Mr. Chad Williams reports

HONEY BADGER SILVER ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT RAISING GROSS PROCEEDS OF APPROXIMATELY $2.013 MILLION

Honey Badger Silver Inc. has closed the first tranche of the non-brokered private placement previously announced on June 17, 2025, raising aggregate gross proceeds of approximately $2,013,000 through the issuance of 9.86 million non-flow-through units at a purchase price of 10 cents per NFT unit and 4.93 million common shares of the company that are intended to qualify as flow-through shares as defined in Subsection 66(15) of the Income Tax Act (Canada) at a purchase price of 13 cents per FT share.

Each NFT unit consists of one non-flow-through common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company for an exercise price of 15 cents until Jan. 3, 2027, subject to customary anti-dilution adjustments.

The company will use the gross proceeds from the FT offering to finance exploration programs to advance one or more of the company's properties located in the Yukon, Northwest Territories and Nunavut and, in particular, to incur exploration expenses that qualify as Canadian exploration expenses as that term is defined in Subsection 66.1(6) of the Income Tax Act (Canada) and as flow-through mining expenditures as that term is defined in Subsection 127(9) of the Income Tax Act (Canada) provided that such definition is amended to extend the mineral exploration tax credit under the Income Tax Act (Canada) as announced by the Minister of Finance on March 3, 2025. Such expenses will be incurred on or before Dec. 31, 2026, and renounced to the subscribers of FT shares with an effective date no later than Dec. 31, 2025. The company intends to use the net proceeds from the unit offering to finance programs to advance one or more of the company's properties, for the purchase of silver royalties, and for general and administrative purposes.

In connection with the closing of the first tranche, the company paid aggregate cash finders' fees of $9,345 and issued 93,450 non-transferable finders' warrants to certain arm's-length finders. Each finder's warrant is exercisable to acquire one common share in the capital of the company at a price of 15 cents per share until Jan. 3, 2027, subject to customary anti-dilution adjustments.

The securities issued in connection with the offering are subject to a four-month-and-a-day hold period under Canadian securities laws. The offering is subject to receipt of the final approval of the TSX Venture Exchange. Additional finders' fees may be payable in connection with any subsequent tranches of the offering, which may be closed in the future.

Eric Sprott participated in the first tranche of the offering by investing $500,000 in NFT units.

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. Its 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 Moz 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 the Yukon territory has a historic resource of 5.5 Moz 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, that produced over 20 Moz 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 current mineral resources.

We seek Safe Harbor.