TORONTO, Nov. 13, 2026 (GLOBE NEWSWIRE) -- USA Newsroom News Commentary - Four NYSE-listed silver producers reported third quarter results between November 3 and November 9, with figures that range from record free cash flow to a suspended mine. In the other corner sits a development company that acquired a Canadian silver mine built in the early 1980s, and has since completed a new economic study on it. The card below sets them side by side on the same four lines. Companies mentioned in today’s commentary include: Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA), Hecla Mining Company (NYSE: HL), First Majestic Silver Corp. (NYSE: AG), Pan American Silver Corp. (NYSE: PAAS), Endeavour Silver Corp. (NYSE: EXK).
How the Card Works
Every company below is measured on the same four lines. Weight class is the stage the company is at. Home turf is where its assets sit. Reach is the latest set of numbers the company itself has reported. Next bout is what the company says comes next. This is a side-by-side, not a scorecard, and no winner is declared. The figures are taken from each company’s own news releases and filings.
In This Corner
Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA)
Weight class: Development stage. The Company completed an updated Preliminary Economic Assessment (PEA) on its 100%-owned PC Silver Mine in September, and its Board authorized the next stage of engineering toward a Feasibility Study.
Home turf: The PC Silver Mine (historically known as Prairie Creek) in the Mackenzie Mountains of the Northwest Territories, which the Company describes as fully permitted and high-grade. The site hosts a historic mill, an airstrip and approximately 5 km of underground workings. The portfolio also includes the Sunrise Lake, Plata, Yava and Nanisivik properties across the Northwest Territories, Yukon and Nunavut.
Reach: At Long-Term Consensus pricing, the PEA shows an after-tax NPV5% of C$1.7 billion and a 29% after-tax IRR over a 22-year mine life, with average production of approximately 10.7 million ounces of silver-equivalent in the first seven years. On November 5, the Company reported first modern assays from Nanisivik, where selective massive pyrite float samples returned up to 45.3 g/t silver and a zinc-rich float sample returned greater than 500 ppm germanium, the upper reporting limit of the method used.
Next bout: The Company is targeting completion of a Feasibility Study at PC Silver in the second quarter of 2027. At Nanisivik, germanium re-assays of the remaining samples and over-limit sulphur and iron analyses are pending.
CONTINUED... Read this and more news for Honey Badger Silver at: https://usa-newsroom.com/
In the Other Corner
Hecla Mining Company (NYSE: HL)
Weight class: Producer.
Home turf: Greens Creek in Alaska, Lucky Friday in Idaho and Keno Hill in Yukon, Canada.
Reach: Third quarter 2026 silver production of 4.2 million ounces, sales of $394.8 million, net income of $149.6 million and record free cash flow of $151 million. Hecla raised the low end of its 2026 consolidated silver production guidance, which now stands at 15.3 to 16.1 million ounces.
Next bout: Commissioning of the Lucky Friday surface cooling project is expected in the fourth quarter of 2026. At Keno Hill, which has not yet achieved commercial production, mill throughput is being reduced to preserve capacity under current permits while license amendments are pursued.
First Majestic Silver Corp. (NYSE: AG)
Weight class: Producer.
Home turf: Four producing underground mines in Mexico: Santa Elena, Los Gatos (70% interest), San Dimas and La Encantada.
Reach: Third quarter 2026 revenue of $394.1 million, up 38% from a year earlier, silver production of 3,440,447 ounces, free cash flow of $85.5 million and total treasury of $1.23 billion.
Next bout: Operations at San Dimas have been temporarily suspended following a labour disruption that began on September 18, 2026, and the company has withdrawn San Dimas’ annual production and cost guidance until restart timing is clearer. It is also in the process of restarting Jerritt Canyon.
Pan American Silver Corp. (NYSE: PAAS)
Weight class: Producer.
Home turf: Operations across Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina.
Reach: Third quarter 2026 revenue of $1,006 million, attributable silver production of 6.07 million ounces, attributable gold production of 167.9 thousand ounces and attributable free cash flow of $377 million, with $300 million returned to shareholders in the quarter.
Next bout: Pan American expects 2026 silver production at the low end of its 25 to 27 million ounce range and revised its gold guidance to 660 to 680 thousand ounces. At the La Colorada Skarn, the 12.4 km 588 Decline Project is expected to take four years.
Endeavour Silver Corp. (NYSE: EXK)
Weight class: Producer.
Home turf: Terronera and Guanaceí in Mexico, and Kolpa in Peru.
Reach: Third quarter 2026 revenue of $184.5 million, silver production of 2,096,545 ounces, silver-equivalent production of 3,611,034 ounces and net earnings of $26.4 million.
Next bout: Endeavour revised its consolidated 2026 guidance to 7.8 to 8.1 million ounces of silver and 42,000 to 43,500 ounces of gold, and continues to advance the Pitarrilla Project.
Reading the Card
The matchup is uneven by design. The producers report ounces, revenue and cash flow every quarter, and their cards move on mill throughput, labour and permits at operating mines. A development-stage card is built on studies, permits and the next engineering milestone. For Honey Badger Silver, that milestone is a Feasibility Study at PC Silver targeted for the second quarter of 2027, alongside pending germanium results from Nanisivik.
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Cautionary Note Regarding Technical Information. The PEA for the PC Silver Mine is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves have no demonstrated economic viability, and no mineral reserves have been calculated for the Mine. The Nanisivik results are from 18 selective rock samples, predominantly float samples, which are not representative of average grades and do not establish the extent or continuity of mineralization. The historical estimate of 50 to 100 million tonnes of massive pyrite at Nanisivik is not compliant with NI 43-101, a Qualified Person has not done sufficient work to classify it as a current mineral resource or mineral reserve, and the Company is not treating it as such. Technical information relating to the PEA was prepared by or under the supervision of Mike Makarenko, P.Eng., and the mineral resource estimate by Greg Mosher, P.Geo., each an independent Qualified Person under NI 43-101. Technical information relating to Nanisivik was reviewed and approved by Andrew Jedemann, M.Sc., P.Geo., Vice President Exploration of the Company. Readers should review the Company’s filings at www.sedarplus.ca. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the Company’s releases.
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Forward-Looking Statements. This publication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and applicable Canadian securities legislation. Forward-looking statements can be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “targets,” “may,” “will,” “could,” “should,” “believes,” “estimates,” “potential” and similar expressions, and include, without limitation, statements regarding the PC Silver Mine PEA, the planned Feasibility Study and its timing, pending assay results at Nanisivik, and future exploration and development plans of Honey Badger Silver, and the plans, guidance and timelines of the other companies mentioned, as stated in their own news releases and filings. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including exploration and development results, permitting and regulatory decisions, the availability of financing, commodity prices, construction and operating risks, and general economic conditions. Forward-looking statements speak only as of the date of this publication, and we undertake no obligation to update them except as required by law.
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