Mr. Chad Williams reports

HONEY BADGER UNLOCKING VALUE ON THE GROUND AT NANISIVIK

Honey Badger Silver Inc. has provided an update on its continuing exploration work at its 100-per-cent-owned Nanisivik project in Nunavut. The team has completed orientation geophysical surveys on two of three high-priority targets and has already identified a new occurrence of massive zinc-lead sulphide mineralization exposed at surface.

The company's executive chairman, Chad Williams, commented: "Nanisivik was a quality mining operation until 2002 when low commodity prices forced the mine to cease operations even though four years of reserves remained. This project continues to demonstrate great potential not only for critical minerals (zinc and possibly germanium and gallium) but also for silver which was produced in sizeable quantities when the mine was in operation. Our current field program is designed to refine the geological characteristics of known unmined mineralization found in several zones with the objective of generating a new economic resource. We are also excited by the discovery of a new distal zone of massive zinc-lead sulphide mineralization subcropping at surface at Area 14 and eagerly await assays to determine how much silver and other metals it contains. The Nanisivik work is adding to the excitement of our recent exploration work at our 100-per-cent-owned Plata project in the Yukon Territory. This has been an exciting summer for the Honey Badger exploration team."

Exploration program

In a news release dated March 25, 2025 (Honeybadger Silver Identifies Unmined Silver Mineralization at Nanisivik), the company announced three priority target areas that were identified during data review, each hosting significant zinc and silver intercepts from historic drilling.

The areas are Deb, Ocean View North and Area 14. A review of historical exploration drilling at the former mine site identified several 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 attached table.

Work to date has comprised ground geophysics (Loupe Electromagnetics or EM) to map the extent of subsurface sulphides, reconnaissance prospecting and mapping to identify new zones of mineralization, and sampling of known massive sulphide outcrops to identify occurrences of zinc, silver, and possible germanium and gallium. The objective of the work is to identify drill targets to expand the unmined mineralization and test newly discovered mineralization.

Geophysics grids have been completed on Ocean View and Area 14. While the geophysical data is still being interpreted, initial assessments are that the Loupe EM has been successful in identifying discreet conductors representing sulphides.

The reconnaissance prospecting and mapping has identified an area of subcropping massive sphalerite and galena (zinc and lead sulphide, respectively) in Area 14. In the mined Nanisivik orebody, sphalerite-galena mineralization was associated with silver. This mineralization has so far been mapped over an area of about 300 metres by 30 metres, but its full extent has not yet been delineated. continuing mapping will define the surface extent of this mineralized zone and complete sampling.

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 (Ag) and zinc (Zn) intersections include; hole 90-51 which intersected 1.3 m of 54.9 grams of silver per tonne (g/t Ag) and 5.74 per cent Zn, hole 90-59 which intersected 0.7 m of 263 g/t Ag and 34.6 per cent Zn, and hole 91-19 which intersected 0.6 m of 290 g/t Ag and 43.0 per cent Zn.

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 km east-northeast from the main Nanisivik orebody and about 400 m north of the historically mined main Ocean View zone. At the Ocean View North area, data from some 72 historical exploration drill holes was examined and a cluster of significant Ag-Zn intersections were identified at the northern extent of the drilling. Significant silver (Ag) and zinc (Zn) intersections at the Ocean View North target area include hole 87-63 intersected 5.3 m of 97.6 g/t Ag and 22.79 per cent Zn, hole 90-28 which intersected 1.3 m of 116 g/t Ag and 20.3 per cent Zn.

Area 14

The Area 14 target is located approximately 1.8 km southeast of the main Nanisivik orebody. Historical data indicates 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 Ag-Zn intersections have been identified, including hole A14_85-08 which intersected 2.3 m of 280.0 g/t Ag and 27.43 per cent Zn, hole A14_85-10 which intersected 2.3 m of 239.3 g/t Ag and 6.10 per cent Zn, and hole 86-191 which intersected 3.0 m of 143.3 g/t Ag and 26.16 per cent Zn.

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.

New claims

In October, 2024, the company increased the size of its mineral tenure around the Nanisivik mine (see news release dated Oct. 21, 2024, "Honey Badger Silver Grows Nanisivik Project") by staking an additional 10 claims totalling 7,650.4 hectares at and around the Nanisivik area. These claims cover geophysical anomalies identified during the company's review of the historic data base (see news release dated Sept. 16, 2024, "Honey Badger Silver Identifies Multiple Promising Silver Zones at Nanisivik"). 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 ha) covering the Chris Creek target located approximately 19 km southeast of Nanisivik and 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 km and 55 km, 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 tons of ore, grading 9 per cent zinc, 0.72 per cent lead and 35 grams per tonne of 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 (PG, FAusIMM), a director and technical adviser of the company, who is a qualified person (QP) 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 Moz (million ounces) of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6 per cent zinc) indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4 per cent zinc) inferred located in the Northwest Territories and the Plata high-grade silver project located 165 km 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 an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6 per cent 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 a current mineral resources.

We seek Safe Harbor.