Mr. Dorian Nicol reports

HONEY BADGER SILVER SUBSTANTIALLY ADDS TO SILVER PROJECTS INVENTORY WITH SUNRISE LAKE ACQUISITION

On Oct. 16, 2023, Honey Badger Silver Inc. signed a purchase agreement with SSR Mining Inc. to acquire 100 per cent of SSR Mining's Sunrise Lake silver project in the Northwest Territories. Sunrise Lake contains a historic silver resource of approximately 12.8 million ounces in the indicated category plus 13.9 million ounces inferred. This is a significant step in Honey Badger's continuing strategy to acquire quality silver projects at low cost in favourable and low-risk jurisdictions.

Terms of the acquisition are that the company is acquiring Sunrise Lake for zero cash consideration. SSR Mining will retain a 4-per-cent net smelter royalty on any future production from the project. Half (2 per cent) of this NSR can be purchased by Honey Badger at any time prior to commencement of construction at the project for $10-million (U.S.), but the company has no obligation to do so.

The company's chief executive officer, Dorian L. (Dusty) Nicol, commented: "Our corporate strategy is based on our thesis that the price of silver is poised for an increase because of increased silver demand for solar panel use and as a financial asset coupled with challenging mine supply issues (Silver Institute's World Silver Survey, 2023). By continuing to acquire high-quality silver projects at a low cost in favourable jurisdictions as the mining industry continues to struggle, we are positioning our shareholders for an increase in value when/if the price of silver increases. For investors who believe in the future of silver, shares of Honey Badger offer high exposure to silver price increases. Sunrise Lake fits perfectly into our strategy. In addition to the historical resource defined to date, we believe the project has exploration potential, is being acquired for no cash consideration and has minimal annual holding costs. Significant work was done by previous owners defining the current resource, including the completion of over 20,000 metres of diamond drilling."

Cachinal update

The company will not be proceeding with the proposed acquisition of the Cachinal project, Chile (see news releases dated Feb. 15 and Aug. 11, 2023), and the purchase agreement between the company and Aftermath Silver Inc. has lapsed.

Romios update

The company has determined that it is not in the company's best interests to proceed with the further exploration of the mineral rights located in Northwestern Ontario, which it acquired from Romios Gold Resources, and it has terminated the agreement with Romios, which was the subject of its news releases dated June 10, 2021, and July 26, 2021. The company plans to transfer the properties back to Romios in accordance with the terms of the Romios APA.

About Sunrise Lake

Sunrise Lake is located in the Northwest Territories, Canada, 130 kilometres northeast of Yellowknife, and hosts silver-gold and base metal mineralization outlined by 21,774 metres of surface diamond drilling since its discovery in 1987. The Sunrise Lake deposit is a volcanogenic massive sulphide deposit comprising a steeply dipping lens three to four metres thick, 120 metres wide and 190 metres long. Underlying the mineralization is lower-grade disseminated mineralization up to about 50 metres in thickness. Numerous exploration targets have been identified on the property. The project comprises six contiguous mining leases totalling 1,621 hectares, with annual lease payments of about $8,000 and no minimum work commitments.

Sunrise Lake has an estimated historical resource comprising indicated: 1,522,000 tonnes grading 262 grams per tonne silver, 6.0 per cent zinc, 2.4 per cent lead, 0.08 per cent copper and 0.67 grams per tonne gold and inferred: 2,555,000 tonnes grading 169 grams per tonne silver, 4.4 per cent zinc, 1.9 per cent lead, 0.07 per cent copper and 0.51 grams per tonne gold. This represents contained silver of approximately 12.8 million ounces indicated and 13.9 million ounces inferred. Expressed as silver equivalent ounces (1), the contained metal is approximately 28.7 million ounces silver equivalent indicated and 35 million ounces silver equivalent inferred.

(1) Silver equivalent ounces were calculated assuming 100-per-cent metallurgical recoveries and metal prices of silver: $23 per ounce; gold: $1,920 per ounce; zinc: $1.14 per pound; lead: $1 per pound; and copper: $3.80 per pound.

Comments on the mineral resource estimate

The mineral resource estimate quoted herein was prepared by Roscoe Postle Associates Inc. for Silver Standard Resources Inc. in 2003. It is classed as a historic mineral resource estimate. A qualified person has not done sufficient work to classify this historic tonnage estimate as a current mineral resource, and the company is not treating the estimate as a current mineral resource. The historic resource estimate cannot be relied upon. Additional work, including verification drilling/sampling and remodelling, will be required to verify the estimate as a current mineral resource. In addition, the assessment of economic viability would need to be redone using current or foreseeable metals prices, which are higher than those used in the 2003 estimate.

Resources in this historical resource estimate were estimated using a classical polygonal method. Intercepts were composited primarily using a geological cut-off based on the sulphide content and a nominal 30 g/t Ag grade. Internal values below 30 g/t were included for geological continuity if the composite remained above cut-off. The following metals prices were assumed: silver: $5.50 (U.S.) per ounce; gold: $400 (U.S.) per ounce; zinc: 45 U.S. cents per pound; lead: 25 U.S. cents per pound; and copper: 80 U.S. cents per pound.

A portion of the mineral resource at Sunrise Lake is not compliant with National Instrument 43-101 guidelines due to missing quality assurance/quality control data and density measurements in the historic database. QA/AC and density questions could be addressed by twinning a limited number of significant historic mineralized intercepts.

Qualified person

Technical information in this news release has been approved by Dorian L. (Dusty) Nicol, the company's chief executive officer (PG, FAusIMM), who is a qualified person for the purpose of National Instrument 43-101.

About Honey Badger Silver Inc.

Honey Badger is a Canadian silver company based in Toronto, Ontario, 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 landholdings in southeast and south-central Yukon, including the Plata property 180 kilometres to the east of the Keno Hill silver district. The company also owns the historic producing Nanisivik mine in Nunavut, which has a historic resource. The Nanisivik mine (near Arctic Bay, Nunavut) produced over 20 million ounces of silver between 1976 and 2002, from 17.9 million tons of ore, grading 9 per cent zinc, 0.72 per cent lead and 35 grams per ton silver (2). In addition to the polymetallic orebody, previous exploration identified massive sulphide bodies (principally pyrite), totalling about 100 million tons (2, 3), containing base metal and silver values not economic at the time. Honey Badger is positioning to be a top-tier silver company.

(2) Geological Survey of Canada, 2002-C22, "Structural and Startigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley-type Deposit, Northern Baffin Island, Nunavut," by Patterson and Powis.

(3) A qualified person has not done sufficient work to classify this historic tonnage estimate as a current mineral resource, and the company is not treating the estimate as a current mineral resource. The historic tonnage estimate cannot be relied upon. Additional work, including verification drilling/sampling, will be required to verify the estimate as a current mineral resource.

We seek Safe Harbor.