: 2026-05-28T00:00:00.000Z Reasoning: This is a restatement of the 2021 historical resource data. - Negative factor: Historical data not verified as current Evidence · text > 8.8% Pb #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-silver-initiates-an-updated-economic-study-on-its-100-owned-pc-silv--ca53ee6b-e1ca-4f6d-907c-a902bafd654d#fact-resource-facts-3) PC Silver Mine · silver Historical result Needs review: historical\_restatement #### Identity - Project: PC Silver Mine - Commodity: silver - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:00e3d601ceed2314cbef - Deposit or zone: PC Silver Mine #### Resource Data - Category: inferred - Tonnes: 6400000 - Grade: 150 - Grade Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-10-15T00:00:00.000Z #### Dates - Event date: 2026-05-28T00:00:00.000Z Reasoning: This is a restatement of the 2021 historical resource data. - Negative factor: Historical data not verified as current Evidence · text > inferred resource of 6.4 million tonnes grading 150 g/t Ag #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-silver-initiates-an-updated-economic-study-on-its-100-owned-pc-silv--ca53ee6b-e1ca-4f6d-907c-a902bafd654d#fact-resource-facts-4) PC Silver Mine · zinc Historical result Needs review: historical\_restatement #### Identity - Project: PC Silver Mine - Commodity: zinc - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:00e3d601ceed2314cbef - Deposit or zone: PC Silver Mine #### Resource Data - Category: inferred - Tonnes: 6400000 - Grade: 12.9 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-10-15T00:00:00.000Z #### Dates - Event date: 2026-05-28T00:00:00.000Z Reasoning: This is a restatement of the 2021 historical resource data. - Negative factor: Historical data not verified as current Evidence · text > 12.9% Zn #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/honey-badger-silver-initiates-an-updated-economic-study-on-its-100-owned-pc-silv--ca53ee6b-e1ca-4f6d-907c-a902bafd654d#fact-resource-facts-5) PC Silver Mine · lead Historical result Needs review: historical\_restatement #### Identity - Project: PC Silver Mine - Commodity: lead - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF #### Resource scope - Estimate type: resource - Resource group id: resource:00e3d601ceed2314cbef - Deposit or zone: PC Silver Mine #### Resource Data - Category: inferred - Tonnes: 6400000 - Grade: 6.7 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-10-15T00:00:00.000Z #### Dates - Event date: 2026-05-28T00:00:00.000Z Reasoning: This is a restatement of the 2021 historical resource data. - Negative factor: Historical data not verified as current Evidence · text > 6.7% Pb #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.6 years before this release ## 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.