Mr. Chad Williams reports

HONEY BADGER SILVER ANNOUNCES FULL EXERCISE OF OVER-ALLOTMENT OPTION, WARRANT PRICING FOR $11.5 MILLION FINANCING

Further to the press release dated March 19, 2026, announcing a brokered private placement offering of subscription receipts, SCP Resource Finance LP, as lead agent on behalf of a syndicate of agents, has fully exercised the agent option, resulting in gross proceeds of up to approximately $11.5-million, for a total of up to 71,875,000 subscription receipts of Honey Badger Silver Inc. pursuant to the offering.

Each subscription receipt will be issued at a price of 16 cents and will convert into one unit of the company upon satisfaction of the escrow release conditions (as defined herein). 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 for a period of three years at an exercise price of 24 cents per common share.

The company is also pleased to announce that the company's management team, board of directors and its advisers are expected to purchase over 10 per cent of the offering, further demonstrating strong support for Honey Badger's strategy and proposed acquisition of the Prairie Creek project.

Proceeds to advance transformational Prairie Creek acquisition

As announced on March 19, 2026, Honey Badger entered into a definitive agreement dated March 13, 2026, to acquire all of the issued and outstanding shares of Canadian Zinc Corp., 100-per-cent owner of the PC silver project from Resource Capital Fund VI LP, an arm's-length party to the company, for $10-million in cash plus $2-million in Honey Badger shares and warrants.

The PC silver project is a permitted underground silver-zinc-lead project, hosting a large, high-grade historical resource base with significant existing underground and development infrastructure, located in the Northwest Territories. The net proceeds of the offering (including the agent option) are expected to be used to finance the cash portion of the purchase price associated with the acquisition and the expenses related to the acquisition.

The acquisition is expected to close in second quarter 2026 and will be completed on a cash-free and debt-free basis, subject to customary closing conditions, including the receipt of TSX Venture Exchange acceptance.

The project hosts a historical resource estimate of:

• 9.8 million tonnes of measured and indicated resources, grading 139 grams per tonne silver, 9.7 per cent zinc and 8.8 per cent lead for a total of 240 million ounces of silver equivalent at a silver equivalent grade of 766 g/t; and
• 6.4 Mt of inferred resources grading 150 g/t Ag, 12.9 per cent Zn and 6.7 per cent Pb, hosting 167 Moz of silver equivalent at a silver equivalent grade of 813 g/t.

The company believes that the key aspects of the of the project include:

• Key permits and regulatory approvals in place for development;
• Support from local indigenous governments, with multiple agreements in place;
• Multiple economic studies previously completed further support the potential of the PC silver project;
• Excellent regional exploration potential on the large and underexplored 7,485-hectare land position.

Chad Williams, executive chairman of Honey Badger, commented: "We are very pleased to see strong demand for this financing, including the participation of certain insiders of the company. The agents' exercise of the overallotment option reflects a recognition of the pivotal nature of the PC silver project acquisition for Honey Badger. We believe this is one of the most compelling silver development opportunities globally, particularly in the context of current silver prices."

Offering details

The offering is expected to close on or about April 15, 2026, and remains subject to customary closing conditions, including approval of the TSX Venture Exchange.

The gross proceeds of the offering less certain expenses and a portion of the agent fees will be deposited into escrow with a subscription receipt agent pending satisfaction of the escrow release conditions (such amount being the escrowed funds), which includes the completion, satisfaction or waiver of all conditions precedent to the closing of the acquisition other than the payment of the purchase price and receipt of final approval of the TSX-V. If the escrow release conditions are satisfied on or before June 15, 2026, the escrowed funds (less the balance of the agent fees) will be released to the company, and the subscription receipts will automatically convert into units. If the escrow release conditions are not satisfied on or before the escrow release deadline, the subscription receipts will be cancelled, and the escrowed funds will be returned to holders of subscription receipts on a pro rata basis.

In consideration for their services, the agents will receive a cash commission equal to 6 per cent of the gross proceeds of the offering and such number of compensation warrants equal to 6 per cent of the number of units issued pursuant to the offering, in each case subject to a reduction to 3 per cent in respect of sales of subscription receipts to purchasers included on a president's list to be formed by the company in connection with the offering. Each compensation warrant will entitle the holder to acquire one common share at the issue price for a period of two years. As described above, 50 per cent of the agent cash commission will be deposited into escrow pending the satisfaction of the escrow release conditions.

The securities issued pursuant to the offering will be subject to a statutory four-month hold period in accordance with applicable securities laws in Canada.

Qualified person

The scientific and technical data contained in this news release pertaining to the project was reviewed and approved by Benjamin Kuzmich, who is an independent consultant and qualified person within the meaning of National Instrument 43-101.

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 existing projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t 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. In addition, it owns 10,000 oz of physical 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.