Honey Badger Silver: Crucial Updates Coming for Canada's Next Silver Mine
CEO.CA Aug 24, 2026 9:57
Summary
Honey Badger Silver bought the Prairie Creek mine in the Northwest Territories three months ago and is targeting a production restart.
The mine is fully permitted with five kilometers of underground development and an existing mill, cutting restart risk versus a greenfield build.
A mineral resource estimate (MRE — the calculated size of a deposit) and PEA (first-pass study of costs and returns) are both due in September.
The CEO attributes share pressure to an August 17 warrant hold expiry freeing nearly 72 million shares sold from $0.16 placements.
Germanium, found but never previously recognized, and new copper credits add metals beyond the mine's historic silver and zinc focus.
Warren Buffett's takeaways
- Top takeaway He invokes a Buffett principle to explain the recent share selling — investors buy shares for one reason, to make money, but sell for many personal reasons such as weddings and houses — as a general principle rather than discussing any Buffett view on this company.
Chad Williams's takeaways
- Top takeaway He argues the restart will be operational faster and for less money than investors expect, basing this on a recent site visit to the mine and mill where, he says, everyone who went found the asset considerably more advanced than they had assumed.
- He makes the case that the inherited asset is unusually advanced for a restart — fully built about 45 years ago by the Hunt brothers, with about 5 km of underground development, and mothballed only after the silver price fell — and says his own team is the best equipped, citing operating and fundraising depth and a data room holding 868,000 files from roughly 98 years of project history.
- He sets out the near-term catalyst path: the mineral resource estimate and PEA both on schedule for September 2026 without new drilling, PEA work focused on capital-cost detail, and continued news flow through the end of 2026.
- He is openly disappointed by post-financing selling even while accepting that private-placement investors who bought at $0.16 realized life-changing gains quickly, because he believes many milestones remain ahead.
- He presents germanium as an under-recognized element in the orebody and describes the combination of high metal prices, Indigenous agreements and government support as conditions the project has never previously benefited from.