Honey Badger Files Third Quarter 2020 Financial Results, Provides 2021 Outlook

November 30, 2020

Toronto, Ontario – November 30, 2020 – Honey Badger Silver Inc. (TSXV: TUF) (“Honey Badger” or the “Company”) announces that it has filed its Consolidated Unaudited Financial Statements and Management Discussion and Analysis for the third quarter ended September 30, 2020, which are available under the company’s issuer profile on SEDAR at www.sedar.com.

The Company also advises that, further to its press release dated October 1, 2020, the TSX Venture Exchange (“TSXV”)  approved the Company’s proposed name change to “Honey Badger Silver Inc.” effective November 20, 2020 pursuant to the shareholder’s approval  received at the Company’s annual general meeting on September 30, 2020 (“AGM”).

Mr. Baer, Chief Executive Officer, commented, “The Company’s name change and the recent management restructure reflect our new strategic direction and intent to create value for shareholders by acquiring accretive silver ounces in the Americas. We believe that the current economic environment is conducive to a robust silver price over the next few years.”

Third Quarter Ended September 30, 2020, Principal Highlights

The Company closed a non-brokered private placement offering of securities on August 21, 2020, for total gross proceeds of $500,000. The private placement consisted of an offering of units (the “Units”) of the Company at a price of $0.04 per Unit, with each Unit comprised of one common share (a “Share”) of the Company and one Share purchase warrant (a “Warrant”) with each Warrant being exercisable to acquire one Share at a price of $0.05 per Share for a period of 24 months. The financing was supported by third parties committed to the furthering the Company’s new strategic outlook. At Quarter-end, the Company had cash and cash equivalents of $537,066.

At the AGM, the shareholders of the Company voted in favour of a resolution re-approving the Company’s stock option plan in accordance with the policies of the TSXV. As well, approval was obtained for the creation of a new “control person” within the meaning of applicable TSXV policies. Mr. Chad Williams is now deemed to be a “control person” on account of the Company’s private placement financing described above. At the Meeting, shareholders duly elected the proposed nominees to be directors of the Company; namely, Chad Williams, Chad Gilfillan and Eduardo Baer, to hold office until the next annual meeting of shareholders and spearhead the company’s prosperity by collectively directing the company’s affairs, while meeting the appropriate interests of its shareholders and relevant stakeholders under its proposed new outlook.

2021 Outlook and Strategic Shift

With decades of experience in capital markets, business development and strategic planning in the mining sector, incoming management will seek to leverage long-standing relationships in the mining industry to pursue an aggressive growth strategy via the acquisition of silver-driven assets. Toward this end, the Company has been evaluating a number of silver streaming and royalty opportunities as well as silver projects in various stages of development in North and South America, including in jurisdictions where management’s local professional networks and knowledge can be brought to bear.

Thunder Bay Claims, Ontario

A thorough review of the Company’s Thunder Bay Silver Project, within the prolific historic Thunder Bay Silver District, was completed by the present management team. The Company’s properties in the district were reduced in 2020 from 37,800 hectares to 16,800 hectares to decrease property holding costs. We note that the most prospective portions of the Thunder Bay Silver Project have been preserved, most notably claims covering 12 past-producing high-grade silver mines with historic production of 1.7 million ounces of silver. Management is satisfied that the decisions previously undertaken allow the Company to maintain its dominant position within the Thunder Bay Silver District and to facilitate a focused and comprehensive understanding of its claims. Following extensive review and internal discussions, management is confident that the Company would best be served by focusing on the 12 historic silver mines within the revised claims and to focus its exploration footprint on those claims which provide the best opportunity for exploration success in and around previous workings.

LG Diamonds Claims, Quebec

The Company holds a 100% interest in nine non-contiguous claim blocks (55 claims in total) covering 2,275 hectares located in the James Bay region of Quebec. Each of these nine properties are centered on circular magnetic anomalies which may reflect potential kimberlite occurrences.  The properties are located near the intersection of two major crustal faults with proven kimberlite fertility, in portions of the craton known to fall within the diamond stability field. Given management’s strategic shift in focus to avail itself of silver-driven assets and its lack of specialization in kimberlite exploration, a decision has been made to monetize these highly prospective diamond claims. Management is interacting with leading third parties in the diamond exploration sector to entertain possibilities of a mutually acceptable business combination.

Blue Thunder Share Holdings

During the first half of 2020, the Company received 4,542,280 shares in the capital of Blue Thunder Mining Inc. (TSX.V: BLUE) (“Blue Thunder”) in exchange for consulting services provided to Blue Thunder by the Company during 2019. At September 30, 2020, the Company held 3,261,380 shares in Blue Thunder, representing 3.3% of that company’s fully-diluted shares.  The majority of these remaining shares were restricted from trading until October 8, 2020.  In future quarters, management anticipates that the full value of these shares will be reflected on the Company’s balance sheet as marketable securities.  The shares are held for investment purposes only and management intends to review the Company’s investment in Blue Thunder on a continuing basis.

Outlook for 2021

The Company’s management restructure in Q3 is made with the support of existing and prospective shareholders and stakeholders. The expectation placed on new management is for the execution of a growth strategy based on significant acquisitions of silver-driven assets in the Americas. The Company is presently reviewing and advancing several potential growth opportunities derived from an established extensive network of relationships throughout the Americas. Members of management have over 30-plus years with hands-on experience in the conduct of acquisitions, on-the-ground project due diligence, participation in, or as lead dealmakers, including significant contributions to the development and growth of world class deposits and mines. Honey Badger management will strive to pursue accretive project acquisitions, joint ventures and streaming or royalty deals by working with all facets of vendors from junior explorers to senior producers.  Management will continue its ongoing review and furtherance of appropriate exploration projects where management benefits from language fluency and strong knowledge of the mining-friendly jurisdictions of opportunities it pursues.

About Honey Badger Silver Inc.

 Honey Badger is a Canadian-based silver focused company headquartered in Toronto, Ontario, that controls a dominant strategic land position with more than 16,800 hectares in Ontario’s prolific historic Thunder Bay Silver District. The Company’s primary focus is the acquisition, development, and integration of accretive transactions of silver ounces to enhance the Company’s portfolio of assets.

The Company’s common shares trade on the TSX Venture Exchange under the symbol “TUF”.

For more detailed information, please visit us at our Corporate Website at http://www.honeybadgerexp.com

(The Company is in the process of revising its website and will launch a new-look website January 2021)

Or contact:

Eduardo Baer, CEO, at +1 416 804 0512 or via his email at [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 Forward-Looking Statements

 This news release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue”, or the negative of these terms or other comparable terminology. The forward-looking statements in this news release are based on certain assumptions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

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. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.



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