Mothballed Mills and Historic Mine Sites Move Back Into Silver’s Plans

News Provided by USA News Group on behalf of Honey Badger Silver Inc.

TORONTO, Oct. 27, 2026 (GLOBE NEWSWIRE) -- USA News Group News Commentary - Some of the silver stories of 2026 started decades ago. In the Mackenzie Mountains of the Northwest Territories, a processing plant that was substantially completed in 1982 never commercially operated, after silver fell from around US$50 an ounce to US$5 in a very short period, according to its current owner. A new economic study on that mine used spot silver of US$66.41 an ounce as at August 31, 2026, and a last-twelve-month high of US$121.67. With prices at those levels, companies from the Arctic to Nevada, Idaho and Mexico are taking a fresh look at mills, mine sites and districts with long histories. Companies mentioned in today’s commentary include: Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA), Hycroft Mining Holding Corporation (Nasdaq: HYMC), Avino Silver & Gold Mines Ltd. (NYSE American: ASM) (TSX: ASM), Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA), Coeur Mining, Inc. (NYSE: CDE).

A Mill Finished in 1982 That Never Ran

Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA) owns 100% of the PC Silver Mine, historically known as Prairie Creek, in the Mackenzie Mountains roughly 90 km from Nahanni Butte. The site hosts a historic mill, an airstrip and approximately 5 km of underground workings. Honey Badger Silver acquired 100% ownership of Canadian Zinc Corporation, the owner of PC Silver, in April 2026.

On September 10, the company engaged Tusk Automation Inc. to evaluate opportunities to accelerate and minimize the cost of restarting the mill. Honey Badger Silver estimates the replacement cost of the existing processing facilities would be at least $300 million and take several years to complete, and says the site has been extremely well preserved because of its cold and dry climate. Among the details it points to are filter presses still in their original delivery wrapping and a large electric generator showing just 1.6 hours of use. Tusk’s on-site work was expected to be completed by the end of September, with a final report expected by the end of November that the company says will be of a high enough quality to be used in an upcoming feasibility study.

“The PC Silver Mine is unique because it has a high-value processing facility that was substantially completed in 1982 yet never commercially operated,” said Chad Williams, Executive Chairman of Honey Badger Silver.

A week later, the company released an updated Preliminary Economic Assessment (PEA) and Mineral Resource Estimate for PC Silver, outlining a 22-year mine life. The PEA estimates average annual production over the first seven years of approximately 3.7 million ounces of silver plus 157 million pounds of zinc, 118 million pounds of lead and 2.2 million pounds of copper, or approximately 10.7 million ounces of silver equivalent. At its Long-Term Consensus pricing case (US$50 silver), the PEA shows an after-tax NPV8% of C$1.2 billion and a 29% after-tax IRR, with all-in sustaining costs of negative US$22 per ounce of silver net of by-product credits. Capital costs to achieve full commercial production include C$197 million for mine development, mill refurbishment, tailings and other onsite development and C$205 million for a 170 km all-season road, plus indirect costs and contingency. The company says the Board has authorized it to advance directly toward a Feasibility Study targeted for completion in the second quarter of 2027, while it evaluates a staged start.

The PEA attributes no economic value to germanium, antimony or tungsten, which the company has flagged as opportunities. That critical-minerals angle also runs through its portfolio in Nunavut. At Nanisivik, a former underground mine that produced approximately 17.9 Mt grading 9% zinc, 0.7% lead and 35 g/t silver, the company completed a 2026 field program that collected samples of massive pyrite and other potentially mineralized material for multi-element analysis, including evaluating the potential for germanium; assays are pending. At Yava, where limited shallow drilling took place in 1974 and 1975, the company’s first-ever exploration program returned grab samples from the historic Main Zone of up to 279 g/t silver, 5.82% copper and 0.83 g/t gold, and identified new mineralized occurrences at the R-12, M-9, M-10 and South Zone target areas.

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Long Histories, New Grades

Hycroft Mining Holding Corporation (Nasdaq: HYMC), which owns the Hycroft Mine in Nevada, reported on October 13 that hole H26D-6175A at its Vortex system returned 19.6 meters at 30.49 g/t gold and 1,726.72 g/t silver, including 1.7 meters at 347.07 g/t gold and 9,526.36 g/t silver. The company said the intercept represents the best hole ever drilled in Hycroft’s more than 40-year history and the highest gold grades ever reported at Hycroft. With a long history of heap leach operations, Hycroft is advancing to the next phase of operations for processing sulfide mineralization while it drills its two new high-grade silver systems, Brimstone and Vortex.

“Hole H26D-6175A is an exceptional result and the best hole in our history,” said Diane Garrett, Executive Chairman and CEO of Hycroft.

Avino Silver & Gold Mines Ltd. (NYSE American: ASM) (TSX: ASM), which describes itself as a long-standing silver producer in Mexico, reported third-quarter 2026 production of 303,189 silver ounces, 1,732 gold ounces and 1.1 million pounds of copper, for a total of 582,836 silver-equivalent ounces. Contributions from La Preciosa development ore continued to increase during the quarter, and over 3,000 metres of development had been completed there by the end of the quarter as Avino prepares for future production mining at both the La Gloria and Abundancia veins. The company said it has completed trade-off studies and begun the process of preparing for a stand-alone processing facility at La Preciosa.

“The third quarter of 2026 represented another important period of progress for Avino, highlighted by the increasing contribution from La Preciosa and a 15% increase in silver production,” said David Wolfin, President and Chief Executive Officer of Avino.

Restoring a Historic Site for a Critical Mineral

Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The company says its Stibnite Gold Project holds the only identified domestic reserve of the critical mineral antimony and is designed to restore a historic mine site. In a September 28 update, Perpetua said crews advanced pioneer roadwork on Burntlog Route, the year-round access road that will serve the project, and that foundation installation began at its worker housing facility after civil works were completed in late August. Its exploration program surpassed the 10,000-meter mark in August and will continue into the fall, and the company also identified tungsten mineralization at the Clark Tunnel Fault Zone.

“We continue to make progress on multiple fronts, including construction of Burntlog Route and worker housing, development of transmission line infrastructure, and expanding our drill program,” said Jon Cherry, President and CEO of Perpetua Resources.

Silver Inside a Larger Portfolio

Coeur Mining, Inc. (NYSE: CDE) reported record second quarter 2026 revenue of $1.1 billion on August 5, with silver contributing 30% of revenue. Quarterly silver production was 4.4 million ounces, and the average realized silver price was $71.18 per ounce, down 14% from the prior quarter. At Rochester, its silver-gold mine in Nevada, tonnes crushed rose 15% quarter over quarter to a quarterly record of 6.8 million tonnes. Coeur also wholly owns the Silvertip polymetallic critical minerals exploration project in British Columbia, and its updated capital expenditure guidance included approximately $15 million of development capital at Silvertip to support further project study work.

“Record second quarter results reflected the growing momentum from the platform of North American precious metals assets we’ve built through a combination of disciplined investments in organic growth and two well-timed acquisitions,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur.

Track the Signals Before the Crowd

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Article Source: Honey Badger Silver Inc. news releases dated September 4, September 10, September 17 and October 14, 2026.

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