Mr. Dorian Nicol reports

HONEY BADGER IDENTIFIES MULTIPLE PROMISING SILVER ZONES AT NANISIVIK

A detailed review of the recently acquired historic database of drilling and assays at Honey Badger Silver Inc.'s 100-per-cent-owned Nanisivik project in Nunavut has shown very encouraging results for silver mineralization in multiple areas that were not mined.

The Nanisivik mine produced about 17.9 million tonnes of ore grading 9 per cent zinc, 0.72 per cent lead and 35 grams per tonne silver between 1976 and 2002. Honey Badger acquired its initial 5,723 hectares through staking in 2022.

The company's chief executive officer, Dorian L. (Dusty) Nicol, commented: "We have identified multiple targets that host prospective areas of silver-bearing mineralization. This underscores our contention that the entire large project area has potential to host economic orebodies and merits further investigation. In addition to these newly identified areas of silver-bearing mineralization, our rationale for originally acquiring Nanisivik was that there is a very large (over 100 million tonnes) unmined, pyrite-rich massive sulphide zone containing silver that could be economic at today's commodity prices. Our target grade is 30 to 50 grams per tonne silver (roughly 1.0 to 1.5 ounces per ton). We will continue to evaluate this database to further define silver-bearing targets as well as detailed review of the geophysics database, likely using innovative AI [artificial intelligence] techniques similar to those that the company has been employing with great effect on its Plata project in the Yukon.

"Our vision at Nanisivik is an eventual target resource of at least 100 million ounces of silver. The prospectivity is supported by large tonnages in multiple sulphide zones at Nanisivik with anomalous concentrations of silver and zinc as well as, locally, the potential for important critical metals germanium, gallium and indium. In addition, with a deep-sea port being constructed adjacent to the Nanisivik mine, the pyrite bodies themselves may have significant commercial value as a source of sulphur as global demand for sulphur is expected to increase dramatically. We will continue to evaluate the potential of Nanisivik to host economic mineralization, including commissioning an initial desktop study on the economic viability of the massive pyrite bodies."

Comprehensive data analysis yields promising results

As reported in a news release dated May 2, 2024, the company recently acquired a historical database that includes drilling, geological, mining and geophysical information that the company considers extremely valuable for its Nanisivik claims. The database contains the results from decades of drilling at Nanisivik that the company estimates would cost well over $40-million to replicate today. The database also contains a historical regional airborne geophysical survey from the early 1980s that will be utilized to conduct modern geophysics and targeting.

The database was reviewed independently by Apex Geoscience Ltd., a 3-D model was constructed, and historical mining information was used to identify areas that host silver mineralization. Based upon this compilation, many of these historical drill holes revealed significant silver intercepts in areas that were never mined (see attached table).

The main areas mined at the Nanisivik mine were the Main zone with some production from the Oceanview zone and very minor production from the K-Baseline and Area 14 zones. There are many intersections a significant distance west of the Oceanview workings plus in at least two separate zones to the north of the workings that yielded multiple significant lead-zinc-silver intersections. These include (see attached table; true widths not currently known) the following intersections west of Oceanview:

• 17.76 per cent zinc, 9.8 per cent lead and 74.7 grams per tonne silver over 2.7 metres core length starting at 30 metres downhole;
• 17.53 per cent zinc, 11.82 per cent lead and 71.2 grams per tonne silver over 2.7 metres core length starting at 30.1 metres downhole.

The historical drill data also disclosed significant silver values (over 100 grams per tonne silver) at unmined areas at Oceanview North, Deb and Area 14. Highlights are included in the attached table below and include:

• Deb prospect: 6.9 per cent zinc and 185.3 grams per tonne silver over 1.3 metres core length starting at 112.0 metres downhole;
• Oceanview North prospect: 22.79 per cent zinc, 12.42 per cent lead and 97.6 grams per tonne silver over 5.3 metres core length starting at 15.5 metres downhole;
• Area 14 prospect: 27.43 per cent zinc, 11.97 per cent lead and 280.0 grams per tonne silver over 2.3 metres core length starting at 20.1 metres downhole.

There is no information available in the database for important strategic metals, including germanium, gallium and indium, because previous operators had little interest in these elements.

The attached table shows historical Nanisivik surface drillhole assay highlights from unmined areas.

About Nanisivik

The Nanisivik mine (near Arctic Bay, Nunavut) produced over 20 million ounces of silver between 1976 and 2002, from 17.9 million tonnes of ore, grading 9 per cent zinc, 0.72 per cent lead and 35 grams per tonne silver. In addition to the polymetallic orebody, previous exploration identified massive sulphide bodies (principally pyrite) still in place, totalling about 100 million tonnes, containing locally anomalous base metal and silver values.

Settlement of certain payables in shares

The company reports two service providers have asked to settle $102,618 in outstanding invoices by the issuance of 1,026,180 common shares valued at 10 cents per share. This transaction is subject to the approval of the TSX Venture Exchange. Shares issued will be subject to a four-month-plus-one-day hold period from the date of issuance.

Qualified person statement

Michael Dufresne, MSc, PGeol, PGeo, is an independent qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a record of value creation backed by a skilled technical team. The company's 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 (and 201.3 million pounds of zinc) indicated and 13.9 million ounces of silver (and 247.8 million pounds of zinc) inferred, 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 historic resource of 5.5 million ounces of silver and 1.3 billion pounds of zinc. The company also has a significant landholding at the Nanisivik mine area located in Nunavut, Canada, that produced over 20 million ounces of silver between 1976 and 2002. 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 current mineral resources.

We seek Safe Harbor.