A Past-Producing Arctic Mine Just Got a Lot More Interesting. Silver Was Always the Story. Now Sulphur and Germanium Are Too.

Issued on behalf of Honey Badger Silver Inc.

TORONTO, July 28, 2026 /CNW/ -- USA News Group News Commentary - There is a category of mining story that gets little attention in normal market conditions but commands genuine interest when the commodity backdrop shifts dramatically. A past-producing mine in a proven district closes early due to low prices, leaving behind not just unmined ore but an entire suite of adjacent geological opportunities and other commodities that were never economically relevant at the time. Those opportunities sit quietly for years. Then two or three things happen simultaneously in the commodity markets that make those same overlooked mineral opportunities suddenly and materially valuable. That is the Nanisivik story in 2026. Honey Badger Silver Inc. holds a 100% interest in the Nanisivik Silver Project on northern Baffin Island in Nunavut, Canada, centered on the site of a mine that produced 17.9 million tonnes of ore between 1976 and 2002 before being closed prematurely when metal prices made continued operation uneconomic. What was left behind included unmined silver-zinc-lead mineralization, high-grade surface showings, and an enormous system of massive pyrite bodies that no one had much reason to evaluate seriously. That evaluation is now underway, and the reasons for it are unambiguously geopolitical and economical.

Companies mentioned: Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA), First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV), Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR), Titan Mining Corporation (NYSE American: TII) (TSX: TI), Teck Resources Limited (TSX: TECK.A) (TSX: TECK.B) (NYSE: TECK)

Key Takeaways

• Two new catalysts, one asset. A 500% surge in sulphur prices driven by Middle East conflict has made Nanisivik's massive pyrite system potentially valuable, while China's germanium export controls have introduced a third metal into the investment case alongside silver.
• The pyrite scale is significant. A historical, non-compliant estimate from McNeil et al. (1993) suggests a massive pyrite system ranging from 50 to 100 million tonnes. This has not been verified under current NI 43-101 standards and cannot be relied upon as a current mineral resource.
• Germanium lives in zinc deposits. Nanisivik is a Mississippi Valley Type zinc district, the same geological architecture in which germanium is being actively confirmed globally. Samples from the company's planned upcoming field program will use new assay techniques to gather high quality germanium data, as well as other critical metals.
• The opportunity is exceptional and adds to the newly acquired PC Silver Mine in the Northwest Territories, a fully permitted high-grade underground silver mine with significant historic infrastructure and investment.

Two Events That Changed the Equation

Executive Chairman Chad Williams was direct in the company's July 2026 announcement: two new developments have created additional value at Nanisivik that did not exist before.

The first concerns sulphur. The price of sulphur has increased by more than 500% in recent months, driven in significant part by disruptions related to the Iran conflict. That matters at Nanisivik because the project hosts extensive massive pyrite mineralization in the South Boundary Zone and North Pyrite Zone. Pyrite is iron sulphide, a principal industrial source of sulphur and sulphuric acid. The non-compliant historical estimate suggests a system ranging from 50 to 100 million tonnes. Reliable domestic sources of sulphur and sulphuric acid are increasingly important across North American agriculture, mining, and chemical processing, and a potentially large pyrite system in a Canadian Arctic jurisdiction is an asset category that barely registered in any investor conversation twelve months ago.

The second concerns germanium. China's export controls on germanium, essential to fibre optics, infrared technology, solar cells, and semiconductor manufacturing, have driven prices sharply higher and intensified the Western world's search for non-Chinese supply. Germanium is understood to be associated with sphalerite in silver-zinc-lead mineralized zones of Mississippi Valley Type deposits, which is precisely the deposit type of the historic Nanisivik mine. Historic reports suggest germanium is also present in the silver-zinc-lead zones at Nanisivik. The company will be analyzing newly collected samples for germanium and other critical metals.

"Nanisivik is a very valuable asset, but like many of our assets, it remains under-appreciated by many," said Chad Williams, Executive Chairman. "The price of sulphur has recently risen by over 500% because of the Iran conflict. Pyrite is an important source of sulphur, thus making the existing Nanisivik pyrite deposit potentially financially attractive. The importance and price of germanium, a critical mineral, has risen dramatically because of Chinese export controls."

The Historic Mine: What Was Left Behind

The Nanisivik Mine operated from 1976 to 2002 and produced 17.9 million tonnes of ore grading 9% zinc, 0.7% lead, and 35 g/t silver, yielding approximately 3.55 billion pounds of zinc, 284 million pounds of lead, and 20.1 million ounces of silver. The mine closed not because it ran out of ore but because sustained low metal prices made continued production uneconomic, leaving known unmined mineral occurrences in place.

Honey Badger Silver acquired its large land position centered around the historic mine through staking, establishing a 100% ownership position with no acquisition premium. The thesis rested on three pillars: near-mine silver growth potential; high-grade silver-rich zones identified but never drilled before the mine closed; and the massive pyrite bodies that might contain silver and other metals. Two of those pillars remain intact as originally conceived. The third has now been substantially upgraded by the sulphur price environment.

The company's 2025 exploration program added further geological context. Ground electromagnetic surveys identified new conductive targets at the Area 14 and Oceanview target areas, including multiple untested conductors interpreted as potential extensions of known mineralization. Prospecting returned grab samples grading up to 249 g/t silver and 51.5% zinc from the Area 14 target. Those results are historical exploration results and do not constitute a current mineral resource estimate, but they illustrate the geological richness of the district.

The Work Plan

Site work will begin with assessment of the massive pyrite zones, evaluating technical merits, metallurgical characteristics, environmental considerations, and financial and market opportunities. That work proceeds in parallel with follow-up on the high-grade surface samples collected in 2025. Newly collected samples will be analyzed for germanium and other critical metals to establish whether the sphalerite-hosted germanium model applies to the Nanisivik zinc system.

The geological framework supports the investigation. Sutherland and Dumka (1996) documented the geology of the Nanisivik Mine in the context of carbonate-hosted lead-zinc deposits of North America, and the deposit's classification as a Mississippi Valley Type system makes it geologically analogous to zinc districts globally where germanium has been found in meaningful concentrations within sphalerite. Sutherland and Dumka (1996) also indicated that germanium is understood to be associated with sphalerite at Nanisivik, making this an even more compelling opportunity.

The Broader Honey Badger Portfolio

Nanisivik is one of eight high-quality silver mineral projects in Honey Badger Silver's Canadian portfolio. The most significant recent addition is the PC Silver Mine in the Northwest Territories, a fully permitted high-grade underground silver project with significant existing underground and development infrastructure. The company closed a C$11.5 million private placement in late March 2026 to fund the acquisition.

What distinguishes Honey Badger from typical silver juniors is the combination of physical silver ownership alongside exploration leverage. The company holds over 10,000 ounces of physical silver generating a 12% annual yield, providing tangible asset backing while the exploration programs advance.

The Silver and Critical Minerals Names Investors Are Watching

Honey Badger Silver is advancing a multi-metal story in a sector where silver, sulphur, and critical minerals are each attracting their own distinct streams of investor and government attention.

First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV)

First Majestic is the Canadian silver sector's most visible producing benchmark. The company raised its full-year 2026 production guidance on July 8 to 14.6 to 15.5 million silver ounces, a 10% increase from its original range, after reporting Q2 production of 3.8 million silver ounces. La Encantada drove a 65% silver production increase in the quarter while Santa Elena set new throughput records. First Majestic's shares have gained approximately 90% over the past twelve months, setting the macro context in which every silver developer and explorer is evaluated.

Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR)

Endeavour provides the mid-tier silver perspective, with Q1 2026 production of 3.34 million silver-equivalent ounces, up 78% year-over-year, as the Terronera mine ramped to commercial production alongside the Kolpa acquisition. Revenue reached $209.7 million in the quarter. Q2 produced a further 3.4 million silver-equivalent ounces. The company is guiding for 8.3 to 8.9 million silver ounces for the full year 2026. Endeavour's zinc and lead production from Kolpa is also a structural parallel to the polymetallic nature of Nanisivik, where silver, zinc, lead, and potentially germanium occur together.

Titan Mining Corporation (NYSE American: TII) (TSX: TI)

Titan is the most directly relevant germanium peer to the thesis Honey Badger is pursuing at Nanisivik. On July 7, 2026, Titan confirmed district-wide germanium enrichment across its Empire State Mines property in upstate New York, following sampling across six underground ore bodies and two historic tailings facilities at the Balmat-Edwards zinc system. Sample values ranged from 18.1 to 31.3 parts per million germanium at the Number 4 tailings facility, which carries an internal engineering estimate of 18.8 million short tons. Titan's Empire State Mines is in a Mississippi Valley Type-analogous zinc system, making it the closest operational and geological parallel to what Honey Badger is investigating at Nanisivik. On June 25, 2026, Titan was also selected by the U.S. Army to establish the first-ever public-private partnership for domestic critical minerals processing on strategic defense installations.

Teck Resources Limited (TSX: TECK.A) (TSX: TECK.B) (NYSE: TECK)

Teck provides the most authoritative validation of Canada's institutional commitment to domestic critical minerals production, including germanium. On July 7, 2026, Teck, the Canada Growth Fund, and Natural Resources Canada's Canada Critical Minerals Accelerator signed a Strategic Investment Agreement to expand production capacity for germanium, gallium, and antimony at Teck's Trail Operations smelting and refining complex in British Columbia. The Canada Growth Fund's direct investment in germanium production capacity at an existing Canadian smelter signals unambiguously that the federal government regards domestic germanium supply as a national priority.

These companies are referenced to illustrate the sector only and do not imply any partnership, endorsement, affiliation, or comparable financial performance; they differ substantially from Honey Badger Silver in size, stage, and asset type.

What to Watch

For Honey Badger Silver, the near-term markers are the results of the germanium sample analysis and the early findings from the pyrite zone evaluation work. The germanium question is binary in nature: either the Nanisivik sphalerite carries meaningful concentrations or it does not. The sulphur story depends on metallurgical characterization of the pyrite zone and an honest assessment of whether logistics from a remote Arctic site can support an economically viable sulphur production operation. Both answers are worth waiting for.

The wider backdrop has rarely been better aligned for a multi-metal junior with deep geological heritage in an established North American silver district. Silver remains structurally strong. Sulphur has repriced dramatically. Germanium is a Western government priority. And Honey Badger Silver holds a 100% stake in one of Canada's most historically productive silver mines, a physical silver position, and a freshly acquired permitted underground mine alongside it. Whether the market is paying attention to the full picture is, perhaps, the most interesting question of all.

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Article Sources

[1] Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA) - "Honey Badger Silver Highlights Significant Known Sulphur-Rich Pyrite Zone and Investigates Germanium Potential at Nanisivik" (July 27, 2026; sulphur price increase, germanium investigation, pyrite estimate reference, CEO quote, work plans, 2025 EM survey results, grab sample results, historic production figures).

[2] Patterson, D.J. and Powis, K.B. (2002). Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley-Type Deposit, Northern Baffin Island, Nunavut. Geological Survey of Canada, Current Research 2002-C22.

[3] McNeil, W.H., Rawling, K.R., and Sutherland, R.A. (1993). Nanisivik Mine -- Operations and Innovations in an Arctic Environment. Proceedings of World Zinc '93. (Historical, non-compliant pyrite estimate: 50-100 million tonnes.)

[4] Sutherland, R.A., and Dumka, D. (1996). Geology of Nanisivik Mine, N.W.T., Canada. In Misra, K.C. (ed.), Carbonate-Hosted Lead-Zinc-Fluorite-Barite Deposits of North America. Society of Economic Geologists.

[5] First Majestic Silver Corp. - Q2 2026 Production Results and Updated 2026 Guidance (July 8, 2026).

[6] Endeavour Silver Corp. - Q1 and Q2 2026 Production Results (April 8 and July 8, 2026).

[7] Titan Mining Corporation - "Titan Confirms District-Wide Germanium Enrichment" and U.S. Army partnership (July 7 and June 25, 2026).

[8] Teck Resources Limited - Canada Growth Fund Strategic Investment Agreement for germanium, gallium and antimony at Trail Operations (July 7, 2026).

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While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our publication is not trustworthy unless verified by their own independent research. The historical pyrite estimate referenced in this article is non-compliant with current NI 43-101 standards and is not a current mineral resource. Exploration results including grab samples are not indicative of future drill results. Forward-looking statements regarding the germanium investigation, pyrite evaluation, work programs, and development plans for the Nanisivik project are subject to risks and uncertainties, and actual results may differ materially. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Investing in securities carries a high degree of risk; you may lose some or all of your investment.

Cautionary Note Regarding Referenced Companies. References to First Majestic Silver, Endeavour Silver, Titan Mining, and Teck Resources are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Honey Badger Silver Inc., and differ substantially in size, stage, capitalization, and business model. Their financial results and share performance describe those companies only and are not indicative of Honey Badger Silver Inc.'s prospects. No partnership, affiliation, endorsement, or competitive relationship is implied.

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