Mr. Dorian Nicol reports

HONEY BADGER SILVER TRIPLES YAVA SILVER PROJECT PROPERTY POSITION

Honey Badger Silver Inc. has added, by low-cost staking, additional claims at its 100-per-cent-owned Yava silver project, located in Nunavut. The objective was to increase its strategic ownership of promising silver-rich geologic targets in the immediate area of the original Yava claims.

Honey Badger's chief executive officer, Dorian L. (Dusty) Nicol, commented: "Our new claims provide an important addition to the project's expansion potential. In addition to its historical silver resource, Yava has tremendous upside exploration potential, which we have enhanced greatly by more than tripling the size of our land position. All of our Yava claims are located near Glencore PLC's (GLCNF) Hackett River project that contains a world-class silver resource of 105 million ounces of silver indicated and 184 million ounces silver inferred. Hackett and Yava are located on the same mineralized structure. The number of untested geophysical and geochemical anomalies within our now-enlarged land position speak to the great expansion potential on our claims. We will compile and interpret existing data on the expanded Yava project -- which is an exciting new acquisition for Honey Badger -- with a view to executing activities to maximize the value of this asset for our shareholders."

Yava is located 45 kilometres from Glencore's Hackett River project, one of the largest undeveloped silver resources in the world. The new claims increase the company's land position in this rich district from 1,280 hectares to 4,395 hectares. The new claims cover a number of untested magnetic and electromagnetic anomalies and silver occurrences that occur along strike and adjacent to the Yava deposit and add greatly to the company's expansion potential in the district.

Yava deposit

On Oct. 2, 2024, the company announced that it had purchased the Yava project from Blue Moon Metals Inc. (see news release dated Oct. 2, 2024). The Yava property is in the Mackenzie mining district, territory of Nunavut, approximately 450 kilometres northeast of Yellowknife. The Yava property consists of one mining lease of 1,280 hectares plus three mining claims in two blocks totalling 3,115 hectares, comprising in all 4,395 hectares.

The Yava property envelopes four known base and precious metal occurrences mid-way along the length of the Hackett-Back River greenstone belt. The north end of this greenstone belt hosts the Hackett River base and precious metal resource currently held by Glencore. According to Xstrata's Dec. 31, 2012, report, Hackett River's resource estimate includes 25 million indicated tons of 4.2 per cent zinc, 0.6 per cent lead, 0.5 per cent copper, 130 grams per tonne (g/t) silver and 0.3 g/t gold, as well as 57 million inferred tons of 3.0% zinc, 0.5% lead, 0.4% copper, 100 g/t silver and 0.2 g/t gold. This represents 105 million ounces of silver indicated plus 184 million ounces inferred, among the largest undeveloped deposits of silver in the world. The Nunavut government has been supportive of mining and of initiating infrastructure projects including roads and ports.

Known metal occurrences at the Yava property, the Hackett River occurrence and the Musk occurrence are at or near the interface between uppermost felsic volcanic rocks of the greenstone belt and overlying sedimentary rocks. The Yava mining lease includes nine km of northwest-trending strike-length along the aforementioned volcanic-sedimentary rock interface. Brascan Resources Ltd. estimated that the Yava Main zone contains 1.3 million tons of 4.96 per cent zinc, 1.03 per cent copper, 1.60 per cent lead, 3.42 ounces per ton (oz/t) silver and 0.008 oz/t gold to a depth of 100 metres. The Yava zone remains fully open at depth, downdip and/or downplunge and along strike.

In addition, there is significant exploration potential associated with untested geophysical and geochemical anomalies and along the favourable volcanic stratigraphy.

Comments on the historic mineral resource estimate

The historic preliminary resource estimate of 1.3 million tonnes (Mt) grading 1.03 per cent copper (Cu), 1.6 per cent lead (Pb), 4.96 per cent zinc (Zn), 3.42 o/t silver (Ag) and 0.008 o/t Au (Salaken, 1976, 1977) was prepared for Brascan Resources. It is classed as a historic mineral resource estimate. A qualified person has not done sufficient work to classify this historic tonnage estimate as a current mineral resource and the company is not treating the estimate as a current mineral resource. The historic resource estimate cannot be relied upon. Additional work, including verification drilling/sampling and remodelling, will be required to verify the estimate as a current mineral resource. In addition, the assessment of economic viability would need to be redone using current or foreseeable metals prices, which are higher than those used in the historic estimate.

Qualified person

Technical information in this news release has been approved by Mr. Nicol, the company's CEO (PG, FAusIMM), who is a qualified person (QP) for the purpose of National Instrument 43-101.

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.

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