Honey Badger nearly triples Prairie Creek value to $1.2B
Original announcement by northernminer on
- Company
- Honey Badger Silver
- Ticker
- TUF
- Exchange
- Unavailable
- Region
- Northwest Territories
- Primary commodity
- Silver
- Secondary commodities
- Zinc, Lead, Copper
- Document categories
- Resource update
- Extracted
- 2026-09-17 16:49:13 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Honey Badger Silver has updated its Prairie Creek silver-zinc project PEA, increasing the NPV to $1.2 billion. The update shows increased tonnage across measured, indicated, and inferred categories, though average grades have declined.
Reasoning: The PEA update significantly increases project value and tonnage, though it relies on historical data and shows grade dilution.
Positive factors
- Significant NPV increase to $1.2B
- Tonnage growth in M&I and Inferred categories
- Mine life extension to 22 years
- Brownfield status with existing infrastructure
Negative factors
- Grade decline in M&I category (>15%)
- Based on historical drilling rather than new assays
- Increased pre-production costs
Facts used in scoring: 8
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document reports an updated preliminary economic assessment for the Prairie Creek project.
Evidence · text
“An updated preliminary economic assessment for Honey Badger Silver’s (TSXV: TUF) Prairie Creek silver-zinc mine”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Measured and indicated tonnage increased by almost 20%, and inferred tonnage rose by 32%.
Evidence · text
“Measured and indicated tonnage increased almost 20% in the update to 11.6 million tonnes... Inferred tonnage rose by 32% to 8.4 million tonnes”
Extracted facts
Stored fact records: 8. Some facts used in scoring do not have a stored record.
Resource Estimates (8)
indicatedPrairie Creek · silverTonnes: 11600000Grade: 115Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Prairie Creek
- Commodity
- silver
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- TUF
Resource scope
- Estimate type
- resource
- Resource group id
- resource:d828837b1c342fcc3ea2
- Deposit or zone
- Prairie Creek
Resource Data
- Category
- indicated
- Tonnes
- 11600000
- Grade
- 115
- Grade Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Tonnage grew significantly but grade dilution occurred compared to the 2021 estimate.
Positive factors
- 20% tonnage increase
Negative factors
- Grade declined by more than 15%
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 Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedPrairie Creek · zincTonnes: 11600000Grade: 8.16Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Prairie Creek
- Commodity
- zinc
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- TUF
Resource scope
- Estimate type
- resource
- Resource group id
- resource:d828837b1c342fcc3ea2
- Deposit or zone
- Prairie Creek
Resource Data
- Category
- indicated
- Tonnes
- 11600000
- Grade
- 8.16
- Grade Unit
- %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Zinc grade reported as part of the M&I update.
Evidence · text
“8.16% zinc”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedPrairie Creek · leadTonnes: 11600000Grade: 7.1Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Prairie Creek
- Commodity
- lead
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- TUF
Resource scope
- Estimate type
- resource
- Resource group id
- resource:d828837b1c342fcc3ea2
- Deposit or zone
- Prairie Creek
Resource Data
- Category
- indicated
- Tonnes
- 11600000
- Grade
- 7.1
- Grade Unit
- %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Lead grade reported as part of the M&I update.
Evidence · text
“7.1% lead”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedPrairie Creek · copperTonnes: 11600000Grade: 0.23Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Prairie Creek
- Commodity
- copper
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- TUF
Resource scope
- Estimate type
- resource
- Resource group id
- resource:d828837b1c342fcc3ea2
- Deposit or zone
- Prairie Creek
Resource Data
- Category
- indicated
- Tonnes
- 11600000
- Grade
- 0.23
- Grade Unit
- %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Copper grade reported as part of the M&I update.
Evidence · text
“0.23% copper”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredPrairie Creek · silverTonnes: 8400000Grade: 130Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Prairie Creek
- Commodity
- silver
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- TUF
Resource scope
- Estimate type
- resource
- Resource group id
- resource:235a5eb9117872d352e0
- Deposit or zone
- Prairie Creek
Resource Data
- Category
- inferred
- Tonnes
- 8400000
- Grade
- 130
- Grade Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Significant tonnage growth in the inferred category.
Positive factors
- 32% tonnage increase
Evidence · text
“Inferred tonnage rose by 32% to 8.4 million tonnes at 130 grams silver”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredPrairie Creek · zincTonnes: 8400000Grade: 11.03Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Prairie Creek
- Commodity
- zinc
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- TUF
Resource scope
- Estimate type
- resource
- Resource group id
- resource:235a5eb9117872d352e0
- Deposit or zone
- Prairie Creek
Resource Data
- Category
- inferred
- Tonnes
- 8400000
- Grade
- 11.03
- Grade Unit
- %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Zinc grade reported as part of the Inferred update.
Evidence · text
“11.03% zinc”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredPrairie Creek · leadTonnes: 8400000Grade: 6.13Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Prairie Creek
- Commodity
- lead
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- TUF
Resource scope
- Estimate type
- resource
- Resource group id
- resource:235a5eb9117872d352e0
- Deposit or zone
- Prairie Creek
Resource Data
- Category
- inferred
- Tonnes
- 8400000
- Grade
- 6.13
- Grade Unit
- %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Lead grade reported as part of the Inferred update.
Evidence · text
“6.13% lead”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredPrairie Creek · copperTonnes: 8400000Grade: 0.33Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Prairie Creek
- Commodity
- copper
- Region
- northwest territories
- Reported Region
- Northwest Territories
- Ticker
- TUF
Resource scope
- Estimate type
- resource
- Resource group id
- resource:235a5eb9117872d352e0
- Deposit or zone
- Prairie Creek
Resource Data
- Category
- inferred
- Tonnes
- 8400000
- Grade
- 0.33
- Grade Unit
- %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Copper grade reported as part of the Inferred update.
Evidence · text
“0.33% copper”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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.