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Honey Badger Exploration Inc (TSE:TUF)
:TUF
Canadian Market

Honey Badger Exploration (TUF) AI Stock Analysis

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TSE:TUF

Honey Badger Exploration

(TUF)

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Neutral 50 (OpenAI - 5.2)
Rating:50Neutral
Price Target:
C$0.31
▲(45.24% Upside)
The score is held back primarily by weak financial performance (no revenue, widening losses, and ongoing cash burn), partially offset by a constructive technical setup (price above key moving averages with positive MACD). Valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Zero debt and improved equity
The absence of reported debt and a meaningful equity improvement provide structural financial flexibility. A conservative capital structure reduces refinancing and interest risks, allowing the company to fund exploration or development activities over the next several months without immediate debt-servicing pressure.
Asset growth / recapitalization
Notable asset and equity increases versus prior year indicate successful recapitalization or asset accumulation. Durable access to capital and a larger asset base improve execution optionality for exploration programs and strategic moves, supporting longer-term operational progress before positive cash generation.
Free cash flow aligns with net income
FCF tracking net income suggests reported losses are largely cash-based rather than driven by large non-cash charges. This quality of earnings improves forecasting reliability and transparency, making it easier to model cash needs and assess the real funding gap until operations can generate positive cash.
Negative Factors
Pre-revenue with persistent losses
A pre-revenue profile with recurring negative net income means the firm lacks an operating profit engine. Over a multi-month horizon this keeps margins theoretical and places strategic dependence on achieving production milestones or monetization events to ever generate sustainable operating income.
Negative operating cash flow / rising cash burn
Consistently negative operating cash flow and an increasing burn rate create a structural funding requirement. Without near-term revenue, rising cash outflows pressure liquidity and force reliance on capital markets or partner financing, which can constrain long-term project timelines and strategy execution.
Reliance on external funding
Because the company remains loss-making and pre-revenue, its financial stability depends on periodic external financing. This reliance risks dilution, timing gaps in access to capital, and potential project delays if markets tighten, presenting a persistent structural vulnerability until self-sustaining cash flows emerge.

Honey Badger Exploration (TUF) vs. iShares MSCI Canada ETF (EWC)

Honey Badger Exploration Business Overview & Revenue Model

Company DescriptionHoney Badger Silver Inc. acquires, explores for, and develops mineral properties in Canada. It primarily explores for silver, cobalt, gold, zinc, lead, and diamond deposits. The company's flagship project is the Thunder Bay Polymetallic Silver Project covering an area of 16,800 hectares located in Ontario. It also holds a 100% interest in the Clear Lake deposit that comprises 121 contiguous claims covering an area of approximately 2,500 hectares located in the Whitehorse Mining District of the Yukon. In addition, the company holds interest in the Plata, Groundhog, and Hy silver projects in southeast and south-central Yukon, Canada; and claims located in the James Bay Region of Quebec. The company was formerly known as Honey Badger Exploration Inc. and changed its name to Honey Badger Silver Inc. in November 2020. The company was incorporated in 1992 and is headquartered in Toronto, Canada.
How the Company Makes MoneyHoney Badger Exploration makes money through the identification, exploration, and eventual sale or partnership of its mineral properties. The company's revenue model primarily involves increasing the value of its exploration properties through successful geological surveys and drilling programs. Once a property's potential is established, Honey Badger may choose to sell the rights to larger mining companies or enter into joint ventures, where they receive funding and a share of the profits from the mined resources. Additionally, the company may generate revenue through government grants and incentives for mineral exploration, as well as potential royalties from the production of minerals on its properties.

Honey Badger Exploration Financial Statement Overview

Summary
Pre-revenue profile with no revenue reported and persistent net losses (TTM net income -$3.1M, worse than 2024). Cash flow remains negative with rising cash burn (TTM operating cash flow/free cash flow about -$2.13M). Offsetting strength includes zero debt and improved equity (now positive at $2.0M TTM), which reduces leverage risk but does not resolve dependence on external funding.
Income Statement
8
Very Negative
The company reports no revenue across all provided periods, which makes the business model look pre-production and keeps profitability structurally challenged. Losses remain significant, with net income at -$3.1M in TTM (Trailing-Twelve-Months) versus -$2.1M in 2024, indicating worsening earnings recently. While 2021 showed an even larger loss, the overall picture is persistent operating losses and negative gross profit, limiting visibility into a path toward sustainable margins.
Balance Sheet
55
Neutral
Balance sheet leverage appears conservative with total debt reported at $0 in all periods, reducing financial risk from interest burden or refinancing. Equity improved meaningfully from negative in 2023 to $2.0M in TTM (Trailing-Twelve-Months), alongside higher total assets ($2.8M TTM vs. $0.6M in 2024), suggesting recapitalization and/or asset growth. The key weakness is that returns remain negative due to ongoing losses, so balance sheet strength is reliant on continued funding rather than internally generated profits.
Cash Flow
22
Negative
Cash generation remains weak, with operating cash flow and free cash flow consistently negative each year, including -$2.13M in TTM (Trailing-Twelve-Months). Cash burn increased versus 2024 (about -$1.77M), signaling higher spending or weaker working-capital dynamics. A positive point is that free cash flow broadly tracks net income (close to 1x), implying losses are not heavily distorted by non-cash accounting—but the business still depends on external capital until cash flow turns positive.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-18.00K-95.30K-115.43K-111.12K0.000.00
EBITDA-3.07M-2.13M-34.15K-1.64M-7.25M-346.77K
Net Income-3.05M-2.13M-1.84M-1.64M-7.25M-379.77K
Balance Sheet
Total Assets2.77M649.37K344.01K638.98K2.44M728.21K
Cash, Cash Equivalents and Short-Term Investments2.62M484.80K304.28K577.09K2.26M659.58K
Total Debt0.000.000.000.000.000.00
Total Liabilities791.94K388.75K552.50K307.09K683.47K408.32K
Stockholders Equity1.98M260.61K-208.49K331.89K1.76M319.89K
Cash Flow
Free Cash Flow-2.13M-1.77M-1.51M-1.60M-1.40M-793.44K
Operating Cash Flow-2.13M-1.77M-1.51M-1.60M-1.40M-793.44K
Investing Cash Flow0.000.000.000.000.00125.17K
Financing Cash Flow4.44M1.67M1.22M0.003.30M588.36K

Honey Badger Exploration Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.21
Price Trends
50DMA
0.21
Positive
100DMA
0.22
Positive
200DMA
0.18
Positive
Market Momentum
MACD
0.01
Positive
RSI
49.16
Neutral
STOCH
15.11
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TUF, the sentiment is Positive. The current price of 0.21 is below the 20-day moving average (MA) of 0.25, below the 50-day MA of 0.21, and above the 200-day MA of 0.18, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 49.16 is Neutral, neither overbought nor oversold. The STOCH value of 15.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TUF.

Honey Badger Exploration Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
54
Neutral
C$60.47M-44.16-3.42%77.78%
53
Neutral
C$21.30M-15.18-4.21%66.86%
50
Neutral
C$27.95M-5.59-313.87%-17.86%
49
Neutral
C$23.48M49.024.00%
47
Neutral
C$30.92M-4.60-79.06%2.25%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:TUF
Honey Badger Exploration
0.24
0.13
118.18%
TSE:DIAM
Star Diamond
0.04
0.00
0.00%
TSE:AIR
Clean Air Metals
0.09
0.04
70.00%
TSE:NEXU
Nexus Uranium
1.82
-1.03
-36.14%
TSE:KFR
Kingfisher Metals
0.68
0.50
277.78%
TSE:ALEX
Alpha Exploration Ltd.
0.50
-0.19
-27.54%

Honey Badger Exploration Corporate Events

Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Honey Badger Shareholders Back Board Slate and Governance Measures at Annual Meeting
Positive
Jan 27, 2026

Honey Badger Silver Inc. reported that shareholders at its January 26, 2026 Annual & Special Meeting approved all items on the agenda, including the election of its slate of six directors, the appointment of the auditor and the company’s stock option plan. The voting results reaffirm the current board and governance framework, providing continuity for Honey Badger as it advances its portfolio of silver and zinc projects in Canada’s North and maintains its strategic focus on leveraging historic resource potential in established mining jurisdictions.

The most recent analyst rating on (TSE:TUF) stock is a Hold with a C$0.32 price target. To see the full list of analyst forecasts on Honey Badger Exploration stock, see the TSE:TUF Stock Forecast page.

Business Operations and Strategy
Honey Badger Uncovers High-Grade Critical Minerals at Plata Project in Yukon
Positive
Jan 21, 2026

Honey Badger Silver has identified extensive high-grade antimony, copper and tungsten mineralization at its Plata project in Yukon, adding a suite of critical minerals to the property’s already known silver-, gold-, lead- and zinc-rich zones centered on the Ajo, Cebolla and Oliva targets. Management says these newly recognized minerals, previously ignored by earlier operators, significantly enhance the project’s economic and strategic potential at a time of heightened demand for domestic critical mineral supply, and the company plans to advance Plata with its first drill program in nearly 15 years, reinforcing the asset’s importance within its portfolio and its positioning in the broader critical minerals and precious metals exploration space.

The most recent analyst rating on (TSE:TUF) stock is a Hold with a C$0.26 price target. To see the full list of analyst forecasts on Honey Badger Exploration stock, see the TSE:TUF Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Honey Badger Silver Raises $2.25 Million in Private Placement to Advance Silver Projects
Positive
Jan 19, 2026

Honey Badger Silver Inc. has closed a non-brokered private placement of 12,499,998 units at $0.18 per unit, raising approximately $2.25 million in gross proceeds, with each unit comprising one common share and a warrant exercisable at $0.23 for three years. The financing, which included participation from insiders and investor Eric Sprott and involved finder fees and warrants, is intended to fund advancement of the company’s silver projects and general working capital, and is subject to final TSX Venture Exchange approval; concurrently, Honey Badger granted 2 million stock options to officers, employees, and consultants to support retention and alignment with shareholder interests.

The most recent analyst rating on (TSE:TUF) stock is a Hold with a C$0.26 price target. To see the full list of analyst forecasts on Honey Badger Exploration stock, see the TSE:TUF Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Honey Badger Silver Upsizes Private Placement to C$2.25 Million on Strong Demand
Positive
Dec 31, 2025

Honey Badger Silver has upsized its previously announced non-brokered private placement from C$1.5 million to approximately C$2.25 million, citing strong investor demand for up to 12.5 million units priced at C$0.18 each. The company plans to use the proceeds to advance its silver projects and for working capital, with closing expected in mid-January 2026 subject to TSX Venture Exchange approval. An insider is expected to participate for about C$500,000, a related-party transaction that will rely on exemptions from formal valuation and minority approval rules because the insider’s subscription will not exceed 25% of Honey Badger’s market capitalization, highlighting both internal confidence in the financing and regulatory oversight of governance for existing shareholders.

The most recent analyst rating on (TSE:TUF) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on Honey Badger Exploration stock, see the TSE:TUF Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Honey Badger Silver Seeks Up to C$1.5 Million in Private Placement to Advance Projects
Positive
Dec 29, 2025

Honey Badger Silver Inc. plans to raise up to C$1.5 million through a non-brokered private placement of units priced at C$0.18, each comprising one common share and a warrant exercisable at C$0.23 for 36 months, with closing expected in mid-January subject to TSX Venture Exchange approval and a four-month hold period. Executive Chairman Chad Williams intends to subscribe for up to C$1 million of the offering, a related party transaction exempt from formal valuation and minority approval under MI 61-101, while the company will direct proceeds toward advancing its silver projects and working capital and has also proposed granting 2 million stock options at C$0.21, moves that collectively strengthen its funding base for exploration and may modestly dilute existing shareholders while signaling strong insider support.

Business Operations and StrategyPrivate Placements and Financing
Honey Badger Silver Secures 12% Physical Silver Yield via Monetary Metals Loan
Positive
Dec 23, 2025

Honey Badger Silver has entered into its first strategic partnership with Monetary Metals & Co. through a 10,000-ounce silver loan investment that earns a 12% annual yield, payable in physical silver, with maturity in August 2027. The transaction, executed at a silver price of $52 per ounce, provides Honey Badger with direct access to physical silver and yield, complementing its existing seven silver-focused properties and supporting its strategy of expanding a pipeline of yield-bearing silver investments that could ultimately enhance returns for shareholders and strengthen its positioning in the silver sector.

Business Operations and StrategyExecutive/Board Changes
Honey Badger Silver Strengthens Board with New Appointment
Positive
Dec 8, 2025

Honey Badger Silver Inc. has appointed Michael Jalonen to its Board of Directors. Jalonen, with 34 years of capital markets expertise and a notable career as a leading precious metals mining analyst, is expected to enhance the company’s strategic direction. His extensive experience and insights, particularly in the global precious metals sector, are anticipated to bolster Honey Badger’s industry positioning and provide value to its stakeholders.

Business Operations and Strategy
Honey Badger Silver Unveils Promising Discoveries at Nanisivik Project
Positive
Dec 1, 2025

Honey Badger Silver Inc. has announced significant findings from its recent geophysical survey and prospecting work at the Nanisivik Project in Nunavut. The discovery of new zones with strong conductivity at the Area 14 and Oceanview targets, along with promising assay results, suggests substantial exploration potential. The company plans to prioritize drilling these high-potential targets in 2026, which could enhance its operations and strengthen its position in the mining industry.

Business Operations and Strategy
Honey Badger Discovers New Mineral Zones at Plata Project
Positive
Nov 19, 2025

Honey Badger Silver Inc. has identified two new mineral zones, Inferno and Pimento, at its Plata Project in the Yukon, which contain silver, gold, lead, and zinc. This discovery follows a successful fieldwork program that included soil sampling and prospecting, leading to the identification of significant geochemical anomalies and the potential for a large silver-gold system. The findings enhance the project’s mineral endowment and set the stage for further exploration and drilling in 2026, potentially impacting the company’s operations and industry positioning.

Business Operations and Strategy
Honey Badger Unveils Promising New ‘Canela’ Zone at Plata Project
Positive
Nov 13, 2025

Honey Badger Silver Inc. has announced the discovery of a new gold and silver zone named ‘Canela’ at its Plata Project in the Yukon. This discovery, resulting from recent soil sampling and prospecting, highlights significant mineralization similar to the nearby Ajo zone. The Canela zone, which is approximately 1 km in strike length, presents a promising opportunity for further exploration due to its high silver and gold values. The discovery supports the company’s thesis of exceptional mineral endowment at Plata and positions Honey Badger to potentially uncover additional high-grade mineral resources, enhancing its standing in the mining sector.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 15, 2026