Toronto, Ontario, February 15, 2023 – Honey Badger Silver Inc. (TSXV: TUF) (“Honey Badger” or the “Company”) is pleased to announce the signing of a definitive agreement dated February 14, 2023 (on the amended terms previously announced by the Company in its news release dated January 11, 2023), in respect to the acquisition by the Company of the100% interest in the Cachinal De La Sierra Silver-Gold Project (the “Cachinal Project” or “Cachinal”) from Aftermath Silver Ltd. (“Aftermath”).  Cachinalis in northern Chile, in the mineral-rich Antofagasta region (Region II).

Brian Briggs, Interim CEO of Honey Badger stated, “The acquisition of Cachinal will be a valuable addition to our expanding portfolio of silver assets, offering a significant silver resource as well as exciting exploration potential and the possibility of near-term cash flow.  A presence in this mineral-rich and mining-friendly jurisdiction is expected to lead to further value-accretive opportunities for our shareholders.”

Rationale for Transaction:

The proposed acquisition of Cachinal by Honey Badger is expected to create significant shareholder value and deliver multiple benefits for Honey Badger shareholders:

• Aftermath has reported a resource estimate of 16.32 million ounces of silver in Indicated Resource(at 101 g/t silver for 5.05 million ounces of silver) and 2.48 million ounces of silver in Inferred Resource (at 145 g/t silver for 0.53 million ounces of silver). See below under the heading “Notes Regarding NI 43-101” for further details.
• There is the potential to generate near-term cash flow by providing ore to feed possible excess mill capacity at the nearby Guanaco gold-silver mine complex, 16 kilometers by road to the south of Cachinal.

The Cachinal acquisition marks an important milestone for Honey Badger, complementing its portfolio of high-grade, district-scale silver properties in the Yukon, as well as providing the opportunity for short-term cash flow and gaining the company a toehold in a mineral-rich region where there may be opportunities to unlock synergies with other industry players.

Transaction Terms:

• Consideration: The consideration payable to Aftermath for the acquisition by Honey Badger of the Cachinal Project will be comprised of the following: (a) an aggregate of 3,508,771 common shares of Honey Badger (“Honey Badger Shares”), at a deemed price per share of $0.285 (being C$1,000,000 in share consideration); (b) C$652,000 in cash payable at closing; and (c) additional cash payments as described below.
• Subsequent Payments: The additional cash payments will be made in three subsequent payments, as follows:
  • C$200,000 on or before by May 31^st, 2023
  • C$400,000 on or before March 31^st, 2024
  • C$400,000 on or before September 30^th, 2024

The additional cash payments will be evidenced by a promissory note issued at closing (the “Promissory Note”), and the obligations thereunder will be secured by a pledge over the shares of the Chilean entity which holds the Cachinal Project. The Promissory Note will provide Honey Badger with the option, subject to regulatory approval (including the approval of the TSX Venture Exchange), to satisfy payments by issuing additional Honey Badger Shares at a deemed price per share equal to the greater of: (a) the 30 trading-day volume weighted average price of the Honey Badger Shares on the TSXV (the “VWAP”); or (b) the maximum permitted discount permitted under the policies of the TSXV; provided that the Company will not be able to issue Honey Badger Shares in satisfaction of amounts owing if its 30 trading-day VWAP is less than C$0.05).

• Hold Period: In addition to any hold periods imposed by applicable securities laws, the Honey Badger Shares to be issued to Aftermath (including any additional Honey Badger Shares issued in satisfaction of amounts owing under the Promissory Note) will be subject to the following restrictions on transfer, subject to customary exceptions (the “Holding Period”): (i) 50% of the shares issued will be subject to transfer restrictions expiring six months and one day from the date of issuance, and (ii) the remaining 50% of the shares issued will be subject to transfer restrictions expiring on the one-year anniversary of the date of issuance. The foregoing restrictions will be set out in a lock-up agreement that the parties will enter into as part of closing, which will also include customary covenants regarding voting support and standstill during the lock-up period as well as limitations on dispositions following the expiry of the lock-up period.
• 1% NSR and Production Payments Royalty: In connection with the acquisition of the Cachinal Project, Honey Badger has agreed to grant Aftermath with a 1% net smelter returns royalty (with a complete buy-back option in favour of Honey Badger for C$8,500,000) as well as a production payments royalty upon commencement of commercial production at Cachinal, (payable, in cash or shares at Aftermath’s option (but subject to required regulatory approvals in respect of share payments), of C$0.50 per payable silver ounce produced at the Cachinal Project, until an aggregate of C$2,500,000 has been paid, at which point the production payments royalty will terminate.

Closing of the acquisition of the Cachinal Project remains subject to customary closing conditions for transactions of this nature, including approval by the TSX Venture Exchange.

Notes Regarding NI 43-101:

• For complete details on the Cachinal Mineral Resource estimate, please refer to the NI 43-101 technical report made pursuant to National Instrument 43-101 (“NI 43-101”) and entitled “Independent Technical Report for the Cachinal Silver-Gold Project, Region II, Chile”, by Qualified Persons G. Cole, (P.Geo) of SRK Consulting (Canada) Inc. and S. Alvarado Casas, of Geoinvest SAC E.I.R.L. (Chile), dated September 11, 2020 with an effective date of August 10, 2020, filed on the SEDAR profile of Aftermath Silver Ltd. at sedar.com (the “Cachinal Technical Report”).
• Dorian L. (Dusty) Nicol, RG, CG, FAusIMM, the Chief Operating Officer of the Company and a “Qualified Person” as defined in NI 43-101, has reviewed the Cachinal Technical Report on behalf of the Company and has approved the technical disclosure contained in this news release. To the best of the Company’s knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources, mineral reserves or results of a preliminary economic assessment in the Cachinal Technical Report inaccurate or misleading.
• Cachinal mineral resources were classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014).
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• All figures have been rounded to reflect the relative accuracy of the estimates.
• Cut-off grades are based on metal price assumptions of US$22.00 / ounce of silver and US$1,550 / ounce of gold, and metallurgical recoveries of 85% for both silver and gold using milling and cyanide leaching.
• The portion of the Mineral Resources that has been determined to be amenable to extraction through open-pit methods was reported to a cut-off of 30 g/t silver equivalent. The silver equivalent grade was calculated based on metals prices and metallurgical recoveries as noted above.
• The open-pit Mineral Resource is constrained within Lerchs-Grossman optimised pit shells that assume mining dilution & losses of 2.5%, 50-degree overall slope angles, mining costs of $2/t rock, general and administrative costs of $2/t rock, processing costs of US$15/t for processing using milling and cyanide leaching.
• The portion of the Mineral Resources deemed to be amenable to extraction throughunderground methods are reported at a cut-off of 150 g/t silver equivalent. This assumes a mining cost of US$90/t, general and administrative costs of $2/t and a processing costs of US$15/t. The silver equivalent grade was calculated based on metals prices and metallurgical recoveries as noted above.

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario, that is focused on the acquisition, development, and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With significant landholdings in southeast and south-central Yukon, including the Plata property 180 kms to the east of the Keno Hill silver district, as well as Ontario’s historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

ON BEHALF OF THE BOARD

Chad Williams, Director and Non-Executive Chair

For more information, please visit our website www.honeybadgersilver.com, or contact
Ms. Michelle Savella for Investor Relations | [email protected] | (604) 828-5886

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. Forward-looking information in this news release includes statements regarding: the structure and anticipated benefits of completing the acquisition of the Cachinal Project (including historical resource estimate and possible positive effects on cash-flow); the terms and conditions on which the acquisition will be completed; the approval of the TSXV regarding the acquisition of the Cachinal Project; and any other information herein that is not a historical fact may be “forward-looking information”. 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 that the conditions to completing the acquisition may not be met or waived; regulatory risks; 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.sedar.com) 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, February 8, 2023 – Honey Badger Silver Inc. (TSXV: TUF) (“Honey Badger” or the “Company”) is pleased to announce the appointment of Mr. Brian Briggs as the Company’s Interim Chief Executive Officer (CEO), effective immediately. Mr. Briggs replaces the Company’s outgoing President, Edmond Thorose.

Chad Williams, Non-executive Chairman stated, “I want to thank Edmond for his commitment and many contributions to the Company and we wish him the best in his future endeavours. I would also like to welcome Brian Briggs as our new Interim CEO. He brings a depth of experience that will be of great benefit to our Company and since he is already a Director of Honey Badger his transaction to Interim CEO will be expeditious.”

Mr. Briggs has significant expertise in managing social license and environmental issues including rehabilitation of brown fields locations and historic environmental impacts. He has been in many senior management roles including Managing Director, COO and numerous VPs and or Project Management positions in domestic and international organizations. He is a professional engineer (UT, CO & WY) with over 35 years of industry experience in both underground and surface mine operations holding a BS in Mining Engineering and MS in Agricultural engineering from the University of Wyoming. He is a sixth generation mining engineer in Colorado.

Mr. Briggs will be joined by Dorian L. (Dusty) Nicol as Chief Operating Officer and Yvan Gregoire as Vice President of Business Development for the Company.

Dusty Nicol has a B.Sc. degree in Earth Science from M.I.T. and an M.A. degree in geology from Indiana University.  Dusty has over 47 years of world-wide experience in minerals exploration and mining.  He has designed and managed successful exploration programs throughout North and South America, Africa, Russia and the Former Soviet Union, and Papua New Guinea.  He led the early work in Papua New Guinea which recognized the large mineralized system in the Eastern Highlands which eventually became the K92 gold deposit.  He has also designed and managed generative gold exploration programs in Africa and Europe.  Dusty has also efficiently managed due diligence of mining projects at every stage of exploration, development, and production.  In addition to his exploration experience, he has managed the construction, development, and operation of open pit and underground gold mines and processing plants in Nevada and Mexico. Dusty has held senior corporate positions on several publicly listed companies and is currently CEO of Blue Thunder Mining Inc.  Dusty speaks six languages fluently and is a QP (NI 43-101), CP (JORC), Registered Geologist, and Chartered Geologist.

Yvan Grégoire is an asset management professional with over 30 years’ experience, first at a leading Canadian Bank and then, from 2008, as President of a boutique money management firm serving high net worth individuals, with offices in both Toronto and Montreal. Yvan graduated in Physics Engineering from Laval University in 1985 and was awarded the Charter Financial Analyst designation (CFA) in 1995.

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development, and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With significant land holdings in southeast and south-central Yukon, including the Plata property 180 kms to the east of the Keno Hill silver district, as well as Ontario’s historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

ON BEHALF OF THE BOARD

Chad Williams, Director and Non-Executive Chair

For more information, please visit our website www.honeybadgersilver.com, or contact
Ms. Michelle Savella for Investor Relations | [email protected] | (604) 828-5886

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.

TORONTO, January 11, 2023 (GLOBE NEWSWIRE) – Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger” or the “Company”) is pleased to announce certain constructive amendmentsto thepreviously announced (see the Company’s news release dated June 10, 2022) non‑binding term sheet (the “Term Sheet”) signed onJune 9, 2022, with Aftermath Silver Ltd. (“Aftermath”), with regards to the potential acquisition by the Company of a 100% interest in the Cachinal De La Sierra Silver-Gold Project (the “Cachinal Project” or “Cachinal”), located in the Cachinal de la Sierra area in Chile’s Antofagasta region (Region II), from Aftermath.

In connection with the amendments to the Term Sheet, the exclusivity period has been extended by the parties to enter into definitive documentation relating to the proposed acquisition of the Cachinal Project to February 15, 2023. Except as summarized below, all other terms remain the same as was originally set out in the Term Sheet and disclosed in the Company’s June 10, 2022 announcement.

Chad Williams, the Company’s Non-Executive Chairman and Director, commented, “We are pleased with the modifications to the non-binding term sheet with Aftermath relating to the acquisition of Cachinal,and we extend our thanks to Aftermath for their commitment to constructive negotiationsand what we expect will be a mutually beneficial transaction. We look forward to finalizing the definitive agreement in the coming weeks and, if definitive documentation is executed, we expect the transaction to close in a timely manner thereafter, subject to regulatory approval and satisfaction or waiver, as applicable, of customary closing conditions.”

Rationale for Transaction

The proposed acquisition of Cachinal by Honey Badger is expected to create significant shareholder value and deliver multiple benefits for Honey Badger shareholders, namely:

• Adds NI 43-101 compliant 16.39 million ounces silver in the Indicated category and 2.48 million ounces silver in the Inferred category⁽¹⁾
• Accretive transaction with an expected acquisition cost of $0.27/oz of silver, providing shareholders with significant leverage to increasing silver prices
• Excellent potential for material resource growth at depth targeting high-grade feeder structures
• Potential to unlock local synergies with industry players and generate near-term cash flows by leveraging possible excess mill capacity at the nearby Guanaco gold-silver mine complex, just 16 road kilometers to the south of Cachinal.

The Cachinal acquisition, if completed, would mark an important milestone for Honey Badger, as it is expected to meaningfully expand the Company’s silver resource base, complementing its portfolio of high-grade, district scale silver properties in the Yukon.

Amended Payment Terms:

• At closing, it is expected that Honey Badger will issue common shares to Aftermath having a value of C$1,000,000 at a deemed price per share equal to the greater of: (a) a minimum share price of C$0.05 per share⁽²⁾; or (b) at the volume weighted average price (“VWAP”) of Honey Badger’s common shares trading on the TSX Venture Exchange (the “TSXV”) for a period of thirty (30) days immediately preceding the closing; or (c) the maximum discounted price allowed under the policies of the TSXV. This represents approximately 10% of Honey Badger’s shares outstanding post-transaction, if shares are issued at C$0.05/share. In addition, Honey Badger is expected to pay C$652,000 in cash on closing.
• Additional cash payments are expected to be made in three subsequent payments, with Honey Badger expected to have the option to satisfy such payments in cash or by the issuance of additional common shares ata deemed price per share equal to the greater of (a) a minimum share price of C$0.05 per share⁽²⁾; or (b) at the volume weighted average price (“VWAP”) of Honey Badger’s common shares trading on the TSX Venture Exchange (the “TSXV”) for a period of thirty (30) days immediately preceding the date on which the payment is due; or (c) the maximum permitted discount to “market price” under the policies of the TSXV. The subsequent cash payments are expected to be as follows:
  • C$200,000 by May 31^st, 2023
  • C$400,000 by March 31, 2024
  • C$400,000 by September 31, 2024
• Hold Period: In addition to any hold periods imposed by applicable securities laws, the shares of Honey Badger to be issued to Aftermath (the “Consideration Shares”) are expected to be subject to the following restrictions on transfer, subject to customary exceptions (the “Holding Period”): (i) 50% of the number of the shares issued as part of the share consideration shall have a contractual hold period expiring six months and one day from the date of issuance, and (ii) the remaining 50% of the shares issued as part of the share consideration shall have a contractual hold period expiring twelve-months and one day from the date of issuance. The foregoing restrictions will be set out in a lock-up agreement that the parties will enter into as part of closing, which will include customary covenants regarding dealings with the Consideration Shares subject to the Holding Period, including: (i) voting support and standstill covenants during the period in which Consideration Shares are subject to the Holding Period; and (ii) limiting the number of shares that may be sold following the expiry of the Holding Period, in each case on reasonable terms and conditions agreed by the parties, each acting reasonably.
• It is expected that, upon commencement of commercial production at Cachinal, Honey Badger shall pay, in cash or shares at Aftermath’s option, C$0.50 per payable silver ounce produced at the Cachinal Project, capped at C$2,500,000 in payments.

The proposed acquisition of the Cachinal Project remains subject to negotiation and finalization of definitive documentation and, if definitive documentation is entered into, the completion of the transaction will be subject to customary closing conditions for transactions of this nature. The transaction (including any issuance of common shares of the Company resulting therefrom) will also be subject to approval by the TSX Venture Exchange. No assurance can be given that the parties will enter into definitive documentation relating to the acquisition of the Cachinal Project, or that the terms of such transaction may not be further revised, or if definitive documentation in respect of a transaction is entered into by the parties, that the transaction will be completed in the manner anticipated by the parties, or at all.

Notes:

• Notes on the Cachinal Mineral Resource Estimate:

 

• For complete details on the Cachinal Mineral Resource estimate, please refer to the NI 43-101 technical report titled “Independent Technical Report for the Cachinal Silver-Gold Project, Region II, Chile”, by Qualified Persons G. Cole, (P.Geo) of SRK Consulting (Canada) Inc. and S. Alvarado Casas, of Geoinvest SAC E.I.R.L. (Chile), dated September 11, 2020 with an effective date of August 10, 2020, filed on the Aftermath Silver SEDAR profile.
• Cachinal mineral resources were classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014).
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• All figures have been rounded to reflect the relative accuracy of the estimates.
• Cut-off grades are based on metal price assumptions of US$22.00 / ounce of silver and US$1,550 / ounce of gold, and metallurgical recoveries of 85% for both silver and gold using milling and cyanide leaching.
• The portion of the Mineral Resources that has been determined to be amenable to extraction through open-pit methods was reported to a cut-off of 30 g/t silver equivalent.
• The open-pit Mineral Resource is constrained within Lerchs-Grossman optimised pit shells that assume mining dilution & losses of 2.5%, 50-degree overall slope angles, mining costs of $2/t rock, general and administrative costs of $2/t rock, processing costs of US$15/t for processing using milling and cyanide leaching.
• The portion of the Mineral Resources deemed to be amenable to extraction through underground methods are reported at a cut-off of 150 g/t silver equivalent. This assumes a mining cost of US$90/t, general and administrative costs of $2/t and a processing costs of US$15/t.

 

• The deemed price per share shown is based on a pre-consolidated basis in reference to Honey Badger’s proposed share consolidation announced on December 16, 2022 (the “Consolidation”). If the closing occurs after the effectiveness of the Consolidation, then the deemed price per share at which the closing share consideration will be issued will be adjusted accordingly.

 

ON BEHALF OF THE BOARD
Chad Williams
Director and Non-Executive Chair

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With advanced projects in the southeast and south-central Yukon including the Plata property 180 kms to the east of the Keno Hill silver district, and a dominant land position in Ontario’s historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

For more information, please visit our website above, or contact:
Mr. Ed Thorose: [email protected]
President

(647) 278-5160

 

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. The information in this news release and any other information herein that is not a historic fact may be “forward-looking information”. Forward-looking information are often identified by terms such as “may”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends”, “expects”, and similar expressions which are intended to identify forward-looking information as such. More particularly and without limitation, this news release contains forward-looking information concerning the proposed acquisition by the Company of the Cachinal Project, the proposed amended consideration of such acquisition, and the ability of the parties thereto to complete the negotiation of definitive documentation and consummate the proposed transaction on the terms and timelines anticipated. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company cautions that all forward-looking information is inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including: risks relating to failing to negotiate the definitive documentation concerning the proposed acquisition of Cachinal on the terms expected or at all; risks relating to inability to secure necessary third-party consents or regulatory or other governmental approvals on a timely basis, or at all; general political risks and risks relating to changing laws, risks inherent with uncertain economic conditions, among other risks and uncertainties. Accordingly, the reader is cautioned not to place undue reliance on any forward-looking information contained in this news release. The forward-looking information contained in this news release are made as of the date hereof, and 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 16, 2022 – Honey Badger Silver Inc. (TSXV: TUF) (“Honey Badger” or the “Company”) is pleased to announce the voting results from the Company’s Annual General and Special Meeting of Shareholders held virtually on December 15, 2022.

 

Shareholders voted in favour of all matters brought before the meeting as follows:

• Re-appointment of the current directors of the Company for the ensuing year: Chad Williams, Brian Briggs, Doug Eaton and John H. Hill;
• Appointment of Jones & O’Connell LLP as the auditors of the Company for the ensuing year,and authorizing the Company’s directors to fix their remuneration;
• Re-approval of the 10% rolling stock option plan, in accordance with stock exchange rules;
• Approval of the amendment to the Articles of the Corporationto consolidate theissued and outstanding common shares on the basis of 1 new common share for every 5.7 old      common shares of the Corporation, subject to TSX-V approval.

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With a significant land position inOntario’s historic Thunder Bay Silver District and advanced projects in southeast and south-central Yukon, including the Plata property 180 kms to the east of the Keno Hill silver district, Honey Badger Silver is positioning to be a top-tier silver company.

ON BEHALF OF THE BOARD

Chad Williams, Director and Non-Executive Chair

 

For more information, please visit our website above, or contact:

 

Ms. Christina Slater: [email protected]

(647) 848-1009

 

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 Statements

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. The information in this news release about the closing of the Offering (if at all); the demand for Units (if any); the use of proceeds of the Offering; the approval of the TSX Venture Exchange relating to the Offering; and any other information herein that is not a historical fact may be “forward-looking information”. 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 Silver 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, 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.sedar.com) under Honey Badger Silver’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 15, 2022 – Honey Badger Silver Inc. (TSXV: TUF) (“Honey Badger” or the “Company”) announces details of its proposal to consolidate all of the issued and outstanding Common Shares of the Company on the basis of one(1) New Common Share for every 5.7 old Common Shares (the “Consolidation”), subject to the approval of shareholders at the upcoming meeting of shareholders to take place on December 15, 2022,as well as TSXV approval.

 

With currently 177,688,639 Common Shares issued and outstanding in the share capital of the Corporation, on a post-Consolidation basis the Company shall have approximately 31,173,445 Common Shares issued and outstanding. The purpose of the Consolidation is to adjust the number of outstanding common shares to levels that are better aligned with companies of Honey Badger Silver’s valuation and scope,with the potential to provide additional trading liquidity to investors.

The Consolidation will not materially affect the percentage ownership a shareholder has in the Corporation,nor impact on the respective voting rights and privileges.  It simply increases a shareholder’s per share value proportionately through a reduction in the number of issued and outstanding shares.The name of the Company will remain unchanged after the Consolidation.

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With advanced projects in southeast and south-central Yukon and a significant land position in Ontario’s historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

ON BEHALF OF THE BOARD

Chad Williams,

Non-Executive Chairman and Director

 

Honey Badger Silver Inc.

401 Bay Street, Suite 2704,

P.O. Box 4, Toronto, Ontario, M5H 2Y4

 

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 Statements

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. The information in this news release about the closing of the Offering (if at all); the demand for Units (if any); the use of proceeds of the Offering; the approval of the TSX Venture Exchange relating to the Offering; and any other information herein that is not a historical fact may be “forward-looking information”. 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 Silver 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, 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.sedar.com) under Honey Badger Silver’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, October 6, 2022.  Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger” or the “Company”) is pleased to announce completion of a summer work program at its wholly-owned Groundhog property in the Yukon. Groundhog is one of three high-grade silver projects acquired by Honey Badger in June of 2021,along with Plata and Hy,that is well situated and displays favourable geology analogous to nearby past producing mines.  The Company engaged Archer, Cathro& Associates (1981) Limited, the established leader in Yukon mineral discoveries, to oversee the work program.

The Company is also pleased to report it has received a maximum $22,800 grant allowed under the Yukon Mineral Exploration Program (YMEP) towards funding the Groundhog 2022 program.

Highlights:

• 4,200-hectarewholly-owned property hosting 18 silver-lead-zinc showings;
• Results pending on49 rock samples and 488 soil samples collected;
• Past rock samples grading up to 13,028 g/t silver, 85% lead, 4.46% zinc and 3.73% copper;

• Road accessible – 10 kmeast of the South Canol Highway and 30 kmwest of the formerKetza Gold Mine.

Ed Thorose, President of Honey Badger stated, “This year’s program at Groundhog was designed to extend the findings of past explorers. While previous work at Groundhog focused on silver in high-grade galena veins, the potential for larger scale precious and base metal mineralization has not been evaluated. We look forward to having these highly prospective targets advanced while continuing to assess new opportunities within this substantial land package”.

Mr. Thorose added, “We are also very appreciative to receive the support and confidence of the Yukon Government and Geological Survey for providing us with funding assistance.”

2022 Groundhog Program Overview

The 2022 work program at Groundhog comprised soil sampling and detailed structural and lithological mapping of previously identified showings to understand their extents, character, and structural/stratigraphic relationships relative to each other. The program was completed by a crew of four people from a tent camp.

In all, 49 rock samples, including 11 chip samples were collected from seven showings on the property. In addition, 488 soil geochemical samples were collected on 4 soil grids in the western and south-western parts of the property in areas lacking coverage.

Assay results from the rock and channel sampling program are pending and will be released once they have been received and analyzed by the Company.

Technical information in this news release has been approved by Heather Burrell, P.Geo., asenior geologist with Archer, Cathro& Associates (1981) Limited and qualified person for thepurpose of National Instrument 43-101.

ON BEHALF OF THE BOARD
Chad Williams
Director and Non-Executive Chair

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With a dominant land position in Ontario’s historic Thunder Bay Silver District and advanced projects in the southeast and south-central Yukon including the Plata property 180 kms to the east of the Keno Hill silver district, Honey Badger Silver is positioning to be a top-tier silver company.

For more information, please visit our website above, or contact:
Ms. Christina Slater: [email protected]
(647) 848-1009

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. The information in this news release and any other information herein that is not a historic fact may be “forward-looking information”. Forward-looking information are often identified by terms such as “may”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends”, “expects”, and similar expressions which are intended to identify forward-looking information as such. More particularly and without limitation, this news release contains forward-looking information concerning the proposed acquisition by the Company of the Cachinal Project, the proposed consideration and structure of such acquisition (including the mutual break fee payable in certain circumstances), and the ability of the parties thereto to complete the proposed transaction on the terms and timelines agreed. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company cautions that all forward-looking information is inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including: risks relating to failing to negotiate the definitive documentation concerning the proposed acquisition of Cachinal on the terms expected or at all; risks relating to the potential payment of the break fee in certain circumstances; risks relating to inability to secure necessary third-party consents or regulatory or other governmental approvals on a timely basis, or at all; general political risks and risks relating to changing laws, risks inherent with uncertain economic conditions, among other risks and uncertainties. Accordingly, the reader is cautioned not to place undue reliance on any forward-looking information contained in this news release. The forward-looking information contained in this news release are made as of the date hereof, and 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, August 18, 2022 (GLOBE NEWSWIRE) – Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger” or the “Company”) is pleased to announce that further to the Company’s news release dated June 10, 2022, it is on track to acquire 100% interest in the Cachinal De La Sierra Silver-Gold Project (“Cachinal” or the“Project”), located in the Cachinal de la Sierra area in Chile’s Antofagasta Region II, from Aftermath Silver Ltd. (“Aftermath”).

Chad Williams, the Company’s Director and Non-Executive Chair commented, “Honey Badger’s technical team is concluding its due diligence process and we are now aiming to finalize the definitive agreement with Aftermath. We expect the transaction to close inSeptember, subject to regulatory and TSX Venture Exchange approval.”

Honey Badger and Aftermath have also mutually agreed to extend the non-binding Term Sheet and exclusivity end date to September 30, 2022, from August 15^th, 2022.

ON BEHALF OF THE BOARD
Chad Williams
Director and Non-Executive Chair

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, developmentand integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With advanced projects in the southeast and south-central Yukon including the Plata property 180 kms to the east of the Keno Hill silver district, and a dominant land position in Ontario’s historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

For more information, please visit our website above, or contact:
Ms. Christina Slater: [email protected]
(647) 848-1009

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. The information in this news release and any other information herein that is not a historic fact may be “forward-looking information”. Forward-looking information are often identified by terms such as “may”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends”, “expects”, and similar expressions which are intended to identify forward-looking information as such. More particularly and without limitation, this news release contains forward-looking information concerning the proposed acquisition by the Company of the Cachinal Project, the proposed consideration and structure of such acquisition (including the mutual break fee payable in certain circumstances), and the ability of the parties thereto to complete the proposed transaction on the terms and timelines agreed. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company cautions that all forward-looking information is inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including: risks relating to failing to negotiate the definitive documentation concerning the proposed acquisition of Cachinal on the terms expected or at all; risks relating to the potential payment of the break fee in certain circumstances; risks relating to inability to secure necessary third-party consents or regulatory or other governmental approvals on a timely basis, or at all; general political risks and risks relating to changing laws, risks inherent with uncertain economic conditions, among other risks and uncertainties. Accordingly, the reader is cautioned not to place undue reliance on any forward-looking information contained in this news release. The forward-looking information contained in this news release are made as of the date hereof, and 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.

 

 

 

Honey Badger toAcquire 100% of the CachinalSilver-GoldProject in Chile, with 16.3 Million Ounces of Indicated and 2.5 Million Ounces of Inferred Silver Resources

Toronto, Ontario – June 13, 2022 – Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger” or the “Company”) is pleased to announce that it has entered into a non-binding term sheet (the “Term Sheet”) to acquirefrom Aftermath Silver Ltd. (“Aftermath”) its100% interest in the Cachinal De La Sierra Silver-Gold Project (the “Cachinal Project” or “Cachinal”), located in the Cachinal de la Sierra areain Chile’s Antofagasta region(Region II).  The proposed transaction includes an exclusivity period that ends on August 15, 2022.  Honey Badger and Aftermath are working diligently to finalize a definitive agreement on or before this date. 

Cachinal Project Highlights

• Open-pitIndicated Resource of 15.03 Mozof silver grading 97 g/t of silver and 20.05Koz of gold grading 0.13 g/t gold;
• Open-pit Inferred Resource of 0.41 Mozof silver grading 73 g/t of silver and 0.43Koz of gold grading 0.07 g/t gold;
• Underground Indicated Resource of 1.29 Moz of silver grading 182 g/t of silver and 1.65Koz of gold grading 0.22 g/t gold;
• Underground Inferred Resource of 2.07 Moz of silver grading 180 g/t of silver and 2.18Koz of gold grading 0.19 g/t gold;
• Proximity to Austral Gold Limited’s (“Austral Gold”) operating Guanaco Mine and Mill complex, located just 16 kmto the south;
• Good potential to confirm and incrementally expand existing resources and discover additional mineralization on the property and in the region. 

The mineral resource was independently prepared by SRK Consulting (Canada) Inc. in a technical report filed on Aftermath’s SEDAR profile at www.sedar.com, with an effective date of August 10, 2020 and prepared in accordance with National Instrument 43-101 – Standards ofDisclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”).

Chad Williams, Director and Non-Executive Chair of Honey Badger stated, “We are very pleased to announce a further accretive addition to our growing portfolioof silver assets.  Cachinal isa significant known silver resource located in a favorable jurisdiction.  Moreover, its proximity to Austral’s Guanaco mine and mill complex may offer substantial synergies to advancing Cachinal to production in a timely manner. We believe Cachinalwill be transformational for Honey Badger.

We were also greatly encouraged and inspired by arecent speechdelivered byH.E. Gabriel Boric, President of the Republic of Chile, at an event hosted by the Canadian Council for the Americas. During this event, Mr. Boric strongly signalled his commitment to property rights, and the rule of lawin addition to welcoming direct foreign investment.  Chile’s long-standingpartnership with Canada to generate economic growth and jobs for all was reiterated in meetings with Prime Minister Trudeau during his visit.”

Transaction Summary

The Term Sheetcontemplates that Honey Badgeror anaffiliate will acquire all of the issued and outstandingshares of Minera Cachinal S.A., a wholly-owned subsidiary of Aftermath,according to the following terms:

• Share Payment: C$1,000,000in sharesof Honey Badger payable at closingand priced atthe greater of: (i) the volume weighted average share price of the Honey Badger common shares on the TSXV for a period of thirty (30) trading days immediately preceding the date of announcement of the transaction and (ii) the maximum discounted price allowed under the policies of the TSXV.
• Cash Payments: a)C$400,000 payable at closing, b) C$452,000 six months after closing, c)C$400,000 on May 21, 2023 and d) C$400,000 eighteen months after closing.
• Royalty: Honey Badger shall grant a 1% Net Smelter Return Royalty with a complete buyback option at Honey Badger’s sole discretion for a purchase price of C$8,500,000;
• Production Payments: Upon commencement of commercial production, Honey Badger shall pay in cash or shares at Aftermath’s option, C$0.50 per payable silver ounce produced at the Cachinal Project, capped at C$2,000,000 in payments.

The detailed terms and conditions of the proposed transaction will be set out in definitive documentation to be negotiated between the parties, which will contain customary representations, warranties and covenants of the parties as well as customary indemnities and closing conditions. There can be no assurance that the proposed transaction will be completed on the terms contemplated, or at all. Readers are referred to the section below entitled: “Cautionary Note Regarding Forward-Looking Information”.

While the Term Sheet is non-binding, the parties have agreed to a mutual break fee of C$250,000 in the event a definitive agreement is not entered into prior to the expiry of the exclusivity period due to a party’s action or inaction, subject to certain exceptions outside the control of the parties. The proposed transaction will be subject to regulatory approval, including the approval of the TSX Venture Exchange (the “TSXV”).

CachinalAsset Overview

Cachinal is a low-sulphidation epithermal deposit located in the Paleocene Gold Belt of northern Chile, which hosts several significant gold and silver deposits, including Yamana Gold’s El Penon Low Sulfidation Epithermal gold–silver mine and Austral Gold’s Guanaco gold-silver mine-complex, just 16 kilometers to the south. Shallow drilling at Cachinalhas defined the current mineral resources principally to a depth of 150 metres below surface and provides sufficient evidence to interpret the presence of high-grade shoots within the vein system extending below the base of a potential open pit.

Cachinal Location

The Cachinal silver-gold project is located in Chile’s Antofagasta region(Region II). The project is located about 40 kmeast of the Pan AmericanHighway, in a nearly flat plain at an elevation of around 2,700 metres above sealevel, 16 km north of Austral Gold’s Guanaco gold-silver mine and mill complex.

CachinalNI 43-101 Resource Estimate

The CachinalMineral Resource was documented in a technical report prepared following theguidelines of NI 43-101 and Form 43-101F1, and in conformity with the generally accepted CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” (2019) by SRK Consulting (Canada) Inc.,authored by independent qualified persons Glen Cole,P.Geoof SRK Consulting, and Sergio Alvarado Casas, CMC of Geoinvest SAC E.I.R.L. (Chile), on behalf of Aftermath Silver Ltd., with an effective date of August 10, 2020.

RESOURCE Classification	material type	tonnes (mt)	silver (g/t)	gold (g/t)	silver (moz)	gold (Koz)
Indicated	Open Pit	4.83	97	0.13	15.03	20.05
Underground	0.22	182	0.22	1.29	1.65
TOTAL	5.05	101	0.13	16.32	21.70
Inferred	Open Pit	0.17	73	0.07	0.41	0.43
Underground	0.36	180	0.19	2.07	2.18
TOTAL	0.53	145	0.15	2.48	2.61

Notes on the Cachinal Mineral Resource Estimate:

• For completedetails on the Cachinal Mineral Resource estimate, please refer to the NI 43-101 technical report titled “Independent Technical Report for the Cachinal Silver-Gold Project, Region II, Chile”, by Qualified Persons G. Cole, (P.Geo) of SRK Consulting (Canada) Inc. and S. Alvarado Casas, of Geoinvest SAC E.I.R.L. (Chile), dated September 11, 2020 with an effective date of August 10, 2020, filed on the Aftermath Silver SEDAR profile.
• Cachinal mineral resources were classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014).
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• All figures have been rounded to reflect the relative accuracy of the estimates.
• Cut-off grades are based on metal price assumptions of US$22.00 / ounce of silver and US$1,550 / ounce of gold, and metallurgical recoveries of 85% for both silver and gold using milling and cyanide leaching.
• The portion of the Mineral Resources that has been determined to be amenable to extraction through open-pit methods was reported to a cut-off of 30 g/t silver equivalent.
• The open-pit Mineral Resource is constrained within Lerchs-Grossman optimised pit shells that assume mining dilution & losses of 2.5%, 50-degree overall slope angles, mining costs of $2/t rock, general and administrative costs of $2/t rock, processing costs of US$15/t for processing using milling and cyanide leaching.
• The portion of the Mineral Resources deemed to be amenable to extraction through underground methods are reported at a cut-off of 150 g/t silver equivalent. This assumes a mining cost of US$90/t, general and administrative costs of $2/t and a processing costs of US$15/t.

Past Work at Cachinal

The Cachinal deposit was mined from underground workings during the 20th century. Drilling by previous owners of the project since 2005 has delineated near-surface silver mineralization associated with a network of steeply dipping, north-to-northwest trending low-sulphide quartz veins.

The epithermal veins and breccias have been recognized by trenching and drilling over a strike length of at least 2 kilometers and are known to have been mined to a depth of at least 300meters. They range in thickness from a few centimetres to 2meters, reaching up to 20meters locally at the intersection of two structures. The main veins trend north-northwest and northwest with a secondary set trending east-northeast to east-west, best developed at the southern end of the deposit.

Technical information in this news release has been approved by Glen Cole, P.Geo., a Principal Consultant (Resource Geology) with SRK Consulting (Canada) Inc. and qualified person for the purposes of National Instrument 43-101.

ON BEHALF OF THE BOARD

Chad Williams

Director and Non-Executive Chair

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With a dominant land position in Ontario’s historic Thunder Bay Silver District and advanced projects in the southeast and south-central Yukon including the Plata property 180 kms to the east of the Keno Hill silver district, Honey Badger Silver is positioning to be a top-tier silver company.

For more information, please visit our website above, or contact: 

Ms. Christina Slater:  [email protected]

(647) 848-1009

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.  The information in this news release and any other information herein that is not a historic fact may be “forward-looking information”. Forward-looking information are often identified by terms such as “may”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends”, “expects”, and similar expressions which are intended to identify forward-looking information as such. More particularly and without limitation, this news release contains forward-looking information concerning the proposed acquisition by the Company of the Cachinal Project, the proposed consideration and structure of such acquisition (including the mutual break fee payable in certain circumstances), and the ability of the parties thereto to complete the proposed transaction on the terms and timelines agreed.  Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company cautions that all forward-looking information is inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including: risks relating to failing to negotiate the definitive documentation concerning the proposed acquisition of Cachinal on the terms expected or at all; risks relating to the potential payment of the break fee in certain circumstances; risks relating to inability to secure necessary third-party consents or regulatory or other governmental approvals on a timely basis, or at all; general political risks and risks relating to changing laws, risks inherent with uncertain economic conditions, among other risks and uncertainties. Accordingly, the reader is cautioned not to place undue reliance on any forward-looking information contained in this news release. The forward-looking information contained in this news release are made as of the date hereof, and 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 – May 16, 2022 – Honey Badger Silver Inc. (TSX-V: TUF) (OTCQB: HBEIF) (“Honey Badger” or the “Company”) is pleased to announce that it has received a 10-year Class 3 Quartz Mining Land Use Approval (“Land Use Approval”) from the Yukon Government for its high-grade Plata Silver Property (“Plata”) located in east-central Yukon.

The Land Use Approval allows Honey Badger to perform ground exploration activities that allow for up to 300 diamond drill and 300 reverse circulation holes, each for a total length of 30,000 metres, significant trenching and bulk sampling, as well as road construction, as required, to define areas of mineralization on the property.

Chad Williams, Chairman of Honey Badger stated, “Plata has produced high-grade silver from small-scale mining in the past and currently hosts 32 showings⁽¹⁾, many of which have returned high-grade silver, lead and zinc values, from drilling and trenching. We are looking forward to unlocking the extraordinary potential we believe Plata possesses.”  

Technical information in this news release has been approved by Heather Burrell, P.Geo., a senior geologist with Archer Cathro and qualified person for the purpose of National Instrument 43-101.

Notes: ⁽¹⁾Assessment Report Describing Compilation and Digitization of Historical Data of the Plata Property, prepared by Archer, Cathro & Associates (1981) Limited for Strategic Metals Ltd., J. Morton, P. Geo., June 2020

For more information, please visit our website above, or contact:

Christina Slater: [email protected]

(647) 848-1009

https://honeybadgersilver.com

ON BEHALF OF THE BOARD

Chad Williams

Chairman and Director

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian silver company based in Toronto, Ontario focused on the acquisition, development and integration of accretive transactions of silver ounces. The Company is led by a highly- experienced leadership team with a track record of value creation, backed by a skilled technical team. With a dominant land position in Ontario’s historic Thunder Bay Silver District and advanced projects in the southeast and south-central Yukon including the Plata property 180 kms to the east of the Keno Hill silver district, Honey Badger is positioning to be a top-tier silver company.

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. The information in this news release and any other information herein that is not a historical fact may be “forward-looking information”.

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.