Mr. Chad Williams reports

HONEY BADGER SILVER ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT FOR THE PC SILVER MINE PRELIMINARY ECONOMIC ASSESSMENT

Honey Badger Silver Inc. has filed an independent technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, supporting the previously announced preliminary economic assessment and updated mineral resource estimate (MRE) for its 100-per-cent-owned PC silver mine (Prairie Creek) in the Northwest Territories, Canada.

The technical report, entitled "Preliminary Economic Assessment - PC Silver Mine - Northwest Territories," with an effective date of June 21, 2026, and was prepared by JDS Energy & Mining Inc. The technical report is available under the company's profile on SEDAR+ and on the company's website.

The PEA results were previously announced in the company's news release dated Sept. 17, 2026, entitled "Honey Badger Silver Announces Positive Preliminary Economic Assessment for the PC Silver Mine; Sees Significant Silver Plus Critical Minerals Production."

There are no material differences between the technical report and the PEA results disclosed in the company's Sept. 17, 2026, news release.

About Honey Badger Silver Inc.

Honey Badger Silver is a North American silver and critical minerals company. The company's flagship is the fully permitted, high-grade PC silver mine (Prairie Creek) in the Northwest Territories. Honey Badger Silver also holds a portfolio of silver and critical minerals projects across the Northwest Territories, Yukon and Nunavut, including the Sunrise Lake, Plata, Yava and Nanisivik properties, providing district-scale exposure in metal-rich Canadian jurisdictions.

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 exploration, development and acquisition plans.

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

Qualified person

The PEA was prepared by JDS Energy & Mining and is based upon information prepared by or under the supervision of Michael Makarenko, PEng, who is an independent qualified person for the purposes of National Instrument 43-101.

Scientific and technical information relating to the MRE is based upon information prepared by or under the supervision of Greg Mosher, PGeo, of Global Mineral Resource Services. Mr. Mosher is an independent qualified person for the purposes of NI 43-101.

We seek Safe Harbor.