# Silver Holds Near $65 as Developers Turn to Mines Already Built Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/silver-holds-near-65-as-developers-turn-to-mines-already-built--735de30d-a0a2-4e09-a98a-b23ba6febdd5 Original source: https://orestocks.com/company/HL/press-releases/8456825139972626 Publisher: orestocks Original announcement: 2026-09-24T12:55:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T13:07:44.530Z Atlas analysis updated: 2026-09-24T13:07:44.530Z - Company: Honey Badger Silver Inc. - Ticker: TUF - Exchange: Unavailable - Region: Northwest Territories - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Copper, Antimony - Document categories: Resource update, Other - Extracted: 2026-09-24 13:07:45 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Honey Badger Silver Inc. has released an updated Preliminary Economic Assessment \(PEA\) and Mineral Resource estimate for the PC Silver Mine in the Northwest Territories. The project features an existing underground mine with significant infrastructure and outlines a 22-year life of mine with high silver-equivalent production. Reasoning: The announcement of an updated PEA and Mineral Resource estimate for an existing mine site with high silver-equivalent grades and significant projected cash flows is highly material. - Positive factor: Significant silver-equivalent grades - Positive factor: Existing infrastructure and permits - Positive factor: Strong cash flow and NPV projections - Positive factor: Presence of critical minerals \(antimony\) - Negative factor: Preliminary nature of PEA - Negative factor: High pre-production capital requirement - Negative factor: Significant infrastructure cost \(road\) - Negative factor: Inferred resource component Facts used in scoring: 4 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared under the supervision of Qualified Persons as per NI 43-101 standards. Evidence · text > Qualified Persons under NI 43-101 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document describes an updated PEA and resource, but the context of an existing mine being re-evaluated suggests it is a resource update rather than a maiden resource. Evidence · text > released an updated Preliminary Economic Assessment ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-holds-near-65-as-developers-turn-to-mines-already-built--735de30d-a0a2-4e09-a98a-b23ba6febdd5#fact-resource-facts-0) PC Silver Mine · silver #### Identity - Project: PC Silver Mine - Commodity: silver - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mike Makarenko, Greg Mosher - Resource group id: resource:f76bf5ff245f7d0ba344 - Deposit or zone: PC Silver Mine - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 11630000 #### Prior Estimate - Resource Date: 2026-09-17 #### Metal Equivalent - Metal Eq. Grade: 424 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: High grade silver-equivalent intercept in the M&I category. - Positive factor: High silver-equivalent grade Evidence · text > 11.63 million tonnes Measured and Indicated at 424 g/t AgEq #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-holds-near-65-as-developers-turn-to-mines-already-built--735de30d-a0a2-4e09-a98a-b23ba6febdd5#fact-resource-facts-1) PC Silver Mine · silver #### Identity - Project: PC Silver Mine - Commodity: silver - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mike Makarenko, Greg Mosher - Resource group id: resource:083b725000eb413e5256 - Deposit or zone: PC Silver Mine - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8470000 #### Prior Estimate - Resource Date: 2026-09-17 #### Metal Equivalent - Metal Eq. Grade: 492 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: High grade but lower geological confidence due to inferred status. - Positive factor: Very high silver-equivalent grade - Negative factor: Inferred category Evidence · text > 8.47 million tonnes Inferred at 492 g/t AgEq #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-holds-near-65-as-developers-turn-to-mines-already-built--735de30d-a0a2-4e09-a98a-b23ba6febdd5#fact-resource-facts-2) PC Silver Mine · antimony #### Identity - Project: PC Silver Mine - Commodity: antimony - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mike Makarenko, Greg Mosher - Resource group id: resource:abb5d57c55f258dc7533 - Deposit or zone: PC Silver Mine - Mining method: underground #### Resource Data - Category: indicated - Grade: 997 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-09-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Antimony reported as a byproduct in the M&I resource. - Positive factor: Presence of critical mineral antimony Evidence · text > antimony at 997 ppm in the Measured and Indicated category #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-holds-near-65-as-developers-turn-to-mines-already-built--735de30d-a0a2-4e09-a98a-b23ba6febdd5#fact-resource-facts-3) PC Silver Mine · antimony #### Identity - Project: PC Silver Mine - Commodity: antimony - Region: northwest territories - Reported Region: Northwest Territories - Ticker: TUF #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mike Makarenko, Greg Mosher - Resource group id: resource:5a2ac033db9152bdf2d8 - Deposit or zone: PC Silver Mine - Mining method: underground #### Resource Data - Category: inferred - Grade: 1617 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-09-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Antimony reported as a byproduct in the Inferred resource. - Positive factor: Presence of critical mineral antimony Evidence · text > 1,617 ppm in the Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.