Honey Badger Silver has released a preliminary economic assessment and updated mineral resource estimate for its 100%-owned PC Silver Mine in the Northwest Territories, outlining a 22-year underground operation carrying an after-tax net present value of $1.8 billion at an 8% discount rate under spot pricing.

The study projects average annual payable production of 2.5 million ounces of silver alongside 117 million pounds of zinc, 95 million pounds of lead, and 1.3 million pounds of copper. Over the first seven years, output is expected to average 10.7 million ounces of silver-equivalent annually. Pre-commercial production capital costs are pegged at $667 million, comprising $197 million for mine development and mill refurbishment, $205 million for a 170-kilometer all-season road, $174 million in indirect engineering and owner's costs, and a $92 million contingency.

The updated resource estimate expands the project's scale compared to the company’s previous figures from May 2026, which outlined Measured and Indicated resources of 9.8 million tonnes grading 766 g/t silver-equivalent and Inferred resources of 6.4 million tonnes grading 813 g/t silver-equivalent. The current assessment increases Measured and Indicated resources to 11.628 million tonnes grading 424 g/t silver-equivalent and grows Inferred resources to 8.469 million tonnes grading 492 g/t silver-equivalent.

Honey Badger acquired 100% ownership of Canadian Zinc Corporation, the owner of the PC Silver Mine, from Resource Capital Fund VI L.P. in April 2026 for C$10 million in cash plus C$2 million in shares and warrants. The company identifies the property as its flagship asset, anchored by a wider portfolio of silver mineral projects across the Northwest Territories, Yukon, and Nunavut.

Following the study's release, Honey Badger shares rose 11.11% and are currently trading at $0.70.

Executive Chairman Chad Williams emphasized the project's funding potential and development path following the assessment.

“Third, and perhaps most importantly for our shareholders, we believe PC Silver is highly financeable with the potential to minimize further equity dilution. The remaining capital requirement naturally divides into several financing components, including on-site mine and processing infrastructure, capitalized development and other project costs, and the all-season road, each of which may attract different sources of potentially non-dilutive capital. We have already received inbound interest from major smelters and off-takers, debt providers, government agencies and infrastructure investors, as well as two unsolicited expressions of interest for complete turnkey project financing.”

The company is targeting the filing of a National Instrument 43-101 technical report within 45 days. Concurrently, the board has authorized management to advance engineering directly toward a Feasibility Study, with completion targeted for the second quarter of 2027.

“Our goal is to make a production decision at the PC Silver Mine as quickly and responsibly as possible. With the PEA now complete, the Board has authorized us to immediately commence the next stage of engineering and advance directly toward a Feasibility Study, which we are targeting for completion in the second quarter of 2027. Over that period, our focus will be on optimizing capital, development sequencing and processing, evaluating a staged start, advancing our critical-minerals opportunities and determining how we can unlock even more value from this asset.”

Executive Chairman Chad Williams commented on the financing options and the next stage of engineering, emphasizing that the project provides a clear pathway toward production.

Read the full announcement: Honey Badger Silver Announces Positive Preliminary Economic Assessment for the PC Silver Mine; Sees Significant Silver plus Critical Minerals Production