Silver Near $61 Puts Canada’s Northern Polymetallic Belts Back in Focus

News Provided by Mining Stocks on behalf of Honey Badger Silver Inc.

TORONTO, Oct. 14, 2026 (GLOBE NEWSWIRE) — Mining Stocks News Commentary – Silver was trading at about $60.73 an ounce on the morning of October 12, and at that price a type of deposit that rarely carries just one metal deserves a closer look. Volcanogenic massive sulphide (VMS) systems form on ancient seafloor and can hold silver, copper, zinc, lead and gold together, and they have anchored base-metal mining camps in Manitoba and Saskatchewan for generations. Farther north, parts of the greenstone belts that host these systems have seen very little modern exploration. From Nunavut to the Prairies, companies are now reporting new sample results, longer mine plans and first concentrate. Companies mentioned in today’s commentary include: Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA), B2Gold Corp. (NYSE American: BTG), Hudbay Minerals Inc. (NYSE: HBM), Eldorado Gold Corporation (NYSE: EGO), First Majestic Silver Corp. (NYSE: AG).

Key Takeaways

• Polymetallic deposits carry more than one metal. VMS systems can host silver alongside copper, zinc, lead and gold in the same ore.
• Northern Canada is still lightly explored. Parts of the Hackett River greenstone belt in Nunavut have seen little on-the-ground work in decades, even as nearby operations such as B2Gold’s Goose Mine add infrastructure to the region.
• Honey Badger Silver’s first program at Yava returned high-grade samples. Grab samples from the historic Main Zone returned up to 279 g/t silver, 5.82% copper and 0.83 g/t gold, and new mineralized occurrences were identified at four electromagnetic target areas.
• Established base-metal camps are growing. Hudbay extended Snow Lake’s reserve mine life to 2043, and Eldorado is ramping up the McIlvenna Bay VMS mine in Saskatchewan toward commercial production.

Why Massive Sulphides Matter at These Prices

Much of the world’s silver is produced as a byproduct of lead-zinc, copper and gold mining rather than from primary silver mines, which ties silver supply to the economics of those operations. That makes polymetallic systems a natural hunting ground for explorers looking for silver ounces, because the same ore can carry copper and zinc that may help carry a project.

Canada’s northern greenstone belts host several of these systems. The Hackett River belt in Nunavut includes Glencore’s Hackett River deposit, while Saskatchewan and Manitoba host VMS mines that have operated for decades. In the Arctic, distance and short seasons have kept exploration limited, but operating mines such as B2Gold’s Goose operation, with its own airstrip, now sit within reach of the belt.

Honey Badger Silver Returns to Yava After Five Decades of Limited Work

Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) announced assay results from its first-ever exploration program at its 100%-owned Yava Project in Nunavut. Grab samples from the historic Yava Main Zone returned up to 279 g/t silver, 5.82% copper, 0.83 g/t gold, 0.60% zinc and 0.32% lead, confirming high-grade polymetallic mineralization in the area of historical drilling.

The five-day prospecting program, completed in August 2026 with field teams led by APEX Geoscience mobilized from Yellowknife, was the first systematic on-the-ground work at Yava since 2007. Crews collected 146 rock samples and followed up on previously untested airborne electromagnetic targets, identifying new mineralized occurrences at the R-12, M-9, M-10 and South Zone target areas.

At the northern R-12 target, the Company identified a roughly 70-metre zone of elevated zinc and copper values, up to 0.25% zinc and 0.18% copper, within a broader zone of anomalous zinc values about three kilometres long. A frost-boil grab sample at M-10 returned 0.70% copper, 16.4 g/t silver and 0.24% zinc, and samples near the South Zone target returned up to 0.39% copper, 38.2 g/t silver and 0.34% zinc. South of the M-9 target, an outcrop of oxidized turbidite with banded massive sulphides returned up to 0.285 g/t gold.

“With just five days of fieldwork, our exploration team has confirmed high-grade silver and copper mineralization at the historic Main Zone and identified several new areas of mineralization across a largely underexplored property. These results are particularly encouraging given the limited exploration conducted at Yava over the past five decades,” said Chad Williams, Executive Chairman of Honey Badger Silver.

Yava covers 5,218 hectares in the Hackett River greenstone belt, approximately 40 kilometres south of Glencore’s Hackett River deposit, and hosts an approximately 16-kilometre prospective trend. Limited shallow drilling in 1974 and 1975 tested the Main Zone to only about 80 metres vertical depth, including a historical intercept of 40.1 metres grading 67.53 g/t silver, 1.1% copper, 3.73% zinc, 0.54 g/t gold and 0.36% lead. Those results support a historical estimate that is not compliant with NI 43-101 and is not treated by the Company as a current mineral resource. A footwall alteration and stringer sulphide zone associated with the Main Zone has been traced for approximately 2.6 kilometres.

“We are very excited about these results at Yava and the broader implications for this underexplored VMS system. We are now integrating these results with historic data to determine the next steps for follow-up exploration including future drilling,” said Andrew Jedemann, VP Exploration.

Honey Badger Silver’s primary development priority remains its flagship PC Silver Mine in the Northwest Territories. Yava is one of seven additional projects in the Company’s portfolio, alongside Sunrise Lake, Plata and Nanisivik, and the Company says it intends to pursue opportunities to unlock value across that portfolio while keeping its principal focus on PC Silver.

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Other Developments Across Canadian Polymetallic and Silver Producers

B2Gold Corp. (NYSE American: BTG)

B2Gold, which provided logistical support to Honey Badger Silver’s Yava field crew from its Goose Mine and airstrip, reported on September 28 that a new mobile crushing plant commissioned in August has averaged more than 3,000 tonnes per day at Goose, with the repaired fixed crushing plant expected to sustain an average of 3,200 tonnes per day starting in October. The company said Goose remains on track for 2026 production guidance of 170,000 to 200,000 ounces of gold, and reported drill results including 19.12 g/t gold over 21.23 metres at the Llama zone.

Hudbay Minerals Inc. (NYSE: HBM)

Hudbay updated its Snow Lake mine plan in Manitoba on September 28, extending reserve mine life to 2043 and raising life-of-mine gold production by 60% to 2.8 million ounces. The plan also includes 209,000 tonnes of copper and 325,000 tonnes of zinc over the mine life, with five-year average gold production of 185,000 ounces per year.

Eldorado Gold Corporation (NYSE: EGO)

Eldorado is ramping up McIlvenna Bay in Saskatchewan, an underground VMS copper-zinc-gold-silver mine that produced its first copper concentrate in June 2026 and its first zinc concentrate in July. The company says commercial production is expected to be achieved in the fourth quarter of 2026.

First Majestic Silver Corp. (NYSE: AG)

First Majestic reported third quarter 2026 production of 3,440,447 ounces of silver and 29,552 ounces of gold on October 8. La Encantada’s silver output rose 68% year over year, while San Dimas was affected by a 12-day labour disruption, and the restart of Jerritt Canyon in Nevada remains on track for production in the second half of 2027. The company also renewed its share repurchase program for up to 10,000,000 shares.

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Cautionary Note Regarding Exploration Information. The Yava Project is an exploration-stage property. Honey Badger Silver Inc. has not defined any current Mineral Resource or Mineral Reserve at Yava, and there is no certainty that further exploration will result in the delineation of a Mineral Resource. The historical estimate and historical drill results referenced in this article pre-date NI 43-101, are not compliant with NI 43-101, have not been verified by the Company, should not be relied upon, and are not being treated as a current Mineral Resource; a Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource. Historical drill intercepts are reported as drilled lengths, and the true width of the referenced intercept is estimated at approximately 23 metres. Grab samples are selective by nature, and the values reported may not represent average grades or the mineralization on the property. Electromagnetic targets are conceptual exploration targets and are not by themselves evidence of mineralization. According to the Company, no certified reference materials, blanks or field duplicates were inserted into the sample sequence, and verification of analytical accuracy and precision relied on the laboratory’s internal quality control program. Information about nearby properties, including Glencore’s Hackett River deposit and B2Gold’s Goose Mine, is not necessarily indicative of the mineralization at Yava. The scientific and technical information about Yava in this article is derived from the Company’s news release dated October 13, 2026, in which, according to the Company, that information was reviewed and approved by Andrew Jedemann, M.Sc., P.Geo., Vice President Exploration of the Company and a Qualified Person as defined in National Instrument 43-101, who is not independent of the Company. The Qualified Person has not reviewed or approved this article. Additional information is available in the Company’s filings on SEDAR+ at www.sedarplus.ca. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this article.

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Forward-Looking Statements: This publication may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward-looking information under applicable Canadian securities laws, including statements regarding Honey Badger Silver Inc.’s follow-up exploration and potential drilling at Yava, the prospectivity of the Yava Project, the advancement of the PC Silver Mine and the Company’s strategy for its broader portfolio, as well as the production guidance, mine plans, commercial production timing and other plans of the other companies referenced. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including exploration and development results, the availability of financing, permitting and regulatory requirements, Arctic logistics and seasonal access, commodity prices, operating and labour risks, and general economic conditions, as well as the risks identified in each company’s filings on SEDAR+ and, where applicable, with the Securities and Exchange Commission. Readers should not place undue reliance on forward-looking statements, which speak only as of the date of this publication, and MEL and Mining Stock undertake no obligation to update them except as required by law.

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