# Honey Badger Silver Announces Positive Preliminary Economic Assessment for the PC Silver Mine; Sees Significant Silver plus Critical Minerals Production Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0 Original source: https://orestocks.com/company/TUF.V/press-releases/6326415777273383 Publisher: orestocks Original announcement: 2026-09-17T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-17T12:20:04.989Z Atlas analysis updated: 2026-09-17T12:20:04.989Z - Company: Honey Badger Silver Inc. - Ticker: TUF.V - Exchange: Unavailable - Region: Northwest Territories, Canada - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Copper, Antimony - Document categories: Resource update, Other - Extracted: 2026-09-17 12:20:05 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Honey Badger Silver announced positive results from an updated Preliminary Economic Assessment \(PEA\) and Mineral Resource Estimate \(MRE\) for its 100%-owned PC Silver Mine in the Northwest Territories, Canada. The PEA outlines compelling economics, including an after-tax NPV8% of $1.8 billion and an IRR of 38% at spot pricing, with a 22-year mine life and negative All-in Sustaining Costs. The updated MRE reports 11.63 million tonnes of Measured & Indicated resources grading 424 g/t AgEq and 8.47 million tonnes of Inferred resources grading 492 g/t AgEq. Reasoning: The updated PEA and MRE for the PC Silver Mine demonstrate robust economics with high NPV and IRR, a long mine life, and substantial Measured & Indicated resources, significantly de-risking the project and providing a clear path to a Feasibility Study. - Positive factor: High after-tax NPV8% of $1.8 billion and IRR of 38% at spot pricing, indicating strong economic viability. - Positive factor: Long mine life of 22 years with significant average annual production of 10.7 million ounces silver equivalent in the first seven years. - Positive factor: Updated Mineral Resource Estimate includes a substantial 11.63 million tonnes of Measured & Indicated resources. - Positive factor: Project benefits from existing infrastructure, key permits, and a non-dilutive grant for road development, reducing capital risk. - Positive factor: Negative All-in Sustaining Costs \(AISC\) due to significant by-product credits from zinc, lead, and copper. - Negative factor: The Preliminary Economic Assessment \(PEA\) is preliminary in nature and includes Inferred Mineral Resources, which are considered speculative. - Negative factor: No economic value has been attributed to several critical minerals \(germanium, antimony, tungsten\) in this PEA, potentially understating full project value. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 20 ## Classification and evidence **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: The Mineral Resource Estimate is based upon information prepared by or under the supervision of Mr. Greg Mosher, P.Geo., who is an independent 'qualified person' for the purposes of NI 43-101. Evidence · text > The Qualified Person, as defined by NI 43-101, \("QP"\) for this MRE is Mr. Greg Mosher, P.Geo., of Global Mineral Resource Services, who is responsible for the MRE. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Mineral Resource Estimate is prepared in accordance with the CIM Standards and the Qualified Person is defined by NI 43-101. Evidence · text > The Qualified Person, as defined by NI 43-101, \("QP"\) for this MRE is Mr. Greg Mosher, P.Geo. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Resource Estimate is reported at a AgEq cut-off of 100 g/t. Evidence · text > at a AgEq cut-off of 100 g/t **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document explicitly states it is an 'Updated Mineral Resource Estimate'. Evidence · text > Updated Mineral Resource Estimate \("MRE"\) **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The Mineral Resource Estimate is presented as part of a Preliminary Economic Assessment. Evidence · text > Honey Badger Silver Announces Positive Preliminary Economic Assessment for the PC Silver Mine; Sees Significant Silver plus Critical Minerals Production **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The MRE includes a Measured category with 0.984 Mt at 663 g/t AgEq. Evidence · table > Measured Context: 0.984 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The MRE includes an Indicated category with 10.644 Mt at 402 g/t AgEq. Evidence · table > Indicated Context: 10.644 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The MRE includes an Inferred category with 8.469 Mt at 492 g/t AgEq. Evidence · table > Inferred Context: 8.469 ## Extracted facts Stored fact records: 20. Some facts used in scoring do not have a stored record. ## Resource Estimates (20) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-0) PC Silver Mine · silver #### Identity - Project: PC Silver Mine - Commodity: silver - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:3d0661c8a10b54af7b43 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 984000 - Grade: 194 - Grade Unit: g/t - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 663 - 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: The Measured silver grade is robust and contributes directly to the project's primary commodity value. - Positive factor: High confidence Measured category resource. - Positive factor: Strong silver grade of 194 g/t. Evidence · table > 194 Context: 0.984 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-1) PC Silver Mine · copper #### Identity - Project: PC Silver Mine - Commodity: copper - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:3d0661c8a10b54af7b43 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 984000 - Grade: 0.37 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 663 - 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: The copper grade, while not the primary commodity, adds significant byproduct value to the Measured resource. - Positive factor: Copper as a valuable byproduct in the Measured category. Evidence · table > 0.37 Context: 0.984 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-2) PC Silver Mine · lead #### Identity - Project: PC Silver Mine - Commodity: lead - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:3d0661c8a10b54af7b43 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 984000 - Grade: 10.49 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 663 - 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: The substantial lead grade in the Measured resource enhances the polymetallic nature and economic value of the project. - Positive factor: High lead grade of 10.49% in the Measured category, contributing to critical minerals production. Evidence · table > 10.49 Context: 0.984 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-3) PC Silver Mine · antimony #### Identity - Project: PC Silver Mine - Commodity: antimony - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:3d0661c8a10b54af7b43 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 984000 - Grade: 1021 - Grade Unit: ppm - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: The presence of antimony adds to the critical minerals profile, although its economic value is not yet fully incorporated in the PEA. - Positive factor: Antimony present as a critical mineral in the Measured resource. Evidence · table > 1,021 Context: 0.984 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-4) PC Silver Mine · zinc #### Identity - Project: PC Silver Mine - Commodity: zinc - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:3d0661c8a10b54af7b43 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 984000 - Grade: 12.56 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 663 - 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: The high zinc grade provides substantial byproduct revenue, contributing to the project's negative AISC. - Positive factor: High zinc grade of 12.56% in the Measured category, a significant byproduct credit. Evidence · table > 12.56 Context: 0.984 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-5) PC Silver Mine · silver #### Identity - Project: PC Silver Mine - Commodity: silver - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:5f57b49701f967b7a6a7 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10644000 - Grade: 108 - Grade Unit: g/t - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 402 - 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: The Indicated silver grade contributes significantly to the overall silver endowment of the project. - Positive factor: Solid silver grade of 108 g/t within the Indicated resource. Evidence · table > 108 Context: 10.644 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-6) PC Silver Mine · copper #### Identity - Project: PC Silver Mine - Commodity: copper - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:5f57b49701f967b7a6a7 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10644000 - Grade: 0.21 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 402 - 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: The copper grade adds to the polymetallic value of the Indicated resource. - Positive factor: Copper as a valuable byproduct in the Indicated category. Evidence · table > 0.21 Context: 10.644 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-7) PC Silver Mine · lead #### Identity - Project: PC Silver Mine - Commodity: lead - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:5f57b49701f967b7a6a7 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10644000 - Grade: 6.88 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 402 - 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: The lead grade contributes to the overall economic value and critical minerals profile of the Indicated resource. - Positive factor: Significant lead grade of 6.88% in the Indicated category. Evidence · table > 6.88 Context: 10.644 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-8) PC Silver Mine · antimony #### Identity - Project: PC Silver Mine - Commodity: antimony - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:5f57b49701f967b7a6a7 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10644000 - Grade: 955 - Grade Unit: ppm - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: The presence of antimony adds to the critical minerals profile, although its economic value is not yet fully incorporated in the PEA. - Positive factor: Antimony present as a critical mineral in the Indicated resource. Evidence · table > 955 Context: 10.644 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-9) PC Silver Mine · zinc #### Identity - Project: PC Silver Mine - Commodity: zinc - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:5f57b49701f967b7a6a7 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10644000 - Grade: 7.76 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Metal Eq. Grade: 402 - 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: The zinc grade provides valuable byproduct revenue, supporting the project's economic model. - Positive factor: Strong zinc grade of 7.76% in the Indicated category, contributing to byproduct credits. Evidence · table > 7.76 Context: 10.644 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-10) PC Silver Mine · silver #### Identity - Project: PC Silver Mine - Commodity: silver - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:1779b3de33939b372558 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11628000 - Grade: 115 - Grade Unit: g/t - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### 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: The combined silver grade for the higher confidence categories is a key driver of the project's value. - Positive factor: Combined Measured & Indicated silver grade of 115 g/t. Evidence · table > 115 Context: 11.628 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-11) PC Silver Mine · copper #### Identity - Project: PC Silver Mine - Commodity: copper - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:1779b3de33939b372558 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11628000 - Grade: 0.23 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### 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: The copper grade contributes to the overall polymetallic value of the higher confidence resource categories. - Positive factor: Copper as a valuable byproduct in the combined Measured & Indicated resource. Evidence · table > 0.23 Context: 11.628 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-12) PC Silver Mine · lead #### Identity - Project: PC Silver Mine - Commodity: lead - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:1779b3de33939b372558 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11628000 - Grade: 7.19 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### 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: The lead grade adds to the critical minerals and economic value of the higher confidence resource categories. - Positive factor: Significant lead grade of 7.19% in the combined Measured & Indicated resource. Evidence · table > 7.19 Context: 11.628 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-13) PC Silver Mine · antimony #### Identity - Project: PC Silver Mine - Commodity: antimony - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:1779b3de33939b372558 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11628000 - Grade: 997 - Grade Unit: ppm - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: The presence of antimony adds to the critical minerals profile, although its economic value is not yet fully incorporated in the PEA. - Positive factor: Antimony present as a critical mineral in the combined Measured & Indicated resource. Evidence · table > 997 Context: 11.628 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-14) PC Silver Mine · zinc #### Identity - Project: PC Silver Mine - Commodity: zinc - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:1779b3de33939b372558 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11628000 - Grade: 8.16 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### 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: The zinc grade provides valuable byproduct revenue, supporting the project's economic model. - Positive factor: Strong zinc grade of 8.16% in the combined Measured & Indicated resource, contributing to byproduct credits. Evidence · table > 8.16 Context: 11.628 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-15) PC Silver Mine · silver #### Identity - Project: PC Silver Mine - Commodity: silver - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:148ef3845ca516b17711 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 8469000 - Grade: 130 - Grade Unit: g/t - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### 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: The Inferred silver grade indicates significant potential for future resource growth and conversion. - Positive factor: Strong silver grade of 130 g/t within the Inferred resource. - Negative factor: Inferred resources are considered too speculative geologically to have economic considerations applied. Evidence · table > 130 Context: 8.469 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-16) PC Silver Mine · copper #### Identity - Project: PC Silver Mine - Commodity: copper - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:148ef3845ca516b17711 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 8469000 - Grade: 0.33 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### 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: The copper grade adds to the polymetallic value of the Inferred resource, representing future potential. - Positive factor: Copper as a valuable byproduct in the Inferred category. - Negative factor: Inferred resources are considered too speculative geologically to have economic considerations applied. Evidence · table > 0.33 Context: 8.469 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-17) PC Silver Mine · lead #### Identity - Project: PC Silver Mine - Commodity: lead - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:148ef3845ca516b17711 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 8469000 - Grade: 6.13 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### 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: The lead grade contributes to the overall economic value and critical minerals profile of the Inferred resource, representing future potential. - Positive factor: Significant lead grade of 6.13% in the Inferred category. - Negative factor: Inferred resources are considered too speculative geologically to have economic considerations applied. Evidence · table > 6.13 Context: 8.469 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-18) PC Silver Mine · antimony #### Identity - Project: PC Silver Mine - Commodity: antimony - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:148ef3845ca516b17711 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 8469000 - Grade: 1617 - Grade Unit: ppm - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-06-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-17T00:00:00.000Z Reasoning: The presence of antimony adds to the critical minerals profile, although its economic value is not yet fully incorporated in the PEA. - Positive factor: Antimony present as a critical mineral in the Inferred resource. - Negative factor: Inferred resources are considered too speculative geologically to have economic considerations applied. Evidence · table > 1,617 Context: 8.469 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/honey-badger-silver-announces-positive-preliminary-economic-assessment-for-the-p--12f34eb6-c8e7-4e8e-bf8a-2ca49c8109e0#fact-resource-facts-19) PC Silver Mine · zinc #### Identity - Project: PC Silver Mine - Commodity: zinc - Region: canada - Reported Region: Northwest Territories, Canada - Ticker: TUF.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Greg Mosher, P.Geo. - Resource group id: resource:148ef3845ca516b17711 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 8469000 - Grade: 11.03 - Grade Unit: % - Cutoff Grade: 100 - Cutoff Unit: g/t AgEq #### 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: The zinc grade provides valuable byproduct revenue, supporting the project's economic model and future potential. - Positive factor: Strong zinc grade of 11.03% in the Inferred category, contributing to byproduct credits. - Negative factor: Inferred resources are considered too speculative geologically to have economic considerations applied. Evidence · table > 11.03 Context: 8.469 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ## 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.