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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 51 (OpenAI - 5.2)
Rating:51Neutral
Price Target:
C$0.20
▼(-4.29% Downside)
The score is held back primarily by very weak financial performance (no revenue, ongoing losses, and cash burn). Offsetting factors include neutral-to-mildly positive technicals and a supportive set of recent corporate events (financing/partnerships, insider support, and exploration progress). Valuation is limited by a negative P/E and no dividend.
Positive Factors
New High-Grade Targets
The discovery of new high-grade targets at the Plata project enhances the company's exploration potential, offering opportunities for significant resource discoveries and increased project value.
Leadership Change
The appointment of Chad Williams, with extensive capital markets experience, is expected to positively impact strategic direction and market positioning, potentially unlocking value in the company's assets.
Nanisivik Project Potential
The identification of unmined mineralization at Nanisivik, combined with improved infrastructure, suggests promising opportunities for economic resource development and long-term project viability.
Negative Factors
Precarious Balance Sheet
A precarious balance sheet with negative equity poses a significant financial risk, potentially affecting the company's solvency and ability to secure future funding.
Negative Cash Flow
Ongoing negative cash flow highlights liquidity risks and reliance on external funding, which may limit the company's ability to sustain operations without significant financial restructuring.
Negative Profitability
Persistent negative profitability metrics indicate operational inefficiencies and challenges in managing costs, which could hinder long-term financial sustainability.

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
Very weak operating profile: the company reports no revenue across periods, with persistent net losses (TTM net income about -$3.1M) and ongoing cash burn (TTM operating cash flow and free cash flow negative). Balance-sheet risk is somewhat mitigated by zero reported debt and improved equity/assets in TTM, but the business remains reliant on external funding until revenue and cash flow turn positive.
Income Statement
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
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
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
Negative
Last Price0.21
Price Trends
50DMA
0.19
Negative
100DMA
0.21
Negative
200DMA
0.17
Positive
Market Momentum
MACD
>-0.01
Positive
RSI
44.59
Neutral
STOCH
30.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TUF, the sentiment is Negative. The current price of 0.21 is above the 20-day moving average (MA) of 0.20, above the 50-day MA of 0.19, and above the 200-day MA of 0.17, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.59 is Neutral, neither overbought nor oversold. The STOCH value of 30.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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%
53
Neutral
C$25.06M-17.86-4.21%66.86%
51
Neutral
C$21.55M-4.31-313.87%-17.86%
49
Neutral
C$27.12M-19.81-3.42%77.78%
49
Neutral
C$23.01M48.044.00%
45
Neutral
C$26.89M-4.02-79.06%2.25%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:TUF
Honey Badger Exploration
0.19
0.07
54.17%
TSE:DIAM
Star Diamond
0.04
0.01
40.00%
TSE:AIR
Clean Air Metals
0.10
0.05
100.00%
TSE:NEXU
Nexus Uranium
2.15
-1.15
-34.85%
TSE:KFR
Kingfisher Metals
0.31
0.13
69.44%
TSE:ALEX
Alpha Exploration Ltd.
0.49
-0.26
-34.67%

Honey Badger Exploration Corporate Events

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.

Business Operations and StrategyExecutive/Board Changes
Honey Badger Silver Announces Key Management and Board Changes
Positive
Oct 21, 2025

Honey Badger Silver Inc. announced changes in its management and board, with Mr. Dorian L. Nicol resigning from the Board of Directors to pursue other opportunities, while continuing as a consultant. The company appointed Mr. Andrew Jedemann as Vice President, Exploration, and Mr. Ben Kuzmich as Qualified Person, both bringing significant geological expertise to the team. These changes are expected to enhance the company’s exploration capabilities and strengthen its position in the silver mining industry.

Business Operations and Strategy
Honey Badger Expands Plata Project with New Gold Targets
Positive
Oct 16, 2025

Honey Badger Silver Inc. has expanded its Plata project claim size by 18% through strategic staking, identifying two new gold targets. This expansion highlights the potential for high-grade gold mineralization along the Plata Thrust and the underexplored Rogue Thrust, enhancing the project’s value and positioning within the gold exploration sector.

Business Operations and StrategyPrivate Placements and Financing
Honey Badger Silver Partners with Monetary Metals to Boost Silver Yield
Positive
Oct 14, 2025

Honey Badger Silver Inc. has formed a strategic partnership with Monetary Metals & Co. to enhance its silver yield through innovative silver lease and bond programs. This partnership allows Honey Badger to earn and reinvest physical silver, supporting the broader silver supply chain and positioning the company at the forefront of innovation in the silver royalty and streaming space.

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: Dec 30, 2025