Honey Badger Silver Inc. (TSX-V: TUF) (OTCQB: HBEIF) is pleased to announce that it has closed a non-brokered private placement of flow-through common shares for aggregate gross proceeds of $1,500,000 through the issuance of 4,838,710 common shares of the Company that are intended to qualify as “flow-through shares” as defined in subsection 66(15) of the Income Tax Act (Canada) at a price of $0.31 per FT Share.

The Company will use the gross proceeds from the Offering to incur exploration expenses that qualify as “Canadian exploration expenses” as that term is defined in subsection 66.1(6) of the Income Tax Act (Canada) and as “flow-through critical mineral mining expenditures” as that term is defined in subsection 127(9) of the Income Tax Act (Canada). Such expenses will be incurred on or before December 31, 2026, and renounced to the subscribers of FT Shares with an effective date no later than December 31, 2025.

In connection with the Offering, the Company paid an aggregate of $90,000 in finder’s fees and issued 290,322 non-transferable finder warrants to eligible finders. Each finder warrant entitles the holder to acquire one common share of the Company at a price of $0.35 per share, subject to customary anti-dilution adjustments, for a period of 18 months following the closing date.

The FT Shares are subject to a four-month and one day hold period under Canadian securities laws. The Offering is subject to receipt of the final approval of the TSX Venture Exchange.

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⁾⁽³⁾ 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⁾⁽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 ⁽²⁾⁽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.”