Announcement • May 28
Honey Badger Silver Initiates an Updated Economic Study on Its 100%-Owned PC Silver Mine, NWT, Canada Honey Badger Silver appointed JDS Energy & Mining to be the lead author of an updated Preliminary Economic Assessment and updated Mineral Resource Estimate on its Prairie Creek Mine, located in the Northwest Territories of Canada. Honey Badger Silver expects this Preliminary Economic Assessment and updated Mineral Resource Estimate to be completed in Third Quarter 2026. The PC Silver Mine is one of the world's highest-grade undeveloped silver-zinc-lead projects and benefits from substantial historical infrastructure and development work, including approximately 5 km of underground development, an existing mill and surface infrastructure, an airstrip, advanced permitting, agreements with Indigenous governments associated with the project area and transportation corridor, and a USD 25 million grant from the Government of Canada under the National Trade Corridor Fund. The last Mineral Resource Estimate was completed by Global Mineral Resources Services in October 2021, and outlined a measured and indicated resource of 9.8 million tonnes grading 139 g/t Ag, 9.7% Zn, and 8.8% Pb and an inferred resource of 6.4 million tonnes grading 150 g/t Ag, 12.9% Zn, and 6.7% Pb using a USD 20/oz silver price, a USD 1.15/lb zinc price and a USD 1.00/lb lead price. Current spot prices of the metals are USD 79/oz Ag, USD 1.60/lb Zinc and USD 0.91/lb lead. Along with JDS Mining, several well-known, experienced, and specialized consultants will be providing input to the study. Global Mineral Resource Services offers in-depth technical knowledge and experience to conduct the estimation of mineral resources and the evaluation of mineral deposits. Knight Piésold is an employee-owned global consulting firm specializing in services for the mining, power, and water sectors. Giffen Consulting Ltd. specializes in providing fit for purpose design and engineering services specializing in the utility, mining, and heavy industrial sectors with a focus on mineral processing, infrastructure design and construction. T Engineering is a Canadian engineering consulting company based in Toronto, Ontario. With expertise and operation experience in cemented rockfill, hydraulic fill, and cemented paste backfill, T Engineering provides all aspects of backfill engineering services around the world. The PC Silver Mine is a high-grade silver-zinc-lead brownfield redevelopment project located in the Northwest Territories, Canada. The project benefits from substantial historical investment and infrastructure, including underground development, an existing mill, an airstrip and advanced permitting. Honey Badger believes the project is strategically positioned to support growing North American demand for secure domestic supplies of silver, zinc, lead and potentially additional critical metals. Announcement • May 16
Honey Badger Silver Inc. announced that it has received CAD 6.12036 million in funding Honey Badger Silver Inc announced a private placement to issue 8,500,500 common shares at an issue price of CAD 0.72 per share for gross proceeds of CAD 6,120,360 on May 1, 2026. The investor owned over the TSX Venture Exchange (representing approximately 5.5 per cent of the outstanding shares on a non-diluted basis). Prior to the acquisition of shares, investor beneficially owned 4,278,195 shares and 3,333,333 share purchase warrants, representing approximately 2.7% of the outstanding shares on a non-diluted basis and 4.8% of the outstanding shares on a partially diluted basis, assuming the exercise of such warrants. Assuming the conversion of the subscription receipts, investor will own 17,778,695 shares and 8,333,333 warrants, representing approximately 7.8 of the outstanding shares on a non-diluted basis and 11.1% of the outstanding shares on a non-diluted basis. The transaction will include participation from Eric Sprott. Recent Insider Transactions • May 15
Executive Chairman & CEO recently bought CA$63k worth of stock On the 8th of May, Chad Williams bought around 100k shares on-market at roughly CA$0.63 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Chad's only on-market trade for the last 12 months. 
