Mr. Chad Williams reports

HONEY BADGER SILVER COMPLETES 2026 FIELD PROGRAM TARGETING HIGH-GRADE SILVER-POLYMETALLIC MINERALIZATION AT YAVA PROJECT, NUNAVUT

Honey Badger Silver Inc. has completed its first-ever field exploration program at its 100-per-cent-owned Yava project in Nunavut.

Chad Williams, executive chairman and interim chief executive officer, commented: "While the PC silver mine remains Honey Badger Silver's primary development focus, Yava is an often-overlooked project within our broader Canadian silver portfolio. Historical drilling in the 1970s at Yava identified a shallow polymetallic volcanogenic massive sulphide (VMS) system that has never been followed up on, while several historic silver occurrences and geophysics targets nearby have never seen modern exploration.

"Importantly, Yava also presents meaningful critical minerals upside with copper and zinc noted in the historical drilling. Our 2026 field program was designed to advance our understanding of this underexplored system, refine priority targets and lay the groundwork for future drilling. We believe Yava has the potential to emerge as a highly compelling exploration asset within the Honey Badger silver portfolio."

Yava project highlights:

• Yava hosts a non-compliant, historical resource of 1.3 million tonnes grading 106.8 grams per tonne silver, 1.03 per cent copper, 4.96 per cent zinc, 1.60 per cent lead and 0.30 gram per tonne gold (see section below on Yava historical resource estimate).
• The Yava Main zone comprises a shallow, massive sulphide lens between 10 and 35 metres thick with an approximate strike length of 250 metres that has only been tested by limited drilling in 1974 to 1975 to a vertical depth of approximately 80 metres that appears to remain open at depth and along strike.
• A large footwall alteration and stringer sulphide zone in contact with the massive sulphide lens has been traced for approximately 2.6 kilometres, suggesting potential for continuation of massive sulphide mineralization along strike.
• There remain several regional VTEM (versatile time-domain electromagnetic) targets and historic occurrences at Yava along a 16-kilometre strike length that have not seen modern exploration, including historic grab samples with up to 4,960 g/t silver, 1.17 g/t gold, 3.45 per cent lead and 1.47 per cent zinc.

About Yava

Yava is a polymetallic VMS system located in the Hackett River greenstone belt, located approximately 450 kilometres northeast of Yellowknife and 40 kilometres south of the Hackett River deposit, which has a historical 2013 resource estimate of 25 million tonnes grading 130 g/t Ag (indicated) and 57 million tonnes grading 100 g/t Ag (inferred), equivalent to 105 million ounces Ag (indicated) and 183 million ounces Ag (inferred).

The 5,218-hectare Yava project hosts a historical resource estimate of 1.3 million tonnes grading 106.8 g/t silver, 1.03 per cent copper, 4.96 per cent zinc, 1.60 per cent lead and 0.30 g/t gold, defined by 10 shallow drill holes and tested to only approximately 80 metres vertical depth. Select historic drill results at the Yava Main zone include 40.1 metres grading 67.53 g/t silver, 1.1 per cent copper, 3.73 per cent zinc, 0.54 per cent gold and 0.36 per cent lead in DH Y-74-01, with an estimated true width of approximately 23 metres. Despite these impressive results, Yava has not seen any new drilling since the initial discovery more than 50 years ago.

The principal target at Yava is the Main zone, where limited historical diamond drilling completed in 1974 and 1975 intersected a steeply dipping, tabular massive sulphide lens extending approximately 250 metres along strike and only tested to a vertical depth of approximately 80 metres, hosted near the contact between felsic and mafic volcanic rocks. Based on the results of this historical drill program, Brascan Resources Ltd. completed a preliminary mineral resource estimate in 1976, which was derived from approximately 10 shallow drill holes completed during the exploration campaigns from 1974 to 1975. Cote and Campbell (2008), in their National Instrument 43-101 technical report on the Yava property, concluded that, "Based on the geometry of the mineralization outlined from the 1974/75 drilling, the Yava (Main) zone remains fully open at depth, downdip and/or downplunge, and apparently along strike as well for some unspecified distance." The historical resource estimates reported above are not compliant with NI 43-101, has not been verified by Honey Badger Silver and is not being treated as a current mineral resource (see section below on Yava historical resource estimate).

Beyond the Main zone, Yava hosts numerous high-priority exploration targets identified through historical exploration, airborne geophysics (VTEM) and surface sampling that remain untested by drilling and follow-up prospecting. These include:

• North zone, where a historical grab sample reportedly returned 3,454 g/t silver and 0.17 g/t gold;
• M-3, where a historical grab sample reportedly returned 4,960 g/t silver, 1.17 g/t gold, 3.5 per cent lead and 1.5 per cent zinc, coincident with a strong electromagnetic conductor;
• Caribou zone, where historical grab samples reportedly returned up to approximately 450 g/t silver;
• M-1 and M-2, coincident strong electromagnetic conductors, magnetic responses and alteration interpreted as favourable for VMS mineralization;
• HLEM-C and HLEM-D, where historical work documented chalcopyrite and sphalerite mineralization associated with conductive horizons;
• South zone, where anomalous gold has been historically reported in association with iron formation.

2026 fieldwork at Yava

The 2026 work program at Yava was designed as a focused target-generation campaign ahead of potential future drilling. The team, led on the ground by Apex Geoscience and overseen by Honey Badger Silver, prioritized geological mapping and systematic sampling of the Main zone area and nearby historic occurrences as well as untested regional VTEM targets. This fieldwork also provides Honey Badger Silver with an opportunity to submit samples using robust multielement analytical packages to identify critical mineral potential at Yava that may have been previously unrecognized.

Honey Badger Silver would like to recognize and thank B2 Gold, which is providing important logistical support to the field crew at its nearby Goose mine and airstrip.

Next steps

Samples from the fieldwork program at Yava have been transported to Yellowknife under strict chain-of-custody procedures to an independent, accredited analytical laboratory for geochemical analysis.

Results from the 2026 programs will be integrated with Honey Badger Silver's extensive historical geological, geochemical, geophysical and drilling database to rank targets for follow-up exploration and potential future exploration work and potential drilling.

Historical resource estimate for Yava

Yava's historical resource estimate provided above is considered historical in nature, is not compliant with National Instrument 43-101, has not been verified by Honey Badger Silver, should not be relied upon and is not being treated as a current mineral resource. The company considers the estimate to be relevant as it highlights the potential for additional VMS-style mineralization to be discovered at Yava and supports the exploration rationale for follow-up prospecting and geological mapping in the area. While the estimate was reported by authors familiar with the 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 NI 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 mineralization. A qualified person has not completed sufficient work to classify the historical estimate as a current mineral resource, and Honey Badger Silver is not treating it as such.

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian silver and critical minerals company focused on developing its unique portfolio of projects in Northern Canada. Its principal development asset is the PC silver mine in the Northwest Territories, alongside seven other silver and critical minerals projects, including Sunrise Lake, Plata, Yava and Nanisivik.

In addition, the company also holds over 10,000 ounces of physical silver that is subject to a silver loan arrangement with a stated 12-per-cent annual yield.

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 Andrew Jedemann, MSc, PGeo, who is an independent consultant and a qualified person within the meaning of NI 43-101. Mr. Jedemann has not verified the historical exploration results, sampling data and other historical information in this news release. Accordingly, such information should not be relied upon and is presented for informational purposes only.

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