Honey Badger Silver ($TUF.V | $HBEIF) Acquires Prairie Creek | Don Durrett & John Feneck Interview

Investor TV Jun 18, 2026

Summary

Chad Williams says Prairie Creek anchors a 650 million ounce silver-equivalent portfolio bought at a deep discount to peers.

Prairie Creek is a 1982 mine restart, roughly 95% built, with three miles of underground development and an existing mill.

Byproduct credits from zinc, lead, germanium and tungsten could hold Prairie Creek's cash costs far below the silver price.

Don Durrett frames the sector as washed out: the HUI gold-miner index sits 26% below its high, yet quality developers trade at fractions of peers.

Durrett stays cautious until the company publishes an updated resource estimate, a PEA and a capital cost plan.

Durrett says Denarius traded around $0.45 as of mid-June 2026 after sitting at $0.62 on heavy volume in May 2026, and that its relative strength index read 19 the week before the interview.
He argues that not buying dips at levels like that is how investors miss the move, and notes he recently visited a Denarius mine in Spain.

Durrett put Aftermath on his buy-the-dip list of roughly 25 names, screened for 15x or better against his $200 silver case.
He says Aftermath is waiting on a preliminary economic assessment, and Williams compares it as trading at about a one third valuation on enterprise value per ounce against his own company.
He argues paying so little for the silver in the ground at Aftermath is hard to justify, particularly if silver moves toward $200.
Feneck presented Aftermath on his silver panel, trading as AAG in Canada and AAGFF in the US, as a name they had discussed before.

Durrett says Blackrock probably should have been on his buy-the-dip list but that he waited for a better path to production, while still grouping it with Aftermath as one of the large silver deposits he likes.
Williams compares valuations and puts Honey Badger at about one tenth of Blackrock's enterprise value per ounce in the ground.
Durrett says Blackrock at about $0.80 in mid-June 2026 works out to roughly $250 per ounce on 80 million silver ounces, and that adding silver-equivalent grade takes the figure above $1 per ounce.
Feneck presented Blackrock Silver on his silver panel, trading as BRC in Canada and BKRRF in the US.

Williams says the company's Plata property in the Yukon is adjacent to Snowline Gold, which he calls a huge discovery, and that Plata's earlier silver workings predate Snowline's activity there.

Top takeaway Durrett says he is more bullish on gold and silver miners than at any point in his career now that the US-Iran standoff has temporarily eased, noting his portfolio rose 6.5% in that session, silver rebounded from about $61 to about $70, and the HUI sits about 26% below its 975 high as of mid-June 2026.
He argues the conflict is not resolved, reading the leaked memorandum as Iran keeping control of the Strait of Hormuz with 60 days to negotiate, and says a flat equity market would stall his gold target, leaving him waiting for a fear-driven move into precious metals.
He points to a Morgan Stanley survey of 300 family offices in which only about 30% held any gold miners at all and roughly 1% of those held more than a token position, arguing sentiment rather than asset quality is why quality developers with free cash flow are ignored.
He now targets $200 silver, saying his earlier $100 call proved conservative, and screens the sector for names with 15x or better at that price, listing Aftermath and Silverco from his roughly 25-name buy-the-dip list.
For Prairie Creek he models four million ounces a year at about $50 all-in with byproduct credits, giving roughly $150 per ounce of margin in Canada and about $600 million of free cash flow, which at a 10x multiple implies roughly $6 billion against a $188 million market cap, though he wants to see the PEA, updated resource and path to production first.

Top takeaway Durrett says Eric Sprott holds about 8% of Honey Badger Silver, which Williams confirms, putting total insider and strategic ownership near 38% once his own stake, other management and a 10% holder are added.

Top takeaway Williams says the Prairie Creek acquisition about two months before this interview is what rerated the stock, describing the project as a proven-reserve restart about 95% built by the Hunt brothers in 1982 with about 3 miles of intact underground development and an existing mill, which he calls the highest-grade undeveloped polymetallic deposit he has seen.
He argues the company is mispriced at about $188 million of enterprise value, or 5% to 10% of peers on an enterprise-value-per-ounce basis, with about 20% insider ownership and his own stake near 15%.
He says the company holds eight silver assets totalling about 650 million silver-equivalent ounces and expects to reach one billion ounces without further acquisitions, citing Sunrise Lake, bought for $1 and reported at 45 million ounces.
He says germanium at Nanosivic was missed in his due diligence and was identified by a University of Toronto group using lasers, and that in his view it alone is worth more than the current market cap; he also points to a 100 million tonne pyrite deposit against a sulfur price he says has risen fivefold in two years.
On execution he names COO Ron Hallis as the company's mine builder, says JDS is updating the preliminary economic assessment and resource from about 80,000 metres of existing drilling, and plans the first investor trip to the undrilled Plata property for about July 2026.

Top takeaway Fenwick opens as host of the Fenwick Report podcast and notes Durrett had just returned from two of his conferences, in Washington DC and Florida, plus a Europe road show that included a mine visit in Spain.
He sets the sector question for the interview, what the temporary US-Iran de-escalation means for gold and silver after a sharp one-day response in mining stocks, and introduces Chad Williams as the company's executive chairman and CEO.

Top takeaway Williams identifies the company's COO, Ron Hallis, as its mine builder and says he previously built mines for Ross Beatty, a reference Durrett repeats.