Honey Badger starts updated economic study on PC mine

Mr. Chad Williams reports

HONEY BADGER SILVER INITIATES AN UPDATED ECONOMIC STUDY ON ITS 100 PER CENT-OWNED PC SILVER MINE, NWT, CANADA

Honey Badger Silver Inc. has appointed JDS Energy & Mining Inc. to be the lead author of an updated preliminary economic assessment (PEA) and updated mineral resource estimate (MRE) on its Prairie Creek mine located in the Northwest Territories of Canada. Honey Badger Silver expects this PEA and updated MRE to be completed in the third quarter of 2026 and believes the studies could represent major technical and economic catalysts for the company.

The PC silver mine is one of the world’s highest-grade undeveloped silver-zinc-lead projects and benefits from substantial historical infrastructure and development work, including:

Approximately five kilometres of underground development;
An existing mill and surface infrastructure;
An airstrip;
Advanced permitting;
Agreements with indigenous governments associated with the project area and transportation corridor;
A $25-million grant from the government of Canada under the National Trade Corridor Fund.

The company believes current metal prices and updated technical assumptions may have the potential to materially enhance project economics relative to prior studies.

The last MRE was completed by Global Mineral Resources Services in October, 2021, and outlined a measured and indicated resource of 9.8 million tonnes grading 139 grams per tonne silver, 9.7 per cent zinc and 8.8 per cent lead, and an inferred resource of 6.4 million tonnes grading 150 g/t Ag, 12.9 per cent Zn and 6.7 per cent Pb using a $20-(U.S.)-per-ounce silver price, a $1.15-(U.S.)-per-pound zinc price and a $1.00-(U.S.)-per-pound lead price. Current spot prices of the metals are $79 (U.S.)/oz Ag, $1.60 (U.S.)/lb zinc and 91 U.S. cents/lb lead.

Along with JDS Mining, several well-known, experienced and specialized consultants will be providing input to the study, as shown in the table.

Consultant                       Expertise
                                             
Global Mineral Resource Services Geology and mineral resource estimation               
Knight Piesold                   Waste and water management, environment and permitting
Giffen Consulting                Process and infrastructure                            
T Engineering                    Underground mine backfill

Chad Williams, Executive Chairman said: “We are eager to initiate these updated technical studies. The company believes current precious and base metal prices have the potential to materially improve project economics relative to prior studies. Importantly, the updated MRE and PEA will be based on historical technical reports and prior drilling completed on the project. The studies are not currently expected to incorporate potential future upside associated with critical mineral opportunities, including germanium and tungsten, nor new technology, which Honey Badger intends to continue evaluating. We believe the PC silver mine represents a rare opportunity to redevelop a high-grade strategically important silver-zinc-lead project in a Tier 1 mining jurisdiction with significant existing infrastructure already in place.”

Qualified person

The scientific and technical data contained in this news release pertaining to the project was reviewed and approved by Benjamin Kuzmich, PGeo, who is an independent consultant and qualified person within the meaning of NI 43-101.

About Honey Badger Silver Inc.

Honey Badger Silver is unlocking some of Canada’s richest untapped silver potential. With the acquisition of the fully permitted, high-grade PC silver mine, the company has become a leading North American silver and critical minerals company.

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