Mr. Chad Williams reports

HONEY BADGER EXPANDS PLATA CLAIM SIZE BY 18% THROUGH STAKING; TWO NEW GOLD TARGETS IDENTIFIED

Honey Badger Silver Inc. has staked yet another 1,546 hectares of ground at its 100-per-cent-owned Plata project. This represents an 18-per-cent increase in the total claim package size. The Plata claim package was expanded earlier in 2025.

The company is still awaiting assays from summer exploration work. Nevertheless, based on observations from the recent field program plus a thorough review of historical work on the original Plata claims, adding claims was deemed to be a high priority for the company.

The new claims were staked to strategically buttress two geologically promising target areas that have important gold anomalies. High-grade gold in grab samples over 900 metres along the Plata thrust was identified in work programs carried out by predecessor companies. This potentially high-grade gold trend remains open in both directions. The data review also identified a large, underexplored gold-in-soil anomaly, which remains open in three directions. The Plata thrust has historically been the focus of exploration for high-grade silver. The recognition of high-grade gold mineralization along the Plata thrust makes it a significant gold target as well. With this new understanding, the underexplored and parallel Rogue thrust represents a potential analogue to the Plata thrust and will also be a focus for future exploration.

The company's executive chairman, Chad Williams, commented: "Honey Badger continues to identify new and exciting target areas at Plata. This project has exceptional potential. We are particularly encouraged by the continuity of high-grade historical grab samples along the Plata thrust, which returned up to 78.3 g/t Au in outcrop as well as the potential for the Rogue thrust to be an analogue to the Plata thrust. Additionally, a second zone of gold in soil has been identified and been traced for over three km, and remains open in three directions. Of note, the Plata property is located adjacent to Snowline Gold's Rogue property, which contains 7.94 Moz Au (M&I) at a grade of 1.21 g/t Au and 0.89 Moz Au (inferred) at a grade of 0.62 g/t Au (see SGD news release dated May 15, 2025)."

Note: The qualified person has not independently verified the Rogue mineral resource estimate quoted above. The Rogue MRE is not necessarily indicative of mineralization on the property that is the subject of the disclosure.

Next steps

Assays for numerous rock samples and soil samples collected earlier in the 2025 field season are expected imminently. Results of these assays will significantly aid in the company's new interpretation of Plata as comprising multiple gold-silver-rich systems and are expected to generate drill targets before year-end.

About Plata

Plata is located in east-central Yukon within the Tombstone gold belt and is a past-producing high-grade silver property that produced about 290,000 ounces of silver from small-scale mining of high-grade veins that are exposed at surface (G.G. Carlson, 2010, "Technical Report Describing Exploration and Development at the Plata Project, located in the Mayo Mining District, East-Central Yukon," report prepared for Platoro West Holdings Inc.). Ore was mined and flown by fixed wing aircraft to Idaho for processing. Historical exploration at Plata has primarily focused on the outcropping high-grade silver veins. These are analogous to the rich Keno Hill silver mine in Yukon, one of the highest-grade silver deposits in the world, now operated by Hecla Mining. While the analogy to Keno Hill remains valid, the company has continued to develop its understanding of Plata as part of a larger Snowline-style mineralized system. Understanding how Plata might fit into a reduced intrusion related gold system like Snowline Gold's Rogue and Valley deposits adds the potential for a large gold deposit in addition to the high-grade silver vein potential.

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 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. 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 at a grade of 262 grams per tonne 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 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 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 of indicating 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.

We seek Safe Harbor.