Mr. George Davis reports

HONEY BADGER SILVER CLOSES FINAL TRANCHE OF 1.25 MILLION HARD DOLLAR AND FLOW-THROUGH NON-BROKERED PRIVATE PLACEMENT

Honey Badger Silver Inc. has closed the second and final tranche of its previously announced non-brokered hard-dollar and flow-through private placement. All dollar amounts are in Canadian funds.

Hard-dollar offering

The hard-dollar component of the offering involved the sale of units at a price of 15 cents per HD unit. Each HD unit consists of one common share of the company and one-half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of the company at a price of 18 cents for a period of 36 months from the date of closing. The proceeds from the sale of the HD units will be used to finance closing obligations and exploration activities on the company's Cachinal project in Chile and for general working capital purposes.

In the first tranche closing on April 11, 2023, the company sold 5,256,668 HD units for gross proceeds of $788,500. In the second tranche closing, the company sold an additional 1,447,000 HD units for additional gross proceeds of $217,050. The gross proceeds from the sale of the 6,703,668 HD units in both closings totalled $1,005,550.

Flow-through offering

The flow-through component of the offering involves the sale of units at a price of 16 cents per FT unit. Each FT unit consists of one common share of the company and one-half of a common share purchase warrant, with each whole warrant having the same terms as the warrants comprising the HD units. The proceeds from the sale of the FT units will be used to finance exploration programs on one or more of the company's exploration properties located in Yukon, Quebec and Nunavut that will qualify as Canadian exploration expenses and, once renounced, flow-through mining expenditures, as those terms are defined in the Income Tax Act (Canada).

In the first tranche closing on April 11, 2023, the company sold 1,234,375 FT units for gross proceeds of $197,500. In the second tranche closing, the company sold an additional 365,000 FT units for additional gross proceeds of $58,400. The proceeds from the sale of the 1,599,375 FT units in both closings totalled $255,900.

An insider of the company acquired 15,000 HD units and 15,000 FT units in the second tranche closing for total gross proceeds of $4,650. The insider's participation in the offering is a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on the exemption from minority shareholder approval requirements under MI 61-101, as the fair market value of the insider's participation in the offering does not exceed 25 per cent of the market capitalization of the company.

In connection with the offering, the company paid fees to eligible finders consisting of an aggregate of: (i) $39,921.01; and (ii) 51,940 warrants. Each broker warrant is exercisable by the holder to acquire one common share for a period of 36 months from the date of closing of the second tranche of the offering at a price of 18 cents per share.

All securities issued pursuant to the offering are subject to a four-month statutory hold period under Canadian securities laws.

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian silver company based in Toronto, Ont., 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 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 kilometres 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.

We seek Safe Harbor.