Mr. Chad Williams reports

HONEY BADGER SILVER EXECUTES 2026 FIELD PROGRAM TARGETING MASSIVE PYRITE AND NEW CRITICAL MINERALS POTENTIAL AT NANISIVIK PROJECT, NUNAVUT

Honey Badger Silver Inc. has released the details of the 2026 field exploration program at its 100-per-cent-owned Nanisivik project on Baffin Island, Nunavut.

Chad Williams, executive chairman and interim chief executive officer, commented: "Our focus for the 2026 on-site work at Nanisivik was to substantiate the potential of this project to host economic zones of silver-bearing mineralization. Importantly, mineralization at Nanisivik is known to contain zinc, lead and potentially many other critical minerals. In particular, historic references to large existing silver-bearing pyrite zones are now very interesting because of the recent dramatic rise in the price of sulphur. In addition, the substantial rise in the price of certain critical minerals -- like germanium -- given their new highly strategic importance, has motivated Honey Badger to look at Nanisivik with a fresh lens. These minerals were never considered important during the many years that Nanisivik operated as an underground mine. In summary, Nanisivik contains many promising zones located throughout the large project area controlled by Honey Badger."

2026 field program and next steps

Building upon the company's positive 2025 exploration results and its recently announced initiative to evaluate extensive massive pyrite mineralization (see news release dated July 28, 2026), the recently executed 2026 field program was designed to advance two specific emerging opportunities at Nanisivik: (1) the documented extensive massive pyrite system; and (2) additional silver-zinc-lead mineralization and critical mineral potential located outside of the historic mined zones, providing an opportunity to further characterize the mineralized system using modern analytical methods.

The field team was managed by Apex Geoscience, overseen by Honey Badger Silver. The team collected samples of massive pyrite, as well as other potentially mineralized samples containing sphalerite, galena and pyrite, from both float and outcrop across multiple zones across the property.

Samples collected during the program were transported under chain-of-custody procedures and submitted to an independent accredited laboratory for multielement geochemical analysis. The company expects the analytical results to provide valuable information on the composition of the pyrite-rich mineralization and to assist in evaluating the potential for germanium and other critical or potentially valuable elements within the system.

Upon receipt of the analytical results, Honey Badger Silver will integrate the new data with historical geological, geochemical and geophysical information to refine its understanding of the Nanisivik mineralized system. The company will then evaluate opportunities for additional analytical work, metallurgical testing and other follow-up studies, as warranted, and assess potential future exploration programs, including drilling and/or other methods of testing priority targets.

Nanisivik highlights:

• Proven mineralized district: The former Nanisivik mine produced approximately 17.9 million tonnes grading 9 per cent zinc, 0.7 per cent lead and 35 grams per tonne silver, equivalent to 3.55 billion pounds of zinc, 284 million pounds of lead and 20.1 million ounces of silver.
• Potential large-scale sulphur opportunity: Historical publications reported an estimated 50 million to 100 million tonnes of massive pyrite mineralization within the South Boundary and North Pyrite zones (see additional information below).
• Critical mineral upside: Honey Badger Silver is evaluating the extensive sulphide system for germanium and other critical minerals that were not systematically evaluated during historical mining.
• Additional high-grade exploration targets: Recent prospecting at the Area 14 target returned grab samples grading up to 249 g/t silver and 51.5 per cent zinc while geophysics identified new conductors away from the former mine site.
• Two thousand twenty-six assays pending: New samples of massive pyrite and prospective polymetallic mineralization have been submitted for modern multielement analysis, providing a potential near-term catalyst.

About Nanisivik

The Nanisivik project is located on northern Baffin Island, Nunavut, near the community of Arctic Bay, and encompasses the area surrounding the former Nanisivik mine. The mine operated from 1976 to 2002 and produced approximately 17.9 million tonnes of ore grading 9 per cent zinc, 0.7 per cent lead and 35 g/t silver, equivalent to approximately 3.55 billion pounds of zinc, 284 million pounds of lead and 20.1 million ounces of silver prior to closing down in 2002 due to falling metal prices.

In addition to the mineralization that was mined, historical publications describing mining operations at Nanisivik indicate the presence of extensive massive pyrite mineralization within the South Boundary zone and the North Pyrite zone. McNeil et al. (1993) reported a historical, non-compliant estimate ranging from 50 million to 100 million tonnes of massive pyrite. The company considers the estimate to be relevant as it highlights the potential for a large pyrite-bearing system at Nanisivik and supports the exploration rationale for evaluating the sulphur potential of the property. While the estimate was reported by authors familiar with mine operations and regional geology at the time, the reliability of the estimate is uncertain because the publication does not disclose sufficient information regarding the estimation methodology, assumptions, classification criteria or supporting data necessary to evaluate the estimate under current Canadian Institute of Mining, Metallurgy and Petroleum standards or National Instrument 43-101 requirements. Verification and potential upgrading of the historical estimate would likely require review of available historical geological, sampling and drilling data, together with confirmatory drilling and sampling to validate the extent and continuity of the pyrite mineralization. A qualified person has not completed sufficient work to classify these historical figures as current mineral resources or mineral reserves, and the company is not treating them as such.

The Nanisivik mineralized system also exhibits potential for germanium and other critical metals, which were not systematically evaluated during historical mining operations, but noted in past reports to be associated with metals like zinc. Honey Badger Silver is undertaking additional sampling and analysis to evaluate the potential for germanium and other critical minerals within existing and potentially new zones of mineralization.

Honey Badger Silver has also identified potential silver-zinc-lead mineralization outside of the historic mine workings, including multiple priority targets generated through its review of historical drilling and geophysical data. Recent exploration has highlighted the Area 14 and Oceanview areas, where prospecting returned grab samples grading up to 249 g/t silver and 51.5 per cent zinc, and geophysical surveys identified new untested conductors (see news release dated Dec. 1, 2025).

The combination of a past-producing high-grade silver-zinc-lead mine, an extensive pyrite-bearing sulphide system, opportunity for finding new polymetallic mineralization and potential critical mineral content provides Honey Badger Silver with multiple avenues for value creation at Nanisivik.

Erratum

The company wishes to correct an error in its previous disclosure dated Aug. 27, 2026, regarding historical drill results from the Yava Main zone. The previously reported result for drill hole DH Y-74-01 was stated as 40.1 metres grading 67.53 g/t silver, 1.1 per cent copper, 3.73 per cent zinc, 0.54 per cent gold and 0.36 per cent lead, with an estimated true width of approximately 23 metres. The gold grade was incorrectly reported as 0.54 per cent in the previous release -- the correct grade is 0.54 g/t gold. All other reported values remain unchanged.

About Honey Badger Silver Inc.

Honey Badger Silver is a leading North American silver and critical mineral company. Backed by an impressive portfolio of eight high-quality silver mineral projects across the Northwest Territories, Yukon and Nunavut, including the fully permitted, high-grade PC silver mine, Sunrise Lake, Plata, Yava and Nanisivik properties, Honey Badger Silver controls district-scale land positions in some of the most metal-rich jurisdictions on the continent.

What sets Honey Badger Silver apart is its strategic blend of real silver ownership and growth leverage: The company holds over 10,000 ounces of physical silver yielding 12 per cent annually, reinforcing tangible asset value while advancing aggressive exploration and acquisition plans.

Led by a proven team of mine builders and capital market professionals, Honey Badger Silver is building a cash-generating, asset-backed platform for the bull cycle in precious and critical minerals.

Qualified person

The scientific and technical data contained in this news release pertaining to the project were reviewed and approved by Andrew Jedemann, MSc, PGeo, who is an independent consultant and a qualified person within the meaning of National Instrument 43-101.

We seek Safe Harbor.