Mr. Dorian Nicol reports

NUNAVUT MINING LAW TO BENEFIT NANISIVIK PROJECT, BAFFIN ISLAND

Honey Badger Silver Inc. has noted that, as of Jan. 18, 2024, the Canadian government has passed revisions to its mining laws aimed at boosting exploration and development in Canada's northernmost region. The Canadian government has transferred control of mineral reserves in the territory to the legislative assembly of Nunavut, which will now dictate economic terms for companies operating in the region. The move is expected to boost mineral exploration and development in the territory.

The company's chief executive officer, Dorian L. (Dusty) Nicol, commented: "We view this development as extremely positive for our wholly owned Nanisivik project and for mineral explorers and developers operating in Nunavut as a whole. Honey Badger continues to focus on growing the project to an eventual resource of up to 100 million ounces of silver at a grade of 30 to 50 g/t [grams per tonne]. Our target is based on the large tonnages of pyrite bodies at Nanisivik containing anomalous concentrations of silver as well as, locally, germanium, gallium and indium, which have not been evaluated in the context of current metals prices. In addition, with the construction of a deep-sea port adjacent to Nanisivik, the pyrite bodies themselves may have significant commercial value. Nanisivik could become one of the few turnkey projects in the region with strong leverage to increasing silver prices and could be a key component of development in one of Canada's most sparsely populated regions."

Amended stock option plan

The company has amended its 10-per-cent rolling stock option plan to comply with the requirements of the new TSX Venture Exchange policy governing security-based compensation which became effective on Nov. 24, 2021. The most-significant change introduced by the new policy, and is included in the amended option plan, permits the exercise of stock options which are "in the money" by eligible participants, without the holder being required to have the requisite funds to exercise such stock options, through the addition of a cashless exercise and a net-exercise component, and more closely aligns with plans permitted by the exchange.

The shareholders ratified the amended option plan at the company's annual meeting of shareholders held on Dec. 15, 2022. Additional details regarding the amendments are contained in the management information circular filed on SEDAR+ on Nov. 15, 2022, in respect of the meeting.

The amended option plan remains subject to final acceptance of the exchange.

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 Silver is a silver company based in White Rock, B.C., focused on the accretive acquisition and development 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. Honey Badger Silver's projects are located in areas with a long history of mining, including the high-grade Plata silver project, located 165 kilometres east of Yukon's prolific Keno Hill, and the company's Sunrise Lake exploration property, located in the Northwest Territories, 130 kilometres northeast of Yellowknife. The company also has a significant landholding at the Nanisivik mine area, located in Nunavut, Canada, which produced over 20 million ounces of silver between 1976 and 2002. Honey Badger Silver is positioned to be a top-tier silver company with its unique approach of acquiring silver resources and prospective ground at low cost and adding value by targeted exploration on the steepest parts of the value-addition curve. Honey Badger Silver's objective is to demonstrate the value/prospectiveness of its silver projects in order to attract joint venture partners that will spend their money to advance Honey Badger Silver's projects while it retains a royalty on the silver.

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