Mr. Chad Williams reports

HONEY BADGER ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UP TO $1.5 MILLION

Honey Badger Silver Inc. intends to complete a non-brokered private placement financing of $1.5-million through the issuance of up to 6,521,739 units at a price of 18 cents per unit. The price of the offering is subject to regulatory approval. The offering is expected to close on or about Jan. 16, 2026. All dollar amounts in this news release are in Canadian dollars.

Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at an exercise price of 23 cents per warrant share for a period of 36 months from the date of issuance, subject to customary anti-dilution adjustments.

Chad Williams, executive chairman of the company, has indicated that he intends to participate in the offering for up to $1-million of units, subject to receipt of all required regulatory approvals.

The company intends to use the net proceeds of the offering to advance the company's silver projects and for general working capital.

Completion of the offering remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a four-month statutory hold period in accordance with applicable Canadian securities laws. The company anticipates paying a finders' fee, payable in cash to certain eligible parties on a portion of the placement.

The subscription for units by Chad Williams, the executive chairman of the company, constitutes a related party transaction for the purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with such subscription by Mr. Williams in reliance on sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities issued to Mr. Williams nor the fair market value of the consideration for the securities issued to Mr. Williams exceeds 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101.

The company also announces that it intends to grant an aggregate of two million stock options at an exercise price of 21 cents per common share, subject to regulatory approval.

About Honey Badger Silver Inc.

Honey Badger Silver is a unique 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 land holding at the Nanisivik mine area located in Nunavut, Canada, that produced over 20 Moz of silver between 1976 and 2002. The company owns 10,000 oz of silver yielding 12 per cent per annum. 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.