Mr. Dorian Nicol reports

HONEY BADGER SILVER IDENTIFIES UNMINED SILVER MINERALIZATION AT NANISIVIK

Honey Badger Silver Inc. has provided an update on its 100-per-cent-owned Nanisivik project, located on Baffin Island, Nunavut. The Nanisivik mine produced over 20 million ounces of silver between 1976 and 2002. Over 100 million tonnes of massive sulphide (principally pyrite), were left unmined when the mine closed to depressed zinc and silver prices. Since Nanisivik's closure in 2002, silver and zinc prices are up over 600 per cent and 200 per cent, respectively. In addition, since the mine's closure, a deepwater port has been constructed within only kilometres of Nanisivik, as a result of renewed interest from the governments of both Canada and the United States in developing the Arctic.

The company is continuing a comprehensive review of historical exploration and development data from the Nanisivik project. To date, three priority targets have been identified, including Deb, Ocean View North and Area 14. A review of historical exploration drilling at the former mine site identified a number of significant drill intersections located outside mined areas. These discoveries were not followed up at the time due to the focus on production. Thus, each of these represents a priority target and has the potential, with stepout drilling, to be the basis of a new economic resource. A selection of significant silver and/or zinc mineralized intercepts from these priority target areas is provided in the table below.

Honey Badger's chief executive officer, Dorian L. (Dusty) Nicol, commented: "The identification of these targets further reinforces our belief that Nanisivik has great potential to host significant unmined silver-zinc resources within the over 100 million tonnes of massive sulphide that occur on the property. Indeed, mine reports indicate that approximately five million tonnes of zinc-silver mineralization were left unmined in the main workings due to low metals prices at the time. We are particularly encouraged to uncover high-grade, shallow intersections from within just 20 metres of surface in unmined target areas, such as the Ocean View North target, where historic drilling returned 97.6 grams per tonne silver and 22.8 per cent zinc over 5.3 metres. Nanisivik was profitable at the much lower silver and zinc prices of 1976 to 2002. One can imagine how profitable it would be today with much higher commodity prices and better infrastructure access, particularly the construction of a deepwater port within only kilometres of the deposit, completed since the mine was shut down. There also remains the potential for significant germanium and gallium mineralization, which was not evaluated by previous operators. It is worth noting that Fireweed Metals Corp. recently attracted up to $34.5-million in funding for critical metals development at its Macmillan Pass deposit from the Canadian and U.S. governments (Fireweed Metals Corp. news release dated Dec. 13, 2024). Nanisivik and Macmillan Pass share some aspects of geologic setting and contain a similar mix of metals. In addition, the massive pyrite body itself is a potentially economic resource as an industrial source of sulphuric acid. The construction of a deepwater port within only kilometres of the deposit makes this huge deposit of massive pyrite potentially economic in itself, in light of the foreseen global shortage of sulphuric acid. The company will be commissioning a desk study to evaluate this possibility. There remains a great deal of available data that the company is working its way through. Some of this may be appropriate for more advanced evaluation techniques, including AI tools. The company will continue to issue updates on the results of these investigations."

Deb target

The Deb target area is located approximately three kilometres southwest of the main orebody at Nanisivik. The company has examined data from 15 drill holes completed in this area in the 1980s and 1990s. Significant silver and zinc intersections include: hole 90-51, which intersected 1.3 metres of 54.9 grams of silver per tonne and 5.74 per cent zinc; hole 90-59, which intersected 0.7 metre of 263 grams per tonne silver and 34.6 per cent zinc; and hole 91-19, which intersected 0.6 metre of 290 grams per tonne silver and 43.0 per cent zinc.

Ocean View North target

Similar to the Deb target (above), there are no indications of any mining having been completed at the Ocean View North target area, which is located approximately 1.7 kilometres east-northeast from the main Nanisivik orebody and approximately 400 metres north of the historically mined main Ocean View zone. At the Ocean View North area, data from approximately 72 historical exploration drill holes were examined and a cluster of significant silver-zinc intersections were identified at the northern extent of the drilling. Significant silver and zinc intersections at the Ocean View North target area include hole 87-63, which intersected 5.3 metres of 97.6 grams per tonne silver and 22.79 per cent zinc; and hole 90-28, which intersected 1.3 metres of 116 grams per tonne silver and 20.3 per cent zinc.

Area 14

The Area 14 target is located approximately 1.8 kilometres southeast of the main Nanisivik orebody. Historical data indicate that a small stope was previously mined at Area 14. However, Honey Badger has examined the data from a cluster of 27 historical drill holes located immediately east and northeast of the historically mined area, where a number of significant silver-zinc intersections have been identified, including hole A14_85-08, which intersected 2.3 metres of 280.0 grams per tonne silver and 27.43 per cent zinc; hole A14_85-10, which intersected 2.3 metres of 239.3 grams per tonne silver and 6.10 per cent zinc; and hole 86-191, which intersected 3.0 metres of 143.3 grams per tonne silver and 26.16 per cent zinc.

Massive pyrite

The massive pyrite bodies, within which the mined mineralization and the new target areas occur, comprise over 100 million tonnes of massive sulphide, in addition to the almost 18 million tonnes that were mined between 1976 and 2002. They occur as linear, lenticular bodies of massive sulphide, at least nine of which outcrop at surface.

Nanisivik property

The company has recently increased the size of its mineral tenure around the past-producing Nanisivik mine on Baffin Island, Nunavut, which now comprises a total of 14 mineral claims covering approximately 13,373.2 hectares. The company's original Nanisivik property comprised four claims totalling 5,722.8 hectares that cover the former mine site. The company has staked an additional 10 claims totalling 7650.4 hectares at and around the Nanisivik area. These claims cover geophysical anomalies identified during the company's review of the historic database (see news release dated Sept. 16, 2024). The new claims comprise a further three claims that have added 1,174.2 hectares to the original Nanisivik claim block, two claims (1,710.4 hectares) covering the Chris Creek target, located approximately 19 kilometres southeast of Nanisivik, and a further five claims (4,765.8 ha) covering historical geophysical anomalies (conductors) in and around the Adams Sound and Adams River target areas approximately 40 kilometres and 55 kilometres, respectively, southeast of Nanisivik.

About Nanisivik

The Nanisivik mine (near Arctic Bay, Nunavut) produced over 20 million ounces of silver between 1976 and 2002 from 17.9 million tonnes of ore, grading 9 per cent zinc, 0.72 per cent lead and 35 grams per tonne silver. In addition to the polymetallic orebody, previous exploration identified massive sulphide bodies (principally pyrite) still in place, totalling about 100 million tonnes, containing locally anomalous base metal and silver values.

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. The company is led by a highly experienced leadership team with a record of value creation backed by a skilled technical team. The company's projects are located in areas with a long history of mining, including the Sunrise Lake project, with a historic resource of 12.8 million ounces of silver (and 201.3 million pounds of zinc) indicated and 13.9 million ounces of silver (and 247.8 million pounds of zinc) inferred, located in the Northwest Territories; and the Plata high-grade silver project, located 165 kilometres east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The company's Clear Lake project in Yukon has a historic resource of 5.5 million ounces of silver and 1.3 billion pounds of zinc. 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. 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 resource.

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