Mr. Chad Williams reports

HONEY BADGER NEWLY IDENTIFIES IMPORTANT INDIUM, TUNGSTEN, BISMUTH, AND COPPER MINERALIZATION IN ADDITION TO KNOWN SILVER, LEAD & ZINC AT THE HY PROJECT, YUKON

Honey Badger Silver Inc. has recognized additional critical mineral potential at its 100-per-cent-owned Hy project in the Yukon, including high values of indium, bismuth, copper and tungsten across several zones at the property.

The company's executive chairman, Chad Williams, commented: "We are excited to showcase more important critical mineral potential within the Honey Badger project portfolio, this time at our 100-per-cent-owned Hy property. With increasing demand for building a domestic supply chain of critical minerals in Canada, we continue to leverage assay data from all our properties, and Hy is no exception. We have identified, for the first time, several untested zones containing very high values of indium, bismuth, copper and tungsten along with high-grade silver, lead and zinc. The Hy property is also road accessible, making the added critical mineral potential even more attractive when considering the known silver potential. We are very excited for future work to be completed at Hy. Based on the public data of similar properties in other mining companies, we believe that Honey Badger's market capitalization can be justified by Hy alone. Significantly, we have six other 100-per-cent-owned, silver-rich properties, including three that are more advanced and contain historic established mineral resources totalling approximately 150 million silver equivalent ounces, plus another property called Plata, which is the single best exploration target that I have seen in my career."

Background on Hy

The Hy project is a road-accessible, 7,160-hectare land package located approximately 150 kilometres north of Watson Lake, Yukon, in the prolific Selwyn basin. The property hosts several zones of high-grade silver-lead-zinc skarn mineralization related to the intrusion of Cassiar suite felsic intrusive rock into reactive carbonate host rock. Skarn assemblages are known to occur up to 30 metres in width and often contain multiple lenses of mineralization throughout. Despite proven mineralization from historic drill intercepts such as 77.7 grams per tonne silver, 0.93 per cent lead and 1.73 per cent zinc over 6.99 metres (DDH 70-18) and 70.7 g/t Ag, 1.57 per cent Pb and 2.18 per cent Zn over 6.82 m (DDH 70-16), there has been no drilling completed at the property since 1980. Since then, exploration at Hy has focused on adding new targets and developing the geological model using a combination of detailed field mapping, prospecting and soil sampling, as well as magnetic and electromagnetic data, resulting in the identification of new breccia-hosted and fracture-controlled targets that differ from the traditional skarn model. Many of these new targets, as well as many historic targets, have never seen any drilling. A recent review of historic property reports and assay data in the context of critical mineral potential has identified widespread, high-grade values of indium, bismuth, copper and tungsten, as well as tellurium, which give the Hy property an important additional layer of exploration optionality and economic importance.

Critical mineral potential

Although there has been some sporadic mention of rare minerals at Hy in historic assessment reports, this is the first time that Honey Badger Silver has documented the presence of these minerals through a re-evaluation of assay data and as a focused critical mineral opportunity. The identification of high-grade indium, bismuth, tungsten, copper and tellurium adds a compelling layer of critical mineral potential to the established silver-lead-zinc skarn mineralization at Hy. Indium, bismuth, tungsten and tellurium are globally scarce elements critical to semiconductors, advanced alloys, renewable energy technologies and high performance electronics. The Hy data set reports elevated values including up to 179.5 parts per million indium, bismuth exceeding the analytical upper detection limit of 1.0 per cent (not reanalyzed and therefore representing a minimum value), 0.27 per cent tungsten oxide and up to 171 ppm tellurium. These are high concentrations for these rare critical minerals, especially in a district better known for precious and base metals. In a time of strong global demand driven by the clean energy transition and advanced manufacturing, this diversification strongly enhances Hy's strategic value and upside for future exploration and development in the Yukon.

Indium (In)

The highest indium grade recorded at Hy is 179.5 ppm In, collected from outcrop in the northern SilverTung zone. Samples with high indium values above 50 ppm comprise a tight approximately 1.5-by-1.5-kilometre area around the SilverTung zone within the northwestern corner of the property. Out of 276 samples, 34 exceed grades of 10 ppm In and 19 exceed grades of 50 ppm In.

Bismuth (Bi)

The highest recorded bismuth value returned an overlimit value of greater than 1.0 per cent Bi that was not reanalyzed and thus represents a minimum concentration, collected from a 30-centimetre chip sample from outcrop in the southern SilverTung zone, along with 791 g/t silver. Similar to indium, samples with high bismuth values over 1,000 ppm form a fairly tight approximately 1.5-by-1.5-kilometre cluster around the SilverTung zone within the northwestern corner of the property, but also comprise an approximately 1.5-kilometre-long northwest-southeast trend at the Miko zone, in addition to a string of elevated values above 200 ppm Bi to the northwest of Miko near the bulk of historic drill holes. Of the 276 samples, 50 samples contain bismuth grades above 200 ppm, and 14 samples exceed grades of 1,000 ppm.

Tungsten (WO3)

The highest tungsten grade reported is 0.27 per cent WO3, collected in a grab sample from a historic trench in the southern SilverTung zone. Several other high tungsten values over 0.1 per cent are also from the southern SilverTung zone, with some values greater than 300 ppm sporadically occurring to the north. High tungsten values also overlap with high bismuth values that comprise an approximately 1.5-kilometre-long northwest-southeast trend in the Miko zone, with some elevated tungsten values also in samples to the northwest. Out of 276 samples, 19 contain tungsten grades above 300 ppm, and six contain grades over 1,000 ppm.

Copper (Cu)

The highest reported copper grade of 4.9 per cent Cu is from a sample collected in the southern SilverTung zone. Copper grades are more variably distributed across the Hy property, but areas such as the southern SilverTung zone, northeastern SilverTung zone and Miko zone show more consistent high-grade samples generally above 1,000 ppm Cu. Out of 276 samples, 17 contain grades above 0.5 per cent Cu (5,000 ppm), and seven exceed grades above 1.0 per cent Cu (10,000 ppm).

Next steps

Although future work at Hy will continue to focus on the silver potential, recognizing the presence and high-grade nature of the critical minerals is a massive added layer of optionality at the project. Coupled with the fact that the project is road-accessible, the Hy project presents an exceptional opportunity to explore for classic skarn-related silver-lead-zinc mineralization, with potential to add substantial value through the presence of these rare critical minerals that occur with the silver. Areas where these minerals are concentrated such as the SilverTung and Miko zones are largely unexplored with minimal or no drilling and will be the focus of future exploration work.

Quality assurance/quality control

Rock samples

Grab samples and chip samples of rocks are selective by nature and are collected to characterize mineralization and confirm the presence of target elements. Grab and chip samples are inherently selective, and may not be representative of the overall or underlying mineralization on the property.

The rock samples reported above were collected between 2013 and 2015. Sample preparation and multielement analyses for rock samples were carried out at ALS Minerals' laboratories in Whitehorse, Yukon, and North Vancouver, B.C., respectively. Upon receipt at the laboratory, samples were weighed and logged in. Samples were then dried and fine crushed to better than 70 per cent passing two millimetres. Crushing quality control testing was performed by ALS as part of its internal QA/QC procedures. A representative split of each sample was obtained using a riffle splitter. The split was then pulverized to 85 per cent passing 75 microns, with pulverizing quality control testing conducted by ALS.

All samples were subjected to a four-acid digestion and analyzed for a 48-element suite by ICP-MS using ALS method ME-MS61.

Ore grade elements were analyzed as follows:

• Silver -- four-acid digestion with ICP-AES finish (Ag-OG62);
• Copper -- four-acid digestion with ICP-AES finish (Cu-OG62);
• Lead -- four-acid digestion with ICP-AES finish (Pb-OG62);
• Zinc -- four-acid digestion with ICP-AES finish (Zn-OG62).

For samples collected in 2013 only:

• Overlimit values for lead were reanalyzed using method Pb-VOL70, a volumetric titration procedure. Gold was analyzed using a 30 -gram fire assay with ICP-AES finish (Au-ICP21).

Quality control is maintained by ALS through the insertion of blanks, standards and duplicates in accordance with its internal QA/QC protocols.

Qualified person

Technical information in this news release has been reviewed and approved by Benjamin Kuzmich, PGeo, a consultant, who is a qualified person for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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 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. The company owns 10,000 oz of silver yielding 12 per cent per annum. In each instance, the reliability of the historical resource estimates is considered reasonable, but a qualified person has not done sufficient work to classify the foregoing historical estimates as current mineral resources, and the company is not treating the estimates as current mineral resources. There is no technical report associated with the historical estimates. The historical estimate contains categories that are not consistent with current Canadian Institute of Mining, Metallurgy and Petroleum definitions. The company considers the historical estimates to be relevant for the proper understanding of its mineral properties; however, significant data compilation, redrilling, resampling and data verification may be required by a qualified person for the historical estimates to be in accordance with National Instrument 43-101 standards and to verify the historical estimates as current mineral resources. No more recent estimates of the mineral resources or other data are available to the company. There can be no certainty, following further evaluation and/or exploration work, that the historical estimates can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101.

We seek Safe Harbor.