Mr. Dorian Nicol reports

HONEY BADGER SILVER ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Honey Badger Silver Inc. is undertaking a non-brokered private placement to raise up to $1-million.

The offering

The offering will consist of a combination of non-flow-through units at a price of 13 cents per NFT unit and flow-through shares at a price of 16 cents per FT share, for aggregate proceeds of up to $1-million. It is expected that this will comprise $750,000 of NFT units and $250,000 of FT shares.

Each NFT unit will consist of one non-flow-through common share of the company and one non-flow-through common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the company for an exercise price of 18 cents per share for a period of 36 months from its date of issuance.

The company will use the proceeds of the sale of FT shares in the offering to finance programs to advance one or more of the company's properties located in Yukon, the Northwest Territories and Nunavut that will qualify, once renounced, as flow-through mining expenditures, as that term is defined in the Income Tax Act (Canada). The company intends to use the net proceeds of the sale of the NFT units to finance programs to advance one or more of the company's properties and for general and administrative purposes.

The securities issued in connection with the offering will be subject to a four-month-and-a-day hold period. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. Finders' fees will be payable in connection with the offering.

The company's chairman, Chad Williams, is expected to participate in this financing by subscribing for $250,000 of NFT units.

Insider participation

Certain insiders of the company are expected to participate in the offering and, as a result, each of the offering and the incentive program may constitute a related party transaction, within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company expects to rely on the exemption from the formal valuation requirements of MI 61-101 contained in sections 5.5(a) and (b) of MI 61-101, as the fair market value of the transaction with insiders will not be more than 25 per cent of the market capitalization of the company and no securities of the company are listed on a specified market set out in such sections, and expects to rely on the exemption from the minority shareholder approval requirements of MI 61-101 contained in Section 5.7(1)(a) of MI 61-101, as the fair market value of the transaction with insiders will not be more than 25 per cent of the market capitalization of the company.

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 historical 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 high-grade Plata 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 historical 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 estimate as a current mineral resource. The historical resource estimates cannot be relied upon. Additional work, including verification drilling/sampling, will be required to verify the estimates as current mineral resources.

We seek Safe Harbor.