Silver Holds Near $65 as Developers Turn to Mines Already Built

Honey Badger Silver Inc. (TUF) released a commentary piece distributed by Canada News Group / Market Equities Limited (MEL), an Irish publisher that disclosed it "has been paid a fee directly by Honey Badger Silver Inc. for Honey Badger Silver Inc. advertising and digital media services" and "expects to receive further compensation." The publication contains no new company-specific disclosure, such as assays, financings, permits, changes to guidance, or new studies. Instead, it recites corporate facts from the September 17, 2026 PEA/MRE release, the September 4 Nanisivik release, the September 10 Tusk release, and the April 2026 acquisition of Canadian Zinc Corporation.

The article frames the current market environment by noting that silver touched a record above US$121/oz in late January 2026, gave back roughly half by end of summer, and was trading around US$65/oz in the third week of September — still ~50% higher year-over-year. The thesis suggests that "past-built" mines, which possess existing mill, workings, permits, and benefit agreements, should be advantaged over greenfield developers.

Honey Badger Silver’s PC Silver Mines (historically Prairie Creek) is located in the Mackenzie Mountains, NWT, inside an enclave surrounded by but excluded from Nahanni National Park Reserve. Built in the early 1980s and purchased by the Hunt Brothers at the time, the project was acquired 100% via Canadian Zinc Corp. from Resource Capital Fund VI L.P. in April 2026. The site was a 22-year underground operation at ~2,400 tpd mining / ~1,500 tpd milling after dense media separation. The first seven years produced ~3.7 moz payable Ag plus Zn/Pb/Cu (~10.7 moz AgEq), with a LOM of ~2.5 moz payable Ag/yr (~7.9 moz AgEq).

Under Long-Term Consensus assumptions of US$50/oz Ag, the project economics include an after-tax LOM FCF of ~C$3.2 billion, an after-tax NPV8% of ~C$1.2 billion, and an after-tax NPV5% of ~C$1.7 billion. The project boasts a 29.3% IRR and a 3.1-year payback period. Pre-production capital is estimated at C$667 million, of which C$205 million is a 170 km all-season road. The negative US$22/oz AISC is net of by-products. Resources include 11.63 Mt M&I at 424 g/t AgEq and 8.47 Mt Inferred at 492 g/t AgEq.

No economic value was assigned to germanium, antimony, or tungsten, and no Canadian tax incentives were included. Antimony is reported at 997 ppm M&I and 1,617 ppm Inferred. The article states this "should be read as exploration, not production."

The commentary provided peer context, explicitly stating these are not peers or comparables. Hecla’s Keno Hill 2026 guidance is 2.2-2.6 moz Ag with a tailings permit received. Americas Gold and Silver has a Galena/Crescent antimony strategy and a 51/49 JV with United States Antimony Corp. First Majestic reported Q2 2026 production of 3.8 moz Ag with guidance raised for a second consecutive year. Vizsla’s Panuco FS (Nov 2025, 17.4 moz AgEq/yr over 9.4 years) has on-site operations paused since February 2026 on security events.

Honey Badger Silver Inc. (TUF) released no new information in this announcement, which serves as a paid promotional recap of its Preliminary Economic Assessment (PEA) rather than a catalyst for market re-pricing. Key fundamentals, including resources, capital expenditure, internal rate of return, timeline, and financing status, remain unchanged from the September 17 release.

The market had already priced in the PEA data, with the stock closing at C$0.63 on September 16. The share price rose to C$0.73 on September 17, C$0.80 on September 18, C$0.90 on September 21, C$0.93 on September 22, and C$0.90 on September 23, representing a 43-48% move over five sessions. The September 24 advertorial follows this established trend without introducing new drivers.

The publication includes an undisclosed-rights clause permitting the publisher to buy, sell, or hold shares at any time without further notice. This structure indicates the piece is a promotional cost item funded by the issuer, rather than a reflection of fundamental changes to the company’s case.

Honey Badger Silver Inc. is a Canadian junior holding eight 100%-owned silver-focused properties across the Yukon, Northwest Territories and Nunavut. The company is pre-revenue, pre-reserve, and at exploration/PEA stage across the portfolio.

The company’s flagship asset is the PC Silver Mine (historically Prairie Creek) in the Mackenzie Mountains, NWT. Honey Badger acquired the asset via the April 27, 2026 acquisition of Canadian Zinc Corporation from Resource Capital Fund VI L.P. for C$10 million cash plus 12.5 million units (each a share plus a vendor warrant at C$0.24 for three years).

The asset is a partially built, never-commercially-operated mine constructed in the early 1980s and mothballed when silver collapsed from ~US$50/oz to ~US$5/oz. Existing infrastructure includes ~5 km of underground workings, a historic 1,000 tpd mill (permitted up to 2,400 tpd per the presentation), an airstrip, a winter road completed in 2023, and permitting in place. Management estimates replacement cost of the process plant alone at ≥C$300 million.

The September 17, 2026 PEA (JDS Energy & Mining, with Greg Mosher/Global Mineral Resource Services on the MRE) outlines a 22-year underground mine, ~2,400 tpd mining, and ~1,500 tpd milling after dense media separation, producing a silver-rich lead concentrate and a zinc concentrate. Concentrates are to be trucked in 20-tonne bulk containers 170 km along a planned all-season road to Fort Nelson, BC, and railed by CN.

Other properties include Sunrise Lake (NWT, historic resources), Plata (Yukon, past-producing high-grade silver with new gold targets including Canela, Pimento and Inferno zones), Nanisivik (Nunavut, past producer of >20 moz Ag, with pyrite/sulphur and germanium optionality), plus Clear Lake, Groundhog, Hy and Yava.

No analyst coverage, price targets, consensus estimates, or published ratings were identified in the provided materials. Royalties are not disclosed in the provided materials. Whether the PC Silver Mine carries any net smelter return or other royalty burden from the RCF/CZC era is not stated in any release or the presentation.