NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, Ontario, Dec 31, 2025 – Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (“Honey Badger” or the “Company“), is pleased to announce that, further to the Company’s news release dated December 29, 2025, in response to strong investor interest in its up to C$1.5 million non-brokered private placement of units of the Company (the “Units“), the Company has increased the size of the private placement to up to 12,500,000 Units at a price of C$0.18 per Unit for aggregate gross proceeds of up to approximately C$2.25 million (the “Offering“). The terms of the Offering are otherwise unchanged from those previously announced.

The Company intends to use the net proceeds of the Offering to advance the Company’s silver projects and for general working capital purposes.

The Offering is scheduled to close on or about January 16, 2026, or on such other date as the Company may determine and remains subject to the approval of the TSX Venture Exchange (the “TSXV“). All securities issued pursuant to the Offering will be subject to a four-month plus one day statutory hold period in accordance with applicable Canadian securities laws. The Company anticipates paying a finders’ fee, payable in cash to certain eligible parties on a portion of the Offering.

An insider of the Company intends to subscribe for approximately 2,777,778 Units for gross proceeds of approximately $500,000, subject to receipt of all required regulatory approvals. The subscription by an “insider” of the Company will constitute a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) and Section 5.9 – Protection of Minority Securityholders in Special Transactions of the Corporate Finance Manual of the TSXV. The Company expects any participation by Insiders in the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on the fact that neither the fair market value of the Units subscribed for by the Insiders, nor the consideration for the Units to be paid by the Insiders, will exceed 25% of the Company’s market capitalization.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws unless an exemption from such registration is available.

About Honey Badger Silver Inc.

Honey Badger Silver is a unique silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred⁽¹⁾ located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc⁽²⁾. The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002⁽³⁾. We own 10,000 ozs of silver yielding 12% per annum. A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources, and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

⁽¹⁾ Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.

⁽²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

⁽³⁾ Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.”²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

ON BEHALF OF THE BOARD

Chad Williams, Executive Chairman

Sonya Pekar
Investor Relations
[email protected] | +1 (647) 498-8244

For more information please visit our website www.honeybadgersilver.com

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 release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, statements regarding the use of proceeds of the Offering, the timing and ability to complete the Offering on the proposed terms; the Company’s ability to obtain the conditional approval of the TSX Venture Exchange; and the significance of historical mineral resources.  This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, Ontario, Dec 29, 2025 – Honey Badger Silver Inc. (TSXV: TUF | OTCQB: HBEIF) (“Honey Badger” or the “Company”) is pleased to announce that it intends to complete a non-brokered private placement financing of $1.5 million (the “Offering”) through the issuance of up to 6,521,739 units (the “Units”) at a price of $0.18 per Unit. The price of the Offering is subject to regulatory approval. The Offering is expected to close on or about January 16, 2026.  All dollar amounts in this news release are in Canadian dollars.

Each Unit will consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share of the Company (a “Warrant Share”) at an exercise price of $0.23 per Warrant Share for a period of 36 months from the date of issuance, subject to customary anti-dilution adjustments.

Chad Williams, Executive Chairman of the Company, has indicated that he intends to participate in the Offering for up to $1 million of Units, subject to receipt of all required regulatory approvals.

The Company intends to use the net proceeds of the Offering to advance the Company’s silver projects and for general working capital.

Completion of the Offering remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month statutory hold period in accordance with applicable Canadian securities laws. The Company anticipates paying a finders’ fee, payable in cash to certain eligible parties on a portion of the placement.

The subscription for Units by Chad Williams, the Executive Chairman of the Company, constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with such subscription by Chad Williams in reliance on sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities issued to Chad Williams nor the fair market value of the consideration for the securities issued to Chad Williams exceeds 25% of the Company’s market capitalization as calculated in accordance with MI 61-101.

The Company also announces that it intends to grant an aggregate of 2 million stock options at an exercise price of $0.21 per common share, subject to regulatory approval.

Caution to US Investors

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Honey Badger Silver Inc.

Honey Badger Silver is a unique silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred⁽¹⁾ located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc⁽²⁾. The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002⁽³⁾. We own 10,000 ozs of silver yielding 12% per annum. A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources, and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

⁽¹⁾ Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.

⁽²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

⁽³⁾ Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.”²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

ON BEHALF OF THE BOARD

Chad Williams, Executive Chairman

Sonya Pekar
Investor Relations
[email protected] | +1 (647) 498-8244

For more information please visit our website www.honeybadgersilver.com

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 release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Toronto, Ontario, December 23, 2025 | Honey Badger Silver Inc. (“Honey Badger” or the “Company”) (TSX-V: TUF; OTCQB: HBEIF), a Canadian silver-focused company, is pleased to announce its first strategic partnership with Monetary Metals & Co., (“Monetary Metals”), a 10,000-ounce silver loan investment earning a 12% annual yield to Honey Badger payable in physical silver. This silver loan purchase was crystallized when the price of silver was $52/oz. The silver loan will mature on August 8, 2027.

“We absolutely love silver! Silver metal is in short supply so having access to the physical metal, PLUS a substantial yield in silver metal, is an important step for our Company,” said Chad Williams, Executive Chairman & Interim CEO of Honey Badger. “This investment adds to our substantial existing silver mineral resource exposure through our 7 different silver-focused properties. Our vision, once sufficient scale is achieved, is to eventually flow this silver metal to our shareholders in the form of a silver metal dividend.”

Keith Weiner, Founder & CEO of Monetary Metals, added: “We’re delighted to partner with Honey Badger Silver as they can deploy their capital into productive, yield-generating silver assets.”

Through its partnership with Monetary Metals, Honey Badger continues to evaluate an expanded pipeline of yield-bearing silver investments that complement its existing high-growth potential silver mining assets.

About Honey Badger Silver Inc.

Honey Badger is a Canadian silver company with multiple projects in Northern Canada, including the Plata and Clear Lake silver projects in Yukon, the Sunrise Lake project in the Northwest Territories, and significant landholdings in the historic Nanisivik mine area in Nunavut. In addition to its project portfolio, Honey Badger is developing a growing pipeline of royalties, streaming agreements, and strategic silver investments. The Company is focused on building a portfolio that transforms silver revenue into long-term, income-generating assets.

More information is available at honeybadgersilver.com

Sonya Pekar
Investor Relations
[email protected] | +1 (647) 498-8244

About Monetary Metals & Co., Inc.

Monetary Metals operates the Gold (and Silver) Yield Marketplace®, enabling investors to earn yield paid in precious metals via leases and bonds that finance qualified firms in the precious metals sector. Since 2016, individuals and institutions around the world have been earning income in gold and silver every month in a Monetary Metals account. For more information, visit www.monetary-metals.com.

Monetary Metals Contact

Dickson Buchanan Jr., Vice President, Marketing

Email: [email protected]

Phone: +1 (646) 653-9729

Press Inquiries: [email protected]

Toronto, Ontario, Dec 7, 2025 – Honey Badger Silver Inc. (TSX-V: TUF | OTCQB: HBEIF) (“Honey Badger” or the “Company”) is pleased to announce that Michael Jalonen, who has served as a trusted long-time advisor to the Company, has been appointed to its Board of Directors.

Mr. Jalonen brings 34 years of capital markets expertise, including 33 years with Bank of America Securities (1989-2022), where he was consistently ranked as one of world’s leading precious metals mining analysts. Michael covered twenty companies in the North American senior, mid-tier and intermediate gold and silver producer sector and five senior precious metal royalty and streaming companies. His independent studies on publicly traded companies, gold and silver prices, and the precious metals sector were well recognized by investors and mining companies globally. Throughout his career, he travelled globally conducting on-site tours of well over a hundred mining projects.

Chad Williams, Executive Chairman and Interim CEO, commented: “We are very fortunate to add Mr Jalonen to our Board. His experience in the global precious metals space is extensive. He is widely respected, including by many institutional investors, because of his very solid track record of success analysing precious metal companies for decades. Mr Jalonen was instrumental in the idea of Honey Badger acquiring the Nanisivik claims, as well as providing many other value-added insights, since he joined as an advisor several years ago.”

Prior to BofA, Mr. Jalonen was junior mining analyst for Dean Witter Canada for one year (1988-89). Mr. Jalonen also worked for 1.5 years as a corporate development analyst with Somicom Mining (1986-88) and as a junior geologist at Nanisivik Mines (summers of 1980-83). He holds an Honors B.Sc., Geology, from University of Windsor (1982) and an MBA from McMaster University (1986). He was awarded the CFA designation in 1992.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred⁽¹⁾ located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc⁽²⁾. The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002⁽³⁾. A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources, and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

⁽¹⁾ Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.

⁽²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

⁽³⁾ Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.”²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

ON BEHALF OF THE BOARD

Chad Williams, Executive Chairman

Sonya Pekar
Investor Relations
[email protected] | +1 (647) 498-8244

For more information please visit our website www.honeybadgersilver.com

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 release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. 

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Toronto, Ontario, December 1, 2025 – Honey Badger Silver Inc. (TSXV: TUF | OTCQB: HBEIF) (“Honey Badger” or the “Company”) is pleased to share the results from the recent geophysical survey and prospecting work completed at it’s 100%-owned Nanisivik Project, Nunavut. Nanisivik is a former polymetallic-silver mine that produced over 20 Moz of silver between 1976 and 2002⁽³⁾, when low metal prices forced the mine into closure. Since then, silver and zinc prices are up approximately 1,000% and 300% respectively, and infrastructure access has improved with the construction of a deep-water port only a few kilometers from the former mine site.

The Company’s Executive Chairman, Chad Williams, commented, “The recent surface exploration program completed at Nanisivik was a success: several large new zones with strong conductivity at the Area 14 and Oceanview targets were discovered. Some of these new zones may significantly extend the strike length of unmined mineralization at these targets while other new zones may represent completely new areas of mineralization. We are also very encouraged with assay results up to 249 g/t silver and 51.5% zinc collected from distal zones at the Area 14 target that coincide with underlying conductors from the Loupe EM survey. Nanisivik was a high-quality mining operation until 2002 when low commodity prices forced the mine to cease operations. We plan to drill these high-priority targets in 2026. We believe Nanisivik has substantial exploration potential.”

2025 Data Review and Target Prioritization

Earlier in the year, the Company announced three priority target areas that were identified during data review, each hosting significant zinc and silver intercepts from historical drilling (see press release dated March 25, 2025). The areas are Deb, Ocean View North, and Area 14. A review of historical exploration drilling at the former mine site identified several significant drill intersections located outside mined areas. These discoveries were not followed up in the past due to the previous operator’s tight focus on production. As a result, each of these represents a priority target for follow up work. A selection of significant silver and/or zinc mineralized intercepts from these priority target areas is provided in the Table 2 and the locations of the target areas are illustrated in Figure 1.

 2025 Exploration Program Summary

The recent exploration program at Nanisivik was primarily focused on utilizing ground geophysics (Loupe Time Domain Electromagnetics or “TDEM”) as a cost-effective and portable method to:

1. Outline subsurface conductors under known unmined mineralization at the Oceanview and Area 14 target areas, and

2. Find new conductors in untested areas that may represent extensions of known massive sulfide mineralization.

Reconnaissance sampling was also completed around the Area 14 target to identify new zones of mineralization.

 Results from the Loupe EM survey are very encouraging and have exceeded expectations for this program. The survey successfully identified conductors underlying unmined and partially mined mineralized areas at both Area 14 and across the broader Oceanview area. Importantly, the Loupe EM data shows several strong untested conductors at both Area 14 and Oceanview that are located between or adjacent to known zones of massive sulfide mineralization. These untested Loupe EM anomalies also coincide with historic airborne EM conductors, which further validates these areas as high-priority drill targets with potential for the discovery of new silver-lead-zinc massive sulfide mineralization (Figure 1).

Figure 1.

Map of the main Nanisivik block showing results from the recently completed Loupe EM surveys at the Oceanview and Area 14 targets as well as locations of rock samples collected during the work program. Strong untested conductors are highlighted in the dark blue dotted boxes. The locations of historical underground, open pit, or trenched silver-zinc-lead ore bodies are also shown on the map.

In addition to the success of the Loupe EM Survey, reconnaissance prospecting work has identified an area of potentially sub-cropping massive sulfide mineralization at Area 14 that has returned values up to 249 g/t silver and 51.5% zinc. In total, 21 grab samples were primarily collected from large angular boulders interpreted by the field geologist to potentially represent sub-crop from underlying or nearby bedrock. Due to partial snow cover at the time of sampling plus the historical disturbance related to reclamation after mine closure, it remains to be confirmed if each of these large angular boulders truly represent in-situ mineralization. These grab samples validate the high-grade nature of the mineralization seen in historic drilling at Area 14 and occur on top of a conductive body identified by the Loupe EM survey.

Table 1. 2025 Assay Results of Grab Samples from Area 14*

Overview of Priority Target Areas

Oceanview North Target

There are no indications of any mining having been completed at the Oceanview North target area, which is located approximately 1.7 km east northeast from the main Nanisivik orebody and some 400 m north of the historically mined main Oceanview zone (Figure 1). At the Oceanview North area, data from some 72 historical exploration drillholes was examined and a cluster of high-grade Ag-Zn intersections were identified at the northern extent of the drilling. Highlight silver (Ag) and zinc (Zn) intersections at the Ocean View North target area include hole 87-63, which intersected 5.3m of 97.6 g/t Ag and 22.79% Zn, and hole 90-28 which intersected 1.3m of 116 g/t Ag and 20.3% Zn.

 Area 14 Target

The Area 14 target is located approximately 1.8 km southeast of the main Nanisivik orebody (Figure 1). Historical data indicates that a portal was developed and some stope mining was carried out at Area 14. However, Honey Badger has examined the data from a cluster of 27 historical drillholes located immediately east and northeast of the historically mined area where a number of high-grade Ag-Zn intersections have been identified, including; hole A14_85-08 which intersected 2.3m of 280.0 g/t Ag and 27.43% Zn, hole A14_85-10 which intersected 2.3m of 239.3 g/t Ag and 6.10% Zn, and hole 86-191 which intersected 3.0m of 143.3 g/t Ag and 26.16% Zn.

Deb Target

The Deb target area is located approximately 3 km southwest of the main orebody at Nanisivik and is unmined. The Company has examined data from 15 drillholes completed in this area in the 1980’s and 1990’s. High-grade Ag-Zn intersections include; hole 90-51 which intersected 1.3m of 54.9 g/t Ag and 5.74% Zn, hole 90-59 which intersected 0.7m of 263 g/t Ag and 34.6% Zn, and hole 91-19 which intersected 0.6m of 290 g/t Ag and 43.0% Zn.

Table 2. Select Historical Drillholes from Unmined Areas at the Nanisivik Project*

*reported as core length intervals as no information regarding true width is available (may include minor sample gaps where no grade has been assumed/assigned)

QAQC

Loupe TDEM Survey

The Loupe TDEM survey was completed by APEX Geoscience between August 27 to September 3, 2025. At the Oceanview target, a total of 16.7-line kilometers was completed over 14 lines. Lines were N-S oriented and spaced 250m apart with 125m infill spacing on the west side of the grid. At Area 14, a total of 11.4 line-kilometers was completed over 13 lines. Lines were E-W oriented and spaced 100m apart. The survey had a 10m Tx-Rx coil separation and used a 450 Hz base frequency.

Loupe TDEM is a man-portable, rapid, and inexpensive system developed by Loupe Geophysics (www.loupegeophysics.com.au)  used to assess the conductivity of an area, particularly where there is significant outcrop and little to no weathering. The system is designed to measure electrical conductivity in the near-surface (generally between 20-50m depth) at high resolutions. The system provides x, y and z components of the EM field and is equipped with a real time RTK GPS system for accurate ground location.

Rock Samples

Sample preparation and multi-element analyses for rock samples were carried out at ALS Minerals’ laboratories in Vancouver, British Columbia. Each rock sample was dried and fine crushed to better than 70% passing 2 mm, and then a 250 g split was pulverized to better than 85% passing 75 microns. The fine fraction was analyzed for 48 elements using four acid digestion (ME-MS61). For all samples, silver, lead and zinc were analyzed using an ore grade four acid digestion package with an inductively coupled plasma and atomic emission spectroscopy finish (Ag-OG63, Pb-OG62, Zn-OG62). Samples with zinc values over 30% and lead values over 20% were further analyzed using titration (Zn-VOL50 and Pb-VOL70). For all samples, an additional 30 g charge was further analyzed for gold by fire assay with inductively coupled plasma and atomic emission spectroscopy finish (Au-ICP21). At this early stage of mineral exploration, no Quality Control (QC) samples were inserted into the sample stream with the rock grab samples.

About Nanisivik

The Nanisivik Mine (near Arctic Bay, Nunavut) produced over 20 million ounces of silver between 1976 and 2002, from 17.9 million tons of ore, grading 9% zinc, 0.72% lead, and 35 grams per tonne of silver⁽³⁾.  In addition to the polymetallic orebody, previous exploration identified massive sulphide bodies (principally pyrite) still in place, totaling about 100 million tonnes⁽³⁾ containing locally anomalous base metal and silver values.

Qualified Person

Technical information in this news release has been reviewed and approved by Benjamin Kuzmich, P. Geo., a consultant, who is a Qualified Person (QP) for the purpose of National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value-creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred⁽²⁾ located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc⁽³⁾. The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002⁽⁴⁾. In each instance, the reliability of the historical resource estimates (the “Historical Estimates“) are considered reasonable, but a qualified person has not done sufficient work to classify the foregoing Historical Estimates as current mineral resources, and the Company is not treating the estimates as current mineral resources. There is no technical report associated with the Historical Estimates. The Historical Estimate contains categories that are not consistent with current CIM definitions. The Company considers the Historical Estimates to be relevant for the proper understanding of its mineral properties, however, significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the Historical Estimates to be in accordance with NI 43-101 standards and to verify the Historical Estimates as current mineral resources. No more recent estimates of the mineral resources or other data are available to the Company. There can be no certainty, following further evaluation and/or exploration work, that the historical estimates can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101.

1. Sunrise Lake historic resource (2000-2003): Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold. The resource estimate for the Sunrise Deposit was carried out by Silver Standard Resources Inc. (SSR) using a classical polygonal method that relied on 72 diamond drillholes and an average density of 4 t/m³. Drill hole intercepts were taken directly from the drill logs (CBA 1998). Polygons were created within AutoCAD and AutoCAD calculated the areas. Horizontal widths were calculated using the ratio of core length to the width used by CBA in their 1998 estimate. Intercepts not used by CBA were measured on the cross sections. The intercepts were composited primarily using a geological cut-off based on the sulphide content and a nominal 30 g/t Ag grade. Internal values below 30 g/t were included for geological continuity if the composite remained above cut-off. Stringer mineralization was included where silver grades were above 30 g/t and occasionally lower if base metal grades were high. It is assumed the upper 100 m could be mined by open pit methods and the stringer mineralization would have to be removed to access the massive sulphides. The classification of the mineralization is based on the number of drill holes on a section and the continuity of the mineralization. The main massive sulphide horizon has been drilled on sections spaced 40 m apart, and above the -280 m elevation, the down dip continuity of the horizon has been tested with holes 25 to 30 m apart down dip. All mineralization in the massive sulphide horizon above 280 m is considered an Indicated Resource while the near surface stringer mineralization and the massive sulphides below 280 m are considered to be Inferred Resources. Forty holes define the massive sulphide Indicated Resource horizon. In a 2003 report to SSR, Roscoe Postle Associates Inc. (RPA) concluded SSR’s resource estimate was reasonable based on approximating a NSR using typical smelter contracts, assuming metallurgical recoveries based on the limited metallurgical testing and on the following price assumptions: USD$ 5.50 per ounce silver, USD$ 400 per ounce gold, USD$ 0.45 per pound zinc, USD$ 0.25 per pound lead,  and USD$ 0.80 per pound copper, as well as a USD$ 75 transportation cost, and a CDN$ 1.45:USD$ 1.00 exchange rate.
2. Clear Lake historic Resource (2010): Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead. In 2010 SRK was engaged to complete a NI 43-101 compliant resource estimate for the Clear Lake deposit for Copper Ridge Explorations Inc. The estimate was made utilizing 1,842 assays from within the deposit, from a total of 13,168 m of drilling in 63 historical drill holes. An average density of 4.07 gm/cc was used, based on a limited number of field measurements that were confirmed in the laboratory, and with a minimum thickness of 2 m. Mineral resources were estimated by ordinary kriging in 12m by 12m by 9m blocks. The mineral resources are reported at a 4% (Pb+Zn) cut-off. Pb grades have been capped at 1.5% and Ag grades were capped at 60 g/t. Although SRK placed this resource in the inferred category due to uncertainties related to the historical nature of the available data, they noted that most of the resource has been drilled at a sufficiently close enough spacing to support indicated classification. The above information has been taken from a news release by Copper Ridge dated January 18^th, 2010, as no technical report is publicly available.
3. Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.”

ON BEHALF OF THE BOARD

Chad Williams, Executive Chairman

Sonya Pekar
Investor Relations

[email protected] | +1 (647) 498-8244

For more information please visit our website www.honeybadgersilver.com

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 release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release, including without limitation, the potential of the Nanisivik project. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

 

Toronto, Ontario, November 13, 2025 – Honey Badger Silver Inc. (TSXV: TUF | OTCQB: HBEIF) (“Honey Badger” or the “Company”) is pleased to announce that the Company has identified a new gold and silver zone, newly named “Canela”, from the recent soil sampling and prospecting program at its 100% owned Plata Project in the Yukon.

The Company’s Executive Chairman, Chad Williams, commented: “The Canela zone represents the first discovery from last summer’s exploration work at Plata. Our thesis that Plata has an exceptional mineral endowment has been further supported. Canela is a large mineral zone that shares similar characteristics to the nearby high-grade silver and gold Ajo zone. The currently known size and mineral values of the surface expression of the new Canela zone compares favorably with the early-stage surface expressions of what would become important mineral discoveries elsewhere in the Plata district. In particular, Canela appears to also be east-west trending and contains significant silver and gold values. The recent recognition of significant gold mineralization in the Ajo-Canela area is important since the Plata property is located adjacent to Snowline Gold’s (TSXV: SGD) Rogue property which is the site of a major gold discovery.”

Background on Canela

This past summer, Honey Badger completed a large fieldwork program focused on soil sampling and prospecting at Plata. The goal of the fieldwork was to collect soil and supplementary grab samples over several target areas across the large property to identify new silver and gold zones. The program was successfully completed in late September and included a total of 1,027 soil samples and 115 rock samples.

The Company is excited to share that the Canela Zone, a newly identified silver and gold anomaly, has been successfully identified from the first batch of assay results at Plata. The Canela Zone is approximately 1 km in currently identified strike length and is highlighted by soil samples with up to 38.6 g/t silver and 0.27 g/t gold. These are the highest gold-in-soil values at Plata to-date and some of the highest silver-in-soil values on the property. A single line of historical soil sampling had transected what is now called the Canela Zone, which returned some anomalous silver values; however, the samples were never analyzed for gold. This summer’s soil sampling has materially expanded the anomalous results to the north, east, and south, in addition to identifying the presence of gold mineralization. The Canela Zone appears to be roughly NW-SE trending, and parallel to the high-grade silver- and gold-bearing Ajo Zone located ~800 m to the northwest of Canela (Figures 1 and 2). Since Canela and Ajo both appear to be ~NW-SE trending and share geochemical similarities, it is possible that the Canela and Ajo zones are related. The Plata Thrust, which hosts the Ajo Zone, has been the focus of most historical exploration at Plata. The recent recognition of high-grade gold mineralization along the Plata Thrust presents a new opportunity to uncover additional high-grade gold and silver elsewhere on the property. The Canela Zone may extend to the northwest, where a cluster of historic soil samples along strike returned elevated silver values (not analyzed for gold) and a local float sample returned 5,890 g/t silver, 0.35 g/t gold, 0.17% copper, 8.6% lead, and 0.57% Zn (Fig. 1). The Canela Zone also remains open to the east and will be a high-priority follow-up target for the 2026 field season.

Figure 1. Map of the Plata Project showing the newly identified Canela Zone, which represents a ~1km x 450m wide ~ E-W trending area defined by strongly anomalous gold and silver values in soil samples. The Canela Zone is situated approximately 800m to the southeast of the high-grade gold- and silver-bearing Ajo Zone.

Figure 2. Regional map of the Plata Project showing the location of the newly identified Canela Zone relative to other major gold and silver showings in the area. Note: The QP has not independently verified the Rogue Mineral Resource Estimate (MRE) or drill results quoted in the image above.  The Rogue MRE is not necessarily indicative of mineralization on the property that is the subject of the disclosure.

Next Steps

The Company plans to report the remaining results from the 2025 summer work program at Plata in the coming days once they are compiled, analyzed, and interpreted. The Company will continue to review the new assay data in conjunction with historical drilling, soil and grab samples as well as leverage geophysical and structural data over the winter to prepare for follow-up fieldwork and expected drilling in 2026.

About Plata

Plata is located in east-central Yukon within the Tombstone Gold Belt and is a past producing high-grade silver property that produced about 290,000 ounces of silver from small-scale mining of high-grade veins that are exposed at surface (Carlson, G.G., 2010, “Technical Report Describing Exploration and Development at the Plata Project, located in the Mayo Mining District, East-Central Yukon”, report prepared for Platoro West Holdings Inc.).  Ore was mined and flown by fixed wing aircraft to Idaho for processing.  Historical exploration at Plata has primarily focused on the outcropping high-grade silver veins.  These are analogous to the rich Keno Hill Silver Mine in the Yukon, one of the highest-grade silver deposits in the world, now operated by Hecla Mining.  While the analogy to Keno Hill remains valid, the Company has continued to develop its understanding of Plata as part of a larger “Snowline-style” mineralized system.  Understanding how Plata might fit into a Reduced Intrusion Related Gold System (RIRGS) like Snowline Gold’s Rogue and Valley deposits adds the potential for a large gold deposit in addition to the high-grade silver vein potential.

QAQC

Soil samples were collected using soil augers and placed into labeled kraft paper bags that were tied shut. Soil pits were dug as deep as possible to achieve collecting material from the lower B and early C soil horizons. Sample locations were collected using field tablets with built-in GPS.

Rock samples were collected using geotools and rock hammers to break up rock material, which was then placed by hand into labeled plastic poly bags that were tied shut. Samples were labeled as either outcrop, subcrop, or float. All sample locations were marked with flagging tape containing the sample ID, and sampled locations were collected using field tablets with built-in GPS.

Sample preparation and multi-element analyses for rock and soil samples were carried out at ALS Minerals’ laboratories in Whitehorse, Yukon and North Vancouver, BC, respectively.  Each rock sample was dried and fine crushed to better than 70% passing 2 mm, and then a 250 g split was pulverized to better than 85% passing 75 microns.  Soil samples were dried to 60C and sieved to <180 um. The fine fraction was analyzed for 35 elements using aqua regia digestion with ICP-AES finish (ME-ICP41). For all samples, an additional 30 g charge was further analyzed for gold by fire assay with inductively coupled plasma and atomic emission spectroscopy finish (Au-ICP21).

Qualified Person

Technical information in this news release has been approved by Benjamin Kuzmich, P. Geo., who is a Qualified Person (QP) for the purpose of National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred⁽¹⁾ located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc⁽²⁾. The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002⁽³⁾. A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources, and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

⁽¹⁾ Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.

⁽²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

⁽³⁾ Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls on Zn-Pb-Silver Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.”²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

ON BEHALF OF THE BOARD

Chad Williams, Executive Chairman

Sonya Pekar
Investor Relations
[email protected] | +1 (647) 498-8244

For more information please visit our website www.honeybadgersilver.com

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 release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Toronto, Ontario, October 21, 2025 – Honey Badger Silver Inc. (TSXV: TUF | OTCQB: HBEIF) (“Honey Badger” or the “Company”) announces that Mr. Dorian L. (Dusty) Nicol has decided to pursue an alternative employment position that precludes him from serving on any other boards. He has thus resigned from the Company’s Board of Directors effective immediately. Mr. Nicol will continue to support the Company in a consulting capacity.

Mr. Nicol has been a valuable member of the Honey Badger team, contributing his extensive geological expertise and decades of industry experience to advance the Company’s technical programs.

The Company is pleased to announce the following appointments:

• Andrew Jedemann will assume the role of Vice President, Exploration.
  Andrew Jedemann is an accomplished geologist with over eight years of exploration experience in northwestern Ontario, specializing in gold, nickel-copper, and PGE deposits. He has led and implemented over 20,000 meters of drilling at Barrick’s Hemlo mine and contributed to new target generation in the Ring of Fire. Andrew holds an MSc from Lakehead University in partnership with the University of Tasmania (CODES), focused on early-stage porphyry and epithermal systems.
• Ben Kuzmich will serve as Qualified Person (QP) for Honey Badger Silver.
  Ben Kuzmich is a professional geologist with extensive exploration experience across Ontario, Manitoba, and the Yukon. He has led major drill programs, including a $20M campaign at Barrick’s Hemlo mine that improved underground head grade by 23%, and contributed to key discoveries such as the Little Wing occurrence at Lynn Lake. With advanced expertise in critical mineral and pegmatite systems, Ben holds an MSc from Lakehead University focused on Ontario’s Ring of Fire region.

The Company’s Executive Chairman, Chad Williams, commented, “We wish every possible success to Dusty in his future endeavours. I am very happy to promote Andrew and Ben to these positions. They have already been important drivers for many of our activities on our 7 silver projects. The claim expansion at Plata is a good example of the value they have added to Honey Badger. I have no doubt that they will continue to contribute greatly to our Company.”

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred⁽¹⁾ located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc⁽²⁾. The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002⁽³⁾. A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources, and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

⁽¹⁾ Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.

⁽²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

⁽³⁾ Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.”²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

ON BEHALF OF THE BOARD

Chad Williams, Executive Chairman

Sonya Pekar
Investor Relations
[email protected] | +1 (647) 498-8244

For more information please visit our website www.honeybadgersilver.com

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 release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Toronto, Ontario, October 16, 2025 – Honey Badger Silver Inc. (TSXV: TUF | OTCQB: HBEIF) (“Honey Badger” or the “Company”) is pleased to announce that the Company has staked yet another 1,546 ha of ground at its 100%-owned Plata project. This represents an 18% increase in the total claim package size. The Plata claim package was expanded earlier in 2025.

We are still awaiting assays from summer exploration work. Nevertheless, based on observations from that recent field program plus a thorough review of historical work on the original Plata claims, adding claims was deemed to be a high priority for the Company.

The new claims were staked to strategically buttress two geologically promising target areas that have important gold anomalies. High-grade gold in grab samples over 900m along the Plata Thrust were identified in work programs carried out by predecessor companies.  This potentially high-grade gold trend remains open in both directions.  The data review also identified a large, underexplored gold in soil anomaly which remains open in three directions.  The Plata Thrust has historically been the focus of exploration for high-grade silver.  The recognition of high-grade gold mineralization along the Plata Thrust makes it a significant gold target as well (figure 1).  With this new understanding, the underexplored and parallel Rogue Thrust represents a potential analog to the Plata Thrust and will also be a focus for future exploration.

Figure 1.

The Company’s Executive Chairman, Chad Williams, commented, “Honey Badger continues to identify new and exciting target areas at Plata.  This project has exceptional potential. We are particularly encouraged by the continuity of high-grade historical grab samples along the Plata Thrust which returned up to 78.3 g/t Au in outcrop as well as the potential for the Rogue Thrust to be an analog to the Plata Thrust. Additionally, a second zone of gold in soil has been identified and been traced for over 3 km and remains open in three directions. Of note, the Plata property is located adjacent to Snowline Gold’s (TSXV: SGD) Rogue property, which contains 7.94M oz Au (M&I) at a grade of 1.21 g/t Au and 0.89M oz Au (Inferred) at a grade of 0.62 g/t Au (see SGD news release dated May 15, 2025).”

Note: The QP has not independently verified the Rogue Mineral Resource Estimate (MRE) quoted above.  The Rogue MRE is not necessarily indicative of mineralization on the property that is the subject of the disclosure.

Figure 2.

Figure 3.

Next Steps:

Assays for numerous rock samples and soil samples collected earlier in the 2025 field season are expected imminently. Results of these assays will significantly aid in our new interpretation of Plata as comprising multiple gold-silver rich systems and are expected to generate drill targets before year-end.

About Plata

Plata is located in east-central Yukon within the Tombstone Gold Belt and is a past producing high-grade silver property that produced about 290,000 ounces of silver (Ag) from small-scale mining of high-grade veins that are exposed at surface (Carlson, G.G., 2010, “Technical Report Describing Exploration and Development at the Plata Project, located in the Mayo Mining District, East-Central Yukon”, report prepared for Platoro West Holdings Inc.).  Ore was mined and flown by fixed wing aircraft to Idaho for processing.  Historical exploration at Plata has primarily focused on the outcropping high-grade silver veins.  These are analogous to the rich Keno Hill Silver Mine in the Yukon, one of the highest-grade silver deposits in the world, now operated by Hecla Mining.  While the analogy to Keno Hill remains valid, the Company has continued to develop its understanding of Plata as part of a larger “Snowline-style” mineralized system.  Understanding how Plata might fit into a Reduced Intrusion Related Gold System (RIRGS) like Snowline Gold’s Rogue and Valley deposits adds the potential for a large gold deposit in addition to the high-grade silver vein potential.

Qualified Person

Technical information in this news release has been approved by Dorian L. (Dusty) Nicol (PG, FAusIMM), a director and technical advisor of the Company, who is a Qualified Person (QP) for the purpose of National Instrument 43-101.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred⁽¹⁾ located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc⁽²⁾. The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002⁽³⁾. A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources, and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

⁽¹⁾ Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.

⁽²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

⁽³⁾ Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.”²⁾ Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

ON BEHALF OF THE BOARD

Chad Williams, Executive Chairman

Sonya Pekar
Investor Relations
[email protected] | +1 (647) 498-8244

For more information please visit our website www.honeybadgersilver.com

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 release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

 Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Scottsdale, Arizona & Toronto, Ontario, October 14, 2025 | Honey Badger Silver Inc. (“Honey Badger” or the “Company”) (TSX-V: TUF; OTCQB: HBEIF), a Canadian silver-focused company, is pleased to announce that it has entered into a strategic partnership with Monetary Metals & Co., (“Monetary Metals”), the pioneer of gold and silver-denominated fixed-income investments.

This partnership represents a key advancement of Honey Badger’s strategy to build a multi-dimensional silver investment vehicle, following the Company’s creation of its 100%-owned subsidiary, Honey Badger Silver Royalty Inc. (“HBSR”), in November 2024.

Under the new partnership, Honey Badger will deploy silver earned from its future royalty and streaming portfolio into Monetary Metals’ silver lease and bond programs, earning additional yield in physical silver. This innovative approach enables Honey Badger to compound its silver exposure – own silver, earn silver, and reinvest it – while supporting the broader silver supply chain through productive deployment of metal.

“This partnership is the next logical step in executing our long-term vision,’ said Chad Williams, Executive Chairman & Interim CEO of Honey Badger. “In 2024, we launched Honey Badger Silver Royalty to highlight the inherent royalty value within our portfolio. Our collaboration with Monetary Metals builds on that foundation—transforming future silver income into a compounding source of additional silver yield. We believe this combination of value-adding activities on our existing 7 silver mineral deposits, royalty exposure, and physical silver income makes Honey Badger a truly unique vehicle for silver investors.”

Keith Weiner, Founder & CEO of Monetary Metals, added: “Our collaboration with Honey Badger is a one-two punch. They earn silver through royalties and streams. In the conventional approach, this silver is a dead asset. We make it productive and generate an income, in silver. Together, we are strengthening the precious metals ecosystem and eliminating the need to immediately sell metal.”

Through this partnership, Honey Badger becomes an active participant in Monetary Metals’ gold and silver yield marketplace, positioning the Company at the forefront of innovation in the silver royalty and streaming space.

About Honey Badger Silver Inc.

Honey Badger is a Canadian silver company with multiple projects in Northern Canada, including the Plata and Clear Lake silver projects in Yukon, the Sunrise Lake project in the Northwest Territories, and significant landholdings in the historic Nanisivik mine area in Nunavut. In addition to its project portfolio, Honey Badger is developing a growing pipeline of royalties, streaming agreements, and strategic silver investments. The Company is focused on building a portfolio that transforms silver revenue into long-term, income-generating assets.

More information is available at honeybadgersilver.com

Sonya Pekar
Investor Relations
[email protected] | +1 (647) 498-8244

About Monetary Metals & Co., Inc.

Monetary Metals operates the Gold (and Silver) Yield Marketplace®, enabling investors to earn yield paid in precious metals via leases and bonds that finance qualified firms in the metals sector. Since 2016, individuals and institutions around the world have been earning interest in gold and silver every month. For more information, visit www.monetary-metals.com.

Monetary Metals Contact

Dickson Buchanan Jr., Vice President, Marketing

Email: [email protected]

Phone: +1 (646) 653-9729

Press Inquiries: [email protected]