Honey Badger Silver files positive PEA for PC Silver Mine
Updated Mineral Resource Estimate ("MRE") Increases Mine Life to 22 Years
Average Production of 10.7 Million Ounces Silver Equivalent ("AgEq") In First Seven Years
Compelling Economics; Even at Much Lower Than Spot Commodity Prices
All amounts are in Canadian dollars ("C$") unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - September 17, 2026) - Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA) ("Honey Badger Silver" or the "Company") is pleased to announce the results of an updated Preliminary Economic Assessment¹ (the "PEA") and updated Mineral Resource Estimate ("MRE") for its 100%-owned PC Silver Mine (Prairie Creek) in the Northwest Territories, Canada (the "PC Silver Mine", "PC Silver" or the "Mine").
Summary of PEA Results 1,2,3,4
Based on Spot Pricing (As at August 31, 2026: Ag US$66.41/oz, Zn US$1.84/lb, Pb US$0.85/lb, Cu US$6.68/lb; $0.72 USD:CAD): Pre-tax: Life-of-mine ("LOM") free cash flow of $7.3 billion, $3.0 billion NPV 8 % , $4.1 billion NPV 5 %; 48% IRR, payback of 2.1 years
After-tax: LOM free cash flow of $4.7 billion, $1.8 billion NPV 8 %, $2.6 billion NPV 5 %; 38% IRR, payback of 2.4 years
All-in Sustaining Cost (AISC) of negative US$36/oz of Ag; benefiting from substantial zinc, lead and copper credits.
Based on Long-Term Consensus (or PEA Case) Pricing (Ag US$50/oz, Zn US$1.50/lb, Pb US$0.90/lb, Cu US$5.00/lb; $0.72 USD:CAD): Pre-tax: LOM free cash flow of $4.9 billion, $1.9 billion NPV 8 %, $2.7 billion NPV 5 %; 37% IRR, payback of 2.7 years
After-tax: LOM free cash flow of $3.2 billion, $1.2 billion NPV 8 %, $1.7 billion NPV 5 %; 29% IRR, payback of 3.1 years
AISC of negative US$22/oz of Ag
Based on Last Twelve Months High Pricing (Ag US$121.67/oz, Zn US$1.84/lb, Pb US$0.95/lb, Cu US$6.92/lb; $0.7019 USD:CAD): Pre-tax: LOM
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