Mr. Chad Williams reports

HONEY BADGER NON-BROKERED PRIVATE PLACEMENT UPSIZED TO C$2.25 MILLION ON STRONG DEMAND

Further to Honey Badger Silver Inc.'s news release dated Dec. 29, 2025, in response to strong investor interest in its up to $1.5-million non-brokered private placement of units of the company, the company has increased the size of the private placement to up to 12.5 million units at a price of 18 cents per unit for aggregate gross proceeds of up to approximately $2.25-million. The terms of the offering are otherwise unchanged from those previously announced.

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

The offering is scheduled to close on or about Jan. 16, 2026, or on such other date as the company may determine and remains subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to a four-month-plus-one-day 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 offering.

An insider of the company intends to subscribe for approximately 2,777,778 units for gross proceeds of approximately $500,000, subject to receipt of all required regulatory approvals. The subscription by an insider of the company will constitute a related party transaction for the purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions and Section 5.9 -- Protection of Minority Securityholders in Special Transactions of the Corporate Finance Manual of the TSX-V. The company expects any participation by insiders in the offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on the fact that neither the fair market value of the units subscribed for by the insiders, nor the consideration for the units to be paid by the insiders, will exceed 25 per cent of the company's market capitalization.

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. 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 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 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 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 ounces 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.