# By-Product Credits Can Push a Silver Mine's Cash Cost Below Zero Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7 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: 2026-09-17T15:48:56.552Z Atlas analysis updated: 2026-09-17T15:48:56.552Z - Company: Honey Badger Silver Inc. - Ticker: TUF - Exchange: Unavailable - Region: Northwest Territories - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Copper - Document categories: Metallurgy, Resource update, Other - Extracted: 2026-09-17 15:48:57 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Honey Badger Silver Inc. has announced a positive Preliminary Economic Assessment \(PEA\) for its PC Silver Mine in the Northwest Territories. The project features a 22-year mine life with significant silver-equivalent production and an all-in sustaining cost \(AISC\) that could be negative due to substantial zinc, lead, and copper by-product credits. Reasoning: The announcement of a positive PEA with negative AISC and strong NPV for the PC Silver Mine is a highly material development for the company. - Positive factor: Significant silver-equivalent grades - Positive factor: Negative AISC due to high by-product credits - Positive factor: Strong project economics \(NPV $1.2B, 29% IRR\) - Positive factor: Existing infrastructure reduces capital intensity - Negative factor: PEA stage includes speculative Inferred resources - Negative factor: High capital requirements for road and development Facts used in scoring: 10 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The announcement describes a Preliminary Economic Assessment \(PEA\) for the PC Silver Mine. Evidence · text > Honey Badger Silver Announces Positive Preliminary Economic Assessment **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The PEA includes a significant portion of Inferred resources which are considered too speculative for reserves. Evidence · text > includes Inferred Mineral Resources that are considered too speculative geologically **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("dense media separation"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-resource-facts-0) 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:df0f52aa25371fbc66e8 - Deposit or zone: PC Silver Mine - 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: Strong M&I resource grade of 424 g/t AgEq. - Positive factor: High silver-equivalent grade 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-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-resource-facts-1) 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:6ec2a67061f8f6e1d903 - Deposit or zone: PC Silver Mine - 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 in the speculative Inferred category. - Positive factor: High silver-equivalent grade - Negative factor: Inferred category is speculative 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 ## Metallurgical Results (8) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-metallurgical-facts-2) silver #### Identity - Commodity: silver - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Test Work - Sample: Mined grade before DMS #### Recovery - Head Grade: 112 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Reported mined grade before upgrading. Evidence · text > Mined grade before DMS is 112 g/t silver #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-metallurgical-facts-3) lead #### Identity - Commodity: lead - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Test Work - Sample: Mined grade before DMS #### Recovery - Head Grade: 6.1 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Reported mined grade before upgrading. Evidence · text > 6.1% lead #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-metallurgical-facts-4) zinc #### Identity - Commodity: zinc - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Test Work - Sample: Mined grade before DMS #### Recovery - Head Grade: 8.5 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Reported mined grade before upgrading. Evidence · text > 8.5% zinc #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-metallurgical-facts-5) copper #### Identity - Commodity: copper - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Test Work - Sample: Mined grade before DMS #### Recovery - Head Grade: 0.25 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Reported mined grade before upgrading. Evidence · text > 0.25% copper #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-metallurgical-facts-6) silver #### Identity - Commodity: silver - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Test Work - Sample: Mill head grade after DMS #### Recovery - Head Grade: 173 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Improved mill head grade after upgrading. - Positive factor: Significant grade upgrade via DMS Evidence · text > mill head grade of 173 g/t silver #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-metallurgical-facts-7) lead #### Identity - Commodity: lead - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Test Work - Sample: Mill head grade after DMS #### Recovery - Head Grade: 9.4 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Improved mill head grade after upgrading. - Positive factor: Significant grade upgrade via DMS Evidence · text > 9.4% lead #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-metallurgical-facts-8) zinc #### Identity - Commodity: zinc - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Test Work - Sample: Mill head grade after DMS #### Recovery - Head Grade: 12.8 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Improved mill head grade after upgrading. - Positive factor: Significant grade upgrade via DMS Evidence · text > 12.8% zinc #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/by-product-credits-can-push-a-silver-mine-s-cash-cost-below-zero--3a9f9bcb-e3d6-4a27-8bc7-654a41132ec7#fact-metallurgical-facts-9) copper #### Identity - Commodity: copper - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Test Work - Sample: Mill head grade after DMS #### Recovery - Head Grade: 0.39 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: Improved mill head grade after upgrading. - Positive factor: Significant grade upgrade via DMS Evidence · text > 0.39% copper #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## 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.