Here's a summary of our interview with Honey Badger Silver CEO Chad Williams on PC Silver in the Northwest Territories. Full write-up and video at the link.
Overview:
What have they done for shareholders lately?
How much money do they have and what are they spending it on?
Upcoming catalysts
Risks
Full Article: https://resourcetalks.com/silver-stocks/big-zinc-lead-silver-project-in-the-nwt-but-can-they-really-build-it/
TL;DR
The pitch is that this is a restart, not a build. The CEO told me the mine and the road are already permitted, roughly 5 km of underground development from as far back as 1973 is still in good shape, and independent consultants told them the mill is in better condition than some mills currently operating. A PEA and a fresh mineral resource estimate were promised to the market before the end of September, and management is currently restricted from trading because draft numbers are coming in. He is guiding to what he calls small scale production, meaning a proof of concept run producing limited concentrate, in summer 2027, with commercial production closer to 2028. Treasury is about C$7 million. The PEA will only carry silver, zinc and lead, possibly copper, so germanium and the other metals are not in the economics yet. Chad, the CEO, owns about 15 percent at an average cost of roughly 15 cents, with Eric Sprott second largest. His valuation claim, in his own words, is that the stock is “eye-wateringly” undervalued and trading at about one tenth of peers on a market cap per silver equivalent ounce basis.
