An anonymous director reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN HONEY BADGER SILVER INC.

Today, 1,253,132 common share purchase warrants of Honey Badger Silver Inc., (held by 2176423 Ontario Ltd., a corporation Eric Sprott beneficially owns) expired unexercised, representing a decrease in holdings of approximately 5.5 per cent of the outstanding common shares on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these warrants, Mr. Sprott beneficially owned 2,944,862 shares and 1,253,132 warrants, representing approximately 7.5 per cent of the outstanding shares on a non-diluted basis, and approximately 10.3 per cent on a partially diluted basis assuming the exercise of such warrants.

As a result of the warrant expiry, Mr. Sprott now beneficially owns 2,944,862 shares, representing approximately 7.5 per cent of the outstanding shares on a non-diluted basis. The warrant expiry combined with previous new share issuances by Honey Badger Silver resulted in an ownership change, on a partially diluted basis, of approximately 5.5 per cent since the date of the last filing of an early warning report and brings total holdings to under 10 per cent on a non-diluted basis. As a result, Mr. Sprott and 2176423 Ontario ceased to be insiders of Honey Badger Silver.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment, and may acquire additional securities including on the open market or through private acquisitions, or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Honey Badger Silver is located at 2704 401 Bay St., Toronto, Ont., M5H 2Y4. A copy of the early warning report with respect to the foregoing will appear on Honey Badger's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. East, Suite 1106, Toronto, Ont., M5C 3C5).