Mr. Eric Sprott, a shareholder, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN HONEY BADGER SILVER INC.

On May 14, 2026, 2176423 Ontario Ltd., a corporation which is beneficially owned by Eric Sprott, acquired 8,500,500 common shares of Honey Badger Silver Inc. over the TSX Venture Exchange (representing approximately 5.5 per cent of the outstanding shares on a non-diluted basis) at an average price of 72 cents per share for aggregate consideration of $6,120,360.

Prior to the acquisition of shares, Mr. Sprott beneficially owned 4,278,195 shares and 3,333,333 share purchase warrants, representing approximately 2.7 per cent of the outstanding shares on a non-diluted basis and 4.8 per cent of the outstanding shares on a partially diluted basis, assuming the exercise of such warrants. In addition, Mr. Sprott beneficially owned five million subscription receipts of Honey Badger Silver that were acquired on April 15, 2025, through a private placement. Each subscription receipt will automatically convert into one unit of Honey Badger Silver if certain escrow release conditions are satisfied on or before June 15, 2026. (See Honey Badger Silver's press release dated April 15, 2026.) Each unit consists of one share and one warrant. As a result of the acquisition of shares on May 14, 2026, Mr. Sprott now beneficially owns 12,778,695 shares and 3,333,333 warrants, representing approximately 8.2 per cent of the outstanding shares on a non-diluted basis and 10.1 per cent of the outstanding shares on a partially diluted basis, assuming the exercise of such warrants. The acquisition resulted in an increase in holdings to above 10 per cent of the outstanding shares and, therefore, requires the filing of an early warning report.

Assuming the conversion of the subscription receipts, Mr. Sprott will own 17,778,695 shares and 8,333,333 warrants, representing approximately 7.8 per cent of the outstanding shares on a non-diluted basis and 11.1 per cent of the outstanding shares on a non-diluted basis.

The shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment, and may acquire additional securities, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on Honey Badger Silver's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. East, Suite 1106, Toronto, Ont., M5C 3C5).