# Honey Badger nearly triples Prairie Creek value to $1.2B Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97 Original source: https://www.northernminer.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b/1003894932/ Publisher: northernminer Original announcement: 2026-09-17T15:26:51.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-17T16:49:13.134Z Atlas analysis updated: 2026-09-17T16:49:13.134Z - 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 Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas 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 factor: Significant NPV increase to $1.2B - Positive factor: Tonnage growth in M&I and Inferred categories - Positive factor: Mine life extension to 22 years - Positive factor: Brownfield status with existing infrastructure - Negative factor: Grade decline in M&I category \(>15%\) - Negative factor: Based on historical drilling rather than new assays - Negative factor: Increased pre-production costs Facts used in scoring: 8 ## Classification and evidence **Resource Update** Polarity: neutral Definition: 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 Growth** Polarity: positive Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97#fact-resource-facts-0) Prairie Creek · silver Historical result Needs review: historical\_restatement #### 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 factor: 20% tonnage increase - Negative factor: 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 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 **No QP/CP Disclosure** Polarity: negative Definition: 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 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97#fact-resource-facts-1) Prairie Creek · zinc Historical result Needs review: historical\_restatement #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: 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 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97#fact-resource-facts-2) Prairie Creek · lead Historical result Needs review: historical\_restatement #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: 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 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97#fact-resource-facts-3) Prairie Creek · copper Historical result Needs review: historical\_restatement #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: 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 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/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97#fact-resource-facts-4) Prairie Creek · silver Historical result Needs review: historical\_restatement #### 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 factor: 32% tonnage increase Evidence · text > Inferred tonnage rose by 32% to 8.4 million tonnes at 130 grams silver #### 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 **No QP/CP Disclosure** Polarity: negative Definition: 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 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/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97#fact-resource-facts-5) Prairie Creek · zinc Historical result Needs review: historical\_restatement #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: 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 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/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97#fact-resource-facts-6) Prairie Creek · lead Historical result Needs review: historical\_restatement #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: 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 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/honey-badger-nearly-triples-prairie-creek-value-to-1-2b--4aa228a9-d8b3-4501-add4-bdacaff05e97#fact-resource-facts-7) Prairie Creek · copper Historical result Needs review: historical\_restatement #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: 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 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 ## 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.