Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 27 Mar 2026

This past week’s top & bottom metal price and mining company peer group movers include:

This past week’s top 40 performing metals mining stocks (out of Peer Table’s 511) include (share price rounding errors apply, as sourced from Google Finance):

Covered mining company announcements incorporated into this week’s Peer Table (resource updates, economic studies, changes in project ownership):

• Former silver explorer – now silver developer (pending this transaction) – Honey Badger Silver Inc (TSX-V:TUF) announced intraday Thursday (19 Mar) the transformative acquisition of the Prairie Creek (“PC”) silver project in Canada’s Northwest Territories (NWT), from Resource Capital Fund VI LP (private equity), for consideration of C$10 million in cash plus C$2 million in TUF shares and warrants. PC is a major permitted silver-zinc-lead project located in NWT, with a historic (underground) resource estimate, economic studies including a 2021 PEA and a 2017 FS, and with an Impacts and Benefits Agreements (“IBA”) already signed with the two impacted indigenous governments. Project is accessible via winter road and significant investments have already been made towards an all-season road. Historic resources amount to 16.2Mt containing a reported 407 Moz AgEq (60% indicated) including indicated component of 9.8Mt @ 139 g/t Ag, 9.7% Zn, 8.8% Pb (766 g/t AgEq). These historically reported 407 Moz AgEq reduce to ~178 Moz AgEq at our Peer Table's estimated 3-month trailing average metal prices of $80.7/oz Ag, $1.48/lb Zn, and $0.91/lb Pb – which at these same prices are 42% from Ag, 40% from Zn, and 18% from Pb by metal value – and which MORE THAN TRIPLE the company’s mineral resource inventory to 261 Moz AgEq (now 43% from Ag, 41% Zn, and 14% Pb) when combined with TUF’s other resource stage projects (namely from Sunrise Lake also in NWT, and small starter resources at Clear Lake in Yukon and Yava in Nunavut). And based on the metal price sensitivity in the 2021 PEA from this new Prairie Creek project, a post-tax NPV8 of ~US$610 million was reported, at metal prices US$28.8/oz Ag and $1.44/lb Zn from initial capex of US$368m. TUF’s basic shares outstanding are set to grow by +58% to 205.3 m shares on this transaction (while more than TRIPLING resources to 261 Moz AgEq) after the C$2 million payment in shares and the associated C$10 million concurrent brokered private placement (led by SCP Resource Finance LP). TUF stock traded flat +0% over the ~week ending 23 mar (intraday) to 18c/sh (outperforming silver developer group median loss of -13% for same period), before closing the week ending 27 Mar up +29% (outperforming group median weekly performance of +7%) on the back of this major announcement, to 22c/sh, proforma market cap C$45m, proforma market cap/oz resource US$0.12/oz AgEq ($7.3/oz AuEq) for a 93% discount to silver developer median $1.68/oz AgEq, and yielding a P/NAV (proforma market cap / post-tax NPV8 from 2021 PEA) of 0.053x at the study’s upper-bound metal prices ($28.8/oz Ag and 1.44/lb Zn, as mentioned above) – which is a 95% discount to our 16-company silver developer group median 0.99x (at the same scaled-back silver price assumption of $28.8/oz Ag, for apples-to-apples comparison while not overstretching zinc price assumptions).

Disclaimer: Provided for informational and educational purposes on an ‘as-is’ basis, and is not investment advice. For full disclosures, visit www.hostrockcapital.com/disclosures.