Mr. Chad Williams reports

HONEY BADGER SILVER HIGHLIGHTS SIGNIFICANT SULPHUR-RICH PYRITE ZONE AND INVESTIGATES GERMANIUM POTENTIAL AT NANISIVIK

Honey Badger Silver Inc. has highlighted the significance of extensive, massive pyrite mineralization at its 100-per-cent-owned Nanisivik silver project in Nunavut, Canada. The company has also started investigating the potential for Nanisivik to host germanium in existing and potentially new zones of mineralization.

Executive chairman Chad Williams commented: "Nanisivik is a very valuable asset, but, like many of our assets, it remains underappreciated by many. Several years ago, when silver was a fraction of its current price, we acquired a large land position around the past-producing Nanisivik mine through staking."

Honey Badger Silver acquired a large land position around Nanisivik for three key reasons:

1. The growth potential of the silver-bearing polymetallic mineralization located at or very close to the former mine;
2. The growth potential of several underexplored yet very prospective silver-bearing polymetallic satellite zones located away from the historic mine;
3. The massive pyrite bodies located around the former mine that may contain silver and other valuable metals.

Two events have occurred creating more value for Honey Badger Silver shareholders at Nanisivik.

Firstly, the price of sulphur has recently risen by over 500 per cent, according to market data from Trading Economics, due to continuing conflict in the Middle East. Pyrite is an important source of sulphur, thus making the existing Nanisivik pyrite deposit potentially financially attractive.

Secondly, the importance and price of germanium, a critical mineral, has risen dramatically because of Chinese export controls.

Work plans

The company plans to begin working on site imminently to evaluate the potential of the massive pyrite zones as well as follow up on high-grade grab samples located elsewhere on the property collected in 2025. The company will also analyze newly collected samples for critical metals such as germanium, which is understood to be hosted within sphalerite in the silver-zinc-lead-mineralized zones. The company will then evaluate the technical merits (including metallurgical characteristics), the environmental considerations and the market opportunities for these mineralized zones at Nanisivik.

Nanisivik's potential

The Nanisivik mine produced 17.9 million tonnes of ore grading 9 per cent zinc, 0.7 per cent lead and 35 grams per tonne silver between 1976 and 2002, equivalent to approximately 3.55 billion pounds of zinc, 284 million pounds of lead and 20.1 million ounces of silver, before low metal prices forced the mine into early closure, leaving unmined mineral resources. In addition to the historic mine production, geological studies have documented an extensive pyrite-rich mineralizing system associated with the Nanisivik district.

Honey Badger Silver has also made significant exploration advances at Nanisivik since acquiring the project. During the company's 2025 exploration program for example, ground electromagnetic (Loupe EM) surveys identified several new conductive targets at the Area 14 and Oceanview target areas, including multiple untested conductors interpreted to represent potential extensions of known silver-lead-zinc mineralization or even entirely new zones. Prospecting completed during the program returned grab samples grading up to 249 grams per tonne silver and 51.5 per cent zinc from the Area 14 target, further confirming the high-grade nature of mineralization outside the historically mined areas.

Reliable domestic sources of sulphur and sulphuric acid are becoming increasingly important in North America. 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 CIM (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.

About Honey Badger Silver Inc.

Honey Badger Silver controls some of Canada's richest untapped silver potential. With the acquisition of the fully permitted, high-grade PC silver mine, the company has become a leading North American silver and critical minerals company.

Backed by an impressive portfolio of eight high-quality silver mineral projects in Canada, including the Sunrise Lake, Plata 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 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 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 scientific and technical data contained in this news release pertaining to the project were reviewed and approved by Benjamin Kuzmich, PGeo, who is an independent consultant and a qualified person within the meaning of NI 43-101.

We seek Safe Harbor.