Mr. Chad Williams reports

HONEY BADGER ANNOUNCES CLOSING OF $2.25 MILLION NON-BROKERED PRIVATE PLACEMENT

Honey Badger Silver Inc., further to its news releases dated Dec. 29, 2025, and Dec. 31, 2025, has closed its non-brokered private placement of units of the company for aggregate gross proceeds of $2,249,999.64 through the issuance of 12,499,998 units at a price of 18 cents per unit.

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

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

Completion of the offering remains subject to the receipt of final 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.

In connection with the offering, the company paid an aggregate of $60,289.60 in finders' fees and issued 334,946 non-transferable finders' warrants to eligible finders. Each finder's warrant entitles the holder to acquire one common share of the company at a price of 23 cents per finder's warrant share, subject to customary anti-dilution adjustments, for a period of 36 months following the closing date of the offering.

Eric Sprott participated pro rata to his existing ownership. Certain insiders of the company subscribed for an aggregate of 2,314,389 units in the offering for aggregate gross proceeds to the company of $416,590. This amount is lower than stated in previous news releases because insiders accommodated high demand from others. Each subscription by an insider of the company is considered a related party transaction for 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 was exempt from requirements to obtain a formal valuation and minority shareholder approval in connection with the offering in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the units subscribed for by the insiders, nor the consideration for the units to be paid by insiders, exceeded 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101.

Grant of options

The company also announces that on Jan. 9, 2026, it granted an aggregate of two million options to acquire common shares of the company to certain officers, employees and/or consultants of the company. The options have an exercise price of 20 cents per common share of the company, have a five-year term from the date of grant, and vest in equal halves on the date of grant and on the date that is six months from the date of grant.

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 are located in areas with a long history of mining, including the Sunrise Lake project with a historical resource of 12.8 million ounces (oz) of silver (and 201.3 million pounds of zinc) indicated and 13.9 million oz of silver (and 247.8 million pounds of zinc) inferred (1), 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 Yukon has a historical resource of 5.5 million oz of silver and 1.3 billion pounds of zinc (2). The company also has a significant landholding at the Nanisivik mine area, located in Nunavut, Canada, which produced over 20 million oz of silver between 1976 and 2002 (3). 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.

(1) Sunrise Lake, 2003 RPA historical resource: indicated: 1,522,000 tonnes grading 262 grams per tonne silver, 6.0 per cent zinc, 2.4 per cent lead, 0.08 per cent copper and 0.67 gram per tonne gold; and inferred: 2,555,000 tonnes grading 169 grams per tonne silver, 4.4 per cent zinc, 1.9 per cent lead, 0.07 per cent copper and 0.51 gram per tonne gold.

(2) Clear Lake, 2010 SRK historical resource: inferred: 7.76 million tonnes grading 22 grams per tonne silver, 7.6 per cent zinc and 1.08 per cent lead.

(3) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut," by Patterson and Powis.

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