Honey Badger Silver Inc. (TSX-V: TUF) (OTCQB: HBEIF) is pleased to announce that it intends to complete a non-brokered private placement financing of $1.5 million through the issuance of up to 6,521,739 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 and one common share purchase warrant. Each Warrant will entitle the holder to acquire one additional common share of the Company 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 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 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 (and 201.3 million pounds of zinc) Indicated and 13.9 Moz of silver (and 247.8 million pounds of 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 a historic resource of 5.5 Moz of silver and 1.3 billion pounds of 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.”