Honey Badger Silver Initiates an Updated Economic Study on Its 100%-Owned PC Silver Mine, NWT, Canada

Honey Badger Silver has appointed JDS Energy & Mining as lead author for an updated Preliminary Economic Assessment (PEA) and Mineral Resource Estimate (MRE) on the 100%-owned Prairie Creek (PC) silver-zinc-lead mine in the Northwest Territories. The studies are expected to be completed in Q3 2026 and will reflect current metal prices – notably silver at US$79/oz versus the historic assumption of US$20/oz used in the 2021 resource. Additional specialist consultants covering geology, water management, process design, and backfill have been retained. The work will rely on historical technical reports and prior drilling, and will not yet incorporate the emergent germanium/tungsten by‑product opportunities.

This announcement is a logical and expected next step following the transformative April 2026 acquisition of the PC project. However, the sheer magnitude of the metal-price delta (silver nearly quadruple the old estimate) makes the initiation of this study materially positive. An updated PEA has the potential to reveal dramatically higher NPV and IRR, which could re‑rate the company’s valuation and attract development capital. Combined with Eric Sprott’s recent increase of his stake to 8.2% non‑diluted (bought at $0.72) and the company’s clear near‑term operating strategy outlined just a day earlier, the news reinforces the bullish narrative. While the study itself is not a production milestone, the appointment of a credible lead engineer and the explicit Q3 2026 timeline create a concrete catalyst that the market had not yet priced in fully.

Honey Badger Silver is a Canadian silver explorer and developer now transformed by the 100% acquisition of the Prairie Creek (PC) silver‑zinc‑lead mine in the NWT. PC hosts a historic measured & indicated resource of 9.8 Mt @ 139 g/t Ag, 9.7% Zn, 8.8% Pb (240 Moz AgEq) and an inferred resource of 6.4 Mt @ 150 g/t Ag, 12.9% Zn, 6.7% Pb (167 Moz AgEq). The project is fully permitted, has an existing underground development (~5 km), mill infrastructure, airstrip, and a $25 million federal grant for transportation. Agreements are in place with three Indigenous governments. Other assets include large early‑stage silver‑gold‑critical‑mineral properties in the Yukon and Nunavut, but Prairie Creek is now the sole flagship.