Honey Badger Silver Grows Nanisivik Project

HONEY BADGER SILVER GROWS NANISIVIK PROJECT

White Rock, British Columbia, October 21, 2024 – Honey Badger Silver Inc. (TSXV:TUF |

OTCQB:HBEIF) (“Honey Badger” or the “Company”) is pleased to announce that it has added

strategic claims through staking at its 100%-owned Nanisivik project, located on Baffin Island,

Nunavut. These claims are deemed to have high geologic growth and discovery potential.

Honey Badger’s CEO, Dorian L. (Dusty) Nicol, commented, “ Our recent historic drill and

geophysical data analysis (news release dated September 16, 2024), revealed several high-

priority targets that may be silver-rich massive sulphide bodies. To capture the full benefit of these

and additional potential silver-rich targets for our shareholders we staked new claims at very low

cost. We are extremely excited by our new land position because of how it expands, at extremely

low cost, the number of potential silver-rich targets. Our next steps will be to continue compiling

and interpreting available data on these new claims, with a view to performing an initia l field

reconnaissance.”

New Claims

The Company has recently increased the size of its mineral tenure around the past producing

Nanisivik Mine on Baffin Island, Nunavut, which now comprises a total of 14 mineral claims

covering some 13,373.2 hectares (ha). The Company’s original Nanisivik Property comprised 4

claims totaling 5,722.8 ha that cover the former mine site. The company has staked an additional

10 claims totaling 7650.4 ha at and around the Nanisivik area. These claims cover geophysical

anomalies identified during the Company’s review of the historic data base (see news release

dated September 16, 2024). The new claims comprise a further 3 claims that have added 1174.2

ha to the original Nanisivik claim block, 2 claims (1710.4 ha) covering the Chris Creek target

located approximately 19 km southeast of Nanisivik, and further 5 claims (4765.8 ha) covering

historical geophysical anomalies (conductors) in and around the Adams Sound and Adams River

target areas approximately 40 km and 55 km, respectively, southeast of Nanisivik. The map below

illustrates the locations of the new claims with respect to the geophysical anomalies.

About Nanisivik

The Nanisivik Mine (near Arctic Bay, Nunavut) produced over 20 million ounces of silver between

1976 and 2002, from 17.9 million tons of ore, grading 9% zinc, 0.72% lead, and 35 grams per

tonne silver (1). In addition to the polymetallic orebody, previous exploration identified massive

sulphide bodies (principally pyrite) still in place, totaling about 100 million tonnes (1,2), containing

locally anomalous base metal and silver values.

(1) Reference: Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls

on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley-type Deposit, Northern

Baffin Island, Nunavut; by Patterson and Powis.

(2) A qualified person has not done sufficient work to classify this historic tonnage estimate

as a current mineral resource and the Company is not treating the estimate as a current

mineral resource. The historic tonnage estimate cannot be relied upon. Additional work,

including verification drilling / sampling, will be required to verify the estimate as a

current mineral resource.

(3) University College London study, 1922, published by Royal Geographic Society.

Qualified Person

Technical information in this news release has been approved by Dorian L. (Dusty) Nicol, the

Company’s CEO (PG, FAusIMM), who is a Qualified Person (QP) for the purpose of National

Instrument 43-101.

Yava Acquisition

The Company announced on October 2, 2024, that it has agreed to purchase the Yava property

for 4,250,000 shares from Blue Moon Metals Inc. The property is subject to a 10% NPI royalty,

which the Company can repurchase for $1.5 million. Please see the previous news release for

more informalon about the Yava acquisilon.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership

team with a track record of value creation backed by a skilled technical team. Our projects are

located in areas with a long history of mining, including the Sunrise Lake project with a historic

resource of 12.8 Moz of silver (and 201.3 million pounds of zinc) Indicated and 13.9 Moz of silver

(and 247.8 million pounds of zinc) Inferred (1)(3) located in the Northwest Territories and the Plata

high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to

Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has a

historic resource of 5.5 Moz of silver and 1.3 billion pounds of zinc (2)(3). The Company also has a

significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced

over 20 Moz of silver between 1976 and 2002 (2,3). 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 estimates as current mineral resources. The historical resource estimates are

provided solely for the purpose as an indication of the volume of mineralization that could be

present. Additional work, including verification drilling / sampling, will be required to verify any

of the historical estimates as a current mineral resources.

(1) Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead,

0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead,

0.07% copper, and 0.51 grams/tonne gold.

(2) Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

(3) Geological Survey of Canada, 2002-C22, “Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik

Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis.”

ON BEHALF OF THE BOARD

Dorian L. (Dusty) Nicol, CEO

For more information, please visit our website www.honeybadgersilver.com or contact Sonya

Pekar for Investor Relations | [email protected] |+1 (647) 498 - 8244

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking informaGon” within the meaning of the applicable Canadian

securiGes legislaGon that is based on expectaGons, esGmates, projecGons and interpretaGons as at the

date of this news release. Any statement that involves discussions with respect to predicGons, expectaGons,

interpretaGons, beliefs, plans, projecGons, objecGves, assumpGons, future events or performance (oMen

but not always using phrases such as “expects” , or “does not expect” , “is expected” , “interpreted” ,

“management’s view” , “anGcipates” or “does not anGcipate” , “plans” , “budget” , “scheduled” , “forecasts” ,

“esGmates”, “believes” or “intends” or variaGons of such words and phrases or staGng that certain acGons,

events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not

statements of historical fact and may be forward-looking informaGon and are intended to idenGfy forward-

looking informaGon. This forward-looking informaGon is based on reasonable assumpGons and esGmates

of management of the Company at the Gme such assumpGons and esGmates were made, and involves

known and unknown risks, uncertainGes and other factors which may cause the actual results,

performance or achievements of Honey Badger to be ma terially different from any future results,

performance or achievements expressed or implied by such forward-looking informaGon.

Such factors include, but are not limited to, risks relaGng to capital and operaGng costs varying significantly

from esGmates; delays in obtaining or failures to obtain required governmental, environmental or other

project approvals; uncertainGes relaGng to the availability and costs of financing needed in the future;

changes in equity markets; inflaGon; fluctuaGons in commodity prices; delays in the development of

projects; other risks involved in the mineral exploraGon and development industry; and those risks set out

in the Company’s public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger’s issuer

profile. Although the Company believes that the assumpGons and factors used in preparing the forward-

looking informaGon in this news release are reasonable, undue reliance should not be placed on such

informaGon, which only applies as of the date of this news release, and no assurance can be given that

such events will occur in the disclosed Gmeframes or at all. The Company disclaims an y intenGon or

obligaGon to update or revise any forward-looking informaGon, whether as a result of new informaGon,

future events or otherwise, other than as required by law.